Slide 1: Financial Results
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Slide 2: Safe Harbor Statement
Safe Harbor Statement During the course of this meeting, we may make projections or other forward-looking statements regarding market demand and supply, including drivers and timelines, our business model, including our strategic customer agreements, pricing trends and drivers, the impact of AI on o
Slide 3: Sanjay Mehrotra
Sanjay Mehrotra Chairman and Chief Executive Officer September 30, 2026 3
Slide 4: Overview
Overview • Micron delivered an exceptional fiscal Q4, with significant records in revenue, gross margin and EPS (earnings per share), each exceeding the high end of our guidance. • Fiscal 2026 was an outstanding year. Revenue was 3 1/2 times last year’s record, with data center revenue up fourfold.
Slide 5: The Strategic Importance of Memory in the Super Intelligence Era (1 of 2)
The Strategic Importance of Memory in the Super Intelligence Era (1 of 2) • AI is becoming Super Intelligence, and memory enhances this intelligence and the competitiveness of our customers’ platforms. • AI applications across end markets, whether using open-source or closed-source models, are run o
Slide 6: The Strategic Importance of Memory in the Super Intelligence Era (2 of 2)
The Strategic Importance of Memory in the Super Intelligence Era (2 of 2) • The strategic importance of memory to our customers also provides greater differentiation opportunities for Micron than at any time in our history. • As we address AI-driven demand for an increasingly complex set of products
Slide 7: Technology and Product Leadership
Technology and Product Leadership • Micron is the industry’s technology leader. • Our 1γ (1-gamma) DRAM node and G9 NAND nodes are our largest production nodes today and are on track to become the highest- volume nodes in Micron's history. • Development of our next-generation DRAM and NAND technolog
Slide 8: Manufacturing Expansions (1 of 2)
Manufacturing Expansions (1 of 2) • We are focused on our global manufacturing expansions • During the last quarter, we celebrated a concrete pour to help address customer demand growth through the milestone for our first New York fab, with initial wafer end of this decade and beyond. output expecte
Slide 9: Manufacturing Expansions (2 of 2)
Manufacturing Expansions (2 of 2) • In fiscal Q4, we held a groundbreaking ceremony for our • Also, construction is on track for our new NAND facility in DRAM fab expansion in Japan, with initial output Singapore to begin output in the second half of calendar expected in late calendar 2028 to suppor
Slide 10: Strategic Customer Agreements Update (1 of 2)
Strategic Customer Agreements Update (1 of 2) • Micron’s strategic customer agreements (SCAs) accelerate the transformation of our business. • These multi-year take-or-pay agreements sharpen our long-term supply planning and enhance the durability and predictability of our strong financial performan
Slide 11: Strategic Customer Agreements Update (2 of 2)
Strategic Customer Agreements Update (2 of 2) • To date, we have signed 26 SCAs, which we currently estimate to be over 35% of our revenue through 2030. • Three-quarters of this estimated revenue has a defined pricing framework, a majority of which have pricing bands with floor and ceiling prices. •
Slide 12: Data Center (1 of 2)
Data Center (1 of 2) • We expect server unit growth in the high-teens percentage range in both calendar 2026 and 2027. • This strong server unit growth is supported by a modestly lower rate of content growth than prior expectations, amid tight memory supply. • Growing model parameter size, longer co
Slide 13: Data Center (2 of 2)
Data Center (2 of 2) • In HBM, our revenue in fiscal Q4 2026 grew faster than total company revenue in the quarter, as we ramp HBM shipments across a growing number of customers. • We have completed agreements for the vast majority of our calendar 2027 HBM bit supply with significant price increases
Slide 14: PC and Mobile
PC and Mobile • PC and mobile industry revenue remain on track to grow this calendar year, driven by strength at the premium end of the market, despite potential double-digit overall unit declines in both markets. • OEMs (original equipment manufacturers) continue to introduce new AI capabilities in
Slide 15: Physical AI
Physical AI • Autonomous vehicles are the first major deployment of physical AI, which we believe will expand over time to humanoid robots and other intelligent autonomous systems. • These increasingly complex systems require substantially higher performance and more power-efficient memory and stora
Slide 16: Market Outlook (1 of 2)
Market Outlook (1 of 2) • We expect memory and storage supply-demand conditions to be much tighter in calendar 2027 and 2028 than they were in 2026. • In NAND, for calendar 2026, we expect industry bit shipments to grow in the low-20s percentage range, slightly above our prior expectations. • We exp
Slide 17: Market Outlook (2 of 2)
Market Outlook (2 of 2) • The structural gap between DRAM supply and demand growth rates is resulting in ongoing supply tightness, and cleanroom additions are required to augment node-transition supply growth and help narrow the gap. • Even with additional industry DRAM cleanroom space plans, with r
Slide 18: Leadership Appointments (1 of 3)
Leadership Appointments (1 of 3) • To further accelerate execution and innovation • Manish Bhatia has been appointed to President across the company, last month we announced and Chief Operating Officer, and Dr. Scott DeBoer leadership appointments. has been appointed to President and Chief Technolog
Slide 19: Leadership Appointments (2 of 3)
Leadership Appointments (2 of 3) • Manish leads Micron’s business units and global operations, with accountability for our operating P&L (profit and loss). • In his role as COO, Manish has end-to-end responsibility for demand through supply, enabling faster, more integrated decision-making and stron
Slide 20: Leadership Appointments (3 of 3)
Leadership Appointments (3 of 3) • Scott leads Micron’s innovation, technology and products organization. • In his role as Chief Technology and Products Officer, Scott is responsible for advancing Micron’s industry-leading memory and storage roadmaps, accelerating innovation to meet customers' rapid
Slide 21: Mark Murphy
Mark Murphy Executive Vice President and Chief Financial Officer September 30, 2026 21
Slide 22: FQ4-26 Revenue and FY-26 Revenue
FQ4-26 Revenue FY-26 Revenue $54.2B $133.2B Revenue up 31% Q/Q Revenue up 256% Y/Y and up 379% Y/Y September 30, 2026 22
Slide 23: Performance by Technology
Performance by Technology DRAM FQ4-26 NAND FQ4-26 • $39.8 billion, representing 73% of total revenue in FQ4-26 • $14.1 billion, representing 26% of total revenue in FQ4-26 • Revenue increased 27% Q/Q • Revenue increased 42% Q/Q • Bit shipments increased mid-single digit percentage range Q/Q • Bit sh
Slide 24: Quarterly Business Unit Financial Results
Quarterly Business Unit Financial Results Amounts in millions FQ4-26 FQ3-26 FQ4-25 Cloud Memory (CMBU) Revenue $16,283 $13,769 $4,543 Gross margin 83 % 83 % 59 % Operating margin 76 % 78 % 48 % Core Data Center (CDBU) Revenue $18,002 $11,524 $1,577 Gross margin 90 % 87 % 41 % Operating margin 85 % 8
Slide 25: Financial Performance by Business Unit (1 of 2)
Financial Performance by Business Unit (1 of 2) • Cloud Memory Business Unit (CMBU) revenue was a record $16.3 billion and represented 30% of total company revenue. • CMBU revenue was up 18% sequentially, driven by higher pricing and bit shipments. • CMBU gross margins were 83%, flat sequentially, d
Slide 26: Financial Performance by Business Unit (2 of 2)
Financial Performance by Business Unit (2 of 2) • Mobile and Client Business Unit (MCBU) revenue was a record $13.1 billion and represented 24% of total company revenue. • MCBU revenue was up 14% sequentially, driven by higher pricing, partially offset by lower bit shipments. • MCBU gross margins we
Slide 27: FQ4-26 Non-GAAP Operating Results
FQ4-26 Non-GAAP Operating Results Revenue: $54.23 billion Gross margin: 87.0% Operating expenses: $2.57 billion Operating income: $44.64 billion Net income: $38.40 billion Diluted earnings per share: $33.42 Cash from operations (GAAP): $43.97 billion See non-GAAP reconciliations in Appendix Septembe
Slide 28: Cash Flow and Capital Allocation
Cash Flow and Capital Allocation From FY-23 to FY-26 Cash flow FQ4-26: $43.97 billion (81% of revenue) from operations FY-26: $89.68 billion (67% of revenue) • $1.4 billion towards repurchasing 14 million shares FQ4-26: $10.77 billion Net capex1 FY-26: $27.37 billion • $2.1 billion towards dividends
Slide 29: FQ1-27 Guidance Non-GAAP
FQ1-27 Guidance Non-GAAP Revenue $61.5 billion ± $1.5 billion Gross margin Approximately 86.25% Operating expenses Approximately $2.06 billion Diluted earnings per share* $38.15 ± $1.00 *Based on ~1.15 billion diluted shares. See non-GAAP reconciliations in Appendix. September 30, 2026 29
Slide 30: Outlook
Outlook • We expect fiscal 2027 to be another record year, with • Fiscal Q2 benefits from less of this fiscal Q4 related sequential revenue growth each quarter. Consistent with compensation expense, but this benefit is offset by the projected strong execution and record company financial impact of h
Slide 31: Appendix
Appendix September 30, 2026 31
Slide 32: Financial Summary
Financial Summary Non-GAAP % of % of % of Amounts in millions, except per share FQ4-26 Revenue FQ3-26 Revenue FQ4-25 Revenue Revenue $54,229 100% $41,456 100% $11,315 100% Gross margin 47,204 87% 35,199 85% 5,169 46% Operating income 44,636 82% 33,681 81% 3,955 35% Income tax (provision) benefit (6,
Slide 33: Financial Summary
Financial Summary Non-GAAP Amounts in millions, except per share FY-26 % of Revenue FY-25 % of Revenue Revenue $133,188 100% $37,378 100% Gross margin 108,032 81% 15,286 41% Operating income 101,191 76% 10,846 29% Income tax (provision) benefit (15,315) (1,324) Net income 86,758 65% 9,470 25% Dilute
Slide 34: Non-GAAP Financial Data and Guidance
Non-GAAP Financial Data and Guidance % of Revenue FQ4-26 FQ4-26 Non-GAAP (Amounts in millions, FQ1-27 DRAM 73 % except per share) Non-GAAP Guidance NAND 26 % Revenue $54,229 $61.5 billion ± $1.5 billion Gross margin 87.0% Approximately 86.25% Operating expenses $2,568 Approximately $2.06 billion % S
Slide 35: Revenue by Technology
Revenue by Technology Amounts in millions FQ4-26 % of Revenue FQ3-26 % of Revenue FQ4-25 % of Revenue DRAM $39,771 73% $31,328 76% $8,984 79% NAND 14,102 26% 9,943 24% 2,252 20% Other (primarily NOR) 356 1% 185 —% 79 1% Total $54,229 100% $41,456 100% $11,315 100% Percentages of total revenue may no
Slide 36: Revenue by Technology
Revenue by Technology Amounts in millions FY-26 % of Revenue FY-25 % of Revenue DRAM $100,679 76% $28,578 76% NAND 31,785 24% 8,503 23% Other (primarily NOR) 724 1% 297 1% Total $133,188 100% $37,378 100% Percentages of total revenue may not total 100% due to rounding. September 30, 2026 36
Slide 37: Revenue by Business Unit
Revenue by Business Unit Q/Q % Y/Y % Y/Y % Amounts in millions FQ4-26 FQ3-26 Change FQ4-25 Change FY-26 FY-25 Change Cloud Memory (CMBU) $16,283 $13,769 18% $4,543 258% $43,085 $13,524 219% Core Data Center (CDBU) 18,002 11,524 56% 1,577 1,042% 37,592 7,229 420% Mobile and Client (MCBU) 13,114 11,52
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations September 30, 2026 38
Slide 39: Consolidated Results
Consolidated Results Non-GAAP Reconciliations Amounts in millions FQ4-26 FQ3-26 FQ4-25 GAAP gross margin $47,047 $35,056 $5,054 Stock-based compensation 157 143 115 Non-GAAP gross margin $47,204 $35,199 $5,169 GAAP operating expenses $3,296 $1,738 $1,400 Stock-based compensation (207) (198) (147) Pa
Slide 40: Consolidated Results
Consolidated Results Non-GAAP Reconciliations Amounts in millions FQ4-26 FQ3-26 FQ4-25 GAAP cost of goods sold $7,182 $6,400 $6,261 Stock-based compensation (157) (143) (115) Non-GAAP cost of goods sold $7,025 $6,257 $6,146 GAAP research and development $1,913 $1,316 $1,047 Stock-based compensation
Slide 41: Consolidated Results
Consolidated Results Non-GAAP Reconciliations Amounts in millions FQ4-26 FQ3-26 FQ4-25 GAAP net income $37,701 $28,243 $3,201 Stock-based compensation 364 341 262 Patent license charges 500 — — Loss on debt prepayments 9 325 9 Other 22 23 39 Estimated tax effects of above and other tax adjustments (
Slide 42: Consolidated Results
Consolidated Results Non-GAAP Reconciliations Amounts in millions FQ4-26 FQ3-26 FQ4-25 GAAP net income $37,701 $28,243 $3,201 Interest (income) expense, net (575) (215) (22) Income tax provision (benefit) 6,583 4,978 429 Depreciation expense and amortization of intangible assets 2,641 2,364 2,149 No
Slide 43: Consolidated Results
Consolidated Results Non-GAAP Reconciliations Amounts in millions, except per share FQ4-26 FQ3-26 FQ4-25 GAAP shares used in diluted EPS calculations 1,147 1,145 1,131 Adjustment for stock-based compensation 2 4 14 Non-GAAP shares used in diluted EPS calculations 1,149 1,149 1,145 GAAP diluted earni
Slide 44: Consolidated Results
Consolidated Results Non-GAAP Reconciliations Amounts in millions FQ4-26 FQ3-26 FQ4-25 Cash and cash equivalents $38,364 $24,995 $9,642 Short-term investments 5,070 1,027 665 Long-term marketable investments 30,019 4,106 1,629 Restricted cash 27 27 4 Current debt (491) (582) (560) Long-term debt (4,
Slide 45: Consolidated Results
Consolidated Results Non-GAAP Reconciliations Amounts in millions FY-26 FY-25 GAAP gross margin $107,504 $14,873 Stock-based compensation 528 409 Other — 4 Non-GAAP gross margin $108,032 $15,286 GAAP operating expenses $8,164 $5,103 Stock-based compensation (754) (566) Patent license charges (500) (
Slide 46: Consolidated Results
Consolidated Results Non-GAAP Reconciliations Amounts in millions FY-26 FY-25 GAAP cost of goods sold $25,684 $22,505 Stock-based compensation (528) (409) Other — (4) Non-GAAP cost of goods sold $25,156 $22,092 GAAP research and development $5,650 $3,798 Stock-based compensation (495) (347) Other (3
Slide 47: Consolidated Results
Consolidated Results Non-GAAP Reconciliations Amounts in millions FY-26 FY-25 GAAP net income $84,969 $8,539 Stock-based compensation 1,282 975 Patent license charges 500 57 Loss on debt prepayments 511 59 Other 50 40 Estimated tax effects of above and other tax adjustments (554) (200) Non-GAAP net
Slide 48: Consolidated Results
Consolidated Results Non-GAAP Reconciliations Amounts in millions FY-26 FY-25 GAAP net income $84,969 $8,539 Interest (income) expense, net (978) (19) Income tax provision (benefit) 14,761 1,124 Depreciation expense and amortization of intangible assets 9,503 8,352 Non-GAAP adjustments Stock-based c
Slide 49: Consolidated Results
Consolidated Results Non-GAAP Reconciliations Amounts in millions, except per share FY-26 FY-25 GAAP shares used in diluted EPS calculations 1,143 1,125 Adjustment for stock-based compensation 6 18 Non-GAAP shares used in diluted EPS calculations 1,149 1,143 GAAP diluted earnings per share $74.33 $7
Slide 50: FQ1-27 Guidance
FQ1-27 Guidance Non-GAAP Reconciliations GAAP Outlook Adjustments Non-GAAP Outlook Revenue $61.5 billion ± $1.5 billion — $61.5 billion ± $1.5 billion Gross margin Approximately 85.95% 0.30% A Approximately 86.25% Operating expenses Approximately $2.31 billion $253 million B Approximately $2.06 bill
Slide 51: All rights reserved. Information, products, and/or specifications are subject
© 2026 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. All information is provided on an “AS IS” basis without warranties of any kind. Statements regarding products, including statements regarding product features, avail