Micron, one of the three big makers of computer memory, reported revenue of $54.23 billion for the quarter to September 3, up from $11.32 billion a year earlier. It expects about $61.5 billion next quarter. Chief executive Sanjay Mehrotra said memory supply will be even tighter in 2027 and 2028 than in 2026.
New to this? Read it in simple words
- Micron makes memory chips that AI computers need in large amounts.
- Its sales for three months rose to $54.23 billion, from $11.32 billion a year before.
- Its boss says memory will be even harder to get in 2027 and 2028.
- This is Micron’s own forecast, and high prices help Micron earn more.
- Memory chip
- A chip that stores the data a computer is working on.
- HBM
- High-bandwidth memory: very fast memory stacked next to AI chips.
- Shortage
- When buyers want more of something than makers can produce.
The results
Micron reported fiscal fourth-quarter revenue of $54.23 billion on September 30, against $11.32 billion a year earlier. For the full fiscal year, revenue was $133.19 billion.
It forecast revenue of $61.5 billion, plus or minus $1.5 billion, for the current quarter. “Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027,” Mehrotra said in the release.
Revenue from Micron’s SEC filing; the outlook is the CEO’s forecast on the earnings call.
The shortage outlook
“We do not have line of sight to when supply and demand will return to balance,” Mehrotra told analysts, The Register and 24/7 Wall St report.
“In fact, we see greater tightness in the industry in 2027 and 2028 versus 2026,” he added, The Register reports. More than 75% of Micron’s output for fiscal 2027 is already committed, the company says.
Most of Micron’s HBM for 2027 is already sold, at prices “much higher than 2026 levels”, according to a transcript of the call.
What it means
Memory makers are building new factories, but Micron expects its first new Idaho plant to ship wafers only in mid-2027, according to the call transcript.
The forecast is Micron’s own, and Micron gains from high memory prices. The Motley Fool notes that rivals locked into long contracts may gain less.
Some headlines said Micron expects much higher memory prices in 2028. The quotes we found tie “much higher” prices to HBM in 2027, and the 2028 outlook to tight supply.
Sources
Every fact in this story comes from the sources below. Open them to check our work.
- 1Primary source · September 30, 2026Micron Technology, Inc. Reports Record Fiscal Fourth-Quarter and Full-Year 2026 Results Micron (SEC filing)
- 2Research · October 1, 2026RAM supply set to worsen, says Micron, as CEO celebrates ‘much higher’ prices The Register
- 3Research · October 1, 2026Micron Blew Past Estimates and Says It Can’t See When the Memory Shortage Ends 24/7 Wall St
- 4Research · September 30, 2026Earnings call transcript: Micron tops Q4 2026 estimates as demand stays hot Investing.com
- 5Research · October 1, 2026Micron Says Memory Supply Will Be Much Tighter in 2028. Sandisk’s Contracts Limit How Much It Can Gain. The Motley Fool
Financial figures come from Micron’s results release as filed with the SEC. The call quotes appear in The Register, 24/7 Wall St and an Investing.com transcript summary. The transcript says “fiscal” 2027 and 2028, but The Register quotes “calendar”, so we use neither label. We left out segment figures that only one outlet gives.