Contacts:			Satya Kumar			Mark Plungy
			Investor Relations			Media Relations
			satyakumar@micron.com			mplungy@micron.com
			(408) 450-6199			(408) 203-2910

Strong execution and robust AI demand drives record data center DRAM revenue

BOISE, Idaho, March 20, 2025 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2025, which ended February 27, 2025.

•Revenue of $8.05 billion versus $8.71 billion for the prior quarter and $5.82 billion for the same period last year

•GAAP net income of $1.58 billion, or $1.41 per diluted share

•Non-GAAP net income of $1.78 billion, or $1.56 per diluted share

•Operating cash flow of $3.94 billion versus $3.24 billion for the prior quarter and $1.22 billion for the same period last year

“Micron delivered fiscal Q2 EPS above guidance and data center revenue tripled from a year ago,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “We are extending our technology leadership with the launch of our 1-gamma DRAM node. We expect record quarterly revenue in fiscal Q3, with DRAM and NAND demand growth in both data center and consumer-oriented markets, and we are on track for record revenue and significantly improved profitability in fiscal 2025.”

For the second quarter of 2025, investments in capital expenditures, net(2) were $3.09 billion and adjusted free cash flow(2) was $857 million. Micron ended the quarter with cash, marketable investments, and restricted cash of $9.60 billion. On March 20, 2025, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on April 15, 2025, to shareholders of record as of the close of business on March 31, 2025.

The following table presents Micron’s guidance for the third quarter of 2025:

FQ3-25			GAAP(1) Outlook						Non-GAAP(2) Outlook
Revenue			$8.80 billion ± $200 million						$8.80 billion ± $200 million
Gross margin			35.5% ± 1.0%						36.5% ± 1.0%
Operating expenses			$1.27 billion ± $15 million						$1.13 billion ± $15 million
Diluted earnings per share			$1.37 ± $0.10						$1.57 ± $0.10

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Micron will host a conference call on Thursday, March 20, 2025 at 2:30 p.m. Mountain Time to discuss its second quarter financial results and provide forward-looking guidance for its third quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow us on X @MicronTech.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, manufacturing, and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

This press release contains forward-looking statements regarding our technologies, demand for our products, our industry and our financial and operating results, including our guidance for the third quarter of 2025. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and our upcoming Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

(1)GAAP represents U.S. Generally Accepted Accounting Principles.

(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.

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			2nd Qtr.			1st Qtr.			2nd Qtr.
			February 27, 2025			November 28, 2024			February 29, 2024
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)
Patent cross-license agreement gain			—			—			200
Non-GAAP operating expenses			$	1,046		$	1,047		$	959
GAAP operating income			$	1,773		$	2,174		$	191
Stock-based compensation			233			217			209
Patent cross-license agreement gain			—			—			(200)
Other			1			3			4
Non-GAAP operating income			$	2,007		$	2,394		$	204
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 net income			$	1,783		$	2,037		$	476
GAAP weighted-average common shares outstanding - Diluted			1,123			1,122			1,114
Adjustment for stock-based compensation			20			16			20
Non-GAAP weighted-average common shares outstanding - Diluted			1,143			1,138			1,134
GAAP diluted earnings per share			$	1.41		$	1.67		$	0.71
Effects of the above adjustments			0.15			0.12			(0.29)
Non-GAAP diluted earnings per share			$	1.56		$	1.79		$	0.42

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings:

•Stock-based compensation;

•Gains and losses from settlements;

•Restructure and asset impairments; and

•The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax provision relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.

(1)GAAP earnings per share based on approximately 1.13 billion diluted shares and non-GAAP earnings per share based on approximately 1.14 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.