Micron Technology, Inc. Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Micron reported record quarterly revenue in Fiscal Q3 2025, exceeding the high end of guidance for revenue, gross margin, and EPS.
  • Strong results were driven by continued AI-related demand, record data center revenue, substantial DRAM and HBM momentum, and growth in consumer markets.
  • Company provided strong Fiscal Q4 guidance with expected sequential revenue growth of 15% to a record $10.7 billion.

Key Financial Metrics (compared to Fiscal Q2 2025 and Fiscal Q3 2024)

  • Total revenue: $9.3B, up 15% sequentially and up 37% year-over-year.
  • DRAM revenue: $7.1B, +15% sequentially, +51% YoY; made up 76% of total revenue.
  • NAND revenue: $2.2B, +16% sequentially, +4% YoY; 23% of revenue.
  • Gross margin: 39%, up 110bps sequentially and 250bps above prior guidance midpoint.
  • Operating income: $2.5B (26.8% margin), up ~190bps sequentially and +13 percentage points YoY.
  • Non-GAAP EPS: $1.91, +22% sequentially and more than tripled YoY.
  • Free cash flow: $1.9B, highest in over 6 years.
  • Inventory: $8.7B (139 days), reduced by 19 days sequentially.

Fiscal Q4 2025 Guidance

  • Revenue: $10.7B ± $300M (record level).
  • Gross margin: 42% ± 100bps.
  • Operating expenses: $1.2B ± $20M.
  • EPS: $2.50 ± $0.15.
  • Tax rate: ~13%.

Business & Technology Highlights

HBM & DRAM

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Operator: Thank you for standing by, and welcome to Micron's Third Quarter 2025 Financial Call. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Satya Kumar, Investor Relations. Please go ahead, sir. Satya Kumar: Thank you, and welcome to Micron Technology's Fiscal Third 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 the prepared remarks for this call. Before we begin, let me remind everyone that today's discussion contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include statements regarding our future financial and operating performance, including our guidance as well as trends and expectations in our business, market, industry and regulatory and other matters. These statements are based on our current assumptions, and we assume no obligation to update these statements. Please refer to our most recent financial report on Form 10-K and our other filings with the SEC for more information on these risks and uncertainties that could cause actual results to differ materially from expectations. Today's discussion of financial results is pres

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