Micron Sells Out 2026 HBM Supply, Guides Q2 Revenue $18.7B with 440% EPS Growth
Micron reported fiscal Q1 2026 revenue of $13.6 billion, up 57% year-over-year, with non-GAAP EPS of $4.78 that topped estimates by over 20%. The company has sold out its entire 2026 high-bandwidth memory supply, including next-generation HBM4, and is guiding Q2 revenue of $18.7 billion with EPS of $8.42 (440% growth).
1. Fiscal Q1 2026 Results
Micron reported revenue of $13.6 billion in Q1 fiscal 2026, a 57% year-over-year increase, and achieved non-GAAP EPS of $4.78, exceeding consensus estimates by more than 20%. Strong memory demand was driven by AI server deployments requiring three times the memory of standard servers.
2. High-Bandwidth Memory Supply Sold Out
The company has sold out its entire 2026 high-bandwidth memory (HBM) supply, including shipments of next-generation HBM4, positioning Micron as the only American HBM manufacturer during a structural shortage that underpins elevated pricing.
3. Q2 Fiscal 2026 Guidance and Valuation
Micron is guiding Q2 revenue of $18.7 billion with non-GAAP EPS of $8.42, suggesting 440% year-over-year earnings growth. At roughly nine times forward earnings, Micron trades at a discount to comparable AI infrastructure peers, reflecting market expectations for sustained memory demand.