Slide 1: Financial results
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Slide 2: Safe harbor statement
Safe harbor statement During the course of this meeting, we may make projections or other forward-looking statements regarding market demand and supply, market and pricing trends and drivers, the impact of technologies such as AI, contractual terms, cost reductions, our manufacturing projects and re
Slide 3: Sanjay Mehrotra
Sanjay Mehrotra Chairman, President and Chief Executive Officer December 17, 2025 3
Slide 4: Overview (1 of 3)
Overview (1 of 3) • Micron had an outstanding start to fiscal 2026, delivering fiscal Q1 revenue, gross margin and EPS (earnings per share) well above the high end of our guidance. • This financial performance was driven by our strong execution across end markets and products in a tight supply envir
Slide 5: Overview (2 of 3)
Overview (2 of 3) • We are excited about our customized HBM4E customer engagements, which offer further differentiation opportunities to us, and we continue to make excellent progress on our HBM roadmap. • Memory is now essential to AI's cognitive functions, fundamentally altering its role from a sy
Slide 6: Overview (3 of 3)
Overview (3 of 3) • Sustained and strong industry demand, along with supply constraints, are contributing to tight market conditions, and we expect these conditions to persist beyond calendar 2026. • We are making progress with customers in our discussions for multiyear contracts with specific commi
Slide 7: Technology and operations (1 of 2)
Technology and operations (1 of 2) • Micron’s technology leadership is foundational to our strong competitive position. • Micron has led the industry for four consecutive technology nodes in DRAM and three nodes in NAND, with progressively faster yield ramps in every node. • Our 1-gamma DRAM node is
Slide 8: Technology and operations (2 of 2)
Technology and operations (2 of 2) • In NAND, we are ramping our G9 node with robust yield ramps across both data center and client SSDs. Our QLC NAND mix, including G9 QLC, reached a record high during the quarter. • Technology transitions to G9 will be the primary driver of our NAND bit growth in
Slide 9: Data center server demand
Data center server demand • As the world’s leading technology companies advance toward artificial general intelligence and transform the global economy, our customers are committing to an extraordinary, multiyear data center buildout. • This growth in AI data center capacity is driving a significant
Slide 10: Data center HBM and LP DRAM
Data center HBM and LP DRAM • Micron’s HBM4, with industry leading speed over 11 Gbps, is on track to ramp with high yields in the second calendar quarter of 2026, consistent with our customers’ product ramp plans. • Our HBM4 uses advanced CMOS and advanced metallization process technologies on the
Slide 11: Data center NAND
Data center NAND • Our data center NAND portfolio revenue exceeded a billion dollars in fiscal Q1, and we are seeing strong momentum across our data center SSD portfolio, enabled by our leadership NAND technology. • In the performance SSD category, Micron has introduced the world's first PCIe Gen6 S
Slide 12: PC
PC • PC demand continues to be driven by Windows 10 end of life and AI PCs. • We forecast PC unit sales to grow high-single-digit percentage range in calendar 2025, above our prior expectations provided in our last earnings call of mid-single digits. • As we look ahead into 2026, we expect these dem
Slide 13: Mobile
Mobile • Smartphone unit volumes in calendar 2025 are on track to grow in the low-single-digit percentage range. • AI is driving memory content growth. The shipment mix of flagship smartphones with 12GB of DRAM increased to 59% in calendar Q3, more than twice the level from a year ago. • Micron is a
Slide 14: Automotive and embedded
Automotive and embedded • In automotive, L2+ and L3 adoption is driving robust demand today, and our customers’ roadmaps indicate a significantly higher memory content in fully automated vehicles. • Micron is uniquely positioned for growth with our differentiated product portfolio and automotive mar
Slide 15: Market outlook (1 of 2)
Market outlook (1 of 2) • Over the last few months, our customers’ AI data center build-out plans have driven a sharp increase in demand forecasts for memory and storage. • We believe that the aggregate industry supply will remain substantially short of the demand for the foreseeable future. • The d
Slide 16: Market outlook (2 of 2)
Market outlook (2 of 2) • Calendar 2025 DRAM and NAND industry bit demand growth expectations are higher than in our last earnings call outlook. • We now expect calendar 2025 DRAM bit demand growth in the low 20% range versus high teens previously. • We expect 2025 NAND bit demand growth to be in th
Slide 17: Supply efforts (1 of 2)
Supply efforts (1 of 2) • Micron plans to increase our fiscal 2026 capex to approximately $20 billion, versus our prior estimate of $18 billion. This increase will primarily support our HBM supply capability, and also our 1-gamma supply, in calendar 2026. • We are pulling in equipment orders and acc
Slide 18: Supply efforts (2 of 2)
Supply efforts (2 of 2) • In Japan, with the support of METI (Japan’s Ministry of Economy, Trade and Industry), we are making technology and manufacturing investments. • We are enabling future DRAM technology transitions in coordination with our Boise R&D team. • We are also adding cleanroom space i
Slide 19: Mark Murphy
Mark Murphy Chief Financial Officer December 17, 2025 19
Slide 20: FQ1-26 revenue $13.6B
FQ1-26 revenue $13.6B Revenue up 21% Q/Q and up 57% Y/Y December 17, 2025 20
Slide 21: Performance by technology
Performance by technology DRAM FQ1-26 NAND FQ1-26 • $10.8 billion, representing 79% of total revenue • $2.7 billion, representing 20% of total revenue in in FQ1-26 FQ1-26 • Revenue increased 69% Y/Y • Revenue increased 22% Y/Y • Revenue increased 20% Q/Q • Revenue increased 22% Q/Q • Bit shipments u
Slide 22: Quarterly business unit financial results
Quarterly business unit financial results Amounts in millions FQ1-26 FQ4-25 FQ1-25 Cloud Memory (CMBU) Revenue $5,284 $4,543 $2,648 Gross margin 66 % 59 % 51 % Operating margin 55 % 48 % 40 % Core Data (CDBU) Revenue $2,379 $1,577 $2,292 Gross margin 51 % 41 % 50 % Operating margin 37 % 25 % 38 % Mo
Slide 23: Financial performance by business unit (1 of 2)
Financial performance by business unit (1 of 2) • Cloud Memory Business Unit revenue was a record $5.3 billion and represented 39% of total company revenue. • CMBU revenue was up 16% sequentially, driven by an increase in bit shipments and higher prices • CMBU gross margins were 66%, higher by 620 b
Slide 24: Financial performance by business unit (2 of 2)
Financial performance by business unit (2 of 2) • Mobile Client Business Unit revenue was a record $4.3 billion and represented 31% of total company revenue. • MCBU revenue was up 13% sequentially, driven by higher pricing, partly offset by lower bit shipments. • MCBU gross margins were 54%, up 17 p
Slide 25: FQ1-26 Non-GAAP operating results
FQ1-26 Non-GAAP operating results Revenue: $13.64 billion Gross margin: 56.8% Operating expenses: $1.33 billion Operating income: $6.42 billion Net income: $5.48 billion Diluted earnings per share: $4.78 Cash from operations (GAAP): $8.41 billion See non-GAAP reconciliations in Appendix December 17,
Slide 26: Cash flow and capital allocation
Cash flow and capital allocation From FY-23 to FQ1-26 Cash flow from operations FQ1-26: $8.4 billion (62% of revenue) • $1.0 billion toward repurchasing 13 million shares Net Capex1 FQ1-26: $4.5 billion • $1.7 billion towards dividends paid • $2.7 billion returned to Adjusted free cash flow* FQ1-26:
Slide 27: AI use at Micron
AI use at Micron • Over 80% of our professional workforce actively • In R&D, GenAI is accelerating development by uses GenAI, with total usage up tenfold since last reducing cycle times in design verification, product year. validation, issue triage and root cause analysis. • In manufacturing, integr
Slide 28: Outlook
Outlook • We expect higher price, lower cost and favorable mix to • Micron is investing in a disciplined manner across our all contribute to gross margin expansion in Q2. global manufacturing footprint to better meet demand. • Operating expenses for fiscal Q2 are projected to be • To address tight s
Slide 29: FQ2-26 guidance Non-GAAP
FQ2-26 guidance Non-GAAP Revenue $18.70 billion ± $400 million Gross margin 68.0% ± 1.0% Operating expenses $1.38 billion ± $20 million Diluted earnings per share* $8.42 ± $0.20 *Based on ~1.15 billion diluted shares. See non-GAAP reconciliations in Appendix. December 17, 2025 29
Slide 30: Appendix
Appendix December 17, 2025 30
Slide 31: Financial summary
Financial summary Non-GAAP Amounts in millions, except per share FQ1-26 % of revenue FQ4-25 % of revenue FQ1-25 % of revenue Revenue $13,643 100% $11,315 100% $8,709 100% Gross margin 7,753 57% 5,169 46% 3,441 40% Operating income 6,419 47% 3,955 35% 2,394 27% Income tax (provision) benefit (977) (4
Slide 32: Non-GAAP financial data and guidance
Non-GAAP financial data and guidance % of Revenue FQ1-26 FQ1-26 non-GAAP (amounts in millions, FQ2-26 DRAM 79% except per share) non-GAAP Guidance (amounts in millions, except per share) NAND 20% Revenue $13,643 $18.70 billion ± $400 million Gross margin 56.8% 68.0% ± 1.0% % Sales Volume Change FQ1-
Slide 33: Revenue by technology
Revenue by technology % of % of % of Amounts in millions FQ1-26 revenue FQ4-25 revenue FQ1-25 revenue DRAM $10,812 79% $8,984 79% $6,400 73% NAND 2,743 20% 2,252 20% 2,241 26% Other (primarily NOR) 88 1% 79 1% 68 1% Total $13,643 100% $11,315 100% $8,709 100% Percentages of total revenue may not tot
Slide 34: Revenue by technology
Revenue by technology Amounts in millions FQ1-26 FQ4-25 Q/Q % Change FQ1-25 Y/Y % Change DRAM $10,812 $8,984 20% $6,400 69% NAND 2,743 2,252 22% 2,241 22% Other (primarily NOR) 88 79 11% 68 29% Total $13,643 $11,315 21% $8,709 57% December 17, 2025 34
Slide 35: Revenue by business unit
Revenue by business unit Amounts in millions FQ1-26 FQ4-25 Q/Q % Change FQ1-25 Y/Y % Change Cloud Memory (CMBU) $5,284 $4,543 16% $2,648 100% Core Data (CDBU) 2,379 1,577 51% 2,292 4% Mobile and Client (MCBU) 4,255 3,760 13% 2,608 63% Automotive and Embedded (AEBU) 1,720 1,434 20% 1,158 49% December
Slide 36: Non-GAAP reconciliations
Non-GAAP reconciliations December 17, 2025 36
Slide 37: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ1-26 FQ4-25 FQ1-25 GAAP gross margin $7,646 $5,054 $3,348 Stock-based compensation 107 115 90 Other — — 3 Non-GAAP gross margin $7,753 $5,169 $3,441 GAAP operating expenses $1,510 $1,400 $1,174 Stock-based compensation (173) (147) (
Slide 38: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ1-26 FQ4-25 FQ1-25 GAAP cost of goods sold $5,997 $6,261 $5,361 Stock-based compensation (107) (115) (90) Other — — (3) Non-GAAP cost of goods sold $5,890 $6,146 $5,268 GAAP research and development $1,171 $1,047 $888 Stock-based co
Slide 39: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ1-26 FQ4-25 FQ1-25 GAAP net income $5,240 $3,201 $1,870 Stock-based compensation 280 262 217 Restructure and asset impairments — 38 — Loss on debt prepayments 130 9 — Other (20) 1 — Estimated tax effects of above and other tax adjus
Slide 40: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ1-26 FQ4-25 FQ1-25 GAAP net income $5,240 $3,201 $1,870 Interest (income) expense, net (65) (22) 11 Income tax provision (benefit) 829 429 283 Depreciation expense and amortization of intangible assets 2,212 2,149 2,030 Non-GAAP adj
Slide 41: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions, except per share FQ1-26 FQ4-25 FQ1-25 GAAP shares used in diluted EPS calculations $1,138 $1,131 $1,122 Adjustment for stock-based compensation 10 14 16 Non-GAAP shares used in diluted EPS calculations $1,148 $1,145 $1,138 GAAP dilut
Slide 42: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ1-26 FQ4-25 FQ1-25 Cash and cash equivalents $9,731 $9,642 $6,693 Short-term investments 587 665 895 Long-term marketable investments 1,697 1,629 1,156 Restricted cash 1 4 4 Current debt (569) (560) (533) Long-term debt (11,187) (14
Slide 43: FQ2-26 guidance
FQ2-26 guidance Non-GAAP reconciliations GAAP Outlook Adjustments Non-GAAP Outlook Revenue $18.70 billion ± $400 million — $18.70 billion ± $400 million Gross margin 67.0% ± 1.0% 1.0% A 68.0% ± 1.0% Operating expenses $1.56 billion ± $20 million $180 million B $1.38 billion ± $20 million Diluted ear
Slide 44: © 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject
© 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. All information is provided on an “AS IS” basis without warranties of any kind. Statements regarding products, including statements regarding product features, avail