MU Q3 2025 Earnings

Call Details

• Call Title: Micron Technology, Inc. Q3 2025 Earnings Call
• Date: June 25, 2025 at 6:30 PM UTC
• Management Team:
  • Satya Kumar (Director of Investor Relations)
  • Sanjay Mehrotra (Chairman, President, and CEO)
  • Mark Murphy (Chief Financial Officer)

Call Summary

Financial Performance

• Total fiscal Q3 revenue was $9.3B, representing a sequential increase of 15% and a year-over-year increase of 37%.
• Fiscal Q3 DRAM revenue was $7.1B, representing 76% of total revenue and a year-over-year increase of 51%.
• Fiscal Q3 NAND revenue was $2.2B, representing 23% of total revenue and a year-over-year increase of 4%.
• Consolidated gross margin in fiscal Q3 was 39%, which was up 110 basis points sequentially and up 250 basis points versus the midpoint of prior guidance.
• Non-GAAP diluted EPS in fiscal Q3 was $1.91, which was up 22% sequentially and up over 200% versus the year-ago quarter.
• Operating cash flow in the quarter was over $4.6B and capital expenditures were $2.7B, producing free cash flow of over $1.9B.
• Ending inventory for fiscal Q3 was $8.7B or 139 days, which was down $280M sequentially and down 19 days sequentially.

Guidance

• Fiscal Q4 revenue guidance is $10.7B plus or minus $300M at the midpoint, representing company guidance at the midpoint.
• Fiscal Q4 consolidated gross margin guidance is 42% plus or minus 100 basis points.
• Fiscal Q4 operating expenses are guided to approximately $1.2B plus or minus $20M.
• Fiscal Q4 tax rate is guided to be around 13% with fiscal 2026 tax rate expected in the high teens due to Singapore adopting the global minimum tax.
• Fiscal Q4 non-GAAP EPS guidance is $2.50 per share plus or minus $0.15 based on a share count of approximately 1.15B shares.
• Fiscal 2025 capital spending plans remain unchanged at approximately $14B and are explicitly included in the guidance.