Micron’s latest earnings give investors plenty of big numbers to stare at. The more useful question is what, exactly, its customers have committed to.
In its September 30 results and earnings-call remarks, Micron said 26 strategic customer agreements cover more than 35% of its estimated revenue through 2030. Those agreements carry $32 billion of customer financial commitments, the vast majority in cash deposits.
That’s substantial support for a business spending heavily on additional memory capacity. It also requires some careful reading. A deposit, a contracted future sale and revenue already earned belong in different columns, even when all three numbers are impressive.
The earnings were huge. The guidance was bigger.
Micron reported $54.23 billion of revenue for its fiscal fourth quarter, which ended September 3. GAAP net income was $37.70 billion, or $32.87 per diluted share. Adjusted earnings were $33.42 per share, according to its official earnings release.
Reuters reported analyst expectations of $51.07 billion in revenue and adjusted earnings of $31.61 per share.
For fiscal first-quarter 2027, Micron forecast revenue of $61.5 billion, plus or minus $1.5 billion, and adjusted earnings of $38.15 per share, plus or minus $1. That revenue midpoint is about 13.4% above the quarter just reported and 7.9% above the $57.02 billion analyst consensus cited by Reuters. Those comparisons describe management’s forecast, not results already achieved.