Below is Dolphin Research's Trans of MU's FY26 Q4 post-earnings analyst call. For our earnings read-through, please see 'Micron: Without the melt-up, can long-term agreements really support a memory revival?'.

Micron (MU) released its FY2026 Q4 results (quarter ended Aug 2026) after hours on Oct 1, 2026 Beijing time. Key points: 1) Overall performance:

$Micron Tech(MU.US) delivered revenue of $54.2bn this quarter (+31% QoQ). Growth slowed markedly vs. the 70%+ QoQ prints in the prior two quarters.

Revenue beat guidance by $8.0bn last quarter, but the beat narrowed to $4.0bn this quarter. Given that shipment volume is largely set when guidance is issued, the upside largely hinges on pricing...

FQ4 revenue was $54.2bn and GPM reached 87%, both beating the top end of guidance.

About $1bn of incentive comp and other costs will pull FQ1 GPM back to ~86.25%, which management views as the FY27 full-year trough.

It will step up capital returns starting Dec 9.

In the prior piece, Dolphin Research examined the underlying tech to explain why AI's demand for memory capacity 'suddenly' surged and why HBM became the preferred memory for high-performance GPUs. It also outlined the core concepts and rationale of HBM.

From today's vantage point, H2'25 was a pivotal inflection for the AI hardware stack. Until then, 'compute', led by Nvidia GPUs, was center stage. After that, 'storage' — DRAM, NAND and HDD — became the biggest bottleneck across the chain.

In 2026, the AI hardware hot spot has shifted from compute to memory. As AI trades in U.S. equities start to wobble, Micron’s prints have turned into the new bellwether. $Micron Tech(MU.US) reported after-market on Jun 24 (FQ3 FY26 for the quarter ended end-May), and it delivered, taking up the mantle as the AI infra standard-bearer.

Results speak for themselves: broad-based strength. Key takeaways: 1) Headline results: revenue of $41.5bn, up 74% QoQ, marking a second consecutive quarter with 70%+ QoQ growth...

Below is Dolphin Research's compilation of Micron Technology's FY26 Q3 earnings call Trans.

1) FQ4 guidance (record): revenue of $50 bn (±$1 bn), GPM about 86%, and OpEx around $1.65 bn.

The FQ4 GPM guide already factors in a clear slowdown in price increases.

Below is Dolphin Research's Trans of the $Micron Tech(MU.US) FY26 Q2 earnings call.

For our earnings take, see 'Micron (MU): AI-fueled memory surge — can it break the cycle?'

Key management highlights: 1) Industry outlook: industry DRAM bit shipments in 2026 are expected to grow in the low-20% range (approx. 22%)...

Micron (MU) posted FQ2 (FY26) results (quarter ended Jan 2026) after the U.S. close in the early hours of Mar 19 Beijing time. Key takeaways: (1) overall results.

Revenue was $23.86bn (+75% QoQ), beating raised buy-side est. of $19.9bn. Growth was driven by both DRAM and NAND, each up 70%+ QoQ.

GPM reached 74.4%, above the raised buy-side est. of 69%. Supported by a sharp rise in memory pricing...

Jensen Huang's keynote at CES 2026 reignited market enthusiasm for memory. In the Rubin architecture, higher DDR and NAND content vs. Blackwell is fueling another rally in memory stocks.