Micron Technology(MU) - 2025 Q1 - Quarterly Results

Revenue and Growth - Revenue for Q1 2025 reached a record $8.71 billion, up from $7.75 billion in the prior quarter and $4.73 billion in the same period last year[4] - Data center revenue grew over 40% sequentially and over 400% year over year, surpassing 50% of total revenue for the first time[3][4] - Q2 2025 revenue guidance is $7.90 billion ± $200 million, with a gross margin of 37.5% ± 1.0% on a GAAP basis and 38.5% ± 1.0% on a non-GAAP basis[6] - The company expects Q2-25 revenue to be $7.90 billion ± $200 million, with a non-GAAP gross margin of 38.5% ± 1.0% and non-GAAP diluted earnings per share of $1.43 ± $0.10[29] Net Income and Earnings Per Share - GAAP net income for Q1 2025 was $1.87 billion, or $1.67 per diluted share, compared to $887 million in the prior quarter[4] - Non-GAAP net income for Q1 2025 was $2.04 billion, or $1.79 per diluted share, up from $1.34 billion in the prior quarter[4] - Diluted earnings per share for Q2 2025 is expected to be $1.26 ± $0.10 on a GAAP basis and $1.43 ± $0.10 on a non-GAAP basis[6] - Net income for the three months ended November 28, 2024, was $1.87 billion, compared to a net loss of $1.234 billion for the same period in 2023[20] - GAAP net income for the first quarter of fiscal 2025 was $1.87 billion, compared to a loss of $1.234 billion in the same period in 2023[23] - Non-GAAP net income for the first quarter of fiscal 2025 was $2.037 billion, compared to a loss of $1.048 billion in the same period in 2023[23] Cash Flow and Capital Expenditures - Operating cash flow for Q1 2025 was $3.24 billion, slightly down from $3.41 billion in the prior quarter but significantly higher than $1.40 billion in the same period last year[4] - Capital expenditures for Q1 2025 were $3.13 billion, resulting in adjusted free cash flows of $112 million[5] - Net cash provided by operating activities for the three months ended November 28, 2024, was $3.244 billion, up from $1.401 billion in the same period in 2023[20] - Adjusted free cash flow for the first quarter of fiscal 2025 was $112 million, compared to a negative $333 million in the same period in 2023[26] Gross Margin and Operating Income - Gross margin for Q1 2025 was 38.4% on a GAAP basis and 39.5% on a non-GAAP basis, up from 35.3% and 36.5% respectively in the prior quarter[5] - GAAP gross margin for the first quarter of fiscal 2025 was $3.348 billion, compared to a negative $35 million in the same period in 2023[23] - Non-GAAP gross margin for the first quarter of fiscal 2025 was $3.441 billion, compared to $37 million in the same period in 2023[23] - GAAP operating income for the first quarter of fiscal 2025 was $2.174 billion, compared to a loss of $1.128 billion in the same period in 2023[23] - Non-GAAP operating income for the first quarter of fiscal 2025 was $2.394 billion, compared to a loss of $955 million in the same period in 2023[23] Cash and Investments - Micron ended Q1 2025 with $8.75 billion in cash, marketable investments, and restricted cash[5]