Overview
- Micron reported blowout fiscal results with roughly $54.2 billion in fourth‑quarter revenue, non‑GAAP EPS of $33.42 and an exceptionally expanded gross margin that management says will guide higher near term.
- Management said customer commitments and deposits reached about $32 billion and the company’s backlog rose to roughly $150 billion, with strategic agreements covering a significant share of anticipated revenue into the next several years.
- Micron disclosed that HBM4 capacity is sold out for 2026, a scarcity that underpins current pricing and has driven a rush of multi‑year supply deals from major cloud and AI customers.
- The company is spending and planning very large capital outlays—tens of billions in FY26 and roughly $25 billion expected in the first half of FY27—which supports growth but risks creating excess industry capacity when new fabs come online.
- Investors and analysts widely expect a material share buyback once Chips Act restrictions ease in December, and the central debate now is whether multi‑year contracts and tight HBM supply will preserve today’s margins as new capacity arrives.