Micron Earnings Today: What Its Q4 Report Means for RAM Prices

Micron Technology reports fiscal fourth-quarter 2026 earnings today, and the numbers matter well beyond Wall Street: Micron is the only major DRAM and NAND maker headquartered in the United States, and its results are the clearest public signal of how tight the memory market is heading into the holiday PC and phone-buying season. Micron has not yet released Q4 figures as of this writing — its earnings call is set for 2:30 p.m. Mountain time today, with a live webcast at investors.micron.com — but its own confirmed Q3 results and Q4 guidance already point to a memory market that is short on supply and long on AI-driven demand, the same dynamic that has been pushing consumer RAM and SSD prices higher all year.

When Micron Reports Q4 Earnings Today

Micron's fiscal year runs through late August, so today's report covers the quarter that closed roughly a month ago. The company confirmed the date and time in its own investor communications: a conference call and live webcast at 2:30 p.m. Mountain time, hosted at investors.micron.com, with a replay posted afterward for about a year. As of publication, no press release or 8-K filing with the actual Q4 figures had appeared on Micron's investor relations site or on Micron's SEC EDGAR filing history, so any specific Q4 revenue, margin or profit number circulating before the call is guidance or estimate, not a reported result. This article updates the record as it stands right now and lays out exactly what Micron itself has already confirmed, so readers can separate that from whatever headline crosses the wire this afternoon.

What Micron's Record Q3 Already Confirmed

The most recent hard numbers come from Micron's fiscal third-quarter 2026 report, filed with the SEC on June 24, 2026. Per the press release attached to that filing, Micron posted revenue of $41.456 billion for the quarter ended May 28, 2026, versus $23.860 billion the prior quarter and $9.301 billion in the same quarter a year earlier — a year-over-year increase of roughly 346%. GAAP gross margin came in at 84.6% of revenue, and GAAP net income was $28.243 billion, or $24.67 per diluted share. CEO Sanjay Mehrotra called them "record fiscal Q3 financial results" reflecting "the strategic value of memory in the AI era."

Those figures were not driven by one product line evenly. Micron's Cloud Memory business unit, which sells DRAM and HBM into data centers, brought in $13.769 billion in the quarter with an 83% gross margin, up from $3.386 billion a year earlier. Core Data Center revenue went from $1.530 billion to $11.524 billion over the same span, with operating margin jumping from 20% to 83%. Mobile and Client, and Automotive and Embedded units grew as well, but the common thread across all four segments was memory — specifically DRAM and high-bandwidth memory sold into AI infrastructure, at margins the company had not previously reported.

The Q3 headline itself flagged the reason: "Micron executes transformational Strategic Customer Agreements," the press release stated, alongside the record numbers. Mehrotra told investors those multi-year agreements would "significantly enhance the durability and predictability of Micron's strong financial performance." In plain terms, Micron has been locking large AI and cloud customers into multi-year purchase commitments for future DRAM and HBM output, ahead of the capacity actually existing. That is a different posture than past memory cycles, where Micron, Samsung and SK hynix expanded capacity more reactively and prices swung harder in both directions once supply caught up with demand.

DRAM Is Now Three-Quarters of Micron's Business

Micron's Form 10-Q for the same quarter breaks revenue down by product rather than business unit, and the split is stark: DRAM revenue was $31.328 billion and NAND revenue was $9.943 billion, out of $41.456 billion total. That puts DRAM at about 75.6% of Micron's revenue for the quarter, with NAND at roughly 24% and NOR and other products making up the remainder. A year earlier, Micron's total revenue was a quarter of what it is now, which means the company has been reallocating capacity, wafer starts and capital spending toward DRAM — the same category that includes the modules that go into consumer desktops, laptops and phones. When a supplier this large shifts that much of its output toward one product category, tightness elsewhere in that category, including consumer channels, tends to follow.

HBM and the AI Data Center Squeeze

The specific driver Micron points to is high-bandwidth memory, the stacked DRAM used in AI accelerators. In its Q3 report, Micron said HBM4, built on its 1-beta DRAM node, is "in high-volume shipments for our lead customer's platform," with qualification samples already shipped to additional customers, and that HBM4E — the next generation, built on 1-gamma DRAM — is in development with volume production expected in calendar 2027. Micron's own HBM product page describes HBM4 hitting pin speeds "over 11 Gb/s," for bandwidth "greater than 2.8 TB/s," a 2.3x jump over the prior HBM3E generation.

HBM and standard DRAM are built in the same fabs, on overlapping process technology, competing for the same wafer capacity. Every wafer Micron, Samsung or SK hynix allocates to HBM for AI customers is capacity that does not go toward PC, laptop or phone-grade DDR5 and LPDDR5. That reallocation, not a shortage of raw silicon, is the mechanism Pandromeda detailed in its earlier look at why RAM prices climbed in 2026, and it's the same mechanism showing up in Micron's own segment data this year: Cloud Memory and Core Data Center revenue roughly quadrupled year over year, while overall DRAM output growth has been far more modest.

Micron's Q3 product highlights show the same capacity being pulled toward AI-adjacent parts even outside HBM proper. The company said its LP5X SOCAMM2 modules — the compact, socketed memory format built for AI servers, which Pandromeda has explained in more detail separately — are now in high-volume production and expanding across capacity points, and that qualification samples of 256GB DDR5 RDIMMs, built on its newest 1-gamma node, have shipped to server-ecosystem partners. Both are data-center parts competing for the same 1-gamma wafer starts that eventually feed consumer DDR5 and LPDDR5X.

The Anthropic Supply Deal, in Context

One claim worth correcting before it spreads further: Micron did not sign its memory supply agreement with Anthropic "this week." Micron and Anthropic announced that agreement on June 22, 2026 — about three months before today's Q4 report, and during the same quarter now closing out. Per Micron's own announcement, the deal has multiple parts: a joint effort to co-design memory and storage architecture for Anthropic's AI infrastructure, a multi-year supply agreement covering Micron's HBM, DRAM and SSD data-center portfolio, Micron's internal deployment of Claude, and a Micron investment in Anthropic's Series H funding round. Financial terms of both the supply deal and the investment were not disclosed. Micron chief business officer Sumit Sadana said the agreement brings together "the industry-leading capabilities of both companies to innovate and scale next-generation AI infrastructure," while Anthropic co-founder and chief compute officer Tom Brown said memory and storage are "central to how efficiently we can train and serve Claude."

The deal is real and adds another large, committed buyer to Micron's data-center memory backlog. But it is a June event, not a September one, and it should be read as context for how Micron's bookings have been building over the past two quarters — not as fresh news tied to today's call.

Micron's Own Q4 Guidance: What to Expect Today

Micron's own forward guidance, issued alongside its Q3 report, gives the clearest baseline for judging today's actual results. The company guided fiscal Q4 2026 revenue to $50.0 billion, plus or minus $1.0 billion, with GAAP and non-GAAP gross margin both around 86%, GAAP diluted earnings per share of $30.73 plus or minus $1.00, and non-GAAP diluted EPS of $31.00 plus or minus $1.00. Hitting the midpoint would mean another roughly 20% sequential revenue jump on top of an already-record quarter. Because that guidance already assumes further margin expansion, the numbers investors and consumers alike should watch for today are less about whether Micron grew — it almost certainly did — and more about whether management's commentary on fiscal 2027 supply plans signals any near-term relief for non-data-center DRAM and NAND buyers, or confirms that AI allocation keeps tightening through the new fiscal year.

It's also worth being precise about what "beating guidance" would and wouldn't tell readers. Micron's own guidance range already implies roughly 21% sequential revenue growth at the midpoint, on top of a quarter that was itself up 346% year over year. A result landing inside that range would confirm the trend already visible in the numbers above, not reveal a new one. A result meaningfully above the range, on the other hand, would suggest Micron under-forecast just how tight AI-driven demand for HBM and Cloud Memory product has become — which would point toward continued, not easing, pressure on the DRAM and NAND capacity left over for consumer parts. A result below guidance, while less likely given Micron's Strategic Customer Agreements, would be the first sign of any near-term slack in the memory market this fiscal year.

What This Means for RAM and SSD Prices

None of Micron's disclosures directly set retail RAM or SSD prices — those are set by module makers, distributors and retailers further down the chain. But Micron's results are a leading indicator, because Micron, Samsung and SK hynix together control the overwhelming majority of global DRAM and NAND output. When three-quarters of the largest U.S. supplier's revenue is DRAM, and its highest-margin DRAM is going into HBM for data centers rather than into standard modules, the module and NAND supply available for PCs, laptops, prebuilt desktops and consumer SSDs shrinks relative to demand. That is the same supply story Pandromeda has been tracking since Q3, including in its earlier piece on why SSD prices have been surging as AI squeezes NAND supply. Nothing in Micron's confirmed Q3 results or Q4 guidance suggests that pressure easing before the end of the calendar year; if anything, a Q4 guide near $50 billion, built on continued HBM and Cloud Memory growth, points to memory capacity staying allocated toward AI customers rather than shifting back toward general-purpose consumer parts.

What to Watch Next

The immediate next data point is today's actual Q4 print and the accompanying prepared remarks, due after market close with the call starting at 2:30 p.m. Mountain time. Beyond the headline revenue and EPS numbers, worth watching for: any updated fiscal 2027 capital-expenditure figure (Micron has been raising capex to add DRAM and HBM capacity), any specific commentary on consumer DRAM/NAND contract pricing for the December quarter, and whether Micron discloses new customer agreements alongside Anthropic's. Samsung and SK hynix, Micron's two main rivals, report on different fiscal calendars, so their next results will offer a second read on whether the capacity squeeze is a Micron-specific story or an industry-wide one heading into 2027.

Written byMara Lindqvist

Mara Lindqvist edits the hardware desk. She covers graphics cards, processors, memory and storage, the foundries and chip designers behind them, and what the numbers on a spec sheet mean for people choosing a PC. Specifications in her stories come from manufacturer spec pages and datasheets.

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