Micron Technology (MU) official guidance

In fiscal Q1, we project CapEx of around $11.5 billion and anticipate first half fiscal 2027 CapEx to be approximately $25 billion.

We project CapEx to be higher in the second half of fiscal 2027.

In fiscal Q1, we project CapEx of around $11.5 billion and anticipate first half fiscal 2027 CapEx to be approximately $25 billion.

Based on a share count of approximately 1.15 billion shares, we expect EPS to be $38.15 per share plus or minus a dollar.

We expect a fiscal Q1 and fiscal 2027 tax rate of around 15.5%.

We expect a fiscal Q1 and fiscal 2027 tax rate of around 15.5%.

Based on a share count of approximately 1.15 billion shares, we expect EPS to be $38.15 per share plus or minus a dollar.

We expect higher gross margins beyond fiscal Q1 for the remainder of fiscal 2027, with a more moderate rate of price increases.

We expect fiscal Q1 revenue to be a record $61.5 billion plus or minus $1.5 billion, gross margin to be approximately 86.25%, and operating expenses to be approximately $2.06 billion.

For calendar 2027 and 2028, we expect industry DRAM bit shipments to grow approximately in the low 20s percentage range and the industry to remain supply constrained in both years.

For calendar 2027 and 2028, we expect industry NAND bit shipments to grow approximately in the mid-20s percentage range and the industry to remain supply constrained in both years.

We project operating expenses to increase by approximately $2.5 billion in fiscal 2027, primarily from higher R&D to support an unprecedented set of opportunities in memory and storage and from higher incentive compensation plans.

We expect fiscal Q1 revenue to be a record $61.5 billion plus or minus $1.5 billion, gross margin to be approximately 86.25%, and operating expenses to be approximately $2.06 billion.

We expect fiscal Q1 revenue to be a record $61.5 billion plus or minus $1.5 billion, gross margin to be approximately 86.25%, and operating expenses to be approximately $2.06 billion.

We expect server unit growth in the high teens percentage range in both calendar 2026 and 2027.

| Diluted earnings per share(1) | $37.84 ± $1.00 | $0.31 | | A, B, C | $38.15 ± $1.00 |

| Gross margin | Approximately 85.95% | 0.30 | % | A | Approximately 86.25% |

| Operating expenses | Approximately $2.31 billion | $253 million | | B | Approximately $2.06 billion |

| Revenue | $61.5 billion ± $1.5 billion | — | | | $61.5 billion ± $1.5 billion |

We expect Micron DRAM supply to grow approximately in line with the industry supply growth, while Micron NAND supply grows somewhat less than the industry supply growth in calendar 2026.