| | | Micron blew out estimates both for the preceding quarter and their forecasts for the coming quarter.
investors.micron.com.
Q3 earnings presentation is at chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://investors.micron.com/static-files/df96216e-3e07-4b97-a4ef-df0a5fa684d6
Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2025
Record revenue in fiscal Q3 with growth across end markets
Fiscal 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 @MicronTech.
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