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 internal reorganization, cost reductions, our manuf
Slide 3: Sanjay Mehrotra
Sanjay Mehrotra Chairman, President and Chief Executive Officer September 23, 2025 3
Slide 4: Overview (1 of 2)
Overview (1 of 2) • Micron had an outstanding finish to fiscal 2025, delivering fiscal Q4 revenue, gross margin and EPS all above the high end of our updated guidance ranges. • We achieved record revenue in Q4, driven by pricing execution and strong performance across end markets. • In our March 202
Slide 5: Overview (2 of 2)
Overview (2 of 2) • As we enter fiscal 2026, Micron is positioned better than ever. • Our leadership in advanced technologies — including HBM, 1γ (1- gamma) DRAM and G9 NAND — enables a differentiated product portfolio that drives strong ROI. • AI-driven demand is accelerating, and industry DRAM sup
Slide 6: AI use within Micron
AI use within Micron • In addition to being a demand driver, AI is also a • In design simulation, AI is accelerating our silicon- powerful productivity driver for Micron, contributing to-systems design cycle through advanced to our strong competitive position and financial modeling and reduced itera
Slide 7: Technology and operations
Technology and operations • Turning to technology and operations, we are proud to announce that our 1γ DRAM node reached mature yields in record time, 50% faster than in the prior generation. • We are the first in the industry to ship 1γ DRAM and will leverage 1γ across our entire DRAM portfolio to
Slide 8: Manufacturing update (1 of 2)
Manufacturing update (1 of 2) • In fiscal Q4, we received a CHIPS grant disbursement following the completion of a key construction milestone for our new high-volume manufacturing fab in Idaho (ID1), with the first wafer output expected to begin in the second half of calendar 2027. • We began design
Slide 9: Manufacturing update (2 of 2)
Manufacturing update (2 of 2) • In fiscal Q4 we installed the first EUV tool for our Japan fab to enable 1γ capability, which will complement our existing 1γ supply from our fabs in Taiwan. • The time from receiving this tool to completing installation was a record for all EUV tools globally, demons
Slide 10: Data center server demand
Data center server demand • In data center, we now expect calendar 2025 total server units to grow approximately ten percent, up from our prior expectations of mid-single digits percentage growth. • The calendar 2025 traditional server growth outlook has strengthened significantly from flat to growt
Slide 11: Data center HBM financial contribution
Data center HBM financial contribution • Data centers require some of our industry’s most complex and high-value products and meeting this demand has presented several opportunities to enhance our product mix and profitability. • In fiscal 2025, Micron’s data center business reached a record 56% of
Slide 12: Data center HBM4
Data center HBM4 • Micron’s HBM4 12H (12-high) remains on track to support customer platform ramps even as the performance requirements for HBM4 bandwidth and pin speeds have increased. • We have recently shipped customer samples of our HBM4 with industry-leading bandwidth exceeding 2.8 TBps and pin
Slide 13: Data center HBM4E
Data center HBM4E • For HBM4E, Micron will offer standard products, as well as the option for customization of the base logic die. • We are partnering with TSMC for manufacturing the HBM4E base logic die for both standard and customized products. • Customization requires close collaboration with cus
Slide 14: Data center LPDDR5 and GDDR7
Data center LPDDR5 and GDDR7 • Micron’s LPDDR5 for server had over 50% sequential growth in the quarter and reached record revenue. • In close collaboration with Nvidia, Micron has pioneered the adoption of LPDRAM for servers, and since Nvidia's launch of LPDRAM in their GB-product family, Micron ha
Slide 15: Data center NAND SSDs
Data center NAND SSDs • In data center NAND, AI inference use cases such as KV cache tiering and vector database search and indexing, are driving demand for performance storage, while AI server growth is driving demand for high-capacity SSDs for capacity storage. • Micron is gaining share in these m
Slide 16: End-of-life of Windows and greater adoption of AI-enabled PC
PC • End-of-life of Windows 10 and greater adoption of AI-enabled PCs are driving an improved PC demand outlook. • We now expect PC unit shipments to grow at a mid single-digit percentage level in calendar 2025, versus our low single-digit percentage growth expectations previously. • During the quar
Slide 17: Mobile
Mobile • Smartphone unit shipment expectations remain unchanged at low-single digit percentage range in calendar 2025. • An increasing mix of AI-ready smartphones continues to be a key catalyst for DRAM content growth in mobile devices. • Notably, one third of the flagship smartphones shipped in cal
Slide 18: Automotive and embedded
Automotive and embedded • In automotive, trends such as ADAS and AI-enhanced in-cabin experiences require significantly higher memory and storage content, making it a higher growth part of the industry. • In embedded, we expect physical AI such as drones, advanced robots and AR/VR to become a more i
Slide 19: Market outlook (1 of 2)
Market outlook (1 of 2) • Customer inventory levels are healthy overall across end markets. • We expect calendar 2025 industry DRAM bit demand growth to be in the high- teens percentage range, somewhat higher than our previous outlook. • We expect calendar 2025 industry NAND bit demand growth to als
Slide 20: Market outlook (2 of 2)
Market outlook (2 of 2) • In calendar 2026, we anticipate further DRAM supply tightness in the industry and continued strengthening in NAND market conditions. • Over the medium term, we anticipate industry bit demand growth of mid-teens CAGR for both DRAM and NAND. • Micron invested $13.8 billion in
Slide 21: Mark Murphy
Mark Murphy Chief Financial Officer September 23, 2025 21
Slide 22: FQ4-25 revenue FY-25 revenue
FQ4-25 revenue FY-25 revenue $11.3B $37.4B Revenue up 22% Q/Q Revenue up 49% Y/Y and up 46% Y/Y September 23, 2025 22
Slide 23: Performance by technology
Performance by technology DRAM FQ4-25 NAND FQ4-25 • $9.0 billion, representing 79% of total revenue in FQ4-25 • $2.3 billion, representing 20% of total revenue in FQ4-25 • Revenue increased 27% Q/Q • Revenue increased 5% Q/Q • Bit shipments increased in the low-teens percentage range Q/Q • Bit shipm
Slide 24: Quarterly business unit financial results
Quarterly business unit financial results Amounts in millions FQ4-25 FQ3-25 FQ4-24 Cloud Memory (CMBU) Revenue $4,543 $3,386 $1,449 Gross margin 59 % 58 % 49 % Operating margin 48 % 46 % 33 % Core Data (CDBU) Revenue $1,577 $1,530 $2,048 Gross margin 41 % 38 % 41 % Operating margin 25 % 20 % 27 % Mo
Slide 25: Financial performance by business unit (1 of 2)
Financial performance by business unit (1 of 2) • Cloud Memory Business Unit revenue was $4.5 billion and represented 40% of total company revenue. • CMBU revenues were up 34% sequentially, driven by robust bit shipment growth. • HBM revenues reached a new quarterly record. • CMBU gross margins were
Slide 26: Financial performance by business unit (2 of 2)
Financial performance by business unit (2 of 2) • Mobile Client Business Unit revenue was $3.8 billion and represented 33% of total company revenue. • MCBU revenues were up 16% sequentially, driven by higher DRAM shipments and improved pricing. • MCBU gross margins were 36%, up 12 percentage points
Slide 27: FQ4-25 Non-GAAP operating results
FQ4-25 Non-GAAP operating results Revenue: $11.32 billion Gross margin: 45.7% Operating expenses: $1.21 billion Operating income: $3.96 billion Net income: $3.47 billion Diluted earnings per share: $3.03 Cash from operations (GAAP): $5.73 billion See non-GAAP reconciliations in Appendix September 23
Slide 28: Cash flow and capital allocation
Cash flow and capital allocation From FY-22 to FY-25 Cash flow FQ4-25: $5.7 billion (51% of revenue) from operations FY-25: $17.5 billion (47% of revenue) • $3.2 billion toward repurchasing 47 million shares FQ4-25: $4.9 billion Net Capex1 FY-25: $13.8 billion • $2.0 billion towards dividends paid •
Slide 29: Outlook
Outlook • We expect price, cost and mix to all contribute to • We expect our fiscal Q1 capital spending to be strengthening gross margins in Q1. approximately $4.5 billion. • Operating expenses for fiscal Q1 are projected to be • While quarterly spend may fluctuate, this level serves as a approximat
Slide 30: FQ1-26 guidance Non-GAAP
FQ1-26 guidance Non-GAAP Revenue $12.50 billion ± $300 million Gross margin 51.5% ± 1.0% Operating expenses $1.34 billion ± $20 million Diluted earnings per share* $3.75 ± $0.15 *Based on ~1.15 billion diluted shares. See non-GAAP reconciliations in Appendix. September 23, 2025 30
Slide 31: Appendix
Appendix September 23, 2025 31
Slide 32: Financial summary
Financial summary Non-GAAP % of % of % of Amounts in millions, except per share FQ4-25 Revenue FQ3-25 Revenue FQ4-24 Revenue Revenue $11,315 100% $9,301 100% $7,750 100% Gross margin 5,169 46% 3,623 39% 2,826 36% Operating income 3,955 35% 2,490 27% 1,745 23% Income tax (provision) benefit (471) (30
Slide 33: Financial summary
Financial summary Non-GAAP Amounts in millions, except per share FY-25 % of Revenue FY-24 % of Revenue Revenue $37,378 100% $25,111 100% Gross margin 15,286 41% 5,943 24% Operating income 10,846 29% 1,935 8% Income tax (provision) benefit (1,324) (379) Net income 9,470 25% 1,472 6% Diluted earnings
Slide 34: Non-GAAP financial data and guidance
Non-GAAP financial data and guidance % of Revenue FQ4-25 FQ4-25 non-GAAP (amounts in millions, FQ1-26 DRAM 79% except per share) non-GAAP Guidance (amounts in millions, except per share) NAND 20% Revenue $11,315 $12.50 billion ± $300 million Gross margin 46% 51.5% ± 1.0% % Sales Volume Change FQ4-25
Slide 35: Revenue by technology
Revenue by technology % of % of % of Amounts in millions FQ4-25 Revenue FQ3-25 Revenue FQ4-24 Revenue DRAM $8,984 79% $7,071 76% $5,326 69% NAND 2,252 20% 2,155 23% 2,365 31% Other (primarily NOR) 79 1% 75 1% 59 1% Total $11,315 100% $9,301 100% $7,750 100% Percentages of total revenue may not total
Slide 36: Revenue by technology
Revenue by technology Amounts in millions FY-25 % of Revenue FY-24 % of Revenue DRAM $28,578 76% $17,603 70% NAND 8,503 23% 7,227 29% Other (primarily NOR) 297 1% 281 1% Total $37,378 100% $25,111 100% Percentages of total revenue may not total 100% due to rounding. September 23, 2025 36
Slide 37: Revenue by technology
Revenue by technology Q/Q % Y/Y % Y/Y % Amounts in millions FQ4-25 FQ3-25 Change FQ4-24 Change FY-25 FY-24 Change DRAM $8,984 $7,071 27% $5,326 69% $28,578 $17,603 62% NAND 2,252 2,155 5% 2,365 (5%) 8,503 7,227 18% Other (primarily NOR) 79 75 5% 59 34% 297 281 6% Total $11,315 $9,301 22% $7,750 46%
Slide 38: Revenue by business unit
Revenue by business unit Q/Q % Y/Y % Y/Y % Amounts in millions FQ4-25 FQ3-25 Change FQ4-24 Change FY-25 FY-24 Change Cloud Memory (CMBU) $4,543 $3,386 34% $1,449 214% $13,524 $3,792 257% Core Data (CDBU) 1,577 1,530 3% 2,048 (23%) 7,229 4,984 45% Mobile and Client (MCBU) 3,760 3,255 16% 3,019 25% 11
Slide 39: Non-GAAP reconciliations
Non-GAAP reconciliations September 23, 2025 39
Slide 40: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ4-25 FQ3-25 FQ4-24 GAAP gross margin $5,054 $3,508 $2,737 Stock-based compensation 115 115 85 Other — — 4 Non-GAAP gross margin $5,169 $3,623 $2,826 GAAP operating expenses $1,400 $1,339 $1,215 Stock-based compensation (147) (148) (
Slide 41: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ4-25 FQ3-25 FQ4-24 GAAP cost of goods sold $6,261 $5,793 $5,013 Stock-based compensation (115) (115) (85) Other — — (4) Non-GAAP cost of goods sold $6,146 $5,678 $4,924 GAAP research and development $1,047 $965 $903 Stock-based comp
Slide 42: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ4-25 FQ3-25 FQ4-24 GAAP net income $3,201 $1,885 $887 Stock-based compensation 262 263 213 Restructure and asset impairments 38 1 1 Loss on debt prepayments 9 46 — Patent license charges — 57 — Other 1 — 5 Estimated tax effects of a
Slide 43: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ4-25 FQ3-25 FQ4-24 GAAP net income $3,201 $1,885 $887 Interest (income) expense, net (22) (12) 5 Income tax provision (benefit) 429 235 623 Depreciation expense and amortization of intangible assets 2,149 2,094 1,986 Non-GAAP adjust
Slide 44: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions, except per share FQ4-25 FQ3-25 FQ4-24 GAAP shares used in diluted EPS calculations 1,131 1,125 1,125 Adjustment for stock-based compensation 14 19 12 Non-GAAP shares used in diluted EPS calculations 1,145 1,144 1,137 GAAP diluted ear
Slide 45: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FY-25 FY-24 GAAP gross margin $14,873 $5,613 Stock-based compensation 409 312 Other 4 18 Non-GAAP gross margin $15,286 $5,943 GAAP operating expenses $5,103 $4,309 Stock-based compensation (566) (509) Restructure and asset impairments
Slide 46: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FY-25 FY-24 GAAP cost of goods sold $22,505 $19,498 Stock-based compensation (409) (312) Other (4) (18) Non-GAAP cost of goods sold $22,092 $19,168 GAAP research and development $3,798 $3,430 Stock-based compensation (347) (296) Other
Slide 47: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FY-25 FY-24 GAAP net income $8,539 $778 Stock-based compensation 975 821 Restructure and asset impairments 39 1 Patent cross-license agreement gain — (200) Loss on debt prepayments 59 1 Patent license charges 57 — Other 1 (1) Estimate
Slide 48: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FY-25 FY-24 GAAP net income $8,539 $778 Interest (income) expense, net (19) 33 Income tax provision (benefit) 1,124 451 Depreciation expense and amortization of intangible assets 8,352 7,780 Non-GAAP adjustments Stock-based compensati
Slide 49: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions, except per share FY-25 FY-24 GAAP shares used in diluted EPS calculations 1,125 1,118 Adjustment for stock-based compensation 18 16 Non-GAAP shares used in diluted EPS calculations 1,143 1,134 GAAP diluted earnings per share $7.59 $0
Slide 50: FQ1-26 guidance
FQ1-26 guidance Non-GAAP reconciliations GAAP Outlook Adjustments Non-GAAP Outlook Revenue $12.50 billion ± $300 million — $12.50 billion ± $300 million Gross margin 50.5% ± 1.0% 1.0% A 51.5% ± 1.0% Operating expenses $1.49 billion ± $20 million $148 million B $1.34 billion ± $20 million Diluted ear
Slide 51: All rights reserved
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