Micron Technology (MU) stock has seen a huge rally this year, but investors now have another major catalyst to watch. The memory-chip maker will report its fiscal fourth-quarter results after the market closes on Wednesday, Sept. 30.
The report could give investors a fresh look at artificial intelligence (AI)-driven memory demand, pricing trends, and whether Micron can extend the extraordinary earnings growth that has powered its stock higher in 2026.
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Micron Stock Has Exploded Higher in 2026
Soaring memory prices and demand have lifted Micron shares roughly 268% year to date (YTD). The rally has brought the company's market value to about $1.2 trillion.
The biggest driver has been the surge in demand for memory used in AI data centers. Micron's HBM products are increasingly important for advanced AI systems, while broader strength in DRAM and storage has also helped lift revenue and margins. The company is now shipping HBM4 in high volume for a lead customer, while HBM4E is being developed for volume production in 2027.
That makes the Sept. 30 report particularly important, because investors will be looking beyond the quarter itself and toward the durability of this memory cycle.
www.barchart.comWhat to Look for on Sept. 30
The company has guided for revenue of approximately $50 billion, plus or minus $1 billion, adjusted gross margin of about 86%, and adjusted earnings per share (EPS) of $31 per share.
The Wall Street consensus sits in line, with expectations of $31.24 in EPS and $50.46 billion in revenue, representing a staggering 345% revenue jump and a 10x earnings increase from the year-ago quarter. This isn't just another earnings report; it's a bet on whether the AI memory supercycle has legs.
The Track Record of Beats
Micron's recent history gives bulls plenty of ammunition. For instance, in fiscal Q3, the company smashed expectations, reporting adjusted EPS of $25.11 versus the $20.49 consensus, and revenue of $41.46 billion against the $35.69 billion estimate. That followed a pattern of consecutive beats stretching back several quarters.
Management has been consistently conservative with guidance, only to blow past its own numbers. If that pattern holds, Sept. 30 could be another upside surprise.
What Options Traders Are Pricing
The options market is bracing for a significant move after earnings. Implied volatility currently points to a swing of roughly 7% in either direction on earnings day, with some estimates suggesting the stock could move as much as 11%. The put-to-call ratio sits at 0.69x versus a typical 0.66x, suggesting moderately bullish positioning, though implied volatility is in the lowest 10% of observations over the past year. Historically, Micron's actual earnings moves have exceeded what options markets priced in, so the real reaction could be even more dramatic.
Wall Street Remains Focused on the Memory Cycle
The analyst community is largely bullish on Micron stock.
Richard Jackson, a prominent analyst, recently reiterated his positive outlook on Micron, while TD Cowen analyst Krish Sankar believes the firm could benefit from a re-rating of its valuation as investors achieve more confidence that there could be a more extended memory cycle for AI demand. Recently, he restated his price target of $1,600.
AI demand and a significant number of memory-heavy workloads could continue limiting supply, according to RBC's Srini Pajjuri, who suggested that the DRAM upcycle may have five more quarters before it runs out. That's a more tempered view than Goldman Sachs analyst James Schneider, who currently forecasts a $1,100 price point.
According to Barchart, the current consensus remains “Strong Buy” based on 41 analysts, with a mean target of about $1,476. That target implies roughly 48% upside from current levels.
www.barchart.com On the date of publication, Nauman Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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