Overview

• Micron reported fiscal Q4 adjusted earnings of $3.03 per share on revenue of $11.32 billion, beating consensus on both metrics.
• The company guided fiscal Q1 revenue to about $12.50 billion plus or minus $300 million and forecast an adjusted gross margin of 51.5%.
• CEO Sanjay Mehrotra said high‑bandwidth memory revenue reached nearly $2 billion in the quarter, implying an annualized run rate of roughly $8 billion.
• Micron plans to begin shipping HBM4 in the second quarter of 2026 with production ramping in the second half, and it is partnering with TSMC on the base logic die for its latest HBM4E.
• Analysts raised price targets (Mizuho to $182 and Susquehanna to $200) as shares nearly doubled in 2025, with recent supply tightness helping push memory prices roughly 20% to 30% higher in industry estimates.