Micron Technology — Mar 20, 2025 release

“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.” Quarterly Financial Results (in millions, except per share amounts) GAAP (1) Non-GAAP (2) FQ2-25 FQ1-25 FQ2-24 FQ2-25 FQ1-25 FQ2-24 Revenue $ 8,053  $ 8,709  $ 5,824  $ 8,053  $ 8,709  $ 5,824  Gross margin 2,963  3,348  1,079  3,053  3,441  1,163  percent of revenue 36.8  % 38.4  % 18.5  % 37.9  % 39.5  % 20.0  % Operating expenses 1,190  1,174  888  1,046  1,047  959  Operating income 1,773  2,174  191  2,007  2,394  204  percent of revenue 22.0  % 25.0  % 3.3  % 24.9  % 27.5  % 3.5  % Net income 1,583  1,870  793  1,783  2,037  476  Diluted earnings per share 1.41  1.67  0.71  1.56  1.79  0.42  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. 1 Business Outlook The following table presents Micron’s guidance for the third quarter of 2025: FQ3-25 GAAP (1) Outlook Non-GA