Micron FY2026 Annual Report: Net Income Attributable to Parent Reaches $84.969 Billion, Up 895.07% Year-on-Year
Summary
Micron reported FY2026 (September 5, 2025 – September 3, 2026) results: full-year revenue of $133.188 billion, up 256.33% year-on-year, with net income attributable to the parent of $84.969 billion, up 895.07%, and gross margin rising to 80.7%. Fiscal Q4 revenue was $54.229 billion, up 379.27% year-on-year, with gross margin of 86.8%. The company attributed the blowout results to AI-driven memory demand and guided FY2027 Q1 revenue to $60–63 billion.
Bubble analysis
This is evidence against the bubble thesis: as an AI memory-chip supplier, Micron's explosive revenue and profit growth shows that AI capex is converting into real upstream revenue, not just paper investment. But it only proves one link in the supply chain is profitable; it says nothing about whether downstream AI application revenue can cover the industry's enormous total spending, so its answer to the bubble question is indirect.
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