Micron Technology(US:MU)2025-09-23 20:30Financial Performance - Micron's fiscal year 2025 revenue grew nearly 50% to a record $37.4 billion[8] - Gross margins expanded by 17 percentage points to 41% in fiscal year 2025[8] - Q4 2025 revenue was $11.3 billion, up 22% Q/Q and 46% Y/Y[50, 51] - Fiscal year 2025 revenue was $37.4 billion, up 49% Y/Y[52, 53] - Non-GAAP gross margin for FQ4 2025 was 45.7%[66] - Non-GAAP operating income for FQ4 2025 was $3.96 billion[66] - Non-GAAP diluted earnings per share for FQ4 2025 was $3.03[66] Data Center Business - Combined revenue from HBM, high-capacity DIMMs, and LP server DRAM reached $10 billion, a more than five-fold increase compared to the prior fiscal year[8] - Micron's data center business reached a record 56% of total company revenue in fiscal year 2025, with gross margins of 52%[24] - HBM revenue grew to nearly $2 billion in fiscal Q4, implying an annualized run rate of nearly $8 billion[24] Market Outlook - The industry expects calendar 2025 DRAM bit demand growth to be in the high-teens percentage range[45] - The industry expects calendar 2025 NAND bit demand growth to be in the low-to mid-teens percentage range[45] Guidance - Fiscal Q1 2026 revenue is guided at $12.50 billion ± $300 million[77] - Fiscal Q1 2026 gross margin is guided at 51.5% ± 1.0%[77] - Fiscal Q1 2026 diluted earnings per share are guided at $3.75 ± $0.15[77]