Micron Stock: Revenue Soars 379% to $54.23B as AI Memory Demand Surges

Micron revenue reached a record $54.23 billion in the fiscal fourth quarter of 2026, marking a 379% increase from $11.32 billion during the same period last year. Driven by relentless demand for Micron AI memory that continues to outpace current supply, earnings hit $33.42 per share, surpassing the $31.61 Wall Street consensus. Net income jumped to $37.7 billion compared to $3.2 billion previously. This surge in Micron revenue brought full-year sales to $133.19 billion, though Micron stock showed little movement in after-hours trading.

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Micron Revenue Growth: Earnings, AI Demand And Stock Outlook

Chairman and CEO Sanjay Mehrotra attributed the dramatic rise in Micron revenue directly to artificial intelligence, stating:

“Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027. AI is becoming Super Intelligence (SI), and memory enhances this intelligence and the competitiveness of our customers’ platforms. We are increasing our investments in technology, products and manufacturing to help drive SI forward with our customers, and our Strategic Customer Agreements provide added confidence in the durability of Micron’s financial performance.”

Micron Earnings Top Estimates As DRAM Leads

The gross margin hit a record 87%, with DRAM chips driving the bulk of the momentum by accounting for nearly 75% of Micron revenue.

Chief Financial Officer Mark Murphy shared these figures:

“Consolidated fiscal Q4 revenue was $54.2 billion, up 31% sequentially and up 379% year over year. Fiscal Q4 revenue was our sixth consecutive quarterly revenue record. Fiscal Q4 DRAM revenue was a record $39.8 billion, up 343% year over year and represented 73% of total revenue. Sequentially, DRAM revenue increased 27%.”

Looking ahead to the first quarter of fiscal 2027, Micron projects midpoint figures of $38.15 per share and $61.5 billion in sales, exceeding analyst forecasts of $35.40 and $57 billion. If achieved, sales will grow by approximately another $7.3 billion in a single quarter.

Micron AI Memory Demand Keeps Supply Tight

As the sole domestic producer of high-bandwidth memory (HBM)—critical for running large AI models—Micron has seen customers secure over 75% of its 2027 output. Surging DRAM prices, which rose by a high-teens percentage last quarter, are also bolstering Micron revenue. Due to extraordinary Micron AI memory demand, the company cannot yet project when supply and demand will reach equilibrium.

Mehrotra noted:

“As strong as fiscal 2026 was, we expect fiscal 2027 to be even better. Industry demand has strengthened since our last earnings call, and we expect memory and storage supply-demand conditions to be much tighter in fiscal 2027 and 2028 than they were in 2026.”

Micron Stock Outlook After The Record Quarter

Shares hovered near $1,065 in after-hours trading as investors had already anticipated a major earnings beat following a greater than 500% surge in Micron stock over the past year. Micron earnings have now exceeded projections for eight consecutive quarters, pushing the market capitalization past $1.2 trillion.

Micron anticipates fiscal 2027 will bring continuous quarterly growth in Micron revenue to set another record, alongside an acceleration of share buybacks starting December 9.

Supported by 26 long-term customer agreements that account for more than 35% of projected sales through 2030, the trajectory of future Micron revenue growth now hinges on how quickly new manufacturing plants in Idaho and New York become operational.