- Micron reports fiscal Q4 2026 results Wednesday evening. Consensus, per LSEG, is EPS of $31.49 on revenue of $50.9 billion.
- Micron guided to roughly 86% gross margin for fiscal Q4 2026, far above prior cycle peaks of 61% in fiscal 2018 and 47.3% in 2021.
- Roughly 40% of Micron revenue is expected to be supported by non-cancellable strategic customer agreements with minimum pricing commitments, which Wells Fargo calls an underappreciated buffer if the memory cycle turns.
- UBS sees the DRAM supply-demand gap widening into calendar 2027 with fulfillment still around 60%, and holds a $1,625 Micron price target. Citi raised its target to $1,300; Wells Fargo cut its to $1,400 from $1,525.
- Micron's $2.75 billion Sanand, Gujarat plant is shipping finished DRAM and NAND products globally, with tens of millions of chips to be assembled and tested by 2026 and hundreds of millions by 2027.
- Micron shares are up nearly 280% this year but remain more than 10% below the June 25 record close of about $1,213, and closed at $1,082.28 on September 25.
Quotes
“The price of memory is going higher, not lower.”
“Our latest round of checks points to a gap between supply and demand that continues to widen into calendar 2027”
“well above our peak quarterly margins in any past cycle”
“meaningful moderation in the rate of price increases”