On March 20, 2025, Micron Technology, Inc. (Nasdaq: MU) announced its financial results for the second quarter of its fiscal year 2025, which concluded on February 27, 2025. The results highlighted both challenges and opportunities within the semiconductor industry, particularly in the context of Micron's advancements in technology and market demand.

1. Fiscal Q2 2025 Highlights

Micron's performance in the second quarter showcased a revenue figure of $8.05 billion, which marked a decline from $8.71 billion in the previous quarter but represented a substantial increase compared to $5.82 billion during the same period last year. The company reported a GAAP net income of $1.58 billion, equating to $1.41 per diluted share. On a non-GAAP basis, net income was reported at $1.78 billion, or $1.56 per diluted share.

Key Financial Metrics

Revenue: $8,053 million (Q2-25) vs. $8,709 million (Q1-25) vs. $5,824 million (Q2-24)

GAAP Net Income: $1,583 million (Q2-25) vs. $1,870 million (Q1-25) vs. $793 million (Q2-24)

Non-GAAP Net Income: $1,783 million (Q2-25) vs. $2,037 million (Q1-25) vs. $476 million (Q2-24)

Operating Cash Flow: $3.94 billion, up from $3.24 billion in Q1-25 and $1.22 billion in Q2-24.

Sanjay Mehrotra, Chairman, President, and CEO of Micron Technology, noted the company's ability to exceed earnings per share guidance, emphasizing that data center revenue had tripled from the previous year. He stated, “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.”

2. Investment and Cash Flow

Micron reported investments in capital expenditures of $3.09 billion during the quarter, with an adjusted free cash flow of $857 million. The company ended the quarter with a robust cash position, totaling $9.60 billion across cash, marketable investments, and restricted cash.

In a move to reward its shareholders, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, which is set to be paid in cash on April 15, 2025, to shareholders on record as of March 31, 2025.

3. Business Outlook

Looking ahead, Micron provided guidance for its third quarter of fiscal 2025, projecting revenue in the range of $8.80 billion ± $200 million. The company expects a gross margin of 35.5% ± 1.0%, with operating expenses anticipated to be around $1.27 billion ± $15 million. Diluted earnings per share are forecasted to be $1.37 ± $0.10 on a GAAP basis, with non-GAAP earnings expected at $1.57 ± $0.10.

Summary of Q3 Guidance

Metric	Guidance
Revenue	$8.80 billion ± $200 million
Gross Margin	35.5% ± 1.0%
Operating Expenses	$1.27 billion ± $15 million
Diluted Earnings per Share	$1.37 ± $0.10 (GAAP), $1.57 ± $0.10 (Non-GAAP)

4. Investor Engagement

Micron plans to discuss its second quarter results and future guidance during a conference call on March 20, 2025, at 2:30 p.m. Mountain Time. The live webcast of the call will be available on Micron's investor relations website, providing an opportunity for investors to gain deeper insights into the company’s performance and strategies.

As Micron continues to navigate the ever-evolving semiconductor landscape, the company remains focused on innovation and operational excellence, setting the stage for what it anticipates will be a record fiscal year in 2025.

Original press release