Overview
- Micron reported on Sept. 30 a blowout fiscal Q4 and FY2026 with about $54.2 billion in quarterly revenue, roughly $133.2 billion for the year, and non‑GAAP gross margins near 87 percent.
- The company has signed 26 strategic customer agreements that cover roughly 35 percent of expected revenue through 2030 and disclosed about $32 billion of customer commitments with roughly $12.7 billion in deposits.
- Micron spent about $27.4 billion on capital projects in fiscal 2026 to build new clean rooms and fabs that management says will not produce meaningful volume until late 2028, creating timing and execution risk.
- The firm exited the year with roughly $73.5 billion in cash and investments and generated extraordinary operating cash flow, and it plans to begin returning excess cash to shareholders via buybacks in December.
- Analysts are broadly bullish with elevated price targets even as the stock trades at single‑digit forward multiples, and key downside risks remain that new industry capacity or entrants such as CXMT could normalize prices and compress margins.