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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
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- 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 | |||||||||||
