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, the impact of our reorganization, cost reductions, our manufacturing
Slide 3: Sanjay Mehrotra
Sanjay Mehrotra Chairman, President and Chief Executive Officer June 25, 2025 3
Slide 4: Overview (1 of 2)
Overview (1 of 2) • Micron's strong competitive position and solid execution delivered record revenue in fiscal Q3, with revenue, gross margin, and EPS all exceeding the high end of our guidance ranges. • Data center revenue more than doubled year over year and reached a record level, and consumer-o
Slide 5: Overview (2 of 2)
Overview (2 of 2) • Looking ahead to fiscal Q4, we see a robust demand environment and expect to grow revenue by 15% sequentially to a record $10.7 billion at guidance mid-point. • In June, we have completed a strategic reorganization of our business units around key market segments to capitalize on
Slide 6: Technology and operations
Technology and operations • We are making excellent progress on our 1-gamma DRAM technology node, with yield ramping ahead of the record pace we achieved on our 1-beta node. • We completed several key product milestones during the quarter, including the first qualification sample shipments of 1-gamm
Slide 7: Manufacturing update (1 of 2)
Manufacturing update (1 of 2) • We are making disciplined investments in our global operations network to add to supply in line with demand over time. • Two weeks ago, with support from the Trump administration, Micron announced plans to invest approximately $200 billion in the US, which includes $1
Slide 8: Manufacturing update (2 of 2)
Manufacturing update (2 of 2) • Our first Idaho fab, ID1, achieved another key construction milestone in June. • We expect first DRAM wafer output at ID1 to begin in the second half of calendar 2027, with customer qualifications to follow. • The second Idaho fab, ID2, will benefit from manufacturing
Slide 9: Data center (1 of 4)
Data center (1 of 4) • In data center, we expect the CY25 server market to grow mid single digits percentage in units, largely driven by significant growth in AI servers. • In fiscal Q3, data center DRAM revenue reached a new record for the fourth consecutive quarter, driven by strong growth and sha
Slide 10: Data center (2 of 4)
Data center (2 of 4) • As generative AI workloads grow in size and complexity, the performance demands on HBM continue to rise. • Micron’s HBM4 leverages our well-established 1-beta DRAM technology, along with an internally developed and manufactured advanced CMOS logic base die, to deliver bandwidt
Slide 11: Data center (3 of 4)
Data center (3 of 4) • We are exceptionally well positioned for the ramp of HBM4. Building on the success of our HBM3E ramp, we have high quality, field-proven technology and have executed a robust and significant ramp in our HBM manufacturing capacity. • We have deep relationships with practically
Slide 12: Data center (4 of 4)
Data center (4 of 4) • During calendar Q1, for the third consecutive quarter, Micron achieved a record for data center SSD market share, driven by our portfolio of differentiated products enabled through vertical integration. • In fiscal Q3, our data center 9550 performance SSD, which is on the Nvid
Slide 13: PC
PC • We expect PC market units to grow in the low single digit percentage range in calendar 2025. • In the quarters ahead, key catalysts for growth include the increasing adoption of AI-enabled PCs and the Windows 11 upgrade cycle. • Micron is focused on bringing differentiated, high performance pro
Slide 14: Mobile
Mobile • We expect smartphone units to grow low single digits in calendar 2025. AI adoption remains a key driver of DRAM content growth for smartphones, and we expect more smartphone launches featuring 12GB or more, compared to 8GB of capacity in the average smartphone today. • Micron is focused on
Slide 15: Automotive and embedded
Automotive and embedded • We expect increasing adoption of L2 and L3 ADAS features and AI-enabled in-vehicle infotainment systems to drive memory and storage content growth as well as higher bandwidth requirements. • Micron is positioned for long term success in the automotive market, with new produ
Slide 16: Market outlook (1 of 2)
Market outlook (1 of 2) • Customer inventory levels have been healthy overall across end markets, and there may have been some tariff-related pull-ins by certain customers. • Our customers continue to signal a constructive demand environment for the remainder of this calendar year, and we remain agi
Slide 17: Market outlook (2 of 2)
Market outlook (2 of 2) • Over the medium term, we anticipate industry bit demand growth of mid-teens CAGR for both DRAM and NAND. • As previously communicated, our efficient node conversions will result in 10% structurally lower NAND wafer capacity ending fiscal 2025 versus the end of fiscal 2024 l
Slide 18: D4 and LP4 end of life (EOL)
D4 and LP4 end of life (EOL) • Recent press reports have discussed the end of life of D4 • This EOL process is similar to prior transitions from one and LP4 products. Micron’s leading edge DRAM nodes generation of memory to another - and consistent with such as 1 beta and 1 gamma are focused on the
Slide 19: CEO closing
CEO closing • In closing, Micron’s record Q3 revenue performance and strong Q4 outlook are the result of our strategic focus and consistent execution. • As AI drives unprecedented demand for high-performance memory and storage, Micron is exceptionally well positioned to capitalize on this transforma
Slide 20: Mark Murphy
Mark Murphy Chief Financial Officer June 25, 2025 20
Slide 21: FQ3-25 revenue $9.3B
FQ3-25 revenue $9.3B Revenue up 15% Q/Q and up 37% Y/Y June 25, 2025 21
Slide 22: Performance by technology
Performance by technology DRAM FQ3-25 NAND FQ3-25 • $7.1 billion, representing 76% of total revenue in • $2.2 billion, representing 23% of total revenue in FQ3-25 FQ3-25 • Revenue increased 51% Y/Y • Revenue increased 4% Y/Y • Revenue increased 15% Q/Q • Revenue increased 16% Q/Q • Bit shipments inc
Slide 23: Revenue by business unit
Revenue by business unit • Compute and Networking Business Unit revenue was $5.1 billion, up 11% sequentially, a quarterly record. This performance was driven by a nearly 50% sequential increase in HBM, along with growth in our high-capacity DRAM and low power server DRAM. • Revenue for the Storage
Slide 24: FQ3-25 Non-GAAP operating results
FQ3-25 Non-GAAP operating results Revenue: $9.3 billion Gross margin: 39.0% Operating expenses: $1.1 billion Operating income: $2.5 billion Net income: $2.2 billion Diluted earnings per share: $1.91 Cash from operations (GAAP): $4.6 billion See non-GAAP reconciliations in Appendix June 25, 2025 24
Slide 25: Cash flow and capital allocation
Cash flow and capital allocation From FY-22 to FQ3-25 Cash flow from operations FQ3-25: $4.6 billion (50% of revenue) • $3.2 billion toward repurchasing 47 million shares Net Capex1 FQ3-25: $2.7 billion • $1.9 billion towards dividends paid Adjusted free cash flow* FQ3-25: $1.9 billion • $5.1 billio
Slide 26: Outlook
Outlook • We expect our revenue growth to be weighted • We expect a fiscal Q4 tax rate of around 13%. As towards DRAM, supported by robust pricing previously disclosed, our fiscal 2026 tax rate is execution, favorable product mix, and continued expected to be in the high-teens percentage range cost
Slide 27: FQ4-25 guidance Non-GAAP
FQ4-25 guidance Non-GAAP Revenue $10.7 billion ± $300 million Gross margin 42.0% ± 1.0% Operating expenses $1.20 billion ± $20 million Diluted earnings per share* $2.50 ± $0.15 *Based on ~1.15 billion diluted shares. See non-GAAP reconciliations in Appendix. June 25, 2025 27
Slide 28: Appendix
Appendix June 25, 2025 28
Slide 29: Financial summary Non-GAAP
Financial summary Non-GAAP Amounts in millions, except per share FQ3-25 % of FQ2-25 % of FQ3-24 % of Revenue Revenue Revenue Revenue $9,301 100% $8,053 100% $6,811 100% Gross margin 3,623 39.0% 3,053 37.9% 1,917 28.1% Operating income 2,490 26.8% 2,007 24.9% 941 13.8% Income tax (provision) benefit
Slide 30: Non-GAAP financial data and guidance
Non-GAAP financial data and guidance % of revenue FQ3-25 FQ3-25 non-GAAP (amounts in millions, FQ4-25 DRAM 76% except per share) non-GAAP guidance NAND 23% Revenue $9,301 $10.7 billion ± $300 million Gross margin 39.0% 42.0% ± 1.0% Operating expenses $1,133 $1.20 billion ± $20 million % sales volume
Slide 31: Revenue by technology
Revenue by technology Amounts in millions FQ3-25 % of FQ2-25 % of FQ3-24 % of Revenue Revenue Revenue DRAM $7,071 76% $6,123 76% $4,692 69% NAND 2,155 23% 1,855 23% 2,065 30% Other (primarily NOR) 75 1% 75 1% 54 1% Total $9,301 100% $8,053 100% $6,811 100% Percentages of total revenue may not total
Slide 32: Revenue by business unit
Revenue by business unit Amounts in millions FQ3-25 FQ2-25 Q/Q % change FQ3-24 Y/Y % change Compute and Networking (CNBU) $5,069 $4,564 11% $2,573 97% Storage (SBU) 1,451 1,392 4% 1,353 7% Mobile (MBU) 1,551 1,068 45% 1,588 (2%) Embedded (EBU) 1,227 1,025 20% 1,294 (5%) June 25, 2025 32
Slide 33: Non-GAAP reconciliations
Non-GAAP reconciliations June 25, 2025 33
Slide 34: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ3-25 FQ2-25 FQ3-24 GAAP gross margin $3,508 $2,963 $1,832 Stock-based compensation 115 89 80 Other — 1 5 Non-GAAP gross margin $3,623 $3,053 $1,917 GAAP operating expenses $1,339 $1,190 $1,113 Stock-based compensation (148) (144) (1
Slide 35: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ3-25 FQ2-25 FQ3-24 GAAP cost of goods sold $5,793 $5,090 $4,979 Stock-based compensation (115) (89) (80) Other — (1) (5) Non-GAAP cost of goods sold $5,678 $5,000 $4,894 GAAP research and development $965 $898 $850 Stock-based compe
Slide 36: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ3-25 FQ2-25 FQ3-24 GAAP net income $1,885 $1,583 $332 Stock-based compensation 263 233 217 Patent license charges 57 — — Loss on debt prepayments 46 4 — Other 1 — 3 Estimated tax effects of above and other tax adjustments (71) (37)
Slide 37: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ3-25 FQ2-25 FQ3-24 GAAP net income $1,885 $1,583 $332 Interest (income) expense, net (12) 4 14 Income tax provision (benefit) 235 177 377 Depreciation expense and amortization of intangible assets 2,094 2,079 1,955 Non-GAAP adjustme
Slide 38: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions, except per share FQ3-25 FQ2-25 FQ3-24 GAAP shares used in diluted EPS calculations 1,125 1,123 1,123 Adjustment for stock-based compensation 19 20 13 Non-GAAP shares used in diluted EPS calculations 1,144 1,143 1,136 GAAP diluted ear
Slide 39: FQ4-25 guidance
FQ4-25 guidance Non-GAAP reconciliations GAAP Outlook Adjustments Non-GAAP Outlook Revenue $10.7 billion ± $300 million — $10.7 billion ± $300 million Gross margin 41.0% ± 1.0% 1.0% A 42.0% ± 1.0% Operating expenses $1.35 billion ± $20 million $147 million B $1.20 billion ± $20 million Diluted earni
Slide 40: on an “AS IS” basis without warranties of any kind
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