"Speaking on the company's Q4 2025 earnings call, CEO Sanjay Mehrotra said Micron now has six customers for its HBM products, almost all of which have agreed to "pricing agreements ... for a vast majority of our HBM3E supply in calendar 2026." The company is also "in active discussions with customers on the specifications and volumes for HBM4, and we expect to conclude agreements to sell out the remainder of our total HBM calendar 2026 supply in the coming months.""
"Mehrotra also said Micron finished its financial year with a bang by delivering revenue, gross margin and earnings higher than its previous guidance. Q4 revenue landed at $11.32 billion, 46 percent higher than for the same quarter last year. Full year revenue grew 48 percent to $37.4 billion. Revenue in the company's Cloud Memory Business unit, which includes HBM and other high-end products, grew 213 percent to reach $4.5 billion."
"Micron predicts Q1 2026 revenue will be $12.5 billion, plus or minus $300 million. The company also said it made $18 billion of capital expenditure in FY 2025 and expects to spend the same next year, well above the $13 billion it spent in FY 2024. "The vast majority of that is for DRAM, construction and equipment," said CFO Mark Murphy."
Micron has six customers for its HBM products, with pricing agreements covering a vast majority of HBM3E supply in 2026 and active discussions to sell out remaining HBM supply. Micron accounts for about a third of global DRAM and HBM production. Q4 revenue was $11.32 billion, up 46% year‑over‑year; full‑year revenue reached $37.4 billion, up 48%. Cloud Memory revenue grew 213% to $4.5 billion and gross margin rose from 49% to 59%. Annual net income increased to $8.5 billion from $778 million. Micron spent $18 billion in FY2025 capital expenditure and plans the same for FY2026, mainly for DRAM construction and equipment. Q1 2026 revenue guidance is $12.5 billion ± $300 million; customers face severe shortages and DDR margins are improving.
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