Micron Technology, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter & Full-Year Highlights

  • Record fiscal Q4 revenue of $11.3 billion, up 22% sequentially and 46% year-over-year.
  • Record fiscal 2025 revenue of $37.4 billion, up nearly 50% from fiscal 2024.
  • Gross margin for fiscal 2025 reached 41%, expanding 17 percentage points year-over-year.
  • EPS for fiscal 2025 was $8.29, up 538% from the prior year.
  • Strong pricing execution and demand across all end markets, particularly data center.

Key Business Drivers

  • AI-related demand continues to accelerate across data centers, PCs, smartphones, and automotive applications.
  • HBM, high-capacity DIMMs, and LP server DRAM revenue reached $10 billion, over 5x the prior year.
  • Data center contributed 56% of total company revenue in fiscal 2025, with gross margins of 52%.
  • Micron’s HBM business reached nearly $2 billion in Q4 revenue (annualized ~$8B).
  • Strong performance of HBM4 samples, with >2.8 TB/s bandwidth and >11 Gb/s pin speeds.
  • Improvements in AI-driven productivity within Micron operations, with up to 40% uplift in engineering use cases.

Technology & Operations

  • One gamma DRAM node reached mature yields 50% faster than the previous generation.
  • First revenue from a major hyperscaler using one gamma server DRAM.
  • g9 NAND ramp progressing; qualified for enterprise storage and PCIe Gen6 SSDs.

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Operator: Thank you for standing by, and welcome to Micron Technology's Fiscal Fourth Quarter 2025 Financial Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. To remove yourself from the queue, please press star 11 again. I would now like to hand the call over to Satya Kumar, Investor Relations. Please go ahead. Satya Kumar: Thank you, and welcome to Micron Technology's fiscal fourth quarter 2025 financial conference call. On the call with me today are Sanjay Mehrotra, our Chairman and 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 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-Ks and

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