Q4 2025 Micron Technology Inc Earnings Call Transcript
Key Points
- Micron Technology Inc (MU) achieved record revenue of $37.4 billion in fiscal 2025, marking a nearly 50% increase year-over-year.
- Gross margins expanded by 17 percentage points to 41%, driven by strong pricing execution and performance across end markets.
- The company's data center business reached a record 56% of total company revenue, with gross margins of 52%.
- Micron's HBM revenue grew to nearly $2 billion in fiscal Q4, implying an annualized run rate of nearly $8 billion.
- Micron's leadership in advanced technologies, including HBM, 1-gamma DRAM, and G9 NAND, positions it well for future growth and profitability.
- NAND revenue was down 5% year-over-year, representing a challenge in that segment.
- Fiscal Q4 NAND bit shipments declined in the mid-single-digit percentage range.
- Operating expenses in fiscal Q4 increased by $81 million quarter-over-quarter, driven primarily by higher R&D costs.
- The company anticipates further DRAM supply tightness in the industry in calendar 2026, which could impact production capabilities.
- Micron ceased future mobile managed NAND product development, indicating a shift away from certain mobile market opportunities.
Thank you for standing by and welcome to Micron Technologies fiscal fourth quarter 2025 financial conference call. (Operator Instructions)
I would now like to hand the call over to Satya Kumar, Investor Relations. Please go ahead.
Thank you and welcome to Micron Technologies fiscal fourth 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 the 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
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