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Micron week: what procurement listens for on 30 September

Calendar · snapshot 20 Sep 2026

Micron week: what procurement listens for on 30 September

The stock reaction is somebody else's problem. Yours is whether the call changes your allocation, your generation roadmap, or the date supply relief arrives.

Verified date. Micron will hold its fiscal fourth-quarter 2026 earnings call on Wednesday, 30 September 2026, at 2:30 p.m. Mountain time, webcast at investors.micron.com, with a replay available for about a year.1 That confirms the date previously noted on this desk. The results press release usually lands shortly before the call.

Where the last call left things

Micron's fiscal third quarter (ended 28 May 2026) printed revenue of $41.46 billion and a non-GAAP gross margin of 84.9%; guidance for the fourth quarter was $50.0 billion ± $1.0 billion in revenue at roughly 86% gross margin.2 The company said data-center revenue was about $25 billion in the quarter and enterprise SSD about $5 billion of that.3

fQ4 revenue guide (Jun 2026)
\$50.0B ± \$1.0B
GM ≈ 86%
Strategic Customer Agreements
16
≈20% of DRAM bits ≈⅓ of NAND bits
Capex, FY26 → FY27
~\$27B → >mid-\$40B
more than half of the increase is construction

For buyers, the June call's more important disclosures were structural: 16 multi-year, take-or-pay Strategic Customer Agreements with roughly $22 billion of commitments (about $18 billion in cash deposits), covering about a fifth of DRAM bits and a third of NAND bits; HBM3E and HBM4 fully booked through calendar 2027; fiscal 2027 capex expected above the mid-$40 billion range; and greenfield capacity contributing "more meaningfully" only in calendar 2028.3 Management framed supply, not demand, as the limit on shipment growth "well beyond 2027."3

Eight things to pull from the 30 September call

  1. Fiscal Q1 2027 guidance, decomposed. Revenue guidance alone tells you nothing. Listen for bit shipment direction versus price direction, separately for DRAM and NAND. Price-led growth on flat bits means allocation stays tight.

  2. Any pricing language for calendar 4Q26. TrendForce's last public outlook (3Q26) had DRAM contract up 1318% and NAND up 10–15%, decelerating; a 4Q26 outlook has not been published as of this writing.4 Micron's tone on "pricing environment" is the earliest public read on whether deceleration continues.

  3. SCA count and coverage. If the number moves from 16, or the DRAM coverage rises from ~20%, the public contract print is describing a smaller residual market. That affects how much weight to give any monthly print.3

  4. HBM4 ramp and the wafer trade ratio. Micron has said HBM3E takes roughly three times the wafer supply of DDR5 per bit and HBM4 more.5 Faster HBM4 ramp means fewer conventional wafers; that is a supply statement about your parts, not an HBM price statement.6

  5. DDR4 and legacy nodes. Suppliers have extended DDR4 life for server and industrial customers under long-term terms; consumer and general channel supply is not the beneficiary.7 Any Micron comment on legacy allocation is worth a line in your note.

  6. Consumer and mobile demand. Gartner projected 2026 PC shipments down 10.4% and smartphones down 8.4% on memory costs; TrendForce said consumer segments are "reaching their affordability limit."84 If Micron confirms consumer softness, the question is whether freed bits go to the channel or to servers. In 2026 the answer has been servers.

  7. Capex phasing and startup costs. The date supply relief arrives is a capex-phasing question. Watch for changes to the calendar-2028 framing for Idaho and the Hiroshima expansion that broke ground on 4 July (equipment move-in slated for 2H28).39

  8. Inventory days. Micron's own inventory and its comments on customer inventory are the closest thing to a public read on whether OEMs are over-bought (as client SSD buyers were in 1H26).4

Signals to ignore

Share-price moves, EPS beats, and gross-margin commentary. Also anything a headline labels "memory prices up X%" without a segment attached.

Same window, other public signals

Nothing else in this window carries a confirmed date on this desk. Samsung has historically issued preliminary quarterly reults in the first ~10 days of the following month, and TrendForce's quarterly contract outlooks have appeared near quarter boundaries (31 March and 3 July this year), so a 4Q26 outlook is plausible in the same fortnight; treat both as expected, not scheduled, until a release appears.104

The note before the call

Write the leadership note before 30 September with the eight items above as blanks. Fill them from the call and the transcript. Nothing else on the call needs to reach leadership.

Takeaway

Micron's call is a supply calendar with a revenue number attached. Take the calendar: SCA coverage, HBM4 wafer pull, capex phasing, legacy allocation. Leave the revenue number for the people it was written for.

Snapshot as of 20 Sep 2026. Date and time from Micron's 26 Aug 2026 investor-relations release; fiscal Q3 figures from Micron's 24 Jun 2026 release and call. The desk does not hold Micron or any supplier position. Related: the buyer's dictionary.

Notes & sources

  1. Micron Technology, "Micron Technology to Report Fiscal Fourth Quarter Results on September 30, 2026," 26 Aug 2026 (call Wednesday 30 Sep 2026, 2:30 p.m. MT; webcast at investors.micron.com): https://investors.micron.com/news/press-release/2026/Micron-Technology-to-Report-Fiscal-Fourth-Quarter-Results-on-September-30-2026/default.aspx↩

  2. Micron fiscal Q3 2026 results press release (quarter ended 28 May 2026; revenue $41.456B; non-GAAP GM 84.9%; fQ4 guidance $50.0B ± $1.0B, GM ≈86%), via SEC exhibit: https://www.sec.gov/Archives/edgar/data/723125/000072312526000013/a2026q3ex991-pressrelease.htm; IR copy: https://investors.micron.com/news/press-release/2026/Micron-Technology-Inc--Reports-Record-Results-for-the-Third-Quarter-of-Fiscal-2026/default.aspx↩

  3. Micron fiscal Q3 2026 earnings call summary (data-center revenue ~$25B; eSSD ~$5B; 16 SCAs, ~$22B commitments, ~$18B deposits, ~20% DRAM / ~⅓ NAND bits, ~5-year take-or-pay; HBM booked through CY2027; FY26 capex ~$27B, FY27 above mid-$40B; greenfield meaningful in CY2028; tightness "well beyond 2027"): https://www.investing.com/news/transcripts/earnings-call-transcript-micron-tops-q3-2026-estimates-shares-jump-146-93CH-4759504 (secondary; Micron's prepared remarks PDF on the IR site is the primary)↩

  4. TrendForce press release, 3 Jul 2026, 3Q26 outlook: https://www.trendforce.com/presscenter/news/20260703-13134.html↩

  5. Micron HBM3E ≈3× DDR5 wafer requirement per bit (restated Aug 2026): https://www.mlq.ai/news/micron-says-hbm-uses-about-three-times-the-wafer-supply-of-ddr5-and-the-gap-is-widening/↩

  6. DRAM Desk, "Commodity DRAM vs HBM: what buyers must not mix in headlines": ↩

  7. Tom's Hardware on DDR4 end-of-life delays under long-term server contracts: https://www.tomshardware.com/pc-components/ddr4/samsung-to-delay-its-planned-ddr4-end-of-life-due-to-signing-a-long-term-non-cancellable-non-returnable-contract-with-key-customer-agreement-will-not-alleviate-consumer-shortage-supply-earmarked-for-server-clients↩

  8. Gartner press release, 26 Feb 2026 (2026 PC shipments 10.4%, smartphones −8.4%; DRAM+SSD prices +130% by end-2026): https://www.gartner.com/en/newsroom/press-releases/2026-02-26-gartner-says-surging-memory-costs-will-reduce-global-pc-and-smartphone-shipments-in-2026↩

  9. The Japan Times, "Micron breaks ground on $9 billion western Japan plant expansion," 4 Jul 2026: https://www.japantimes.co.jp/business/2026/07/04/tech/micron-hiroshima-chip-plant/; TrendForce news summary (equipment set for 2H28): https://www.trendforce.com/news/2026/07/06/news-micron-breaks-ground-on-hiroshima-fab-expansion-scaling-1%CE%B3-dram-and-hbm-output-as-equipment-set-for-2h28/↩

  10. TrendForce press release, 31 Mar 2026, 2Q26 outlook: https://www.trendforce.com/presscenter/news/20260331-12995.html↩

#calendar #dram #earnings #hbm #micron #nand