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Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2025

1. Micron reported record fiscal Q4 revenue of $11.32 billion. 2. Fourth-quarter GAAP net income was $3.20 billion, up significantly YoY. 3. Forecasting $1.2 billion in sequential revenue growth in Q1 2026. 4. Gross margins for fiscal Q4 exceeded 44.7%, indicating strong profitability. 5. AI data center growth is a key driver for Micron's future performance.

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Why Very Bullish?

Micron's record revenue and profit growth, particularly in AI data centers, highlights strong market demand. Historical examples include similar surges post-technology adoption waves, boosting stock performance significantly.

How important is it?

The financial results and positive guidance reflect strong operational execution and market positioning, making it highly relevant for MU stakeholders.

Why Short Term?

The immediate impact from Q4 results and optimistic outlook for Q1 2026 can influence stock prices quickly, similar to past quarterly earnings boosts.

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Record fiscal Q4 and full-year revenue driven by AI data center growthForecasting $1.2 billion in sequential revenue growth with gross margins exceeding 50% BOISE, Idaho, Sept. 23, 2025 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2025, which ended August 28, 2025. Fiscal Q4 2025 highlights Revenue of $11.32 billion versus $9.30 billion for the prior quarter and $7.75 billion for the same period last yearGAAP net income of $3.20 billion, or $2.83 per diluted shareNon-GAAP net income of $3.47 billion, or $3.03 per diluted shareOperating cash flow of $5.73 billion versus $4.61 billion for the prior quarter and $3.41 billion for the same period last year Fiscal 2025 highlights Revenue of $37.38 billion versus $25.11 billion for the prior yearGAAP net income of $8.54 billion, or $7.59 per diluted shareNon-GAAP net income of $9.47 billion, or $8.29 per diluted shareOperating cash flow of $17.53 billion versus $8.51 billion for the prior year “Micron closed out a record-breaking fiscal year with exceptional Q4 performance, underscoring our leadership in technology, products, and operational execution,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “In fiscal 2025, we achieved all-time highs across our data center business and are entering fiscal 2026 with strong momentum and our most competitive portfolio to date. As the only U.S.-based memory manufacturer, Micron is uniquely positioned to capitalize on the AI opportunity ahead.” Quarterly Financial Results(in millions, except per share amounts)GAAP(1) Non-GAAP(2)FQ4-25FQ3-25FQ4-24 FQ4-25FQ3-25FQ4-24        Revenue$11,315 $9,301 $7,750  $11,315 $9,301 $7,750 Gross margin 5,054  3,508  2,737   5,169  3,623  2,826 percent of revenue 44.7% 37.7% 35.3%  45.7% 39.0% 36.5%Operating expenses 1,400  1,339  1,215   1,214  1,133  1,081 Operating income 3,654  2,169  1,522   3,955  2,490  1,745 percent of revenue 32.3% 23.3% 19.6%  35.0% 26.8% 22.5%Net income 3,201  1,885  887   3,469  2,181  1,342 Diluted earnings per share 2.83  1.68  0.79   3.03  1.91  1.18  Annual Financial Results(in millions, except per share amounts)GAAP(1) Non-GAAP(2)FY-25FY-24 FY-25FY-24      Revenue$37,378 $25,111  $37,378 $25,111 Gross margin 14,873  5,613   15,286  5,943 percent of revenue 39.8% 22.4%  40.9% 23.7%Operating expenses 5,103  4,309   4,440  4,008 Operating income 9,770  1,304   10,846  1,935 percent of revenue 26.1% 5.2%  29.0% 7.7%Net income 8,539  778   9,470  1,472 Diluted earnings per share 7.59  0.70   8.29  1.30  Investments in capital expenditures, net(2) were $4.93 billion for the fourth quarter of 2025 and $13.80 billion for the full year of 2025. Adjusted free cash flow(2) was $803 million for the fourth quarter of 2025 and $3.72 billion for the full year of 2025. Micron ended the year with cash, marketable investments, and restricted cash of $11.94 billion. On September 23, 2025, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 21, 2025, to shareholders of record as of the close of business on October 3, 2025. Quarterly Business Unit Financial Results FQ4-25FQ3-25FQ4-24    Cloud Memory Business Unit   Revenue$4,543 $3,386 $1,449 Gross margin 59% 58% 49%Operating margin 48% 46% 33%    Core Data Center Business Unit   Revenue$1,577 $1,530 $2,048 Gross margin 41% 38% 41%Operating margin 25% 20% 27%    Mobile and Client Business Unit   Revenue$3,760 $3,255 $3,019 Gross margin 36% 24% 32%Operating margin 29% 15% 20%    Automotive and Embedded Business Unit   Revenue$1,434 $1,127 $1,230 Gross margin 31% 26% 24%Operating margin 20% 11% 11% Business Outlook The following table presents Micron’s guidance for the first quarter of 2026: FQ1-26GAAP(1) OutlookNon-GAAP(2) Outlook   Revenue$12.50 billion ± $300 million$12.50 billion ± $300 millionGross margin50.5% ± 1.0%51.5% ± 1.0%Operating expenses$1.49 billion ± $20 million$1.34 billion ± $20 millionDiluted earnings per share$3.56 ± $0.15$3.75 ± $0.15 Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com. Investor Webcast Micron will host a conference call on Tuesday, September 23, 2025 at 2:30 p.m. Mountain Time to discuss its fourth quarter financial results and provide forward-looking guidance for its first quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology). About Micron Technology, Inc. We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com. © 2025 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners. Forward-Looking Statements This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results, including our guidance for the first quarter and full year fiscal 2026. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. 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. (1)GAAP represents U.S. Generally Accepted Accounting Principles.(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. MICRON TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except per share amounts)(Unaudited) 4th Qtr.3rd Qtr.4th Qtr.Year Ended August 28,2025May 29,2025August 29,2024August 28,2025August 29,2024      Revenue$11,315 $9,301 $7,750 $37,378 $25,111 Cost of goods sold 6,261  5,793  5,013  22,505  19,498 Gross margin 5,054  3,508  2,737  14,873  5,613       Research and development 1,047  965  903  3,798  3,430 Selling, general, and administrative 314  318  295  1,205  1,129 Restructure and asset impairments 38  1  1  39  1 Other operating (income) expense, net 1  55  16  61  (251)Operating income 3,654  2,169  1,522  9,770  1,304       Interest income 146  135  131  496  529 Interest expense (124) (123) (136) (477) (562)Other non-operating income (expense), net (45) (68) (7) (135) (31)  3,631  2,113  1,510  9,654  1,240       Income tax (provision) benefit (429) (235) (623) (1,124) (451)Equity in net income (loss) of equity method investees (1) 7  —  9  (11)Net income$3,201 $1,885 $887 $8,539 $778       Earnings per share     Basic$2.86 $1.69 $0.80 $7.65 $0.70 Diluted 2.83  1.68  0.79  7.59  0.70       Number of shares used in per share calculations     Basic 1,120  1,118  1,108  1,116  1,105 Diluted 1,131  1,125  1,125  1,125  1,118  MICRON TECHNOLOGY, INC.CONSOLIDATED BALANCE SHEETS(In millions)(Unaudited)As ofAugust 28,2025May 29,2025August 29,2024    Assets   Cash and equivalents$9,642 $10,163 $7,041 Short-term investments 665  648  1,065 Receivables 9,265  7,436  6,615 Inventories 8,355  8,727  8,875 Other current assets 914  945  776 Total current assets 28,841  27,919  24,372 Long-term marketable investments 1,629  1,402  1,046 Property, plant, and equipment 46,590  44,773  39,749 Operating lease right-of-use assets 736  628  645 Intangible assets 453  426  416 Deferred tax assets 616  483  520 Goodwill 1,150  1,150  1,150 Other noncurrent assets 2,783  1,616  1,518 Total assets$82,798 $78,397 $69,416     Liabilities and equity   Accounts payable and accrued expenses$9,649 $8,761 $7,299 Current debt 560  538  431 Other current liabilities 1,245  836  1,518 Total current liabilities 11,454  10,135  9,248 Long-term debt 14,017  15,003  12,966 Noncurrent operating lease liabilities 701  600  610 Noncurrent unearned government incentives 1,018  603  550 Other noncurrent liabilities 1,443  1,308  911 Total liabilities 28,633  27,649  24,285     Commitments and contingencies       Shareholders’ equity   Common stock 127  126  125 Additional capital 13,339  12,960  12,115 Retained earnings 48,583  45,559  40,877 Treasury stock (7,852) (7,852) (7,852)Accumulated other comprehensive income (loss) (32) (45) (134)Total equity 54,165  50,748  45,131 Total liabilities and equity$82,798 $78,397 $69,416  MICRON TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)For the year endedAugust 28,2025August 29,2024   Cash flows from operating activities  Net income$8,539 $778 Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation expense and amortization of intangible assets 8,352  7,780 Stock-based compensation 972  833 Change in operating assets and liabilities:  Receivables (1,776) (3,581)Inventories 520  (488)Accounts payable and accrued expenses 862  1,915 Other current liabilities (272) 989 Other 328  281 Net cash provided by operating activities 17,525  8,507    Cash flows from investing activities  Expenditures for property, plant, and equipment (15,857) (8,386)Purchases of available-for-sale securities (1,890) (1,999)Proceeds from government incentives 2,005  315 Proceeds from maturities and sales of available-for-sale securities 1,698  1,794 Other (43) (33)Net cash used for investing activities (14,087) (8,309)   Cash flows from financing activities  Repayments of debt (4,619) (1,897)Payments of dividends to shareholders (522) (513)Repurchases of common stock - repurchase program —  (300)Payments on equipment purchase contracts —  (149)Proceeds from issuance of debt 4,430  999 Other (139) 18 Net cash used for financing activities (850) (1,842)   Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash 6  40    Net increase (decrease) in cash, cash equivalents, and restricted cash 2,594  (1,604)Cash, cash equivalents, and restricted cash at beginning of period 7,052  8,656 Cash, cash equivalents, and restricted cash at end of period$9,646 $7,052  MICRON TECHNOLOGY, INC.RECONCILIATION OF GAAP TO NON-GAAP MEASURES(In millions, except per share amounts) 4th Qtr.3rd Qtr.4th Qtr.Year Ended August 28,2025May 29,2025August 29,2024August 28,2025August 29,2024      GAAP gross margin$5,054 $3,508 $2,737 $14,873 $5,613 Stock-based compensation 115  115  85  409  312 Other —  —  4  4  18 Non-GAAP gross margin$5,169 $3,623 $2,826 $15,286 $5,943       GAAP operating expenses$1,400 $1,339 $1,215 $5,103 $4,309 Stock-based compensation (147) (148) (128) (566) (509)Restructure and asset impairments (38) (1) (1) (39) (1)Patent license charges —  (57) —  (57) — Patent cross-license agreement gain —  —  —  —  200 Other (1) —  (5) (1) 9 Non-GAAP operating expenses$1,214 $1,133 $1,081 $4,440 $4,008       GAAP operating income$3,654 $2,169 $1,522 $9,770 $1,304 Stock-based compensation 262  263  213  975  821 Restructure and asset impairments 38  1  1  39  1 Patent license charges —  57  —  57  — Patent cross-license agreement gain —  —  —  —  (200)Other 1  —  9  5  9 Non-GAAP operating income$3,955 $2,490 $1,745 $10,846 $1,935       GAAP net income$3,201 $1,885 $887 $8,539 $778 Stock-based compensation 262  263  213  975  821 Restructure and asset impairments 38  1  1  39  1 Loss on debt prepayments 9  46  —  59  1 Patent license charges —  57  —  57  — Patent cross-license agreement gain —  —  —  —  (200)Other 1  —  5  1  (1)Estimated tax effects of above and other tax adjustments (42) (71) 236  (200) 72 Non-GAAP net income$3,469 $2,181 $1,342 $9,470 $1,472       GAAP weighted-average common shares outstanding - Diluted 1,131  1,125  1,125  1,125  1,118 Adjustment for stock-based compensation 14  19  12  18  16 Non-GAAP weighted-average common shares outstanding - Diluted 1,145  1,144  1,137  1,143  1,134       GAAP diluted earnings per share$2.83 $1.68 $0.79 $7.59 $0.70 Effects of the above adjustments 0.20  0.23  0.39  0.70  0.60 Non-GAAP diluted earnings per share$3.03 $1.91 $1.18 $8.29 $1.30  RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued 4th Qtr.3rd Qtr.4th Qtr.Year Ended August 28,2025May 29,2025August 29,2024August 28,2025August 29,2024      GAAP net cash provided by operating activities$5,730 $4,609 $3,405 $17,525 $8,507       Expenditures for property, plant, and equipment (5,658) (2,938) (3,120) (15,857) (8,386)Payments on equipment purchase contracts —  —  (22) —  (149)Proceeds from sales of property, plant, and equipment 20  12  12  48  99 Proceeds from government incentives 711  266  48  2,005  315 Investments in capital expenditures, net (4,927) (2,660) (3,082) (13,804) (8,121)Adjusted free cash flow$803 $1,949 $323 $3,721 $386  The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings: Stock-based compensation;Gains and losses from settlements;Gains and losses from debt prepayments;Restructure and asset impairments; andThe estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax (provision) benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately. Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income. MICRON TECHNOLOGY, INC.RECONCILIATION OF GAAP TO NON-GAAP OUTLOOKFQ1-26GAAP Outlook Adjustments Non-GAAP Outlook        Revenue$12.50 billion ± $300 million —   $12.50 billion ± $300 millionGross margin50.5% ± 1.0% 1.0% A 51.5% ± 1.0%Operating expenses$1.49 billion ± $20 million $148 million B $1.34 billion ± $20 millionDiluted earnings per share(1)$3.56 ± $0.15 $0.19 A, B, C $3.75 ± $0.15 Non-GAAP Adjustments(in millions)      AStock-based compensation – cost of goods sold $111 BStock-based compensation – research and development  98 BStock-based compensation – sales, general, and administrative  50 CTax effects of the above items and other tax adjustments  (39)   $220  (1)GAAP earnings per share based on approximately 1.13 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares. The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

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