Companies /Technology

Micron Technology Inc

NASDAQ: MU Semiconductors
$975.26
▼ $2.15 (−0.22%) today
Markets closed · 11:51am ET

Q2 2025 Earnings

Reported Mar 20, 2025, 4:00pm ET · SEC source
$1.56
Beat +21.88%
EPS · est. $1.28
$8.1B
Beat +1.97%
Revenue · est. $7.9B
−17.9%
Trailing market
MU vs S&P since report
8 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−10%−5%0Mar 20Mar 21report 4:00pm ETearnings−0.2%−12.9%
−10%−5%0Mar 20Mar 21earnings−0.2%−12.9%
MU −12.9%S&P 500 −0.2%
−10%−5%0Mar 20Mar 21report 4:00pm ETearnings+0.4%−12.9%
−10%−5%0Mar 20Mar 21earnings+0.4%−12.9%
MU −12.9%NASDAQ +0.4%
−18%−12%−6%0Mar 19Mar 28report 4:00pm ETearnings−2.1%−18.1%
−18%−12%−6%0Mar 19Mar 28earnings−2.1%−18.1%
MU −18.1%S&P 500 −2.1%
−14%−7%0Mar 19Mar 28report 4:00pm ETearnings−2.6%−18.1%
−14%−7%0Mar 19Mar 28earnings−2.6%−18.1%
MU −18.1%NASDAQ −2.6%
−8.04%
Day of report
+2.34%
Next session
−6.63%
One week
−23.00%
30 days

S&P 500 over the same 30 days: −5.06%.

Did MU Beat Earnings? Q2 2025 Results

Micron Technology posted a strong fiscal second quarter, with non-GAAP earnings of $1.56 per share beating the $1.42 consensus estimate by 9.49% and revenue of $8.05 billion edging past the $7.90 billion forecast by nearly 2%, as surging AI-driven demand for High Bandwidth Memory provided the clearest explanation for the outperformance. HBM revenue crossed $1.00 billion in the quarter while data center DRAM reached a record level, helping lift year-over-year revenue by roughly 38% from $5.82 billion despite a sequential dip from Q1's $8.71 billion as consumer memory markets softened. GAAP gross margin of 36.8% more than doubled from 18.5% a year ago, reflecting improved pricing power rooted in AI infrastructure spending, though a conservative margin outlook for the coming quarter weighed on the stock. Looking ahead, Micron guided fiscal Q3 revenue of $8.80 billion, plus or minus $200 million, with non-GAAP EPS of $1.57, plus or minus $0.10, as the company cited HBM chips already sold out through calendar 2025 and anticipated record annual revenue for the full fiscal year.

Key Takeaways
  • Data center revenue tripled year-over-year
  • Record data center DRAM revenue driven by robust AI demand
  • HBM revenue exceeded $1 billion in the quarter
  • Strong operating cash flow of $3.94 billion, up significantly year-over-year

“Micron delivered fiscal Q2 EPS above guidance and data center revenue tripled from a year ago. 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.”

Micron Technology CEO, on the earnings call

Forward Guidance & Outlook

For fiscal Q3 2025, Micron guided revenue of $8.80 billion ± $200 million, which would represent a record quarter. GAAP gross margin is expected at 35.5% ± 1.0% and non-GAAP gross margin at 36.5% ± 1.0%. GAAP diluted EPS is guided at $1.37 ± $0.10, while non-GAAP diluted EPS is expected at $1.57 ± $0.10. The company expects DRAM and NAND demand growth in both data center and consumer-oriented markets and is on track for record revenue and significantly improved profitability in fiscal 2025.

MU YoY Financials

Revenue$8.1B
Gross Profit$3.0B
Operating Income$1.8B
Net Income$1.6B

MU Revenue by Segment

Cloud Memory
Core Data Center
Mobile and Client
Automotive and Embedded

Figures from SEC filings and company reports. Not investment advice.