Micron Technology posted fiscal fourth-quarter revenue of $54.23 billion, nearly four times its year-ago result, as DRAM sales surged 343% and the company issued guidance that exceeded analyst forecasts by a wide margin.
Micron Technology reported fiscal fourth-quarter revenue of $54.23 billion on Wednesday, nearly quadrupling from $11.32 billion a year earlier, as the memory chipmaker continues to benefit from surging demand for AI infrastructure.
The company posted adjusted earnings per share of $33.42, topping LSEG consensus estimates of $31.61, on revenue that also exceeded the $51.07 billion analysts had expected.
Net income climbed to $37.7 billion, or $32.87 per share, compared with $3.2 billion, or $2.83 per share, in the same period a year ago.
Fourth-quarter DRAM revenue rose 343% year over year to $39.8 billion, representing 73% of total sales — reflecting the intensity of demand for the high-bandwidth memory, or HBM, that powers AI chips from Nvidia and AMD.
Micron is the only U.S.-based manufacturer of HBM, a product made from stacks of general-purpose dynamic random-access memory that has become essential for running AI models and workloads at scale.
For the fiscal first quarter, Micron said it expects revenue of approximately $61.5 billion and adjusted earnings per share of $38.15. Analysts polled by LSEG had forecast $35.40 in adjusted earnings per share on $57 billion in revenue.
Hendi Susanto, a portfolio manager at Gabelli Funds, described the results as "another strong beat and raise for Micron" in an email following the release. "At this point, I have not heard any negative data points pointing to the memory cycle reversing toward a decline anytime soon for the foreseeable future," Susanto wrote.
CEO Sanjay Mehrotra said on the earnings call that the company has a "strong roadmap for future HBM products" and is working with Nvidia on the industry's "first custom HBM implementation."
Mehrotra also confirmed that Micron increased compensation for every employee in fiscal 2026, a disclosure that came as hundreds of the company's workers in Taiwan threatened to strike over labor negotiations and pay. Comparable labor actions at rivals SK Hynix and Samsung have resulted in bonuses upward of $500,000.
To keep pace with demand, Micron is investing $250 billion to build two new campuses dedicated to HBM production. The larger of the two broke ground in Clay, New York, in January, while a new fabrication facility in Boise, Idaho, is scheduled to come online next year.
Micron's HBM market share remains the smallest among the three leading producers — SK Hynix and Samsung hold larger positions — though Micron's market capitalization has topped $1.2 trillion. The company's stock has risen more than 500% over the past year, driven by a worldwide supply crunch tied to historic demand for memory chips used in AI systems. That shortage has contributed to higher prices for consumer electronics, including Apple iPads and MacBooks.
Mehrotra participated in an AI regulation summit hosted by President Donald Trump on Tuesday, shortly after attending a White House dinner with Chinese President Xi Jinping.
With guidance for the current quarter well ahead of analyst expectations, Micron's results reinforce how deeply the AI infrastructure buildout has reshaped demand dynamics in the semiconductor memory market — and how much is riding on whether that pace of investment holds through 2027.
Marc Sabatini is a staff writer at TechEchelon covering enterprise software, cybersecurity, and the regulatory beats that shape both. He focuses on the deal flow and policy decisions that move markets.
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