Micron Fiscal Q4 2026

Micron reports on its own fiscal calendar, so its fourth quarter of fiscal 2026 falls in the Q3 2026 roundup of July to September results. This quarter shows what a shortage looks like in a memory maker’s books. Prices climbed far faster than shipments, data center SSDs became most of the NAND business, and the margins followed. Margins here are worked out from line items in Micron’s releases, and where a number is Micron’s estimate, the page says so.

What happened

Micron’s fiscal Q4 2026 was a pricing quarter. Its prepared remarks say NAND prices rose about 30% and DRAM prices rose in the high teens from the prior quarter, while NAND bit shipments grew about 10% and DRAM bits grew in the mid-single digits, so revenue tracked the prices far more than the volume.

Data center storage took most of the NAND business. Micron’s data center SSD revenue was nearly $10 billion, more than ten times the year-ago quarter and over two-thirds of everything it sold in NAND.

The margin shows it. GAAP operating margin was 80.7%, up from 32.3% a year earlier. Capital spending grew to $10.77 billion for the quarter, but it fell as a share of revenue: 19.9%, against 43.5% a year earlier. Revenue is growing much faster than the spending that adds capacity.

What happened

Operating margin rose from 22.0% to 80.7% across seven quarters

Micron GAAP operating income as a share of revenue, fiscal Q2 2025 to fiscal Q4 2026

That climb runs across seven quarters of results. GAAP operating margin was 22.0% in fiscal Q2 2025 and 23.3% in fiscal Q3 2025, then 45.0% in fiscal Q1 2026 and 67.6% in fiscal Q2 2026. Capital spending took 38.3% of revenue in fiscal Q2 2025 and 21.0% in fiscal Q2 2026.

What it means for flash

NAND was 26% of Micron’s revenue this quarter. DRAM was 73%, HBM included. Micron is a memory company first, so its flash outlook says more about the market than about Micron.

What it means for flash

DRAM was 73% of revenue and NAND 26%

Micron revenue by line, fiscal Q4 2026, in billions of dollars

Micron expects industry NAND bit shipments to grow in the low 20s percent in calendar 2026. For 2027 and 2028 it expects growth in the mid 20s percent, with supply constrained in both years. That is Micron’s estimate, not a measured figure. It also expects its own NAND supply to grow less than the industry’s in 2026.

This is one company’s view. Samsung, SK hynix, Sandisk and Kioxia have since reported, and the Q3 roundup will put their numbers beside these. Until then, The Memory Cycle sets Micron’s outlook beside TrendForce’s and Kioxia’s.

What it means for the drive you buy

You may have seen Micron’s consumer margin put at 90%. The number is real, but it needs context. Micron’s Mobile and Client unit, which sells into phones and PCs, had a 90% gross margin this quarter, up from 36% a year earlier. It is the unit closest to consumer products, not a consumer SSD line. Gross margin comes before operating costs. The unit’s operating margin was 88%.

What it means for the drive you buy

Mobile and Client gross margin hit 90%, up from 36%

Micron's phone and PC unit, gross and operating margin, three quarters

On Micron’s own numbers there is no sign of relief yet. Growth came from price, and Micron expects supply to stay tight through 2028.