Micron Technology, Inc. Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Fiscal Q2 2025 revenue was $8.1B, down 8% sequentially but up 38% year over year (compared to Q2 2024).
  • Non-GAAP EPS was $1.56, above guidance. This compares to $1.79 in Q1 2025 and $0.42 in Q2 2024.
  • Gross margin was 37.9%, down 160 bps sequentially due to weaker NAND pricing and higher consumer mix, but up significantly year over year with the ongoing high-value product mix shift.
  • Record data center DRAM revenue and record HBM revenue ($1B+), with HBM growing more than 50% sequentially.
  • Micron reiterated that all 2025 HBM capacity is sold out, and demand for 2026 HBM is strong.

Business Segment Highlights

  • DRAM revenue: $6.1B, up 47% year over year but down 4% sequentially. Bit shipments declined high single digits QoQ while pricing improved mid-single digits.
  • NAND revenue: $1.9B, up 18% year over year but down 17% sequentially due to high-teens pricing declines.
  • Compute & Networking (CNBU): $4.6B revenue, up 4% sequentially, third consecutive record, driven by >50% HBM growth.
  • Storage (SBU): $1.4B, down 20% sequentially as data center customers moderated NAND purchases after strong prior quarters.
  • Mobile: $1.1B, down 30% sequentially due to ongoing inventory normalization.
  • Embedded: $1B, down 3% sequentially from automotive inventory adjustments.

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Operator: Thank you for standing by, and welcome to Micron's Second Quarter 2025 Financial Call. [Operator Instructions] As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Satya Kumar, Corporate Vice President, Investor Relations and Treasury. Please go ahead, sir. Satya Kumar: Thank you, and welcome to Micron Technology's Fiscal Second Quarter 2025 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our Chairman, President and CEO; and Mark Murphy, our CFO. Today's call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with prepared remarks for this call. Today's discussion of financial results is presented on a non-GAAP financial basis, unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on X at MicronTech. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, including demand for our products, our market share, market pricing and cost trends and drivers, our plans for manufacturing, the impact of de

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