On Thursday, Micron's premarket stock price fell rapidly, turning from gains to losses. For its fiscal fourth quarter of 2026, ended September 3, the company posted revenue of $54.229 billion, up 31% sequentially and 379% year over year, beating the consensus estimate of $51.49 billion. On a non-GAAP basis, net income came in at $38.398 billion, with adjusted earnings per share of $33.42, up 33% from the prior quarter. Non-GAAP gross margin was 87.0%, a 2.1-percentage-point improvement from the previous quarter.

For the first quarter of fiscal 2027, Micron guided revenue to $61.5 billion, plus or minus $150 million, above the Street’s $57.02 billion estimate. Adjusted non-GAAP EPS is expected at $38.15, plus or minus $1.00, versus the consensus of $35.40. The midpoints of both guidance metrics topped Wall Street expectations.

The company forecast first-quarter gross margin of approximately 86.25%, below the fourth quarter’s 87.0% and shy of the 86.7% analyst estimate. CFO Mark Murphy said the first fiscal quarter is expected to mark the gross-margin trough for fiscal 2027, with margins improving across the remaining quarters of the year even as the pace of price increases moderates.