Key Highlights

  • Micron reported fiscal fourth-quarter revenue of $54.23 billion and adjusted earnings per share of $33.42, both above analyst estimates.
  • The company is the only United States-based maker of high-bandwidth memory, a critical component for AI infrastructure.
  • Micron's stock has risen more than 500 percent over the past year amid a global supply crunch in memory chips.
  • The company guided to first-quarter fiscal 2027 revenue of approximately $61.5 billion and adjusted earnings per share of $38.15.

Another Quarter of Outsized Growth

Micron (NASDAQ:MU) reported fiscal fourth-quarter results that topped Wall Street expectations as the memory chipmaker continued to benefit from surging demand tied to artificial intelligence infrastructure. Revenue for the quarter reached $54.23 billion, compared with analyst expectations of $51.07 billion, while adjusted earnings per share came in at $33.42, above the $31.61 analysts had forecast.

Revenue nearly quadrupled from the $11.32 billion Micron reported in the same quarter a year earlier, according to the company's statement. Chief Executive Sanjay Mehrotra said the company "delivered an exceptional quarter" as artificial intelligence demand continued to reshape the memory market.

For the first quarter of fiscal 2027, Micron guided to revenue of approximately $61.5 billion and adjusted earnings per share of $38.15, both well above the $35.40 in adjusted earnings per share and $57 billion in revenue that analysts polled by LSEG had expected.

The Only US-Based Maker of a Critical Component

Micron remains the only United States-based producer of high-bandwidth memory, a specialized form of memory built from stacked dynamic random-access memory chips that has become essential to AI workloads. Demand for advanced graphics and central processors from companies including Nvidia and AMD continues to require increasing volumes of high-bandwidth memory, and the industry's leading suppliers have been unable to keep pace.

Mehrotra said on the earnings call that Micron has a "strong roadmap for future high-bandwidth memory products" and is working with Nvidia on what the company described as the industry's "first custom high-bandwidth memory implementation."

Net income for the quarter climbed to $37.70 billion, or $32.87 per share on a GAAP basis, up from $3.2 billion, or $2.83 per share, a year earlier. Micron's stock has surged more than 500 percent over the past year, driven by a worldwide supply shortage tied to historic demand for memory chips used in AI models and workloads. That shortage has contributed to higher prices for consumer electronics, including Apple's iPads and MacBooks.

A $250 Billion Bet on New Capacity

To meet the scale of demand, Micron is investing $250 billion to build two new manufacturing campuses dedicated to high-bandwidth memory production. The largest of the two broke ground in Clay, New York, in January, while the company's first new fabrication facility in Boise, Idaho, is scheduled to come online next year.

Micron's two larger rivals in high-bandwidth memory, SK Hynix and Samsung, are separately pursuing their own major factory expansions in South Korea. Micron currently holds the smallest market share of the three companies in high-bandwidth memory, though its market capitalization has still surpassed $1.2 trillion.

Hendi Susanto, a portfolio manager at Gabelli Funds, described the results in an email as "another strong beat and raise for Micron," adding that he had not yet seen data pointing to a near-term reversal in the memory cycle.

Diplomacy and Labor Negotiations in the Background

Mehrotra participated in a summit on AI regulation hosted by President Donald Trump earlier in the week, days after attending a White House dinner with Chinese President Xi Jinping during Xi's first visit to the United States in more than a decade.

On the earnings call, Mehrotra said Micron increased compensation for every employee during fiscal 2026. The disclosure comes after hundreds of Micron staffers at the company's factories in Taiwan threatened to strike over labor negotiations and pay, a dispute that followed similar strikes at rivals SK Hynix and Samsung that resulted in bonuses reportedly upward of $500,000 for some workers.