Update: Micron has reported — read the full recap →
Micron (MU) Earnings Preview: What to Expect From Wednesday’s Q4 Report
Wall Street expects EPS to roughly 10x year-over-year on surging AI memory demand, with options pricing a ~10% post-earnings swing.
Micron reports fiscal fourth-quarter 2026 results after the market close on Wednesday, September 30, with a conference call to follow. It’s one of only two S&P 100 companies reporting this week — see the full list in our Corporate Earnings This Week tracker — and arguably the most closely watched, given how central Micron has become to the AI infrastructure trade.
What to Watch
The headline number is almost unbelievable on its face: consensus EPS of roughly $31.30, versus $3.03 in the same quarter last year — implied growth of nearly 10x. Revenue is expected near $50.6 billion, up from $11.3 billion a year ago. That surge is being driven by explosive demand for high-bandwidth memory (HBM) used in AI accelerators, alongside broad-based DRAM and NAND pricing gains as memory supply has struggled to keep pace with AI-driven demand. Investors will be watching for confirmation that HBM pricing and allocation commitments extend well into 2027, and for any commentary on capacity constraints or capital expenditure plans to meet demand.
Analyst Estimates and Price Targets
Sentiment heading into the print is overwhelmingly bullish, though price targets vary widely given how fast estimates have had to be revised upward this year. Cantor Fitzgerald’s C.J. Muse carries the highest target on the Street at $2,000 (Overweight), while KeyBanc’s John Vinh sits at $1,750 (Overweight) and RBC Capital’s Srini Pajjuri is at $1,500 (Outperform). More cautious voices include Citigroup’s Atif Malik at $1,150 (Buy) and Goldman Sachs’ James Schneider, who holds a Hold rating with a $1,100 target despite expecting “another strong quarter.” The Street consensus rating is Strong Buy, with an average price target near $1,564 — implying meaningful further upside even after the stock’s roughly 224% year-to-date rally.
Options markets are pricing a post-earnings move of about 10% in either direction by the following week’s expiration — a wide but not unusual range for a stock that has repeatedly made outsized moves on both beats and guidance this cycle.
Why It Matters
Micron’s results are a read-through for the entire AI hardware supply chain. Strong HBM demand and pricing would echo the “AI buildout is at full steam” message NVIDIA delivered in its own recent earnings report, reinforcing the capex-driven bull case we outlined in our H2 2026 market outlook. A disappointing guide, on the other hand, would feed directly into valuation concerns already circulating around AI-exposed names given how far the stock has run. With the Fed continuing to signal further rate hikes, the cost of capital behind the broader AI buildout is also part of the backdrop investors will be weighing alongside Micron’s own numbers.
For the full recap once results are out, and for coverage of other companies reporting this week, see our Earnings coverage and the Stock Fact Sheets hub.
This article is for informational purposes only and does not constitute investment advice. Analyst estimates and price targets are subject to change; consult a financial advisor before making investment decisions.
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