Micron Technology is preparing to deliver its fiscal fourth-quarter 2026 earnings on September 30, and the timing could hardly be more dramatic. The company’s shares have slid from a post-Q3 peak above $1,200 to around $933 in late August, a roughly 22% haircut courtesy of a broader equity market selloff.
The results will land during what has historically been the market’s roughest stretch, but Micron’s underlying business tells a different story than the stock chart. The company is guiding for approximately $50 billion in quarterly revenue and non-GAAP earnings per share of about $31, numbers that would represent yet another step-change in a fiscal year already defined by explosive growth.
A Q3 that rewrote the playbook
To understand why the upcoming report matters, rewind to Micron’s fiscal Q3. Revenue came in at $41.46 billion, a jaw-dropping 346% year-over-year increase that blew past consensus estimates in the $35-36 billion range.
Non-GAAP EPS hit $25.11, also comfortably above expectations. The driver behind those numbers was demand for DRAM and high-bandwidth memory, the specialized chips that power AI training and inference workloads, which has turned Micron from a cyclical commodity supplier into something closer to an AI infrastructure play. The company’s gross margins reflect that transformation. Q4 guidance puts gross margin at approximately 86%.
