Micron Technology, Inc. Q4 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Call Participants: Satya Kumar (IR), Manish Bhatia (President & COO), Dr. Scott DeBoer (President & CTO), Mark Murphy (CFO). Focus on forward-looking demand, supply tightness through 2028, and AI-driven growth. No specific prior-period financial comparisons provided in transcript.

Key Outlook Highlights

  • Supply-Demand Balance: No line of sight to equilibrium through 2028. Demand drivers stronger than prior expectations, with >75% of FY2027 shipments already committed. Supply constrained by HBM share growth (faster than conventional DRAM), diminishing tech transition returns, higher future HBM trade ratios, and long clean-room qualification timelines (meaningful output takes multiple quarters post-opening).
  • Demand Drivers: Server units expected to grow into FY2027 (high teens range noted). Agentic AI creating CPU-driven demand alongside accelerators. Premium mobile/client segments showing robust content growth despite potential unit softness.

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Operator: Hello, everyone. Thank you for joining us, and welcome to Micron's Fourth Quarter Post-Earnings Analyst Call. [Operator Instructions] I will now hand the conference over to Satya Kumar, Corporate Vice President, Investor Relations and Treasury. Satya, please go ahead. Satya Kumar: Thank you, and welcome to Micron Technology's Fiscal Fourth Quarter 2026 Post-Earnings Analyst Call. On the call with me today are Manish Bhatia, President and Chief Operating Officer; Dr. Scott DeBoer, President and Chief Technology and Product Officer; and Mark Murphy, our Chief Financial Officer. As a reminder, the matters we're discussing today include forward-looking statements regarding market demand and supply, market trends and drivers, and our expected results and guidance and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the statements made today. We refer to the documents that we filed with the SEC, including our most recent Form 10-K and upcoming 10-Q for a discussion of risks that may affect our results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results. We can now open up the call for Q&A. Operator: [Operator Instructions] Your first

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