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Micron fiscal Q4 results show HBM capacity stays booked into 2027
Micron said 75.0% of its capacity is booked through the end of 2027, and its gross margin nearly doubled year over year in fiscal Q4.
Micron’s fiscal Q4 earnings helped explain why high-bandwidth memory shortages may persist longer than some investors expect, according to MarketBeat Ratings. In the quarter, Micron said its capacity is already 75.0% booked through the end of 2027, with supply and demand expected to tighten further in 2028. For the longer term, the company reported that capacity is 35.0% booked through 2030, supported by signed contracts, with the figure likely to rise as the year progresses.
The report also pointed to sharp profitability and cash flow expansion. In fiscal Q4, Micron’s gross margin nearly doubled year over year, its operating margin more than doubled, and operating cash flow jumped 7.7x to more than 81.0% of revenue.
Micron further reported that net income and adjusted earnings per share grew by 11x in fiscal Q4. The outlet also noted that gains in monetization, operational leverage, and cash flow are not expected to last forever, with a more stabilized HBM market likely arriving in 2028 or later, with the timing depending on conditions each quarter.