# Micron: record FY2026 results keep AI memory capacity in focus

> Constraint Alpha research note. Confidence: high.

Published: 2026-10-01T16:35:00Z  
Research as of: 2026-10-01  
Scope: company / Micron Technology (MU)

## Summary

Micron reported fiscal Q4 2026 revenue of $54.23 billion and full-year revenue of $133.19 billion, alongside $27.37 billion of full-year capital expenditure; its HBM4 36GB 12H product has been in high-volume production since the first quarter of calendar 2026.

## What changed

- Fiscal Q4 2026 revenue reached $54.23 billion versus $41.46 billion in the prior quarter, while full-year revenue reached $133.19 billion.
- Micron reported $27.37 billion of fiscal 2026 capital expenditure, a useful capacity-build indicator rather than a direct measure of HBM availability.
- The current HBM supplier-role evidence remains anchored by Micron's March disclosure that HBM4 36GB 12H entered high-volume production for NVIDIA Vera Rubin.

## Why it matters

The new financial results reinforce the scale of the AI-memory investment cycle, while the HBM4 production evidence keeps Micron directly relevant to the advanced-packaging and HBM map. Revenue growth and capex do not by themselves prove a current HBM shortage.

## Evidence

- [Micron: fiscal Q4 and full-year 2026 results](https://investors.micron.com/news/press-release/2026/Micron-Technology-Inc--Reports-Record-Fiscal-Fourth-Quarter-and-Full-Year-2026-Results/default.aspx) — Fiscal Q4 and full-year 2026 revenue, cash flow and capital-expenditure figures. (as of 2026-09-30)
- [Micron: HBM4 high-volume production](https://investors.micron.com/news/press-release/2026/Micron-in-High-Volume-Production-of-HBM4-Designed-for-NVIDIA-Vera-Rubin-PCIe-Gen6-SSD-and-SOCAMM2-03-16-2026/default.aspx) — HBM4 36GB 12H high-volume production and volume shipments for NVIDIA Vera Rubin. (as of 2026-03-16)

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Canonical URL: https://constraintalpha.com/research/micron-fy2026-ai-memory-capacity-2026