Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2025

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Forecasting $1.2 billion in sequential revenue growth with gross margins exceeding 50%

Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2025, which ended August 28, 2025.

Fiscal Q4 2025 highlights

• Revenue of $11.32 billion versus $9.30 billion for the prior quarter and $7.75 billion for the same period last year
• GAAP net income of $3.20 billion, or $2.83 per diluted share
• Non-GAAP net income of $3.47 billion, or $3.03 per diluted share
• Operating cash flow of $5.73 billion versus $4.61 billion for the prior quarter and $3.41 billion for the same period last year

Fiscal 2025 highlights

• Revenue of $37.38 billion versus $25.11 billion for the prior year
• GAAP net income of $8.54 billion, or $7.59 per diluted share
• Non-GAAP net income of $9.47 billion, or $8.29 per diluted share
• Operating cash flow of $17.53 billion versus $8.51 billion for the prior year

“Micron closed out a record-breaking fiscal year with exceptional Q4 performance, underscoring our leadership in technology, products, and operational execution,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “In fiscal 2025, we achieved all-time highs across our data center business and are entering fiscal 2026 with strong momentum and our most competitive portfolio to date. As the only U.S.-based memory manufacturer, Micron is uniquely positioned to capitalize on the AI opportunity ahead.”

Investments in capital expenditures, net(2) were $4.93 billion for the fourth quarter of 2025 and $13.80 billion for the full year of 2025. Adjusted free cash flow(2) was $803 million for the fourth quarter of 2025 and $3.72 billion for the full year of 2025. Micron ended the year with cash, marketable investments, and restricted cash of $11.94 billion. On September 23, 2025, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 21, 2025, to shareholders of record as of the close of business on October 3, 2025.

Business Outlook

The following table presents Micron’s guidance for the first quarter of 2026: