Micron Technology(MU) - 2025 Q2 - Quarterly Results

Financial Performance - Micron reported revenue of $8.05 billion for fiscal Q2 2025, a decrease of 7.5% from $8.71 billion in the prior quarter but an increase of 38.5% from $5.82 billion year-over-year[3] - GAAP net income for the quarter was $1.58 billion, or $1.41 per diluted share, compared to $1.87 billion and $1.67 per diluted share in the previous quarter[3] - Non-GAAP net income for Q2 2025 was $1.783 billion, down 12.5% from Q1 2025's $2.037 billion[17] - GAAP diluted earnings per share for Q2 2025 was $1.41, compared to $1.67 in Q1 2025, reflecting a decline of 15.9%[17] - Non-GAAP diluted earnings per share for Q2 2025 was $1.56, down 12.8% from $1.79 in Q1 2025[17] Cash Flow and Investments - Operating cash flow increased to $3.94 billion, up from $3.24 billion in the prior quarter and significantly higher than $1.22 billion in the same period last year[3] - Micron's investments in capital expenditures for the quarter were $3.09 billion, with adjusted free cash flow reported at $857 million[3] - Adjusted free cash flow for Q2 2025 was $857 million, significantly up from $112 million in Q1 2025[19] - GAAP net cash provided by operating activities for Q2 2025 was $3.942 billion, an increase from $3.244 billion in Q1 2025[19] Revenue Guidance - The company expects fiscal Q3 revenue to be approximately $8.80 billion, with a gross margin guidance of 35.5% ± 1.0%[4] - The company expects Q3 2025 revenue to be approximately $8.80 billion, with a gross margin of 35.5% ± 1.0%[22] - Non-GAAP diluted earnings per share guidance for Q3 2025 is projected at $1.57 ± $0.10, reflecting adjustments for stock-based compensation and tax effects[22] Market Performance - Micron's gross margin for fiscal Q2 was 36.8%, down from 38.4% in the previous quarter but up from 18.5% year-over-year[3] - Micron's data center revenue tripled year-over-year, driven by strong AI demand and execution[2] - The launch of the 1-gamma DRAM node is expected to extend Micron's technology leadership in the market[2] Cash and Assets - Micron ended the quarter with cash, marketable investments, and restricted cash totaling $9.60 billion[3]