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Micron Technology — Q4 FY2026 Earnings Deck
Micron Technology (MU) · 51 slides · Filed Oct 20, 2026
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Slide 1 — Results
Financial Results FQ4 2026
Slide 2 — Safe Harbor Statement
September 30, 2026 2 Safe Harbor Statement During the course of this meeting, we may make projections or other forward-looking statements regarding market demand and supply, including drivers and timelines, our business model, including our strategic customer agreements, pricing trends and drivers, the impact of AI on our industry and our business, our customers, our manufacturing projects, research and development efforts and related investments, expected timing of production at our facilities, our market opportunity and position, expected product releases, capabilities of our future products and technologies, and future financial and operating performance, including financial projections of the company and the industry. We wish to caution you that such statements are predictions, and that actual events or results may differ materially. We refer you to the documents the company files from time to time with the Securities and Exchange Commission, including the company’s Form 10-K, Forms 10-Q, and other reports and filings. These documents contain and identify important factors that could cause the actual results for the company to differ materially from those contained in our projections or forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements except as required by applicable law. This presentation includes non-GAAP financial measures. Non-GAAP financial measures represent GAAP measures, excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, and business outlook. Further information regarding Micron's use of non- GAAP measures and reconciliations between GAAP and non-GAAP measures are included in the Appendix.
Slide 3 — Sanjay Mehrotra
September 30, 2026 3 Sanjay Mehrotra Chairman and Chief Executive Officer 3
Slide 4 — Overview
September 30, 2026 4 Overview • Micron delivered an exceptional fiscal Q4, with significant records in revenue, gross margin and EPS (earnings per share), each exceeding the high end of our guidance. • Fiscal 2026 was an outstanding year. Revenue was 3 1/2 times last year’s record, with data center revenue up fourfold. Micron’s DRAM revenue for the fiscal year 2026 surpassed $100 billion. • I am thankful for the above-and-beyond efforts of our employees around the world that made these extraordinary results possible. In recognition of these efforts and Micron’s strong execution, we increased fiscal 2026 incentive compensation for every global team member, reinforcing our performance-driven culture and aligning team member success with long-term shareholder value creation. • As strong as fiscal 2026 was, we expect fiscal 2027 to be even better. Industry demand has strengthened since our last earnings call, and we expect memory and storage supply-demand conditions to be much tighter in fiscal 2027 and 2028 than they were in 2026. September 30, 2026
Slide 5 — The Strategic Importance of Memory
September 30, 2026 5 The Strategic Importance of Memory in the Super Intelligence Era (1 of 2) • AI is becoming Super Intelligence, and memory enhances this intelligence and the competitiveness of our customers’ platforms. • AI applications across end markets, whether using open-source or closed-source models, are run on a variety of competing customer platforms. • These platforms all share one important characteristic: Their value proposition is enhanced by the performance and capacity of memory and storage. • Running an AI application on a platform with greater memory capability enables more scalable growth in usage, improves the end-user experience and increases the value users get from AI applications. September 30, 2026
Slide 6 — The Strategic Importance of Memory
September 30, 2026 6 The Strategic Importance of Memory in the Super Intelligence Era (2 of 2) • The strategic importance of memory to our customers also provides greater differentiation opportunities for Micron than at any time in our history. • As we address AI-driven demand for an increasingly complex set of products across the memory hierarchy, we have opportunities to deliver differentiated performance and quality, time-to-market advantages and geographically diversified supply, including DRAM made in the U.S. • We also have opportunities for richer product mix relative to our competitors with our focus on higher-value solutions. • Micron’s technology leadership, strong product portfolio, strategic customer agreements and manufacturing excellence position us to capitalize on these opportunities. September 30, 2026
Slide 7 — Technology and Product Leadership
September 30, 2026 7 Technology and Product Leadership • Micron is the industry’s technology leader. • Our 1γ (1-gamma) DRAM node and G9 NAND nodes are our largest production nodes today and are on track to become the highest- volume nodes in Micron's history. • Development of our next-generation DRAM and NAND technology nodes is also progressing well, and they are on track to begin volume production in the second half of calendar 2027. • We are leveraging these technology nodes and our advanced packaging capabilities to deliver leadership products across the memory hierarchy, such as industry-leading HBM, high-capacity SOCAMM, high-capacity and high-performance DDR modules, and data center SSD products. September 30, 2026
Slide 8 — Manufacturing Expansions (1 of 2)
September 30, 2026 8 September 28, 2023 Manufacturing Expansions (1 of 2) • We are focused on our global manufacturing expansions to help address customer demand growth through the end of this decade and beyond. • Micron is investing to provide long-term U.S.-based supply assurance for DDR, LPDRAM and HBM products through our fabs in Virginia, Idaho and New York to support our customers across a variety of markets, including data center, PC, mobile, automotive, aerospace and defense, medical, humanoid robotics and other industrial and consumer markets. • During the last quarter, we celebrated a concrete pour milestone for our first New York fab, with initial wafer output expected in calendar 2030. • Our ID1 fab is on track to commence wafer output in mid- calendar 2027, and ID2 is on track to commence wafer output in late calendar 2028. 8 September 30, 2026
Slide 9 — Manufacturing Expansions (2 of 2)
September 30, 2026 9 September 28, 2023 Manufacturing Expansions (2 of 2) • In fiscal Q4, we held a groundbreaking ceremony for our DRAM fab expansion in Japan, with initial output expected in late calendar 2028 to support technology node transitions. • In Taiwan, we are on track for meaningful product shipments from our Tongluo facility in mid-calendar 2027. • In Singapore, cleanroom preparation is ahead of plan at our HBM advanced packaging facility, with initial output expected in early calendar 2027. • Also, construction is on track for our new NAND facility in Singapore to begin output in the second half of calendar 2028. • Production from new DRAM and NAND fabrication facilities takes time to ramp and gradually becomes more meaningful starting a few quarters after initial output. 9 September 30, 2026
Slide 10 — Strategic Customer Agreements
September 30, 2026 10 Strategic Customer Agreements Update (1 of 2) • Micron’s strategic customer agreements (SCAs) accelerate the transformation of our business. • These multi-year take-or-pay agreements sharpen our long-term supply planning and enhance the durability and predictability of our strong financial performance. • Further, they provide our customers supply assurance and deepen technology roadmap collaboration. • This, in turn, helps our customers invest more confidently in their business and enables their end consumers to benefit from their products and services. September 30, 2026
Slide 11 — Strategic Customer Agreements
September 30, 2026 11 Strategic Customer Agreements Update (2 of 2) • To date, we have signed 26 SCAs, which we currently estimate to be over 35% of our revenue through 2030. • Three-quarters of this estimated revenue has a defined pricing framework, a majority of which have pricing bands with floor and ceiling prices. • The remaining quarter of this SCA revenue expectation has pricing negotiated periodically based on market prices. • Customers want SCA-assured supply beyond 2030, and we have now signed SCAs that extend into 2031, as well as one-year extensions to 2031 for two agreements. • Any new discussions on SCAs where pricing is involved are negotiated with higher pricing based on prevailing market conditions and outlook. • For the 26 signed SCAs and extensions, financial commitments from customers have increased to $32 billion, the vast majority of which are cash deposits. • These financial commitments reflect our customers’ confidence in their long-term demand for memory and storage. September 30, 2026 11
Slide 12 — Data Center (1 of 2)
September 30, 2026 12 Data Center (1 of 2) • We expect server unit growth in the high-teens percentage range in both calendar 2026 and 2027. • This strong server unit growth is supported by a modestly lower rate of content growth than prior expectations, amid tight memory supply. • Growing model parameter size, longer context lengths and higher concurrency continue to increase the memory and storage content required to execute AI workloads efficiently. • Micron is leveraging our technology leadership and manufacturing excellence to deliver innovative products across the memory hierarchy to data center customers. 12
Slide 13 — Data Center (2 of 2)
September 30, 2026 13 Data Center (2 of 2) • In HBM, our revenue in fiscal Q4 2026 grew faster than total company revenue in the quarter, as we ramp HBM shipments across a growing number of customers. • We have completed agreements for the vast majority of our calendar 2027 HBM bit supply with significant price increases year over year, narrowing the gross margin gap with conventional DRAM. • We continue to execute well on our ramp of HBM4. We have a strong roadmap for future HBM products and are proud to be working with NVIDIA on the industry’s first custom- HBM4E implementation, NVHBM, to be adopted on next generation of GPUs and NVLink Fusion platforms. • In NAND, AI context memory storage used for KV cache offload and HDD displacement opportunities are expanding the addressable market for SSDs. • Data center SSD revenue in fiscal Q4 was nearly $10 billion, more than 10 times the year- ago quarter, and was over two-thirds of total company NAND revenue. • We are on track to deliver the fifth consecutive year of record market share in data center SSD in calendar 2026. • This performance is driven by the strength of our NAND technology leadership, end-to-end data center storage portfolio and close collaboration with customers, which has resulted in design wins across the largest data center deployments. 13
Slide 14 — PC and Mobile
September 30, 2026 14 PC and Mobile • PC and mobile industry revenue remain on track to grow this calendar year, driven by strength at the premium end of the market, despite potential double-digit overall unit declines in both markets. • OEMs (original equipment manufacturers) continue to introduce new AI capabilities in flagship PCs and smartphones, driving robust demand for higher-performance devices with increased DRAM and NAND content. • Micron is focused on these premium segments and is well positioned to support customers as they expand edge AI capabilities with our industry-leading memory and storage portfolio. • Nearly half of MCBU (Mobile and Client Business Unit) revenue in fiscal Q4 was generated by 1γ (1-gamma) products, as customers accelerate qualifications and adopt our latest technology, which delivers lower power consumption and higher performance. 14
Slide 15 — Physical AI
September 30, 2026 15 Physical AI • Autonomous vehicles are the first major deployment of physical AI, which we believe will expand over time to humanoid robots and other intelligent autonomous systems. • These increasingly complex systems require substantially higher performance and more power-efficient memory and storage to operate in real time. • Memory content in Level 4 and higher autonomous vehicles typically exceeds 200GB, while storage content reaches multiple terabytes, each more than an order of magnitude greater than in today's Level 2+ and Level 3 semi- autonomous vehicles. • Humanoid robots are expected to have comparable memory and storage requirements to autonomous vehicles. • With the anticipated increase in both units and memory content, physical AI can become a significant driver of memory and storage demand by the end of this decade. • Several physical AI customers are sampling our next-generation products, and we are increasing investments in our technology roadmap to ensure we are prepared to capitalize on this opportunity. 15
Slide 16 — Market Outlook (1 of 2)
September 30, 2026 16 Market Outlook (1 of 2) • We expect memory and storage supply-demand conditions to be much tighter in calendar 2027 and 2028 than they were in 2026. • In NAND, for calendar 2026, we expect industry bit shipments to grow in the low-20s percentage range, slightly above our prior expectations. • We expect Micron NAND supply to grow less than industry supply growth in calendar 2026. • 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. • In DRAM, for calendar 2026, we expect industry bit shipments to grow in the mid-20s percentage range. • We expect Micron DRAM supply to grow approximately in line with industry supply growth. • 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. • We expect industry HBM bit shipments to grow faster than conventional DRAM through calendar 2028. September 30, 2026
Slide 17 — Market Outlook (2 of 2)
September 30, 2026 17 Market Outlook (2 of 2) • The structural gap between DRAM supply and demand growth rates is resulting in ongoing supply tightness, and cleanroom additions are required to augment node-transition supply growth and help narrow the gap. • Even with additional industry DRAM cleanroom space plans, with robust demand trends including new upside requests from customers, we do not have line of sight to when supply and demand will return to balance. • Given the need for DRAM cleanroom space and supported by greater visibility from SCAs into our demand through the end of the decade and beyond, we plan to increase our capex (capital expenditures) in fiscal 2027 versus prior plans. • A majority of the increase is for construction capex, most of which is to help accelerate clean room space availability in late calendar 2028 and beyond. • We are also working to optimize production from available cleanroom space, which is resulting in some pull-forward of equipment spending. Mark will provide more details on capex. • As we make these cleanroom space investments, we will remain disciplined in our approach and anticipate ramping equipment capacity appropriately with our demand and the market environment. September 30, 2026
Slide 18 — Leadership Appointments (1 of 3)
September 30, 2026 18 Leadership Appointments (1 of 3) • To further accelerate execution and innovation across the company, last month we announced leadership appointments. • Manish Bhatia has been appointed to President and Chief Operating Officer, and Dr. Scott DeBoer has been appointed to President and Chief Technology and Products Officer. September 30, 2026 18
Slide 19 — Leadership Appointments (2 of 3)
September 30, 2026 19 Leadership Appointments (2 of 3) • Manish leads Micron’s business units and global operations, with accountability for our operating P&L (profit and loss). • In his role as COO, Manish has end-to-end responsibility for demand through supply, enabling faster, more integrated decision-making and stronger alignment across the organization to meet our customers’ evolving needs. September 30, 2026
Slide 20 — Leadership Appointments (3 of 3)
September 30, 2026 20 Leadership Appointments (3 of 3) • Scott leads Micron’s innovation, technology and products organization. • In his role as Chief Technology and Products Officer, Scott is responsible for advancing Micron’s industry-leading memory and storage roadmaps, accelerating innovation to meet customers' rapidly evolving requirements, and overseeing Micron Research Labs, a global flagship research hub dedicated to breakthrough memory and compute technologies. September 30, 2026
Slide 21 — Mark Murphy
September 30, 2026 21 Mark Murphy Executive Vice President and Chief Financial Officer 21
Slide 22 — $133.2B
September 30, 2026 22 Revenue up 31% Q/Q and up 379% Y/Y Revenue up 256% Y/Y FY-26 Revenue $133.2B FQ4-26 Revenue $54.2B
Slide 23 — Performance by Technology
September 30, 2026 23 23 Performance by Technology DRAM FQ4-26 • $39.8 billion, representing 73% of total revenue in FQ4-26 • Revenue increased 27% Q/Q • Bit shipments increased mid-single digit percentage range Q/Q • ASPs increased in the high-teens percentage range Q/Q NAND FQ4-26 • $14.1 billion, representing 26% of total revenue in FQ4-26 • Revenue increased 42% Q/Q • Bit shipments increased approximately 10% Q/Q • ASPs increased approximately 30% Q/Q DRAM FY-26 • $100.7 billion, representing 76% of total revenue in FY-26 • Revenue increased 252% Y/Y NAND FY-26 • $31.8 billion, representing 24% of total revenue in FY-26 • Revenue increased 274% Y/Y 23 September 30, 2026
Slide 24 — Quarterly Business Unit Financial Results
September 30, 2026 24 24 Amounts in millions FQ4-26 FQ3-26 FQ4-25 Cloud Memory (CMBU) Revenue $16,283 $13,769 $4,543 Gross margin 83 % 83 % 59 % Operating margin 76 % 78 % 48 % Core Data Center (CDBU) Revenue $18,002 $11,524 $1,577 Gross margin 90 % 87 % 41 % Operating margin 85 % 83 % 25 % Mobile and Client (MCBU) Revenue $13,114 $11,521 $3,760 Gross margin 90 % 87 % 36 % Operating margin 88 % 86 % 29 % Automotive and Embedded (AEBU) Revenue $6,824 $4,634 $1,434 Gross margin 84 % 79 % 31 % Operating margin 79 % 75 % 20 % Quarterly Business Unit Financial Results
Slide 25 — Business Unit (1 of 2)
September 30, 2026 25 25 Financial Performance by Business Unit (1 of 2) September 30, 2026 • Cloud Memory Business Unit (CMBU) revenue was a record $16.3 billion and represented 30% of total company revenue. • CMBU revenue was up 18% sequentially, driven by higher pricing and bit shipments. • CMBU gross margins were 83%, flat sequentially, driven by higher pricing, offset by higher HBM mix. • Core Data Center Business Unit (CDBU) revenue was a record $18.0 billion and represented 33% of total company revenue. • CDBU revenue was up 56% sequentially, driven by higher pricing and bit shipments. • CDBU gross margins were 90%, up 290 basis points sequentially, driven by higher pricing and favorable mix.
Slide 26 — Business Unit (2 of 2)
September 30, 2026 26 26 Financial Performance by Business Unit (2 of 2) • Mobile and Client Business Unit (MCBU) revenue was a record $13.1 billion and represented 24% of total company revenue. • MCBU revenue was up 14% sequentially, driven by higher pricing, partially offset by lower bit shipments. • MCBU gross margins were 90%, up 260 basis points sequentially, driven primarily by higher pricing and favorable mix. • Automotive and Embedded Business Unit (AEBU) revenue was a record $6.8 billion and represented 13% of total company revenue. • AEBU revenue was up 47% sequentially, driven by higher pricing and higher bit shipments. • AEBU gross margins were 84%, up 470 basis points sequentially, driven by higher pricing. September 30, 2026
Slide 27 — FQ4-26
September 30, 2026 27 27 FQ4-26 Non-GAAP Operating Results See non-GAAP reconciliations in Appendix Revenue: $54.23 billion Gross margin: 87.0% Operating expenses: $2.57 billion Operating income: $44.64 billion Net income: $38.40 billion Diluted earnings per share: $33.42 Cash from operations (GAAP): $43.97 billion 27
Slide 28 — Cash Flow and
September 30, 2026 28 28 Cash flow from operations FQ4-26: $43.97 billion (81% of revenue) FY-26: $89.68 billion (67% of revenue) Net capex1 FQ4-26: $10.77 billion FY-26: $27.37 billion Adjusted free cash flow* FQ4-26: $33.20 billion FY-26: $62.31 billion Buybacks FQ4-26: None FY-26: $650 million (2.5 million shares) Dividends Dividend of $0.15 per share will be paid on October 29th Liquidity2 $75.48 billion in liquidity at end of FQ4-26 Cash Flow and Capital Allocation 1Capex net of proceeds from government incentives and proceeds from sales of property, plant, and equipment. 2Cash, short-term and long-term marketable investments, restricted cash, and undrawn revolver capacity. *Adjusted free cash flow is a non-GAAP measure defined as net cash provided by operating activities less investments in capital expenditures net of proceeds from government incentives and proceeds from sales of property, plant, and equipment. See non-GAAP reconciliations in Appendix. From FY-23 to FY-26 • $1.4 billion towards repurchasing 14 million shares • $2.1 billion towards dividends paid • $3.5 billion returned to shareholders from share repurchases and dividends
Slide 29 — Non-GAAP
September 30, 2026 29 29 Revenue $61.5 billion ± $1.5 billion Gross margin Approximately 86.25% Operating expenses Approximately $2.06 billion Diluted earnings per share* $38.15 ± $1.00 *Based on ~1.15 billion diluted shares. See non-GAAP reconciliations in Appendix. FQ1-27 Guidance Non-GAAP September 30, 2026
Slide 30 — Outlook
September 30, 2026 30 30 Outlook • We expect fiscal 2027 to be another record year, with sequential revenue growth each quarter. Consistent with projected strong execution and record company financial performance, we expect fiscal 2027 to have higher incentive compensation levels. • We anticipate fiscal Q1 to be the floor for gross margins in fiscal 2027. As Sanjay mentioned, we made a decision to increase fiscal 2026 incentive compensation in fiscal Q4. Most of the increase in fiscal 2026 incentive compensation pertaining to manufacturing was absorbed into inventories in fiscal Q4. As a result, the effects from the sale of these higher cost inventories principally impact fiscal Q1 gross margin. • Fiscal Q2 benefits from less of this fiscal Q4 related compensation expense, but this benefit is offset by the impact of higher fiscal 2027 incentive compensation. We expect higher gross margins beyond fiscal Q1 for the remainder of fiscal 2027, with a more moderate rate of price increases. • We project operating expenses to increase by approximately $2.5 billion in fiscal 2027, primarily from higher R&D (research and development) to support an unprecedented set of opportunities in memory and storage and from higher incentive compensation plans. • We expect a fiscal Q1 and fiscal year 2027 tax rate of around 15.5%. 30 September 30, 2026
Slide 31 — Appendix
September 30, 2026 31 Appendix
Slide 32 — Financial Summary
September 30, 2026 32 32 Financial Summary Non-GAAP See non-GAAP reconciliations. Amounts in millions, except per share FQ4-26 % of Revenue FQ3-26 % of Revenue FQ4-25 % of Revenue Revenue $54,229 100% $41,456 100% $11,315 100% Gross margin 47,204 87% 35,199 85% 5,169 46% Operating income 44,636 82% 33,681 81% 3,955 35% Income tax (provision) benefit (6,781) (5,053) (471) Net income 38,398 71% 28,857 70% 3,469 31% Diluted earnings per share 33.42 25.11 3.03 Cash provided by operating activities (GAAP) 43,973 25,388 5,730 Cash, marketable investments, and restricted cash (GAAP) 73,480 30,155 11,940
Slide 33 — Financial Summary
September 30, 2026 33 33 Financial Summary Non-GAAP Amounts in millions, except per share FY-26 % of Revenue FY-25 % of Revenue Revenue $133,188 100% $37,378 100% Gross margin 108,032 81% 15,286 41% Operating income 101,191 76% 10,846 29% Income tax (provision) benefit (15,315) (1,324) Net income 86,758 65% 9,470 25% Diluted earnings per share 75.52 8.29 Cash provided by operating activities (GAAP) 89,675 17,525 See non-GAAP reconciliations.
Slide 34 — Non-GAAP Financial Data and Guidance
September 30, 2026 34 34 Non-GAAP Financial Data and Guidance % of Revenue FQ4-26 DRAM 73 % NAND 26 % See non-GAAP reconciliations. FQ4-26 Non-GAAP (Amounts in millions, except per share) FQ1-27 Non-GAAP Guidance Revenue $54,229 $61.5 billion ± $1.5 billion Gross margin 87.0% Approximately 86.25% Operating expenses $2,568 Approximately $2.06 billion Diluted earnings per share $33.42 $38.15 ± $1.00 FQ4-26 Non-GAAP (Amounts in millions) FQ1-27 Non-GAAP Estimates Diluted shares 1,149 ~1.15 billion Income tax (provision) benefit ($6,781) Approximately 15.5% Cash from operations (GAAP) $43,973 — Investments in capex, net (capital cash flow) $10,774 Approximately $11.5 billion % Sales Volume Change FQ4-26 Q/Q DRAM Increased in the mid-single digit percentage range NAND Increased approximately 10% % ASP Change FQ4-26 Q/Q DRAM Increased in the high-teens percentage range NAND Increased approximately 30%
Slide 35 — Revenue by Technology
September 30, 2026 35 35 Amounts in millions FQ4-26 % of Revenue FQ3-26 % of Revenue FQ4-25 % of Revenue DRAM $39,771 73% $31,328 76% $8,984 79% NAND 14,102 26% 9,943 24% 2,252 20% Other (primarily NOR) 356 1% 185 —% 79 1% Total $54,229 100% $41,456 100% $11,315 100% Percentages of total revenue may not total 100% due to rounding. Revenue by Technology
Slide 36 — Revenue by Technology
September 30, 2026 36 36 Amounts in millions FY-26 % of Revenue FY-25 % of Revenue DRAM $100,679 76% $28,578 76% NAND 31,785 24% 8,503 23% Other (primarily NOR) 724 1% 297 1% Total $133,188 100% $37,378 100% Percentages of total revenue may not total 100% due to rounding. Revenue by Technology
Slide 37 — Revenue by Business Unit
September 30, 2026 37 37 Amounts in millions FQ4-26 FQ3-26 Q/Q % Change FQ4-25 Y/Y % Change FY-26 FY-25 Y/Y % Change Cloud Memory (CMBU) $16,283 $13,769 18% $4,543 258% $43,085 $13,524 219% Core Data Center (CDBU) 18,002 11,524 56% 1,577 1,042% 37,592 7,229 420% Mobile and Client (MCBU) 13,114 11,521 14% 3,760 249% 36,601 11,859 209% Automotive and Embedded (AEBU) 6,824 4,634 47% 1,434 376% 15,886 4,753 234% Revenue by Business Unit September 30, 2026 37
Slide 38 — Reconciliations
September 30, 2026 38 Non-GAAP Reconciliations
Slide 39 — Consolidated Results
September 30, 2026 39 39 Consolidated Results Non-GAAP Reconciliations Amounts in millions FQ4-26 FQ3-26 FQ4-25 GAAP gross margin $47,047 $35,056 $5,054 Stock-based compensation 157 143 115 Non-GAAP gross margin $47,204 $35,199 $5,169 GAAP operating expenses $3,296 $1,738 $1,400 Stock-based compensation (207) (198) (147) Patent license charges (500) — — Other (21) (22) (39) Non-GAAP operating expenses $2,568 $1,518 $1,214 GAAP operating income $43,751 $33,318 $3,654 Stock-based compensation 364 341 262 Patent license charges 500 — — Other 21 22 39 Non-GAAP operating income $44,636 $33,681 $3,955
Slide 40 — Consolidated Results
September 30, 2026 40 40 Amounts in millions FQ4-26 FQ3-26 FQ4-25 GAAP cost of goods sold $7,182 $6,400 $6,261 Stock-based compensation (157) (143) (115) Non-GAAP cost of goods sold $7,025 $6,257 $6,146 GAAP research and development $1,913 $1,316 $1,047 Stock-based compensation (140) (129) (93) Other — (1) (1) Non-GAAP research and development $1,773 $1,186 $953 GAAP selling, general, and administrative $859 $407 $314 Stock-based compensation (67) (69) (54) Non-GAAP selling, general, and administrative $792 $338 $260 Consolidated Results Non-GAAP Reconciliations
Slide 41 — Consolidated Results
September 30, 2026 41 41 Amounts in millions FQ4-26 FQ3-26 FQ4-25 GAAP net income $37,701 $28,243 $3,201 Stock-based compensation 364 341 262 Patent license charges 500 — — Loss on debt prepayments 9 325 9 Other 22 23 39 Estimated tax effects of above and other tax adjustments (198) (75) (42) Non-GAAP net income $38,398 $28,857 $3,469 GAAP income tax (provision) benefit ($6,583) ($4,978) ($429) Estimated tax effects of non-GAAP adjustments and other tax adjustments (198) (75) (42) Non-GAAP income tax (provision) benefit ($6,781) ($5,053) ($471) Consolidated Results Non-GAAP Reconciliations
Slide 42 — Consolidated Results
September 30, 2026 42 42 Amounts in millions FQ4-26 FQ3-26 FQ4-25 GAAP net income $37,701 $28,243 $3,201 Interest (income) expense, net (575) (215) (22) Income tax provision (benefit) 6,583 4,978 429 Depreciation expense and amortization of intangible assets 2,641 2,364 2,149 Non-GAAP adjustments Stock-based compensation 364 341 262 Patent license charges 500 — — Loss on debt prepayments 9 325 9 Other 21 21 38 Adjusted EBITDA $47,244 $36,057 $6,066 Consolidated Results Non-GAAP Reconciliations
Slide 43 — Consolidated Results
September 30, 2026 43 43 Amounts in millions, except per share FQ4-26 FQ3-26 FQ4-25 GAAP shares used in diluted EPS calculations 1,147 1,145 1,131 Adjustment for stock-based compensation 2 4 14 Non-GAAP shares used in diluted EPS calculations 1,149 1,149 1,145 GAAP diluted earnings per share $32.87 $24.67 $2.83 Effects of non-GAAP adjustments 0.55 0.44 0.20 Non-GAAP diluted earnings per share $33.42 $25.11 $3.03 Net cash provided by operating activities $43,973 $25,388 $5,730 Expenditures for property, plant, and equipment (11,110) (7,826) (5,658) Proceeds from sales of property, plant, and equipment 9 9 20 Proceeds from government incentives 327 733 711 Investments in capital expenditures, net (10,774) (7,084) (4,927) Adjusted free cash flow $33,199 $18,304 $803 Consolidated Results Non-GAAP Reconciliations
Slide 44 — Consolidated Results
September 30, 2026 44 44 Amounts in millions FQ4-26 FQ3-26 FQ4-25 Cash and cash equivalents $38,364 $24,995 $9,642 Short-term investments 5,070 1,027 665 Long-term marketable investments 30,019 4,106 1,629 Restricted cash 27 27 4 Current debt (491) (582) (560) Long-term debt (4,688) (5,140) (14,017) Net cash $68,301 $24,433 ($2,637) Consolidated Results Non-GAAP Reconciliations
Slide 45 — Consolidated Results
September 30, 2026 45 45 Amounts in millions FY-26 FY-25 GAAP gross margin $107,504 $14,873 Stock-based compensation 528 409 Other — 4 Non-GAAP gross margin $108,032 $15,286 GAAP operating expenses $8,164 $5,103 Stock-based compensation (754) (566) Patent license charges (500) (57) Other (69) (40) Non-GAAP operating expenses $6,841 $4,440 GAAP operating income $99,340 $9,770 Stock-based compensation 1,282 975 Patent license charges 500 57 Other 69 44 Non-GAAP operating income $101,191 $10,846 Consolidated Results Non-GAAP Reconciliations
Slide 46 — Consolidated Results
September 30, 2026 46 46 Amounts in millions FY-26 FY-25 GAAP cost of goods sold $25,684 $22,505 Stock-based compensation (528) (409) Other — (4) Non-GAAP cost of goods sold $25,156 $22,092 GAAP research and development $5,650 $3,798 Stock-based compensation (495) (347) Other (3) (1) Non-GAAP research and development $5,152 $3,450 GAAP selling, general, and administrative $1,947 $1,205 Stock-based compensation (259) (219) Non-GAAP selling, general, and administrative $1,688 $986 Consolidated Results Non-GAAP Reconciliations
Slide 47 — Consolidated Results
September 30, 2026 47 47 Amounts in millions FY-26 FY-25 GAAP net income $84,969 $8,539 Stock-based compensation 1,282 975 Patent license charges 500 57 Loss on debt prepayments 511 59 Other 50 40 Estimated tax effects of above and other tax adjustments (554) (200) Non-GAAP net income $86,758 $9,470 GAAP income tax (provision) benefit ($14,761) ($1,124) Estimated tax effects of non-GAAP adjustments and other tax adjustments (554) (200) Non-GAAP income tax (provision) benefit ($15,315) ($1,324) Consolidated Results Non-GAAP Reconciliations
Slide 48 — Consolidated Results
September 30, 2026 48 48 Amounts in millions FY-26 FY-25 GAAP net income $84,969 $8,539 Interest (income) expense, net (978) (19) Income tax provision (benefit) 14,761 1,124 Depreciation expense and amortization of intangible assets 9,503 8,352 Non-GAAP adjustments Stock-based compensation 1,282 975 Patent license charges 500 57 Loss on debt prepayments 511 59 Other 42 39 Adjusted EBITDA $110,590 $19,126 Consolidated Results Non-GAAP Reconciliations
Slide 49 — Consolidated Results
September 30, 2026 49 49 Amounts in millions, except per share FY-26 FY-25 GAAP shares used in diluted EPS calculations 1,143 1,125 Adjustment for stock-based compensation 6 18 Non-GAAP shares used in diluted EPS calculations 1,149 1,143 GAAP diluted earnings per share $74.33 $7.59 Effects of non-GAAP adjustments 1.19 0.70 Non-GAAP diluted earnings per share $75.52 $8.29 Net cash provided by operating activities $89,675 $17,525 Expenditures for property, plant, and equipment (30,712) (15,857) Proceeds from sales of property, plant, and equipment 29 48 Proceeds from government incentives 3,316 2,005 Investments in capital expenditures, net (27,367) (13,804) Adjusted free cash flow $62,308 $3,721 Consolidated Results Non-GAAP Reconciliations
Slide 50 — FQ1-27 Guidance
September 30, 2026 50 50 FQ1-27 Guidance Non-GAAP Reconciliations *GAAP earnings per share and non-GAAP earnings per share based on approximately 1.15 billion diluted shares. The above guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control. GAAP Outlook Adjustments Non-GAAP Outlook Revenue $61.5 billion ± $1.5 billion — $61.5 billion ± $1.5 billion Gross margin Approximately 85.95% 0.30% A Approximately 86.25% Operating expenses Approximately $2.31 billion $253 million B Approximately $2.06 billion Diluted earnings per share* $37.84 ± $1.00 $0.31 A, B, C $38.15 ± $1.00 Non-GAAP Adjustments (Amounts in millions) A Stock-based compensation – cost of goods sold $174 B Stock-based compensation – research and development 166 B Stock-based compensation – selling, general, and administrative 87 C Tax effects of the above items and other tax adjustments (65) $362
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