Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2025
Record revenue in fiscal Q3 with growth across end marketsFiscal Q4 revenue projected to grow another 15% sequentially
BOISE, Idaho, June 25, 2025 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (NASDAQ:MU) today announced results for its third quarter of fiscal 2025, which ended May 29, 2025.
Fiscal Q3 2025 highlights
Revenue of $9.30 billion versus $8.05 billion for the prior quarter and $6.81 billion for the same period last year
GAAP net income of $1.89 billion, or $1.68 per diluted share
Non-GAAP net income of $2.18 billion, or $1.91 per diluted share
Operating cash flow of $4.61 billion versus $3.94 billion for the prior quarter and $2.48 billion for the same period last year
"Micron delivered record revenue in fiscal Q3, driven by all-time-high DRAM revenue including nearly 50% sequential growth in HBM revenue. Data center revenue more than doubled year-over-year and reached a quarterly record, and consumer-oriented end markets had strong sequential growth," said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. "We are on track to deliver record revenue with solid profitability and free cash flow in fiscal 2025, while we make disciplined investments to build on our technology leadership and manufacturing excellence to satisfy growing AI-driven memory demand."
Quarterly Financial Results
(in millions, except per share amounts)
GAAP(1)
Non-GAAP(2)
FQ3-25
FQ2-25
FQ3-24
FQ3-25
FQ2-25
FQ3-24
Revenue
$
9,301
$
8,053
$
6,811
$
9,301
$
8,053
$
6,811
Gross margin
3,508
2,963
1,832
3,623
3,053
1,917
percent of revenue
37.7
%
36.8
%
26.9
%
39.0
%
37.9
%
28.1
%
Operating expenses
1,339
1,190
1,113
1,133
1,046
976
Operating income
2,169
1,773
719
2,490
2,007
941
percent of revenue
23.3
%
22.0
%
10.6
%
26.8
%
24.9
%
13.8
%
Net income
1,885
1,583
332
2,181
1,783
702
Diluted earnings per share
1.68
1.41
0.30
1.91
1.56
0.62
For the third quarter of 2025, investments in capital expenditures, net(2) were $2.66 billion and adjusted free cash flow(2) was $1.95 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $12.22 billion. On June 25, 2025, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on July 22, 2025, to shareholders of record as of the close of business on July 7, 2025.
Business Outlook
The following table presents Micron's guidance for the fourth quarter of 2025:
FQ4-25
GAAP(1) Outlook
Non-GAAP(2) Outlook
Revenue
$10.7 billion ± $300 million
$10.7 billion ± $300 million
Gross margin
41.0% ± 1.0%
42.0% ± 1.0%
Operating expenses
$1.35 billion ± $20 million
$1.20 billion ± $20 million
Diluted earnings per share
$2.29 ± $0.15
$2.50 ± $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 Wednesday, June 25, 2025 at 2:30 p.m. Mountain Time to discuss its third quarter financial results and provide forward-looking guidance for its fourth 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. For Investor Relations and other company updates, follow us on X
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, 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 technologies, demand for our products, our investments, our industry and our financial and operating results, including our expectations and guidance for the fourth quarter of 2025 and full fiscal year. 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 our upcoming 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, 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)
3rd Qtr.
2nd Qtr.
3rd Qtr.
Nine Months Ended
May 29,2025
February 27,2025
May 30,2024
May 29,2025
May 30,2024
Revenue
$
9,301
$
8,053
$
6,811
$
26,063
$
17,361
Cost of goods sold
5,793
5,090
4,979
16,244
14,485
Gross margin
3,508
2,963
1,832
9,819
2,876
Research and development
965
898
850
2,751
2,527
Selling, general, and administrative
318
285
291
891
834
Other operating (income) expense, net
56
7
(28
)
61
(267
)
Operating income (loss)
2,169
1,773
719
6,116
(218
)
Interest income
135
108
136
350
398
Interest expense
(123
)
(112
)
(150
)
(353
)
(426
)
Other non-operating income (expense), net
(68
)
(11
)
10
(90
)
(24
)
2,113
1,758
715
6,023
(270
)
Income tax (provision) benefit
(235
)
(177
)
(377
)
(695
)
172
Equity in net income (loss) of equity method investees
7
2
(6
)
10
(11
)
Net income (loss)
$
1,885
