Micron Technology(MU) - 2025 Q3 - Quarterly Report

General Information This section provides foundational details about Micron Technology, Inc., including company identification, key term definitions, information dissemination practices, and a cautionary note on forward-looking statements Company Information Micron Technology, Inc. filed its Form 10-Q for the quarterly period ended May 29, 2025, with the SEC. The company is incorporated in Delaware and its common stock is traded on the Nasdaq Global Select Market under the symbol MU. As of June 18, 2025, there were 1,119,125,101 shares of common stock outstanding - Micron Technology, Inc. is a large accelerated filer and is not a shell company[3] Company Details | Detail | Value | | :--- | :--- | | Filing Type | Quarterly Report (Form 10-Q) | | Period Ended | May 29, 2025 | | Registrant | Micron Technology, Inc. | | Jurisdiction of Incorporation | Delaware | | Commission File Number | 1-10658 | | Trading Symbol | MU | | Exchange | Nasdaq Global Select Market | | Outstanding Common Stock (as of June 18, 2025) | 1,119,125,101 shares | Definitions of Commonly Used Terms This section provides definitions for various abbreviations, terms, and acronyms used throughout the report, including financial instruments (e.g., 2028 Notes, 2029 Term Loan A), industry-specific terms (e.g., AI, DDR, HBM, EUV, OEM, SSD), and company-specific references (Micron, Revolving Credit Facility) - Micron Technology, Inc. is an industry leader in innovative memory and storage solutions, delivering high-performance DRAM, NAND, and NOR memory and storage products through its Micron® and Crucial® brands, fueling the data economy and enabling advances in AI and compute-intensive applications[6] Available Information Micron disseminates material, non-public information through various channels, including its investor relations website, SEC filings, press releases, public conference calls, blog posts, X (formerly Twitter) posts, and webcasts, to ensure broad and non-exclusionary distribution in compliance with Regulation FD - Investors are encouraged to review information posted on Micron's investor relations website (investors.micron.com), SEC filings, press releases, public conference calls, blog posts (micron.com/about/blog), X (@MicronTech), and webcasts for material non-public information[9] Forward-Looking Statements This section highlights that the Form 10-Q contains forward-looking statements regarding future expectations, plans, and market conditions, which involve risks and uncertainties. Actual results may differ materially due to factors detailed in the 'Risk Factors' section, including production ramps, R&D investments, technological developments, tax rates, facility construction, government incentives, market demand, and geopolitical impacts - Forward-looking statements include expectations regarding production ramp of products, R&D investments (including EUV lithography), anticipated technological developments, potential changes in effective tax rate, timing for facility construction and expansion, receipt and utilization of government incentives, future cash dividends, market conditions, demand for products (including AI), DRAM bit shipments, NAND supply alignment, impact of CAC decision, capital spending, and business, economic, political, legal, and regulatory developments[10] - Actual results could differ materially from forward-looking statements due to factors identified in 'Part II. Other Information – Item 1A. Risk Factors'[10] PART I. Financial Information This part presents Micron Technology, Inc.'s unaudited consolidated financial statements and management's discussion and analysis of financial condition and results of operations Item 1. Financial Statements This section presents Micron Technology, Inc.'s unaudited consolidated financial statements, including statements of operations, comprehensive income (loss), balance sheets, changes in equity, and cash flows for the quarter and nine months ended May 29, 2025, and corresponding prior periods. It also includes detailed notes on significant accounting policies, financial instruments, debt, equity, revenue, and segment information Consolidated Statements of Operations This section presents the company's unaudited consolidated statements of operations for the quarter and nine months ended May 29, 2025, and May 30, 2024 Consolidated Statements of Operations (Quarter Ended May 29, 2025 vs. May 30, 2024) | Metric | May 29, 2025 (Millions) | May 30, 2024 (Millions) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | $9,301 | $6,811 | 36.55% | | Cost of goods sold | $5,793 | $4,979 | 16.35% | | Gross margin | $3,508 | $1,832 | 91.48% | | Operating income (loss) | $2,169 | $719 | 201.67% | | Net income (loss) | $1,885 | $332 | 467.77% | | Diluted EPS | $1.68 | $0.30 | 460.00% | Consolidated Statements of Operations (Nine Months Ended May 29, 2025 vs. May 30, 2024) | Metric | May 29, 2025 (Millions) | May 30, 2024 (Millions) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | $26,063 | $17,361 | 50.12% | | Cost of goods sold | $16,244 | $14,485 | 12.14% | | Gross margin | $9,819 | $2,876 | 241.48% | | Operating income (loss) | $6,116 | $(218) | N/A | | Net income (loss) | $5,338 | $(109) | N/A | | Diluted EPS | $4.75 | $(0.10) | N/A | Consolidated Statements of Comprehensive Income (Loss) This section details the company's comprehensive income (loss) for the quarter and nine months ended May 29, 2025, and May 30, 2024 Consolidated Statements of Comprehensive Income (Loss) (Quarter Ended May 29, 2025 vs. May 30, 2024) | Metric | May 29, 2025 (Millions) | May 30, 2024 (Millions) | Change (%) | | :--- | :--- | :--- | :--- | | Net income (loss) | $1,885 | $332 | 467.77% | | Other comprehensive income (loss) | $146 | $(47) | N/A | | Total comprehensive income (loss) | $2,031 | $285 | 612.63% | Consolidated Statements of Comprehensive Income (Loss) (Nine Months Ended May 29, 2025 vs. May 30, 2024) | Metric | May 29, 2025 (Millions) | May 30, 2024 (Millions) | Change (%) | | :--- | :--- | :--- | :--- | | Net income (loss) | $5,338 | $(109) | N/A | | Other comprehensive income (loss) | $89 | $1 | 8800.00% | | Total comprehensive income (loss) | $5,427 | $(108) | N/A | Consolidated Balance Sheets This section provides a snapshot of the company's financial position as of May 29, 2025, and August 29, 2024 Consolidated Balance Sheets (As of May 29, 2025 vs. August 29, 2024) | Metric | May 29, 2025 (Millions) | August 29, 2024 (Millions) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $10,163 | $7,041 | 44.34% | | Total current assets | $27,919 | $24,372 | 14.55% | | Total assets | $78,397 | $69,416 | 12.94% | | Total current liabilities | $10,135 | $9,248 | 9.59% | | Total liabilities | $27,649 | $24,285 | 13.85% | | Total equity | $50,748 | $45,131 | 12.44% | Consolidated Statements of Changes in Equity This section outlines the changes in the company's total equity for the nine months ended May 29, 2025 Consolidated Statements of Changes in Equity (Nine Months Ended May 29, 2025) | Metric | As of August 29, 2024 (Millions) | As of May 29, 2025 (Millions) | Change (Millions) | | :--- | :--- | :--- | :--- | | Total Shareholders' Equity | $45,131 | $50,748 | $5,617 | | Net income (loss) | $40,877 (Retained Earnings) | $45,559 (Retained Earnings) | $4,682 | | Stock-based compensation expense | $12,115 (Additional Capital) | $12,960 (Additional Capital) | $845 | | Dividends declared | $(132) (Q1 2025) | $(131) (Q2 2025) | N/A | | Accumulated other comprehensive income (loss) | $(134) | $(45) | $89 | Consolidated Statements of Cash Flows This section presents the company's cash flow activities for the nine months ended May 29, 2025, and May 30, 2024 Consolidated Statements of Cash Flows (Nine Months Ended May 29, 2025 vs. May 30, 2024) | Metric | May 29, 2025 (Millions) | May 30, 2024 (Millions) | Change (Millions) | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $11,795 | $5,102 | $6,693 | | Net cash used for investing activities | $(8,889) | $(4,711) | $(4,178) | | Net cash provided by (used for) financing activities | $214 | $(1,368) | $1,582 | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $3,117 | $(992) | $4,109 | | Cash, cash equivalents, and restricted cash at end of period | $10,169 | $7,664 | $2,505 | Notes to Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the consolidated financial statements Significant Accounting Policies Micron's significant accounting policies remain consistent with those applied in its Annual Report on Form 10-K for the year ended August 29, 2024 - No changes to significant accounting policies since the Annual Report on Form 10-K for the year ended August 29, 2024[20] Basis of Presentation The consolidated financial statements are prepared in accordance with U.S. GAAP, including all necessary normal recurring adjustments, and are consistent with the prior annual report. The fiscal year ends on the Thursday closest to August 31, with fiscal years 2025 and 2024 each containing 52 weeks - Interim financial statements are unaudited and prepared in accordance with U.S. GAAP, consistent with the Annual Report on Form 10-K for the year ended August 29, 2024[21][22] - Fiscal years 2025 and 2024 each contain 52 weeks, with the fiscal year ending on the Thursday closest to August 31[23] Recently Issued Accounting Standards Micron will adopt new FASB ASUs: ASU 2023-07 (Improvements to Reportable Segment Disclosures) effective for annual reporting in 2025, ASU 2023-09 (Improvements to Income Tax Disclosures) effective for annual reporting in 2026, and ASU 2024-03 (Disaggregation of Income Statement Expenses) effective for annual reporting in 2028. All are expected to result in increased disclosures - ASU 2023-07 (ASC Topic 280), Improvements to Reportable Segment Disclosures, effective for annual reporting for 2025 on a retrospective basis, will result in increased disclosures about significant segment expenses[24] - ASU 2023-09 (ASC Topic 740), Improvements to Income Tax Disclosures, effective for annual reporting for 2026 on a prospective basis, will require disaggregated income tax disclosures on rate reconciliation and income taxes paid[25] - ASU 2024-03 (ASC Topic 220), Disaggregation of Income Statement Expenses, effective for annual reporting for 2028 on a prospective basis, will require disclosure of certain expenses in the notes to the financial statements[26] Variable Interest Entities Micron utilizes Lease SPEs for equipment lease financing but does not consolidate them as it does not direct their most significant economic activities. As of May 29, 2025, finance lease liabilities and right-of-use assets under these arrangements totaled approximately $1.61 billion - Micron does not consolidate Lease SPEs because it does not direct the activities that most significantly impact their economic performance[28] - As of May 29, 2025, finance lease liabilities and right-of-use assets under these arrangements amounted to approximately $1.61 billion[28] Cash and Investments Micron's cash and investments, classified as available for sale, totaled $12.21 billion as of May 29, 2025, up from $9.15 billion as of August 29, 2024. This includes cash, money market funds, certificates of deposit, corporate bonds, asset-backed securities, government securities, and commercial paper, with long-term marketable investments primarily maturing within one to five years Cash and Investments (Fair Value, in millions) | Category | May 29, 2025 | August 29, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | $10,163 | $7,041 | | Short-term Investments | $648 | $1,065 | | Long-term Marketable Investments | $1,402 | $1,046 | | Total Fair Value | $12,213 | $9,152 | - The maturities of long-term marketable investments primarily range from one to five years, excluding asset-backed securities[29] Non-marketable Equity Investments Micron held $197 million in non-marketable equity investments as of May 29, 2025, a slight increase from $190 million as of August 29, 2024. These investments, recorded at fair value on a non-recurring basis and classified as Level 3, resulted in a net loss of $29 million for the first nine months of 2024 Non-marketable Equity Investments (in millions) | Date | Amount | | :--- | :--- | | May 29, 2025 | $197 | | August 29, 2024 | $190 | - A net loss of $29 million from non-marketable equity investments was recognized in other non-operating income (expense) for the first nine months of 2024[30] Receivables Total receivables increased to $7.44 billion as of May 29, 2025, from $6.62 billion as of August 29, 2024. This increase was primarily driven by higher government incentives and income and other taxes receivables Receivables (in millions) | Category | May 29, 2025 | August 29, 2024 | | :--- | :--- | :--- | | Trade receivables | $5,492 | $5,419 | | Government incentives | $1,320 | $834 | | Income and other taxes | $414 | $268 | | Other | $210 | $94 | | Total Receivables | $7,436 | $6,615 | Inventories Total inventories slightly decreased to $8.73 billion as of May 29, 2025, from $8.88 billion as of August 29, 2024. This change was mainly due to a reduction in finished goods and work in process, partially offset by a slight increase in raw materials and supplies Inventories (in millions) | Category | May 29, 2025 | August 29, 2024 | | :--- | :--- | :--- | | Finished goods | $1,223 | $1,308 | | Work in process | $6,695 | $6,774 | | Raw materials and supplies | $809 | $793 | | Total Inventories | $8,727 | $8,875 | Property, Plant, and Equipment Net property, plant, and equipment increased to $44.77 billion as of May 29, 2025, from $39.75 billion as of August 29, 2024. This growth reflects significant investments in equipment and construction in progress, with accumulated depreciation also increasing Property, Plant, and Equipment (in millions) | Category | May 29, 2025 | August 29, 2024 | | :--- | :--- | :--- | | Land | $420 | $284 | | Buildings | $21,835 | $20,141 | | Equipment | $77,370 | $70,813 | | Construction in progress | $4,937 | $3,444 | | Software | $1,636 | $1,365 | | Accumulated depreciation | $(61,425) | $(56,298) | | Net Property, Plant, and Equipment | $44,773 | $39,749 | - Equipment not yet placed into service accounted for $3.40 billion as of May 29, 2025, and $3.10 billion as of August 29, 2024[33] Leases Total lease costs for the nine months ended May 29, 2025, increased to $433 million from $272 million in the prior year, driven by higher finance lease amortization and interest. Non-cash acquisitions of finance lease right-of-use assets significantly increased to $1.25 billion, reflecting substantial new lease commitments Lease Costs (Nine Months Ended, in millions) | Category | May 29, 2025 | May 30, 2024 | | :--- | :--- | :--- | | Finance lease cost | $320 | $169 | | Operating lease cost | $113 | $103 | | Total Lease Cost | $433 | $272 | Supplemental Lease Information (Nine Months Ended, in millions) | Category | May 29, 2025 | May 30, 2024 | | :--- | :--- | :--- | | Cash flows used for operating activities (Finance leases) | $82 | $41 | | Cash flows used for operating activities (Operating leases) | $110 | $98 | | Cash flows used for financing activities (Finance leases) | $218 | $99 | | Non-cash acquisitions of right-of-use assets (Finance leases) | $1,247 | $758 | | Non-cash acquisitions of right-of-use assets (Operating leases) | $40 | $48 | - As of May 29, 2025, excluded obligations for leases executed but not yet commenced totaled $1.02 billion, primarily for gas supply arrangements and equipment leases, over a weighted-average period of 14 years[36] Intangible Assets Net carrying amount of intangible assets increased slightly to $426 million as of May 29, 2025, from $416 million as of August 29, 2024. This was primarily due to capitalization of product and process technology, partially offset by amortization expense Intangible Assets (Net Carrying Amount, in millions) | Category | May 29, 2025 | August 29, 2024 | | :--- | :--- | :--- | | Product and process technology | $415 | $405 | | Other | $11 | $11 | | Total Net Carrying Amount | $426 | $416 | - Capitalized product and process technology amounted to $63 million for the first nine months of 2025, with a weighted-average useful life of 10 years. Amortization expense was $53 million for the same period[37] Accounts Payable and Accrued Expenses Total accounts payable and accrued expenses increased to $8.76 billion as of May 29, 2025, from $7.30 billion as of August 29, 2024. This rise was mainly driven by a significant increase in property, plant, and equipment payables Accounts Payable and Accrued Expenses (in millions) | Category | May 29, 2025 | August 29, 2024 | | :--- | :--- | :--- | | Accounts payable | $2,757 | $2,726 | | Property, plant, and equipment | $4,370 | $2,925 | | Salaries, wages, and benefits | $950 | $1,117 | | Income and other taxes | $397 | $218 | | Other | $287 | $313 | | Total | $8,761 | $7,299 | Debt Micron's total debt increased to $15.54 billion as of May 29, 2025, from $13.40 billion as of August 29, 2024, primarily due to new issuances of senior unsecured notes and a term loan, partially offset by prepayments of existing debt. The company also established a new $3.5 billion Revolving Credit Facility Debt Carrying Value (in millions) | Category | May 29, 2025 | August 29, 2024 | | :--- | :--- | :--- | | Current debt | $538 | $431 | | Long-term debt | $15,003 | $12,966 | | Total Debt | $15,541 | $13,397 | Debt Activity (Nine Months Ended May 29, 2025, in millions) | Activity | Principal | Net Carrying Amount | | :--- | :--- | :--- | | Issuances: | | | | 2035 A Notes | $1,000 | $992 | | 2029 Term Loan A | $1,684 | $1,681 | | 2032 Notes | $500 | $496 | | 2035 B Notes | $1,250 | $1,241 | | Prepayments: | | | | 2026 Term Loan A | $(897) | $(896) | | 2027 Term Loan A | $(1,037) | $(1,035) | | 2026 Notes | $(500) | $(499) | | 2027 Notes | $(900) | $(854) | | Net Change | $1,100 | $1,126 | - Micron entered into a new five-year unsecured Revolving Credit Facility on March 12, 2025, allowing draws up to $3.50 billion, maturing on March 12, 2030[49] Contingencies Micron is involved in various legal proceedings, including patent infringement lawsuits from Netlist, Besang Inc., YMTC, and Palisade Technologies, LLP, covering a wide range of its memory and storage products. The company also faces securities class action and shareholder derivative complaints, as well as an antitrust investigation by SAMR in China. The outcome of these matters is uncertain, with potential for significant liability or operational changes - A jury verdict on May 23, 2024, found Micron's memory modules infringed two Netlist patents ('912 and '417), awarding $425 million and $20 million respectively. Micron expects to appeal, and the PTAB has found both patents unpatentable, which Netlist is appealing[56] - YMTC filed patent infringement complaints against Micron in the U.S. and China, alleging infringement by 3D NAND and DDR5 DRAM products[58] - Micron is cooperating with SAMR's investigation into potential collusion and anticompetitive conduct by DRAM suppliers in China, initiated in May 2018[63] Equity Micron's Board of Directors authorized up to $10 billion in common stock repurchases, with $7.19 billion repurchased through May 29, 2025, and no shares repurchased in the first nine months of 2025. The company declared quarterly dividends of $0.115 per share for the first three quarters of 2025 and for the upcoming quarter - The Board authorized up to $10 billion in common stock repurchases, with $7.19 billion repurchased through May 29, 2025. No shares were repurchased in the first nine months of 2025[68] - Micron declared and paid quarterly dividends of $0.115 per share for the first, second, and third quarters of 2025, and declared the same for July 22, 2025[69] Changes in Accumulated Other Comprehensive Income (Loss) (Nine Months Ended May 29, 2025, in millions) | Category | As of August 29, 2024 | Other comprehensive income (loss) | As of May 29, 2025 | | :--- | :--- | :--- | :--- | | Gains (Losses) on Derivative Instruments | $(162) | $93 | $(69) | | Unrealized Gains (Losses) on Investments | $(8) | $(3) | $(11) | | Pension Liability Adjustments | $39 | $(1) | $38 | | Foreign Currency Translation Adjustment | $(3) | $0 | $(3) | | Total | $(134) | $89 | $(45) | Fair Value Measurements The fair value of Micron's notes payable and term loans was $12.18 billion as of May 29, 2025, compared to a carrying value of $12.43 billion. These fair values are estimated using Level 2 inputs, such as trading prices and discounted cash flows Fair Value vs. Carrying Value of Debt Instruments (in millions) | Date | Fair Value | Carrying Value | | :--- | :--- | :--- | | May 29, 2025 | $12,183 | $12,434 | | August 29, 2024 | $11,316 | $11,343 | - Fair values of debt instruments are estimated based on Level 2 inputs, including trading prices, discounted cash flows, and interest rates of similar debt[71] Derivative Instruments Micron uses derivative instruments, including cash flow and fair value hedges, to manage exposure to currency exchange rates and commodity prices. As of May 29, 2025, the fair value of derivative assets was $176 million and liabilities were $68 million. The company also uses non-designated currency hedges for monetary assets and liabilities Fair Value of Derivative Instruments (in millions) | Category | May 29, 2025 (Assets) | May 29, 2025 (Liabilities) | August 29, 2024 (Assets) | August 29, 2024 (Liabilities) | | :--- | :--- | :--- | :--- | :--- | | Cash flow currency hedges | $118 | $(19) | $57 | $(71) | | Cash flow commodity hedges | $18 | $(45) | $20 | $(7) | | Fair value currency hedges | $9 | $(1) | $0 | $(41) | | Non-designated currency hedges | $31 | $(3) | $18 | $(3) | | Total | $176 | $(68) | $95 | $(182) | - Micron expects to reclassify $20 million of pre-tax gains related to cash flow hedges from accumulated other comprehensive income (loss) into earnings within the next 12 months[74] - Gains of $106 million and $38 million were recognized for derivative instruments without hedge accounting designation for the third quarter and first nine months of 2025, respectively[79] Equity Compensation Plans As of May 29, 2025, 57 million shares were available for future awards under Micron's equity compensation plans, including 9 million for the ESPP. Stock-based compensation expense for the first nine months of 2025 was $713 million, with $1.73 billion in unrecognized compensation costs expected to be recognized through Q3 2029 - 57 million shares of common stock were available for future awards under equity compensation plans as of May 29, 2025, including 9 million for the ESPP[80] Stock-based Compensation Expense (Nine Months Ended, in millions) | Category | May 29, 2025 | May 30, 2024 | | :--- | :--- | :--- | | Cost of goods sold | $294 | $227 | | Research and development | $254 | $222 | | Selling, general, and administrative | $165 | $159 | | Total | $713 | $608 | - $1.73 billion of total unrecognized compensation costs for unvested awards is expected to be recognized through the third quarter of 2029, with a weighted-average period of 1.3 years[84] Revenue and Customer Contract Liabilities Total revenue for the first nine months of 2025 increased to $26.06 billion, with DRAM sales at $19.59 billion and NAND sales at $6.25 billion. Revenue is primarily recognized at the point of goods transfer. Customer prepayments and other contract liabilities decreased significantly to $146 million as of May 29, 2025, from $907 million as of August 29, 2024 Revenue by Technology (Nine Months Ended, in millions) | Technology | May 29, 2025 | May 30, 2024 | | :--- | :--- | :--- | | DRAM | $19,594 | $12,277 | | NAND | $6,251 | $4,862 | | Other (primarily NOR) | $218 | $222 | | Total Revenue | $26,063 | $17,361 | Customer Prepayments and Other Contract Liabilities (in millions) | Date | Amount | | :--- | :--- | | May 29, 2025 | $146 | | August 29, 2024 | $907 | - Revenue recognized from beginning balance of customer prepayments and other contract liabilities for the first nine months of 2025 was $777 million[88] Other Operating (Income) Expense, Net Other operating expense, net, for the first nine months of 2025 was $61 million, compared to an income of $267 million in the prior year. This shift was primarily due to $57 million in patent license charges in 2025, contrasting with a $200 million patent cross-license agreement gain in 2024 Other Operating (Income) Expense, Net (Nine Months Ended, in millions) | Category | May 29, 2025 | May 30, 2024 | | :--- | :--- | :--- | | Patent license charges | $57 | $0 | | Patent cross-license agreement gain | $0 | $(200) | | Other | $4 | $(67) | | Total | $61 | $(267) | Income Taxes Micron reported an income tax provision of $695 million for the first nine months of 2025, compared to a benefit of $172 million in the prior year, with the effective tax rate changing from 63.7% to 11.5%. Tax incentive arrangements, primarily in Singapore, significantly reduced the tax provision by $623 million for the first nine months of 2025 Income Tax (Provision) Benefit (Nine Months Ended, in millions) | Metric | May 29, 2025 | May 30, 2024 | | :--- | :--- | :--- | | Income (loss) before taxes | $6,023 | $(270) | | Income tax (provision) benefit | $(695) | $172 | | Effective tax rate | 11.5% | 63.7% | - Tax incentive arrangements, primarily in Singapore, reduced the tax provision by $623 million (benefiting diluted EPS by $0.55) for the first nine months of 2025[92] Earnings Per Share Diluted EPS for the first nine months of 2025 was $4.75, a significant improvement from a loss of $0.10 in the prior year, reflecting increased net income. Weighted-average common shares outstanding for diluted EPS increased to 1,123 million Earnings Per Share (Nine Months Ended) | Metric | May 29, 2025 | May 30, 2024 | | :--- | :--- | :--- | | Net income (loss) – Basic and Diluted | $5,338 | $(109) | | Weighted-average common shares outstanding – Diluted | 1,123 | 1,104 | | Diluted EPS | $4.75 | $(0.10) | - Antidilutive potential common shares excluded from diluted EPS were 10 million for the first nine months of 2025, compared to 31 million in the prior year[94] Segment and Other Information Micron's revenue for the first nine months of 2025 was $26.06 billion, with CNBU being the largest contributor at $14.03 billion. The company is reorganizing its business units to a market segment-focused structure (CMBU, CDBU, MCBU, AEBU) effective Q4 2025, aiming to enhance focus on AI growth opportunities and deeper customer engagement Revenue by Business Unit (Nine Months Ended, in millions) | Business Unit | May 29, 2025 | May 30, 2024 | | :--- | :--- | :--- | | CNBU | $14,028 | $6,495 | | SBU | $4,574 | $2,911 | | MBU | $4,146 | $4,479 | | EBU | $3,304 | $3,442 | | All other | $11 | $34 | | Total Revenue | $26,063 | $17,361 | Operating Income (Loss) by Business Unit (Nine Months Ended, in millions) | Business Unit | May 29, 2025 | May 30, 2024 | | :--- | :--- | :--- | | CNBU | $5,812 | $73 | | SBU | $362 | $(631) | | MBU | $604 | $(395) | | EBU | $112 | $133 | | All other | $1 | $23 | | Total Operating Income (Loss) | $6,891 | $(797) | - Micron is reorganizing its business units to a market segment-focused structure (Cloud Memory Business Unit, Core Data Center Business Unit, Mobile and Client Business Unit, Automotive and Embedded Business Unit) effective in the fourth quarter of 2025, with AI growth opportunities in every unit[97] Certain Concentrations For the first nine months of 2025, over half of Micron's total revenue (55%) came from the data center and networking market, and 16% of total revenue was from one customer, primarily in the CNBU segment Revenue by Market Segment (Nine Months Ended) | Market Segment | May 29, 2025 (%) | May 30, 2024 (%) | | :--- | :--- | :--- | | Data center and networking | 55% | 30% | | Mobile | 15% | 25% | | PC, graphics, and other | 15% | 25% | | Intelligent edge – automotive, industrial, and consumer embedded | 15% | 20% | - Revenue from one customer accounted for 16% of total revenue for the first nine months of 2025 (primarily CNBU), compared to 11% in the prior year (primarily MBU, EBU, and CNBU)[99] CHIPS Act Funding Agreements Micron secured up to $6.4 billion in total CHIPS Act grants for U.S. manufacturing expansion and modernization projects, including planned fabs in Boise, Idaho, Clay, New York, and Manassas, Virginia. Funding is contingent on achieving construction and production milestones, with restrictions on special dividends and share repurchases during a five-year period - Micron entered into direct funding agreements for up to $6.1 billion in CHIPS Act grants for planned fabs in Boise, Idaho, and Clay, New York, with amendments on June 11, 2025, to include a second Idaho fab[100] - An additional $275 million in direct funding was secured for the Manassas, Virginia fab, bringing total CHIPS Act grants to up to $6.4 billion[100] - The agreements include restrictions on special and one-time dividends during a five-year period and limited share repurchases during the first two years, with potential upside sharing if project cash flows exceed a threshold[102][103] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides an overview of Micron's business, industry conditions, and detailed analysis of its financial performance for the third quarter and first nine months of fiscal 2025. It highlights significant revenue and gross margin improvements driven by strong demand in data center markets, particularly for HBM products, and strategic management of NAND supply. The company also discusses its liquidity, capital resources, and ongoing investments in manufacturing and R&D Overview Micron is a leader in memory and storage solutions, offering DRAM, NAND, and NOR products through its Micron® and Crucial® brands. The company emphasizes technology leadership, manufacturing excellence, and significant R&D investments to develop proprietary product and process technology, crucial for competitiveness in the intense semiconductor market - Micron delivers high-performance DRAM, NAND, and NOR memory and storage products, fueling the data economy and enabling advances in AI and compute-intensive applications[106] - Success depends on R&D returns, efficient manufacturing, advanced product/process technologies, market acceptance, and efficient capital spending amidst intense competition and inflationary pressures[108] - Micron's product portfolio includes DRAM (volatile, high-speed, used in data center, PC, graphics, industrial, automotive), NAND (non-volatile, high-capacity, low-cost, used in SSDs, mobile, consumer, automotive, embedded), and NOR (non-volatile, fast read speeds, used for reliable code storage in automotive, industrial, consumer applications)[109][110][111][112] Industry Conditions In Q3 2025, DRAM revenue improved due to strong growth in consumer-oriented and data center markets, especially HBM, reflecting a shift towards high-growth segments. NAND revenue also improved, driven by increased bit growth in consumer markets and reduced customer inventories, with Micron prudently managing supply - DRAM revenue improved in Q3 2025 due to strong sequential growth in consumer-oriented and data center markets, particularly for HBM products[113] - Substantial improvements in revenue, pricing, and margins in 2024 and the first nine months of 2025 reflect demand growth, partly driven by AI deployment, leading to a substantially improved industry supply and demand balance[113] - NAND revenue improved in Q3 2025 due to strong bit growth in consumer-oriented markets and reduced customer inventories, with Micron continuing to prudently manage NAND supply[114] Results of Operations Micron's consolidated results show significant growth in Q3 2025 and the first nine months of 2025, driven by increased DRAM and NAND sales. Gross margin improved substantially due to higher DRAM average selling prices, HBM mix, and manufacturing cost reductions. Operating income also saw a strong rebound across most business units, particularly CNBU Consolidated Results Total revenue for Q3 2025 increased 15% QoQ and 37% YoY, primarily due to higher sales of both DRAM and NAND products. For the first nine months of 2025, total revenue increased 50% YoY, also driven by strong DRAM and NAND sales - Total revenue for Q3 2025 increased 15% QoQ and 37% YoY, driven by increases in both DRAM and NAND product sales[117][118] - For the first nine months of 2025, total revenue increased 50% YoY due to increases in both DRAM and NAND sales[119] Revenue Growth by Product (QoQ and YoY) | Product | Q3 2025 vs Q2 2025 | Q3 2025 vs Q3 2024 | 9M 2025 vs 9M 2024 | | :--- | :--- | :--- | :--- | | DRAM Sales | +15% (bit shipments >20%, ASP low-single-digit % decrease) | +51% (ASP mid-20% range, bit shipments low-20% range) | +60% (ASP high-40% range, bit shipments high-single-digit % increase) | | NAND Sales | +16% (bit shipments mid-20% range, ASP high-single-digit % decrease) | +4% (bit shipments low-30% range, ASP low-20% range decrease) | +29% (bit shipments high-teen %, ASP high-single-digit % increase) | Consolidated Gross Margin Consolidated gross margin improved to 38% in Q3 2025 from 37% in Q2 2025, primarily due to better DRAM margins from increased HBM mix and manufacturing cost reductions, partially offset by declining NAND margins. YoY, gross margin significantly improved from 27% in Q3 2024 and 17% in 9M 2024, driven by higher DRAM ASPs and high-margin cloud product sales - Consolidated gross margin percentage increased to 38% for Q3 2025 from 37% for Q2 2025, driven by improved DRAM margins (HBM mix, manufacturing cost reductions) partially offset by decreased NAND margins (lower ASPs)[122] - Consolidated gross margin percentage improved to 38% for Q3 2025 from 27% for Q3 2024, and to 38% for 9M 2025 from 17% for 9M 2024, primarily due to increased DRAM ASPs, manufacturing cost reductions, and higher sales mix of high-margin cloud products, especially HBM[122] - The first nine months of 2024 included a $987 million benefit from the sale of inventories previously written down[122] Revenue by Business Unit CNBU revenue increased significantly by 11% QoQ and 97% YoY in Q3 2025, driven by HBM and data center DRAM. MBU revenue saw a 45% QoQ increase due to bit shipments, while SBU and EBU also showed QoQ growth. YoY, SBU revenue increased, but MBU and EBU experienced slight declines Revenue by Business Unit (Q3 2025 vs Q2 2025, in millions) | Business Unit | Q3 2025 | Q2 2025 | Change (%) | | :--- | :--- | :--- | :--- | | CNBU | $5,069 | $4,564 | 11% | | SBU | $1,451 | $1,392 | 4% | | MBU | $1,551 | $1,068 | 45% | | EBU | $1,227 | $1,025 | 20% | Revenue by Business Unit (Q3 2025 vs Q3 2024 and 9M 2025 vs 9M 2024, in millions) | Business Unit | Q3 2025 vs Q3 2024 (%) | 9M 2025 vs 9M 2024 (%) | | :--- | :--- | :--- | | CNBU | 97% | 116% | | SBU | 7% | 57% | | MBU | -2% | -7% | | EBU | -5% | -4% | - CNBU revenue increased primarily due to higher sales of HBM products (nearly 50% increase QoQ) and growth in high-capacity and low-power server DRAM[124] Operating Income (Loss) by Business Unit CNBU operating income significantly increased QoQ and YoY in Q3 2025, driven by HBM sales and improved data center product demand. SBU operating income deteriorated QoQ due to declining NAND ASPs but improved YoY for the nine-month period. MBU and EBU operating income showed mixed results, with QoQ increases but YoY decreases in Q3 Operating Income (Loss) by Business Unit (Q3 2025 vs Q2 2025, in millions) | Business Unit | Q3 2025 | Q2 2025 | Change (Millions) | | :--- | :--- | :--- | :--- | | CNBU | $2,182 | $1,919 | $263 | | SBU | $(9) | $24 | $(33) | | MBU | $217 | $60 | $157 | | EBU | $98 | $3 | $95 | Operating Income (Loss) by Business Unit (Q3 2025 vs Q3 2024 and 9M 2025 vs 9M 2024, in millions) | Business Unit | Q3 2025 vs Q3 2024 (Millions) | 9M 2025 vs 9M 2024 (Millions) | | :--- | :--- | :--- | | CNBU | $1,740 | $5,739 | | SBU | $(85) | $993 | | MBU | $(84) | $999 | | EBU | $(26) | $(21) | - CNBU operating income improved primarily due to increases in average selling prices and increases in sales of HBM and other data center products[129] Operating Expenses and Other R&D expenses increased 7% QoQ and 14% YoY in Q3 2025, and 9% for 9M 2025, mainly due to higher employee compensation and development wafer volumes. SG&A expenses also rose due to increased employee compensation. The effective tax rate for 9M 2025 was 11.5%, significantly lower than 63.7% in 9M 2024, benefiting from tax incentive arrangements - R&D expenses for Q3 2025 increased 7% QoQ and 14% YoY, primarily due to increased employee compensation and higher volumes of development and pre-qualification wafers[130] - SG&A expenses for Q3 2025 increased 12% QoQ and 9% YoY, and 7% for 9M 2025, mainly due to increased employee compensation[131] - The effective tax rate for 9M 2025 was 11.5%, compared to 63.7% for 9M 2024, primarily due to changes in profitability and tax incentive arrangements, which reduced the tax provision by $623 million for 9M 2025[132][133] Liquidity and Capital Resources Micron's liquidity is strong, with cash and marketable investments totaling $12.21 billion as of May 29, 2025. The company plans approximately $14 billion in capital expenditures for 2025, net of government incentives, to support new DRAM wafer capacity and manufacturing expansions in the U.S. (Idaho, New York, Virginia), Japan, Taiwan, China, and India, including advanced HBM packaging capabilities Cash and Marketable Investments (in millions) | Date | Amount | | :--- | :--- | | May 29, 2025 | $12,210 | | August 29, 2024 | $9,150 | - Micron estimates capital expenditures in 2025 for property, plant, and equipment, net of government incentives, to be approximately $14 billion[139] - Plans include new leading-edge memory manufacturing fabs in Boise, Idaho (second fab announced June 2025) and Clay, New York, with site preparation for New York beginning in calendar 2025. Also expanding production capacity in Taiwan for DRAM and HBM, and building an HBM advanced packaging facility in Singapore[140][141][144] Cash Flows Net cash provided by operating activities significantly increased to $11.80 billion for the first nine months of 2025, up from $5.10 billion in the prior year, driven by net income and changes in receivables. Investing activities used $8.89 billion, primarily for capital expenditures, partially offset by government incentives. Financing activities provided $214 million, mainly from debt issuances offsetting repayments and dividend payments Cash Flow Summary (Nine Months Ended, in millions) | Category | May 29, 2025 | May 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $11,795 | $5,102 | | Net cash used for investing activities | $(8,889) | $(4,711) | | Net cash provided by (used for) financing activities | $214 | $(1,368) | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $3,117 | $(992) | - The increase in operating cash flow was primarily due to net income and changes in receivables, partially offset by a decrease in other current liabilities[148] - Investing activities included $10.20 billion in capital expenditures, partially offset by $1.29 billion from government incentives and $1.25 billion from maturities and sales of available-for-sale securities[149] Critical Accounting Estimates There have been no significant changes to Micron's critical accounting estimates since its Annual Report on Form 10-K for the year ended August 29, 2024 - No significant changes to critical accounting estimates since the Annual Report on Form 10-K for the year ended August 29, 2024[152] Recently Issued Accounting Standards This section refers to the discussion of recently issued accounting standards provided in the Notes to Consolidated Financial Statements, which details new FASB ASUs related to segment disclosures, income tax disclosures, and disaggregation of income statement expenses - Refer to 'Part I. Financial Information – Item 1. Financial Statements – Notes to Consolidated Financial Statements – Recently Issued Accounting Standards' for details on new FASB ASUs[153] Item 3. Quantitative and Qualitative Disclosures about Market Risk Micron's market risk disclosures, including sensitivity analysis for interest rates and currency exchange rates, remain consistent with its Annual Report on Form 10-K for the year ended August 29, 2024, with no material changes during the nine months ended May 29, 2025 - No material changes to market risk during the nine months ended May 29, 2025[153] - Further discussion on market risk and sensitivity analysis is available in the Annual Report on Form 10-K for the year ended August 29, 2024[153] Item 4. Controls and Procedures Micron's management, including the principal executive and financial officers, concluded that the company's disclosure controls and procedures were effective as of May 29, 2025. There were no material changes in internal control over financial reporting during the third quarter of 2025 - Disclosure controls and procedures were effective as of May 29, 2025, ensuring timely and accurate reporting of information[154] - No material changes in internal control over financial reporting occurred during the third quarter of 2025[155] PART II. Other Information This part provides additional disclosures on legal proceedings, risk factors, equity security sales, and other relevant information Item 1. Legal Proceedings This section refers to the detailed discussion of legal proceedings, including environmental matters, found in the Notes to Consolidated Financial Statements under 'Contingencies' and 'Risk Factors' in this report. Micron uses a $1 million threshold for disclosing environmental monetary sanctions - Legal proceedings are discussed in 'Part I. Financial Information – Item 1. Financial Statements – Notes to Consolidated Financial Statements – Contingencies' and 'Item 1A. Risk Factors'[156] - Micron uses a $1 million threshold for disclosing environmental matters with related monetary sanctions[157] Item 1A. Risk Factors This section outlines significant risks that could materially affect Micron's business, operations, financial condition, or stock price. These risks are categorized into business and industry operations, intellectual property and litigation, laws and regulations, and capitalization and financial markets, covering aspects like market volatility, competition, technological development, geopolitical issues, and financial obligations Risk Factor Summary Micron's risk factors are summarized into four main categories: Risks Related to Our Business, Operations, and Industry; Risks Related to Intellectual Property and Litigation; Risks Related to Laws and Regulations; and Risks Related to Capitalization and Financial Markets. These encompass volatility, competition, geopolitical issues, intellectual property protection, regulatory compliance, and financial stability - Key risk categories include volatility in average selling prices, gross margin factors, international operations (geopolitical risks), intense industry competition, ability to develop new technologies, returns from capacity expansions, government incentive compliance, supply chain availability, economic downturns, manufacturing disruptions, customer/market dependency, product defects, security breaches, AI uncertainties, employee retention, responsible sourcing, sustainability, acquisitions, and restructure plans[162] - Intellectual property and litigation risks involve protecting IP, legal investigations, and claims of infringement. Laws and regulations risks cover government actions (tariffs, trade restrictions), tax laws, and compliance with environmental, health, safety, and product considerations[162] - Capitalization and financial market risks include ability to generate cash flows/obtain financing, debt obligations, foreign currency exchange rates, counterparty default, stock price volatility, and fluctuations in share repurchases and dividends[162] Risks Related to Our Business, Operations, and Industry Micron faces significant risks from volatility in average selling prices for its products, which can fall below manufacturing costs. Gross margins are vulnerable to factors like product mix, manufacturing complexity, yield issues, and inflationary pressures. International operations, particularly in Taiwan and China, expose the company to geopolitical instability, trade restrictions, and competition from government-supported entities. The ability to develop and ramp new technologies, secure government incentives, and manage supply chain dependencies are critical for future success - Average selling prices for DRAM and NAND products have experienced significant volatility, with annual changes ranging from plus low-teen to minus high-40% for DRAM, and plus low-30% to minus low-50% for NAND in the past five years[163] - Gross margins are dependent on decreasing per gigabit manufacturing costs, which can be limited by product diversification, manufacturing complexity, technology transitions, yield, new product requirements, capacity expansion costs, inflationary pressures, and fab underutilization[164][167] - International operations, especially in Taiwan (majority of DRAM production) and China, are subject to geopolitical risks, trade restrictions (e.g., CAC decision impacting sales in China), and intense competition from government-assisted competitors like YMTC and CXMT[171][173][176][177][178] - Future success depends on developing and producing new competitive memory and storage technologies (e.g., HBM, EUV lithography), overcoming technological barriers, and timely delivery of products to meet customer design schedules[182][183][184] - Capacity expansions in the U.S. and other regions are complex, capital-intensive, and subject to risks like material/equipment shortages, labor difficulties, inability to realize expected government incentives (e.g., CHIPS Act), and insufficient customer demand[187][188][189][193] - The supply chain is dependent on the availability and quality of materials (some from limited sources like China for rare earth elements), electrical power, gas, water, and advanced capital equipment (sometimes single-sourced), with disruptions potentially impacting production and customer relationships[196][198][200][201] - Downturns in regional or worldwide economies, driven by inflation, geopolitics, or central bank policies, can reduce demand for Micron's products, decrease average selling prices, and impact liquidity or credit markets[205][206] - Manufacturing disruptions from operational issues, natural disasters, or other events (e.g., power outages, equipment failures, public health crises) can reduce yields, increase costs, and lead to loss of revenue or customer relationships[207][208][209] - A significant portion of revenue is concentrated with certain customers and end markets (e.g., data center), making Micron vulnerable to disruptions in these relationships or market downturns. Increased sales of system solutions also heighten dependency on specific customers and can increase manufacturing costs and development cycles[210][211][212] - Product failures, defects, or incompatibility can lead to significant costs, customer compensation, adverse publicity, and damage to reputation[214][216] - Breaches of security systems, cyberattacks, system failures, or catastrophic events can result in data loss, operational disruptions, reputational damage, and legal claims. The evolving nature of AI may also introduce new and more sophisticated attack methods[215][217][218][219] - Uncertainties and outcomes associated with AI, including flawed algorithms, biased data, and evolving regulations, could expose Micron to competitive, legal, and reputational risks[220][221] - The ability to attract, retain, and motivate highly skilled employees is critical, with intense competition for talent potentially leading to increased compensation costs, attrition, and loss of critical skills[222][223][224] - Compliance with responsible sourcing requirements and evolving sustainability/governance expectations can increase operating costs, limit material supply, and risk customer disqualification or reputational harm if goals are not met[225][226][227][228] - Acquisitions and alliances involve numerous risks, including integration challenges, increased debt, unknown liabilities, diversion of management attention, and failure to realize expected synergies. Restructure plans may not achieve expected savings and could incur additional charges or disruptions[229][230][231] Risks Related to Intellectual Property and Litigation Micron faces risks related to protecting its intellectual property (IP) from competitors, especially with the use of AI in development. The company is also subject to various legal, regulatory, and administrative investigations, inquiries, proceedings, and claims, including patent infringement lawsuits, securities class actions, and product liability claims, which could result in significant costs, damages, or operational changes - Inability to protect intellectual property (patents, trademarks, copyrights, trade secrets) or retain key employees knowledgeable of IP could materially adversely affect the business, especially with foreign laws offering less protection and AI use potentially causing IP loss[232][233][234] - Micron is subject to legal, regulatory, and administrative investigations, inquiries, proceedings, and claims, including allegations of anticompetitive conduct and intellectual property infringement[235] - Claims of IP infringement could require significant monetary damages, fines, royalties, or penalties; necessitate license or settlement agreements; require material changes or redesigns of products/manufacturing processes; or force cessation of manufacturing/sales in certain jurisdictions[240][242] Risks Related to Laws and Regulations Micron's operations are exposed to risks from government actions and regulations, including export restrictions, tariffs, and trade protection measures, which can limit sales, increase costs, and restrict operations. Changes in tax laws, such as the OECD's Pillar Two Model Rules, could significantly impact the effective tax rate. Additionally, evolving environmental, health, safety, product, cybersecurity, data privacy, and AI regulations impose compliance costs and risks of penalties or reputational damage - Government actions like export restrictions, tariffs, and trade protection measures (e.g., CAC decision in China) can limit sales, increase manufacturing costs, reduce product competitiveness, and restrict access to markets or raw materials[241][243] - Changes in tax laws and regulations, including the OECD's Pillar Two Model Rules (effective 2025 in EU, 2026 in Singapore), could significantly increase Micron's effective tax rate (expected high-teens percentage range for 2026) and reduce cash flows[245][246] - Micron is subject to complex and evolving laws and regulations concerning environmental, health, safety, product considerations (e.g., PFAS), cybersecurity, data privacy, and AI, which can lead to increased direct and indirect compliance costs, operational alterations, regulatory penalties, and reputational challenges[247][248][249][251] Risks Related to Capitalization and Financial Markets Micron's financial stability is at risk if it cannot generate sufficient cash flows or access external financing to fund operations, debt payments, dividends, and capital investments (estimated $14 billion for 2025). High debt levels ($15.54 billion as of May 29, 2025) could restrict financial flexibility and increase vulnerability to economic downturns. Fluctuations in foreign currency exchange rates, counterparty defaults, and stock price volatility also pose significant financial risks. Share repurchases and dividend payments are subject to discretion and market conditions, including CHIPS Act restrictions - Inability to generate sufficient cash flows or obtain external financing could hinder funding operations, debt payments, dividends, and capital investments (estimated $14 billion for 2025)[252][253] - Debt obligations ($15.54 billion carrying value as of May 29, 2025) could require a large portion of cash flow for principal and interest, adversely impact credit rating, limit future fundraising, and increase vulnerability to adverse economic conditions and rising interest rates[254][255] - Changes in foreign currency exchange rates (e.g., Canadian dollar, Chinese yuan, euro, Japanese yen, New Taiwan dollar, Singapore dollar) can materially affect manufacturing costs and financial results[256] - Micron is exposed to counterparty default risks from financial institutions and customers, which could lead to significant losses[257] - The trading price of common stock has been and may continue to be volatile due to financial results, market estimates, capital structure changes, interest rates, regulatory changes, and industry fluctuations, potentially leading to securities class action litigation[258][259] - Share repurchases (up to $10 billion authorized, $2.81 billion remaining as of May 29, 2025) and dividend payments ($0.115 per share quarterly) are discretionary and subject to operating results, cash flows, CHIPS Act restrictions, and other business priorities, with no guarantee of future amounts or continuation[260][262][263][264][265] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Micron's Board authorized a $10 billion common stock repurchase program, with $2.81 billion remaining as of May 29, 2025. No common stock was repurchased under this authorization during the quarter ended May 29, 2025. However, 38,763 shares were withheld for taxes upon vesting of restricted stock in April 2025 - A $10 billion common stock repurchase authorization remains in effect, with $2.81 billion available as of May 29, 2025[265] - No common stock was repurchased under the authorization during the quarter ended May 29, 2025[265] Shares Withheld for Taxes on Restricted Stock Vesting (Q3 2025) | Period | Total number of shares purchased | | :--- | :--- | | March 28, 2025 – April 24, 2025 | 38,763 | | Total | 38,763 | Item 5. Other Information This section details Rule 10b5-1 trading arrangements adopted by two executive officers during the last fiscal quarter. Michael Ray, SVP, Chief Legal Officer, and Corporate Secretary, adopted a plan on April 21, 2025, to sell up to 31,859 shares. Mark Murphy, EVP and Chief Financial Officer, adopted a plan on April 22, 2025, to sell up to 162,000 shares - Michael Ray, SVP, Chief Legal Officer and Corporate Secretary, adopted a Rule 10b5-1 trading arrangement on April 21, 2025, for the sale of up to 31,859 shares of common stock[269] - Mark Murphy, EVP and Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement on April 22, 2025, for the sale of up to 162,000 shares of common stock[270] Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including the Restated Certificate of Incorporation, Amended and Restated Bylaws, Tenth Supplemental Indenture, Form of Notes for various Senior Notes, Credit Agreement, Rule 13a-14(a) Certifications, 18 U.S.C. 1350 Certifications, and Inline XBRL documents - Exhibits include corporate governance documents (Restated Certificate of Incorporation, Amended and Restated Bylaws), debt instruments (Tenth Supplemental Indenture, Form of Notes for 2032 and 2035 Senior Notes, Credit Agreement), and certifications (Rule 13a-14(a) and 18 U.S.C. 1350 for CEO and CFO)[273] - Inline XBRL documents (Instance, Schema, Calculation, Definition, Label, Presentation Linkbase Documents) are also filed[273] Signatures This section confirms the official signing and submission of the Form 10-Q report by authorized executive officers Signatures The Form 10-Q report was duly signed on behalf of Micron Technology, Inc. on June 25, 2025, by Mark Murphy, Executive Vice President and Chief Financial Officer, and Scott Allen, Corporate Vice President and Chief Accounting Officer - The report was signed by Mark Murphy, Executive Vice President and Chief F