Overview
- Micron reported extraordinary fiscal 2026 results with about $133.2 billion in revenue, roughly $74.33 in earnings per share, and an expanded gross margin near 81%.
- The surge was driven by strong AI and data‑center demand and tight supply of HBM, DRAM and NAND, which boosted shipments and pushed NAND prices markedly higher.
- Management disclosed large multi‑year customer agreements and sizable deposits that establish price floors and a swollen backlog, improving short‑term revenue visibility.
- The board approved a $35 billion share‑repurchase authorization that cannot be executed until December 9, 2026 because of CHIPS Act limits, while the company plans heavy fab spending that will add supply in 2027–2028.
- Analysts and commentators now watch whether growing data‑center SSD sales (about $10 billion in revenue and new high‑capacity drives) plus locked‑in prices can sustain margins long enough to justify Micron’s low forward P/E and large capital outlays.