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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 fiscal Q4 and full-year revenue, driven by AI data center growth, strong pricing, and broad end-market performance.
Fiscal 2025 revenue grew nearly 50% year-over-year to $37.4 billion, with gross margin expanding 17 percentage points to 41%.
Data center SSD and DRAM markets are experiencing strong demand, with HBM and high-capacity DIMMs contributing over $10B in fiscal 2025 revenue.
AI adoption is accelerating demand and productivity, with significant internal use of AI driving up to 40% productivity gains in select areas.
Exit from managed NAND for smartphones allows focus on higher-ROI data center SSDs.
Financial highlights
Q4 2025 revenue reached $11.32B, up from $9.30B in Q3 and $7.75B year-over-year; full-year 2025 revenue was $37.38B, up from $25.11B in 2024.
Gross margin surpassed 50% in Q4, the highest since 2018, with DRAM margins exceeding mid-2022 levels.
FQ4-25 non-GAAP gross margin was 45.7%, operating income $3.96B, net income $3.47B, and diluted EPS $3.03.
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 51.5% (+/- 1%), and diluted EPS $3.75 (+/- $0.15).
Net CapEx is projected to rise from $13.8B in 2025 to approximately $18B in 2026, mainly for DRAM construction and equipment.
HBM4 supply is expected to be sold out for calendar 2026, with minimal share impact from competitors.
Free cash flow projected to strengthen in Q1 and significantly increase year-over-year in FY-26.
Industry DRAM and NAND bit demand growth for 2025 expected in the high-teens and low-to-mid-teens percentage range, respectively.
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
Global Technology, Internet, Media & Telecommunications Conference 202519 Nov, 2025
Next Micron Technology earnings date
Global Technology, Internet, Media & Telecommunications Conference 202519 Nov, 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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