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

Micron revenue hit a record $54.23 billion in the fiscal fourth quarter of 2026, up 379% from $11.32 billion a year earlier. The jump came on the back of Micron AI memory demand, which is still way ahead of supply right now, and it also pushed Micron earnings to $33.42 per share, above the $31.61 that Wall Street had expected. Net income climbed to $37.7 billion from just $3.2 billion. That kind of Micron revenue growth lifted full-year sales to $133.19 billion, but Micron stock barely moved in after-hours trading.

Also Read: Is Micron Stock the Next Nvidia? Here’s What Comes Next

Micron Revenue Growth: Earnings, AI Demand And Stock Outlook

Chairman and CEO Sanjay Mehrotra put the jump in Micron revenue down to AI. He said:

“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

Gross margin came in at a record 87%, and DRAM chips did most of the heavy lifting, bringing in close to three-quarters of Micron revenue.

Chief Financial Officer Mark Murphy had this to say:

“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%.”

Micron is calling for $38.15 per share and $61.5 billion in sales at the midpoint for the first quarter of fiscal 2027, against analyst calls for $35.40 and $57 billion. If that holds, sales would climb by roughly another $7.3 billion in just one quarter.

Micron AI Memory Demand Keeps Supply Tight

Micron is the only US maker of high-bandwidth memory, or HBM, which AI chips need to run large models. Mehrotra said on the call that customers have already locked in more than 75% of the company’s 2027 output. Higher prices are also feeding Micron revenue, with DRAM prices up by a high-teens percentage last quarter. With Micron AI memory demand this strong, the company says it can’t yet see when supply and demand will balance out.

Mehrotra stated:

“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 traded flat after hours at about $1,065, as investors had already priced in a big beat after Micron stock gained more than 500% over the past year. Micron earnings have now topped estimates for eight quarters in a row, and the market cap sits above $1.2 trillion at the time of writing.

Micron expects fiscal 2027 to be another record year, with Micron revenue rising in every quarter. Share buybacks should also pick up from December 9.

With 26 long-term customer deals covering over 35% of expected sales through 2030, the next stretch of Micron revenue growth comes down to how quickly its new fabs in Idaho and New York can start shipping.