Micron's earnings call highlighted strong performance across key areas such as record revenue, data center growth, and strategic investments, outweighing concerns related to NAND challenges and potential tariff impacts.

Company Guidance

During Micron's Fiscal Third Quarter 2025 Financial Call, the company reported record revenue of $9.3 billion, surpassing guidance expectations with a 15% sequential increase and a 37% year-over-year rise. The company's DRAM revenue reached $7.1 billion, a 51% increase year-over-year, driven by a 50% sequential growth in HBM revenue. Micron's data center revenue more than doubled year-over-year, while the company achieved a new quarterly record for market share in data center and client SSDs. For Fiscal Q4, Micron projects a 15% sequential revenue growth to a record $10.7 billion. The company is investing approximately $200 billion in U.S. manufacturing and R&D over the next 20-plus years, with plans to expand facilities in Idaho and Virginia. Micron's gross margin improved to 39%, with an EPS of $1.91, and it generated over $1.9 billion in free cash flow. Looking ahead, Micron anticipates strong demand and continued growth, particularly in AI-driven markets, with expectations to exit Fiscal 2025 with tight DRAM inventories and significantly reduced NAND inventories.

Record Revenue Achievement

Micron delivered record revenue in fiscal Q3 2025, with revenue, gross margin, and EPS all exceeding the high end of guidance ranges. Total fiscal Q3 revenue was $9.3 billion, up 15% sequentially and 37% year-over-year, marking a quarterly revenue record for Micron.

Data Center Revenue Surge

Data center revenue more than doubled year-over-year and reached a record level. In fiscal Q3, data center DRAM revenue reached a new record for the fourth consecutive quarter.

Strong HBM Performance

Micron's HBM revenue saw nearly 50% sequential growth. The company is executing well on its HBM ramp and has already begun shipping HBM in high volume to customers.

Strategic Investments and Expansions

Micron announced plans to invest approximately $200 billion in the U.S., including $150 billion in manufacturing and $50 billion in R&D over the next 20-plus years, with support from the Trump administration.

Strong Mobile and Embedded Growth

Mobile Business Unit revenue was $1.6 billion, up 45% sequentially, driven by reduced customer inventories and strong demand. Embedded Business Unit revenue was $1.2 billion, up 20% sequentially.

Free Cash Flow and Financial Health

Micron generated substantial free cash flow of over $1.9 billion, the highest quarterly amount in over 6 years. The company held a record $12.2 billion of cash and investments at quarter end.

Micron (MU) Earnings, Revenues Date & History

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MU Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 23, 2025	2025 (Q4)	2.76 / -	1.18	―	―	―
Jun 25, 2025	2025 (Q3)	1.60 / 1.91	0.62	208.06% (+1.29)
Mar 20, 2025	2025 (Q2)	1.43 / 1.56	0.42	271.43% (+1.14)
Dec 18, 2024	2025 (Q1)	1.76 / 1.79	-0.95	288.42% (+2.74)
Sep 25, 2024	2024 (Q4)	1.12 / 1.18	-1.07	210.28% (+2.25)
Jun 26, 2024	2024 (Q3)	0.48 / 0.62	-1.43	143.36% (+2.05)	―
Mar 20, 2024	2024 (Q2)	-0.25 / 0.42	-1.91	121.99% (+2.33)
Dec 20, 2023	2024 (Q1)	-1.00 / -0.95	-0.04	-2275.00% (-0.91)	―
Sep 27, 2023	2023 (Q4)	-1.14 / -1.07	1.45	-173.79% (-2.52)	―
Jun 28, 2023	2023 (Q3)	-1.61 / -1.43	2.59	-155.21% (-4.02)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MU Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 25, 2025	$127.13	$125.88	-0.98%
Mar 20, 2025	$102.77	$94.51	-8.04%
Dec 18, 2024	$103.53	$86.78	-16.18%
Sep 25, 2024	$95.32	$109.37	+14.74%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.