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

Record fiscal Q4 and full-year revenue driven by AI data center growth

Forecasting $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 year
• GAAP net income of $3.20 billion, or $2.83 per diluted share
• Non-GAAP net income of $3.47 billion, or $3.03 per diluted share
• Operating 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 year
• GAAP net income of $8.54 billion, or $7.59 per diluted share
• Non-GAAP net income of $9.47 billion, or $8.29 per diluted share
• Operating 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)
	FQ4-25			FQ3-25			FQ4-24				FQ4-25			FQ3-25			FQ4-24
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-25			FY-24				FY-25			FY-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
	FQ4-25			FQ3-25			FQ4-24
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:

FQ1-26	GAAP(1) Outlook	Non-GAAP(2) Outlook
Revenue	$12.50 billion ± $300 million	$12.50 billion ± $300 million
Gross margin	50.5% ± 1.0%	51.5% ± 1.0%
Operating expenses	$1.49 billion ± $20 million	$1.34 billion ± $20 million
Diluted 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, 2025			May 29, 2025			August 29, 2024			August 28, 2025			August 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 of	August 28, 2025			May 29, 2025			August 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 ended	August 28, 2025			August 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, 2025			May 29, 2025			August 29, 2024			August 28, 2025			August 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, 2025			May 29, 2025			August 29, 2024			August 28, 2025			August 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; and
• The 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 OUTLOOK
FQ1-26	GAAP Outlook		Adjustments				Non-GAAP Outlook
Revenue	$12.50 billion ± $300 million		—				$12.50 billion ± $300 million
Gross margin	50.5% ± 1.0%		1.0%		A		51.5% ± 1.0%
Operating expenses	$1.49 billion ± $20 million		$148 million		B		$1.34 billion ± $20 million
Diluted earnings per share(1)	$3.56 ± $0.15		$0.19		A, B, C		$3.75 ± $0.15

Non-GAAP Adjustments (in millions)
A	Stock-based compensation – cost of goods sold		$	111
B	Stock-based compensation – research and development			98
B	Stock-based compensation – sales, general, and administrative			50
C	Tax 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.

Contacts:

Satya Kumar
Investor Relations
[email protected]
(408) 450-6199

Mark Plungy
Media Relations
[email protected]
(408) 203-2910