Micron sees Q1 revenue beating views at $61.5 billion

Micron Technology forecast first-quarter fiscal revenue above market estimates on September 30, 2026. The company expects revenue of $61.5 billion, plus or minus $1.5 billion, topping the average analyst expectation of $57.02 billion compiled by LSEG. Adjusted profit is projected at $38.15 per share, plus or minus $1, compared with estimates of $35.40.

CEO Sanjay Mehrotra said customers expanded long-term supply agreements to $32 billion, up from $22 billion reported in June, mostly in cash deposits. Mehrotra noted that supply and demand for memory and storage will be significantly tighter in fiscal years 2027 and 2028 than in 2026. Micron has already contracted most of its high-bandwidth memory output for 2027 and will raise fiscal 2027 capital spending.

CFO Mark Murphy reported that remaining performance obligations under these agreements rose to about $150 billion, compared with roughly $100 billion in the prior quarter. Murphy said the company expects fiscal 2027 to set another record, with sequential revenue growth every quarter.

Orders have significantly exceeded capacity, leading Micron to raise planned US investments in July to more than $250 billion through 2035, while tech giants such as Amazon and Alphabet are set to invest over $730 billion in AI infrastructure this year. Micron supplies Nvidia and competes against South Korean rivals Samsung Electronics and SK Hynix in high-bandwidth memory.

For the fourth fiscal quarter, revenue more than quadrupled to $54.23 billion, surpassing expectations of $51.07 billion. Adjusted profit reached $33.42 per share, ahead of analyst estimates of $31.61.