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, cost reductions, expected product volume production, our market posit
Slide 3: Sanjay Mehrotra, Chairman, President and CEO
Sanjay Mehrotra Chairman, President and Chief Executive Officer March 20, 2025 3
Slide 4: Overview
Overview • Micron is in the best competitive position in our history, and we are achieving share gains across high-margin product categories in our industry. • In fiscal Q2, data center DRAM revenue reached a new record. HBM revenue grew more than 50% sequentially, to a new milestone of over $1 bill
Slide 5: Overview
Overview • As we build on this momentum, we expect fiscal Q3 revenue to be another record for Micron, driven by shipment growth across both DRAM and NAND. • We see the combination of AI data center demand and the ramp of HBM, and its associated trade ratio, contributing to tightness at the leading e
Slide 6: Technology and operations
Technology and operations • Micron’s 1-beta DRAM technology leads the industry, and we are extending our leadership with the launch of our 1-gamma node and the industry’s first shipments of 1-gamma-based D5 products last month. • Micron’s 1-gamma is our first DRAM node incorporating EUV, and we have
Slide 7: Manufacturing update
Manufacturing update • Micron continues to make disciplined investments that position us to capitalize on the significant growth opportunities driven by AI. • We are focused on growing HBM capacity in our existing manufacturing facilities to meet requirements through 2026. • In January, we broke gro
Slide 8: Impact of AI on end markets
Impact of AI on end markets • Dramatic improvements in computation hardware have • As GPU and custom AI accelerator performance reduced the per-token cost of generative AI models. capabilities continue to improve with each new generation of product, these high performance processors are • These hard
Slide 9: Data center
Data center • Recently, large hyperscale customers reiterated strong year-over-year growth for their capital investments in calendar 2025. • We project mid-single digit server unit growth in calendar 2025, with growth in both traditional and AI servers. • We see strong demand for HBM, and have once
Slide 10: Data center (continued)
Data center (continued) • Micron’s industry-leading HBM3E delivers a 30% power reduction compared to the competition, and our HBM3E 12H has a remarkable 20% power advantage over competing 8H products, while providing a 50% higher memory capacity. • We have begun volume production of HBM3E 12H and ar
Slide 11: Data center (continued)
Data center (continued) • Micron has led the adoption of LP in data center. In AI servers, Micron’s LP lowers memory power consumption by over two-thirds compared to D5. • We expect to maintain our leadership position in LP for server as it transitions from soldered components to a SOCAMM or Small O
Slide 12: Data center (continued)
Data center (continued) • In data center NAND, demand moderated in fiscal Q2 due to short-term customer inventory-driven impacts, and we see a return to bit shipment growth in the months ahead. • In calendar Q4 2024, based on industry analyst reports, Micron achieved yet another record high market s
Slide 13: PC
PC • We expect the PC market to grow mid-single digits in unit terms in calendar 2025, with growth weighted to the second half of calendar 2025. • The Windows 10 end-of-life in October 2025, combined with an aging installed base and a desire amongst customers to ensure that their PC hardware specs c
Slide 14: Mobile
Mobile • Turning to mobile, our expectations for smartphone unit volume growth in calendar 2025 remain at low single digit percentages. Smartphone customer inventory dynamics have played out as anticipated leading to mobile DRAM and NAND bit shipment growth in our fiscal Q3. • AI adoption continues
Slide 15: Automotive
Automotive • Automotive OEMs, industrial, and consumer-embedded customers are in the later stages of adjusting their inventory levels. • In automotive, which comprises the largest portion of our EBU revenue, memory and storage content per car continues to increase as AI-enabled in-vehicle infotainme
Slide 16: Demand outlook
Demand outlook • Calendar 2024 DRAM bit demand growth was in the high teens, consistent with our prior expectations. Calendar 2024 NAND bit demand growth was approximately ten percent, slightly below our previous view of low double digits. • We forecast calendar 2025 DRAM bit demand growth in the mi
Slide 17: Supply outlook
Supply outlook • We expect Micron’s supply growth in calendar 2025 to be lower than industry demand growth for both DRAM and NAND. We expect our inventory days to decline as we move through calendar 2025. We expect to maintain our bit share in DRAM and NAND in calendar 2025. • In DRAM, we expect a s
Slide 18: Supply outlook
Supply outlook • Our capital spending plans remain unchanged at approximately $14 billion for fiscal 2025. • A significant portion of our capital investments are focused on multi-year facility investments to support our DRAM and HBM manufacturing, including our Idaho fab, Singapore HBM advanced pack
Slide 19: Mark Murphy, Chief Financial Officer
Mark Murphy Chief Financial Officer March 20, 2025 19
Slide 20: FQ2-25 revenue $8.1B
FQ2-25 revenue $8.1B Revenue down 8% Q/Q and up 38% Y/Y March 20, 2025 20
Slide 21: Performance by technology
Performance by technology DRAM FQ2-25 NAND FQ2-25 • $6.1 billion, representing 76% of total revenue in • $1.9 billion, representing 23% of total revenue in FQ2-25 FQ2-25 • Revenue increased 47% Y/Y • Revenue increased 18% Y/Y • Revenue decreased 4% Q/Q • Revenue decreased 17% Q/Q • Bit shipments dec
Slide 22: Revenue by business unit
Revenue by business unit • Compute and Networking Business Unit revenue was up 4% sequentially to $4.6 billion and reached 57% of our total revenue. For the third consecutive quarter, CNBU revenue reached a new quarterly record, driven by a more than 50% sequential increase in HBM revenue. • Revenue
Slide 23: FQ2-25 Non-GAAP operating results
FQ2-25 Non-GAAP operating results Revenue: $8.1 billion Gross margin: 37.9% Operating expenses: $1.0 billion Operating income: $2.0 billion Net income: $1.8 billion Diluted earnings per share: $1.56 Cash from operations (GAAP): $3.9 billion See non-GAAP reconciliations in Appendix March 20, 2025 23
Slide 24: Cash flow and capital allocation
Cash flow and capital allocation From FY-22 to FQ2-25 Cash flow from operations FQ2-25: $3.9 billion (49% of revenue) • $3.2 billion toward repurchasing 47 million shares Net Capex1 FQ2-25: $3.1 billion • $1.7 billion towards dividends paid Adjusted FCF* FQ2-25: $857 million • $4.9 billion returned
Slide 25: Capex plan
Capex plan • In fiscal Q3, we forecast capex to be over $3 billion. • Our capex projection for fiscal 2025 remains approximately $14 billion. • The overwhelming majority of the fiscal 2025 capex is to support HBM, as well as facility, construction, back-end manufacturing, and R&D investments. • Impa
Slide 26: FQ3-25 guidance Non-GAAP
FQ3-25 guidance Non-GAAP Revenue $8.80 billion ± $200 million Gross margin 36.5% ± 1.0% Operating expenses $1.13 billion ± $15 million Diluted earnings per share* $1.57 ± $0.10 *Based on ~1.14 billion diluted shares. See non-GAAP reconciliations in Appendix. March 20, 2025 26
Slide 27: Appendix
Appendix March 20, 2025 27
Slide 28: Financial summary Non-GAAP
Financial summary Non-GAAP Amounts in millions, except per share FQ2-25 % of FQ1-25 % of FQ2-24 % of Revenue Revenue Revenue Revenue $8,053 100% $8,709 100% $5,824 100% Gross margin 3,053 37.9% 3,441 39.5% 1,163 20.0% Operating income 2,007 24.9% 2,394 27.5% 204 3.5% Income tax (provision) benefit (
Slide 29: Non-GAAP financial data and guidance
Non-GAAP financial data and guidance % of revenue FQ2-25 FQ2-25 non-GAAP (amounts in millions, FQ3-25 DRAM 76% except per share) non-GAAP guidance NAND 23% Revenue $8,053 $8.80 billion ± $200 million Gross margin 37.9% 36.5% ± 1.0% Operating expenses $1,046 $1.13 billion ± $15 million % sales volume
Slide 30: Revenue by technology
Revenue by technology Amounts in millions FQ2-25 % of FQ1-25 % of FQ2-24 % of Revenue Revenue Revenue DRAM $6,123 76% $6,400 73% $4,158 71% NAND 1,855 23% 2,241 26% 1,567 27% Other (primarily NOR) 75 1% 68 1% 99 2% Total $8,053 100% $8,709 100% $5,824 100% Percentages of total revenue may not total
Slide 31: Revenue by business unit
Revenue by business unit Amounts in millions FQ2-25 FQ1-25 Q/Q % change FQ2-24 Y/Y % change Compute and Networking (CNBU) $4,564 $4,395 4% $2,185 109% Storage (SBU) 1,392 1,731 (20%) 905 54% Mobile (MBU) 1,068 1,527 (30%) 1,598 (33%) Embedded (EBU) 1,025 1,052 (3%) 1,111 (8%) March 20, 2025 31
Slide 32: Non-GAAP reconciliations
Non-GAAP reconciliations March 20, 2025 32
Slide 33: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ2-25 FQ1-25 FQ2-24 GAAP gross margin $2,963 $3,348 $1,079 Stock-based compensation 89 90 80 Other 1 3 4 Non-GAAP gross margin $3,053 $3,441 $1,163 GAAP operating expenses $1,190 $1,174 $888 Stock-based compensation (144) (127) (129)
Slide 34: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ2-25 FQ1-25 FQ2-24 GAAP cost of goods sold $5,090 $5,361 $4,745 Stock-based compensation (89) (90) (80) Other (1) (3) (4) Non-GAAP cost of goods sold $5,000 $5,268 $4,661 GAAP research and development $898 $888 $832 Stock-based comp
Slide 35: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ2-25 FQ1-25 FQ2-24 GAAP net income $1,583 $1,870 $793 Stock-based compensation 233 217 209 Patent cross-license agreement gain — — (200) Other 4 — 2 Estimated tax effects of above and other tax adjustments (37) (50) (328) Non-GAAP n
Slide 36: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ2-25 FQ1-25 FQ2-24 GAAP net income $1,583 $1,870 $793 Interest (income) expense, net 4 11 14 Income tax provision (benefit) 177 283 (622) Depreciation expense and amortization of intangible assets 2,079 2,030 1,924 Non-GAAP adjustme
Slide 37: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions, except per share FQ2-25 FQ1-25 FQ2-24 GAAP shares used in diluted EPS calculations 1,123 1,122 1,114 Adjustment for stock-based compensation 20 16 20 Non-GAAP shares used in diluted EPS calculations 1,143 1,138 1,134 GAAP diluted ear
Slide 38: FQ3-25 guidance
FQ3-25 guidance Non-GAAP reconciliations GAAP Outlook Adjustments Non-GAAP Outlook Revenue $8.80 billion ± $200 million — $8.80 billion ± $200 million Gross margin 35.5% ± 1.0% 1.0% A 36.5% ± 1.0% Operating expenses $1.27 billion ± $15 million $144 million B $1.13 billion ± $15 million Diluted earni
Slide 39: on an “AS IS” basis without warranties of any kind. Statements regarding products, including
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