Micron 10-K details take-or-pay customer deals as fiscal 2026 revenue rises 256%

Micron Technology has signed multi-year take-or-pay agreements with some of its largest customers, according to its annual report on Form 10-K filed Oct. 9.

The memory maker said those strategic customer agreements carry binding commitments for specific volumes over multi-year terms. Most have pricing subject to minimum and maximum bands. Micron said it expects the agreements with price bands, even at floor pricing, "to yield gross margins meaningfully above our peak quarterly margins in any past cycle."

Fiscal 2026 results

Total revenue for fiscal 2026 rose 256% to $133.188 billion, the filing shows. Micron said the increase came from higher sales of both DRAM and NAND products.

DRAM sales rose 252%, mainly because average selling prices climbed about 180% and bit shipments rose in the mid-20% range. NAND sales rose 274% on an approximate 200% increase in average selling prices and a mid-20% range rise in bit shipments.

No single customer accounted for 10% or more of total revenue in fiscal 2026. In fiscal 2025, one customer made up 17% of revenue, according to the 10-K.

Products, buybacks and workforce

Micron said it is in volume production of HBM4 36GB 12-high memory and has delivered samples of HBM4 48GB 16-high to multiple key customers. It expects to ramp HBM4E in volume in calendar 2027.

The company repurchased 2.5 million shares for $650 million in fiscal 2026, after no buybacks in fiscal 2025. It has bought back a total of $7.84 billion under its 2018 authorization.

Micron had about 61,000 employees as of Sept. 3, 2026.

Sources

1. Micron Technology, Inc. Form 10-K for fiscal 2026, filed Oct. 9, 2026, accession 0000723125-26-000023

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