Overview
- The company posted record fiscal Q1 results with revenue of $13.64 billion and adjusted EPS of $4.78, topping estimates.
- For Q2, Micron guided to about $18.7 billion in revenue and ~$8.42 in adjusted EPS, with non-GAAP gross margin targeted at 68% ±1 point.
- Executives said HBM supply is already fully booked for 2026 and markets will stay tight beyond 2026, leaving Micron able to meet roughly half to two-thirds of demand from several key customers.
- Management is reallocating toward higher-value data center products, including exiting Crucial-branded consumer retail by end-February 2026, and raising fiscal 2026 capex to $20 billion to expand advanced DRAM/HBM output.
- Micron’s stock rose roughly 10%–17% following the report as analysts lifted targets widely, with several moving to $300 or higher and Morgan Stanley to $350.