Micron (MU) Stock: What Wall Street Expects from Earnings Today

TLDR

• Micron reports fiscal Q4 2026 earnings after the bell on Wednesday, Sept. 30.
• Wall Street expects EPS of $31.73-$31.83 on revenue near $51.3-$51.5 billion.
• MU stock is up about 279% year-to-date and trades near $1,065.
• Analysts hold a Strong Buy rating with an average price target implying 38% upside.
• Options traders are pricing in an 8% move in either direction after results.

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Micron Technology (MU) stock trades at $1,065.08 heading into Wednesday’s earnings report, up roughly 279% so far this year. The memory chipmaker will post its fiscal fourth quarter results after the closing bell.

Micron Technology, Inc., MU

Wall Street expects big numbers. Analyst estimates call for adjusted earnings near $31.73 to $31.83 per share, a jump of several hundred percent from last year’s $3.03.

Revenue projections sit around $51.3 to $51.5 billion. That would mark growth of more than 350% compared to the same quarter a year ago.

The AI boom has been the driving force behind Micron’s run. Demand for high bandwidth memory used in data centers has pushed pricing and volumes higher across the industry.

What History Shows

Micron’s post-earnings reactions have been anything but predictable. Over the last 11 quarters, the stock has risen five times and fallen six times the day after results.

The swings have been sharp in both directions. MU dropped 16.2% after its fiscal Q1 2025 report, then jumped 15.7% following its June 2026 release, the biggest post-earnings gain in company history.

The last four post-earnings moves averaged about 8.14% in absolute terms. Options traders are currently pricing in a similar 7.89% swing for Wednesday’s reaction.

Analysts remain largely upbeat regardless of the historical volatility. JPMorgan’s Harlan Sur expects Micron to beat the Street’s Q4 estimate and sees memory pricing holding firm.

Morgan Stanley shares a similar view. The firm expects the memory market to stay tight even as Micron and rivals like Samsung and SK Hynix ramp up supply.

Wider Market Impact

The memory rally has not been limited to Micron. Samsung and SK Hynix have both seen their businesses lifted by the same AI-driven demand wave.

That demand has a flip side for other parts of tech. Consumer electronics makers have raised prices to cover higher memory costs, with Apple recently adding $100 to its iPhone 18 Pro lineup versus the prior generation.

Higher price tags have cut into unit sales for some device makers. Companies have largely offset that hit through fatter margins on each unit sold.

Micron is also plowing money back into future growth. In August, the company said it would spend up to $10 billion over the next decade to build a research facility in Boise, Idaho.

TipRanks data shows a Strong Buy consensus on MU stock, based on 20 Buy ratings and one Hold over the past three months. The average price target of $1,469.25 implies about 38% upside from current levels.

Technical indicators are pointing in a similar direction for now. MU trades above both its 20-day and 50-day exponential moving averages, a sign of favorable short-term momentum.

Not everything has been smooth for chip stocks lately. Memory names have swung on worries about AI safety, following Anthropic CEO Dario Amodei’s recent call to slow frontier AI development.

Micron shares ticked up 0.3% in premarket trading Wednesday ahead of the report. DRAM sales are projected at $38.22 billion for the quarter, with NAND storage chips expected to add $12.29 billion.