# Micron Technology, Inc. (MU) Q4 2025 Financial Results Summary
On September 23, 2025, Micron Technology, Inc. (Nasdaq: MU) announced its fourth quarter and full year financial results for fiscal 2025, which concluded on August 28, 2025.
## Fiscal Q4 2025 Highlights
– **Revenue**:
– $11.32 billion for Q4 2025
– Increased by **21.6%** from Q3 2025 ($9.30 billion)
– Increased by **46.5%** from Q4 2024 ($7.75 billion)
– **GAAP Net Income**:
– $3.20 billion or $2.83 per diluted share
– Increased by **69.9%** from Q3 2025 ($1.89 billion, $1.68 per share)
– Increased by **261.1%** from Q4 2024 ($887 million, $0.79 per share)
– **Non-GAAP Net Income**:
– $3.47 billion or $3.03 per diluted share
– Increased by **59.1%** from Q3 2025 ($2.18 billion, $1.91 per share)
– Increased by **158.9%** from Q4 2024 ($1.34 billion, $1.18 per share)
– **Operating Cash Flow**:
– $5.73 billion, up **24.5%** from Q3 2025 ($4.61 billion)
– Up **68.2%** from Q4 2024 ($3.41 billion)
## Fiscal 2025 Highlights
– **Total Revenue**:
– $37.38 billion, a rise of **48.8%** compared to FY 2024 ($25.11 billion)
– **GAAP Net Income Analysis**:
– Totaled $8.54 billion or $7.59 per diluted share
– Increased by **1,095.9%** from FY 2024 ($778 million, $0.70 per share)
– **Non-GAAP Net Income Analysis**:
– Totaled $9.47 billion or $8.29 per diluted share
– Increased by **541.0%** compared to FY 2024 ($1.47 billion, $1.30 per share)
– **Operating Cash Flow**:
– $17.53 billion, compared to $8.51 billion in FY 2024, reflecting an increase of **106.8%**.
## Quarterly Financial Results Overview
– **Operating Expenses**:
– Q4 2025: $1.40 billion (up **4.5%** from Q3 2025; up **15.2%** from Q4 2024).
– **Operating Income**:
– Q4 2025: $3.65 billion, a rise of **68.5%** from Q3 2025 ($2.17 billion), & increased by **140.5%** from Q4 2024 ($1.52 billion).
– **Gross Margin**:
– Q4 2025 gross margin at **44.7%** of revenue.
– Increased from **37.7%** in Q3 2025, and from **35.3%** in Q4 2024.
## Segment Performance
– **Cloud Memory Business Unit**:
– Revenue: $4.54 billion, up **34.4%** from Q3 2025 and up **213.2%** from Q4 2024.
– Gross Margin: **59%**, up from **58%** in Q3 2025 and **49%** in Q4 2024.
– **Core Data Center Business Unit**:
– Revenue: $1.57 billion, increasing slightly from Q3 2025 ($1.53 billion) while **decreasing by 22.9%** compared to Q4 2024 ($2.05 billion).
– Gross Margin remains steady at **41%**.
– **Mobile and Client Business Unit**:
– Revenue: $3.76 billion, up **15.5%** from Q3 2025, and up **24.6%** from Q4 2024.
– **Automotive and Embedded Business Unit**:
– Revenue: $1.43 billion, up **27.2%** from Q3 2025 and up **16.6%** from Q4 2024.
## Shareholder Actions
– Micron’s Board of Directors declared a **quarterly dividend of $0.115 per share**, payable on October 21, 2025, to shareholders of record on October 3, 2025.
## Business Outlook for Q1 2026
– **Expected Revenue**: Forecasted at **$12.50 billion** ± **$300 million**.
– **Gross Margin Expectation**: Estimated at **50.5%** ± **1.0%**.
– **Operating Expenses Guidance**: Anticipated at **$1.49 billion** ± **$20 million**.
– **Earnings Per Share Outlook**:
– GAAP: **$3.56** ± **$0.15**
– Non-GAAP: **$3.75** ± **$0.15**
This results summary illustrates Micron’s significant growth driven primarily by increased demand in the AI-driven data center market and reflects the company’s strategic positioning within the memory technology sector.
| 4th Qtr. | 3rd Qtr. | 4th Qtr. | Year Ended | 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 | 1,129 |
| Restructure and asset impairments | 38 | 1 | 1 | 39 | 1 |
| Other operating (income) expense, net | 1 | 55 | 16 | 61 | -251 |
| Operating income | 3,654 | 2,169 | 1,522 | 9,770 | 1,304 |
| Interest income | 146 | 135 | 131 | 496 | 529 |
| Interest expense | -124 | -123 | -136 | -477 | -562 |
| Other non-operating income (expense), net | -45 | -68 | -7 | -135 | -31 |
| Net income | $3,201 | $1,885 | $887 | $8,539 | $778 |
| Earnings per share | |||||
| Basic | $2.86 | $1.69 | $0.80 | $7.65 | $0.70 |
| Diluted | 2.83 | 1.68 | 0.79 | 7.59 | 0.70 |
| Number of shares used in per share calculations | |||||
| Basic | 1,120 | 1,118 | 1,108 | 1,116 | 1,105 |
| Diluted | 1,131 | 1,125 | 1,125 | 1,125 | 1,118 |
| Assets | August 28, 2025 | May 29, 2025 | August 29, 2024 |
|---|---|---|---|
| Cash and equivalents | $9,642 | $10,163 | $7,041 |
| Short-term investments | 665 | 648 | 1,065 |
| Receivables | 9,265 | 7,436 | 6,615 |
| Inventories | 8,355 | 8,727 | 8,875 |
| Other current assets | 914 | 945 | 776 |
| Total current assets | 28,841 | 27,919 | 24,372 |
| Long-term marketable investments | 1,629 | 1,402 | 1,046 |
| Property, plant, and equipment | 46,590 | 44,773 | 39,749 |
| Operating lease right-of-use assets | 736 | 628 | 645 |
| Intangible assets | 453 | 426 | 416 |
| Deferred tax assets | 616 | 483 | 520 |
| Goodwill | 1,150 | 1,150 | 1,150 |
| Other noncurrent assets | 2,783 | 1,616 | 1,518 |
| Total assets | $82,798 | $78,397 | $69,416 |
| Liabilities and equity | |||
| Accounts payable and accrued expenses | $9,649 | $8,761 | $7,299 |
| Current debt | 560 | 538 | 431 |
| Other current liabilities | 1,245 | 836 | 1,518 |
| Total current liabilities | 11,454 | 10,135 | 9,248 |
| Long-term debt | 14,017 | 15,003 | 12,966 |
| Noncurrent operating lease liabilities | 701 | 600 | 610 |
| Noncurrent unearned government incentives | 1,018 | 603 | 550 |
| Other noncurrent liabilities | 1,443 | 1,308 | 911 |
| Total liabilities | 28,633 | 27,649 | 24,285 |
| Commitments and contingencies | |||
| Shareholders’ equity | |||
| Common stock | 127 | 126 | 125 |
| Additional capital | 13,339 | 12,960 | 12,115 |
| Retained earnings | 48,583 | 45,559 | 40,877 |
| Treasury stock | -7,852 | -7,852 | -7,852 |
| Accumulated other comprehensive income (loss) | -32 | -45 | -134 |
| Total equity | 54,165 | 50,748 | 45,131 |
| Total liabilities and equity | $82,798 | $78,397 | $69,416 |
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