EX-99.1 EARNINGS RELEASE Document Exhibit 99.1 FOR IMMEDIATE RELEASE Contacts: Satya Kumar Mark Plungy Investor Relations Media Relations satyakumar@micron.com mplungy@micron.com (408) 450-6199 (408) 203-2910 MICRON TECHNOLOGY, INC. REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 2025 Micron delivers record fiscal Q1 revenue, driven by strong AI demand Data center revenue grew over 40% sequentially and over 400% year over year BOISE, Idaho, December 18, 2024 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2025, which ended November 28, 2024. Fiscal Q1 2025 highlights • Revenue of $8.71 billion versus $7.75 billion for the prior quarter and $4.73 billion for the same period last year • GAAP net income of $1.87 billion, or $1.67 per diluted share • Non-GAAP net income of $2.04 billion, or $1.79 per diluted share • Operating cash flow of $3.24 billion versus $3.41 billion for the prior quarter and $1.40 billion for the same period last year “Micron delivered a record quarter, and our data center revenue surpassed 50% of our total revenue for the first time,” said Sanjay Mehrotra, President and CEO of Micron Technology. “While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year. We continue to gain share in the highest margin and strategically important parts of the market and are exceptionally well positioned to leverage AI-driven growth to create substantial value for all stakeholders.” Quarterly Financial Results (in millions, except per share amounts) GAAP (1) Non-GAAP (2) FQ1-25 FQ4-24 FQ1-24 FQ1-25 FQ4-24 FQ1-24 Revenue $ 8,709 $ 7,750 $ 4,726 $ 8,709 $ 7,750 $ 4,726 Gross margin 3,348 2,737 (35) 3,441 2,826 37 percent of revenue 38.4 % 35.3 % (0.7 %) 39.5 % 36.5 % 0.8 % Operating expenses 1,174 1,215 1,093 1,047 1,081 992 Operating income (loss) 2,174 1,522 (1,128) 2,394 1,745 (955) percent of revenue 25.0 % 19.6 % (23.9 %) 27.5 % 22.5 % (20.2 %) Net income (loss) 1,870 887 (1,234) 2,037 1,342 (1,048) Diluted earnings (loss) per share 1.67 0.79 (1.12) 1.79 1.18 (0.95) Investments in capital expenditures, net (2) were $3.13 billion for the first quarter of 2025 , which resulted i n adjusted free cash flows (2) of $112 million for the first quarter of 2025. Micron ended the quarter with cash, marketable investments, and restricted cash of $8.75 billion. On December 18, 2024, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 15, 2025, to shareholders of record as of the close of business on December 30, 2024. 1 Business Outlook The following table presents Micron’s guidance for the second quarter of 2025: FQ2-25 GAAP (1) Outlook Non-GAAP (2) Outlook Revenue $7.90 billion ± $200 million $7.90 billion ± $200 million Gross margin 37.5% ± 1.0% 38.5% ± 1.0% Operating expenses $1.24 billion ± $15 million $1.10 billion ± $15 million Diluted earnings per share $1.26 ± $0.10 $1.43 ± $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 . Investor Webcast Micron will host a conference call on Wednesday, December 18, 2024 at 2:30 p.m. Mountain Time to discuss its first quarter financial results and provide forward-looking guidance for its second 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. About Micron Technology, Inc. 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 . © 2024 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners. Forward-Looking Statements This press release contains forward-looking statements regarding our industry, our strategic focus, demand for our products, and our financial and operating results, including our guidance for the second 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. 2 MICRON TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) 1st Qtr. 4th Qtr. 1st Qtr. November 28, 2024 August 29, 2024 November 30, 2023 Revenue $ 8,709 $ 7,750 $ 4,726 Cost of goods sold 5,361 5,013 4,761 Gross margin 3,348 2,737 (35) Research and development 888 903 845 Selling, general, and administrative 288 295 263 Other operating (income) expense, net (2) 17 (15) Operating income (loss) 2,174 1,522 (1,128) Interest income 107 131 132 Interest expense (118) (136) (132) Other non-operating income (expense), net (11) (7) (27) 2,152 1,510 (1,155) Income tax (provision) benefit (283) (623) (73) Equity in net income (loss) of equity method investees 1 — (6) Net income (loss) $ 1,870 $ 887 $ (1,234) Earnings (loss) per share Basic $ 1.68 $ 0.80 $ (1.12) Diluted 1.67 0.79 (1.12) Number of shares used in per share calculations Basic 1,111 1,108 1,100 Diluted 1,122 1,125 1,100 3 MICRON TECHNOLOGY, INC. CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) As of November 28, 2024 August 29, 2024 Assets Cash and equivalents $ 6,693 $ 7,041 Short-term investments 895 1,065 Receivables 7,423 6,615 Inventories 8,705 8,875 Other current assets 777 776 Total current assets 24,493 24,372 Long-term marketable investments 1,156 1,046 Property, plant, and equipment 41,476 39,749 Operating lease right-of-use assets 622 645 Intangible assets 419 416 Deferred tax assets 474 520 Goodwill 1,150 1,150 Other noncurrent assets 1,671 1,518 Total assets $ 71,461 $ 69,416 Liabilities and equity Accounts payable and accrued expenses $ 7,126 $ 7,299 Current debt 533 431 Other current liabilities 1,356 1,518 Total current liabilities 9,015 9,248 Long-term debt 13,252 12,966 Noncurrent operating lease liabilities 588 610 Noncurrent unearned government incentives 570 550 Other noncurrent liabilities 1,239 911 Total liabilities 24,664 24,285 Commitments and contingencies Shareholders’ equity Common stock 126 125 Additional capital 12,317 12,115 Retained earnings 42,427 40,877 Treasury stock (7,852) (7,852) Accumulated other comprehensive income (loss) (221) (134) Total equity 46,797 45,131 Total liabilities and equity $ 71,461 $ 69,416 4 MICRON TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three months ended November 28, 2024 November 30, 2023 Cash flows from operating activities Net income (loss) $ 1,870 $ (1,234) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation expense and amortization of intangible assets 2,030 1,915 Stock-based compensation 220 188 Change in operating assets and liabilities: Receivables (817) (501) Inventories 170 111 Accounts payable and accrued expenses (241) 271 Other current liabilities (161) 579 Other 173 72 Net cash provided by operating activities 3,244 1,401 Cash flows from investing activities Expenditures for property, plant, and equipment (3,206) (1,796) Purchases of available-for-sale securities (377) (199) Proceeds from maturities and sales of available-for-sale securities 428 374 Proceeds from government incentives 65 85 Other (58) (22) Net cash provided by (used for) investing activities (3,148) (1,558) Cash flows from financing activities Payments of dividends to shareholders (131) (129) Repayments of debt (84) (53) Payments on equipment purchase contracts — (56) Other (207) (114) Net cash provided by (used for) financing activities (422) (352) Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash (29) (1) Net increase (decrease) in cash, cash equivalents, and restricted cash (355) (510) Cash, cash equivalents, and restricted cash at beginning of period 7,052 8,656 Cash, cash equivalents, and restricted cash at end of period $ 6,697 $ 8,146 5 MICRON TECHNOLOGY, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In millions, except per share amounts) 1st Qtr. 4th Qtr. 1st Qtr. November 28, 2024 August 29, 2024 November 30, 2023 GAAP gross margin $ 3,348 $ 2,737 $ (35) Stock-based compensation 90 85 67 Other 3 4 5 Non-GAAP gross margin $ 3,441 $ 2,826 $ 37 GAAP operating expenses $ 1,174 $ 1,215 $ 1,093 Stock-based compensation (127) (128) (115) Other — (6) 14 Non-GAAP operating expenses $ 1,047 $ 1,081 $ 992 GAAP operating income (loss) $ 2,174 $ 1,522 $ (1,128) Stock-based compensation 217 213 182 Other 3 10 (9) Non-GAAP operating income (loss) $ 2,394 $ 1,745 $ (955) GAAP net income (loss) $ 1,870 $ 887 $ (1,234) Stock-based compensation 217 213 182 Other — 6 (10) Estimated tax effects of above and other tax adjustments (50) 236 14 Non-GAAP net income (loss) $ 2,037 $ 1,342 $ (1,048) GAAP weighted-average common shares outstanding - Diluted 1,122 1,125 1,100 Adjustment for stock-based compensation 16 12 — Non-GAAP weighted-average common shares outstanding - Diluted 1,138 1,137 1,100 GAAP diluted earnings (loss) per share $ 1.67 $ 0.79 $ (1.12) Effects of the above adjustments 0.12 0.39 0.17 Non-GAAP diluted earnings (loss) per share $ 1.79 $ 1.18 $ (0.95) 6 RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued 1st Qtr. 4th Qtr. 1st Qtr. November 28, 2024 August 29, 2024 November 30, 2023 GAAP net cash provided by operating activities $ 3,244 $ 3,405 $ 1,401 Expenditures for property, plant, and equipment (3,206) (3,120) (1,796) Payments on equipment purchase contracts — (22) (56) Proceeds from sales of property, plant, and equipment 9 12 33 Proceeds from government incentives 65 48 85 Investments in capital expenditures, net (3,132) (3,082) (1,734) Adjusted free cash flow $ 112 $ 323 $ (333) The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income (loss), net income (loss), diluted shares, diluted earnings (loss) 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; • Goodwill impairment; 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 (loss). 7 MICRON TECHNOLOGY, INC. RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK FQ2-25 GAAP Outlook Adjustments Non-GAAP Outlook Revenue $7.90 billion ± $200 million — $7.90 billion ± $200 million Gross margin 37.5% ± 1.0% 1.0% A 38.5% ± 1.0% Operating expenses $1.24 billion ± $15 million $140 million B $1.10 billion ± $15 million Diluted earnings per share (1) $1.26 ± $0.10 $0.17 A, B, C $1.43 ± $0.10 Non-GAAP Adjustments (in millions) A Stock-based compensation – cost of goods sold $ 78 B Stock-based compensation – research and development 85 B Stock-based compensation – sales, general, and administrative 55 C Tax effects of the above items and other tax adjustments (24) $ 194 (1) GAAP earnings per share based on approximately 1.12 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. 8

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.