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Investor Relations14 Oct 2025
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Micron Technology (MU) investor relations material
Micron Technology Q4 2025 Post Call earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 Post Call earnings summary23 Sep, 2025
Executive summary
Achieved record quarterly and annual revenue in fiscal 2025, driven by strong AI and data center demand, with data center now over half of total addressable market and outgrowing other segments at high profitability levels.
Fiscal 2025 revenue grew 49% year-over-year to $37.4 billion, with gross margin expanding 17 percentage points to 41%.
HBM, high-capacity DIMMs, and LPDRAM for data centers contributed over $10 billion in fiscal 2025 revenue, a fivefold increase year-over-year.
Exited managed NAND for smartphones to focus on higher ROI segments, especially data center SSDs.
AI adoption is accelerating demand and productivity, with internal use of AI driving up to 40% productivity gains in select areas.
Financial highlights
Q4 2025 revenue reached $11.32B, up from $9.30B in Q3 and $7.75B year-over-year; FY-25 revenue was $37.4B, up 49% year-over-year.
Gross margin exceeded 50% in Q4, highest since 2017-2018, with non-GAAP gross margin at 45.7% and operating margin at 35%.
FY-25 non-GAAP net income was $9.47B (25% of revenue), with diluted EPS of $8.29.
Cash from operations in FY-25 was $17.5B; adjusted free cash flow was $3.7B.
Ended the year with $11.94B in cash, marketable investments, and restricted cash.
Outlook and guidance
Fiscal Q1 2026 guidance: revenue of $12.5B (+/- $300M), gross margin 50.5%–51.5%, and diluted EPS $3.56–$3.75.
Net CAPEX to rise from $13.8B in 2025 to ~$18B in 2026, mostly for DRAM construction and equipment.
Free cash flow projected to strengthen in Q1 and significantly increase year-over-year in FY-26.
HBM share expected to rise in 2026, with HBM4 performance leading the market.
One-gamma DRAM ramp to be primary driver of bit growth in fiscal 2026.
Cloud Memory Unit's FY26 growth drivers?
FQ1-26 gross margin sustainability?
Capital allocation priorities for FY26?
NAND strategy shift: ROI impact?
HBM4 competitive position & share outlook?
DRAM tightness: Structural drivers & margin impact?
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Next Micron Technology earnings date
Q1 202617 Dec, 2025
Next Micron Technology earnings date
Q1 202617 Dec, 2025
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Frequently asked questions
Memory experts
Micron Technologies, often referred to as Micron, is a company specializing in the manufacturing and distribution of various forms of semiconductors. They design, produce, and sell a wide range of memory and storage solutions used in applications such as computers, smartphones, data centers, and automotive electronics. Micron's semiconductor products include dynamic random-access memory (DRAM) and other advanced memory technologies. By focusing on innovation and advanced manufacturing processes, Micron Technologies has become a key player in enabling technological advancements and powering the digital infrastructure of various industries worldwide.
A child of the 70’s
The company was founded in 1978, and since then Micron has grown to become one of the largest manufacturers of memory and storage products in the world. Their semiconductor products are utilized in a wide range of applications, from consumer electronics and mobile devices to enterprise data centers and automotive systems.
Micron has been able to expand and grow since its foundation by utilizing strategic acquisitions and partnerships, as well as placing a heavy emphasis on investments in research and development. Today, the company is a key player in the semiconductor industry, providing advanced memory and storage solutions to meet the ever-increasing demands of the digital world.
Storage, storage, and storage
Micron's product portfolio includes a wide array of different storage options, such as dynamic random-access memory (DRAM), NAND flash memory, and emerging memory technologies. DRAM is used in applications requiring high-speed data storage and retrieval, such as computers and servers. NAND flash memory provides non-volatile storage for smartphones, tablets and solid-state drives (SSDs). Micron's advanced memory technologies enable fast data transfer, increased storage capacity, and improved performance in electronic devices. Their products are designed to enhance the efficiency and reliability of computing, mobile, and storage systems.
Ever-increasing demand
The semiconductor industry has been experiencing a surge in demand driven by various factors, including the proliferation of connected devices, the growth of cloud computing, and the advancement of emerging technologies like artificial intelligence and 5G. Micron has an interesting position in the industry given their expertise within a relatively niche sector. Micron also works closely with companies such as Nvidia by supplying them with memory solutions.
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