Companies /Technology

Micron Technology Inc

NASDAQ: MU Semiconductors
$975.26
▼ $2.15 (−0.22%) today
Markets closed · 5:22pm ET

Q3 2025 Earnings

Reported Jun 25, 2025, 4:03pm ET · SEC source
$1.91
Beat +31.72%
EPS · est. $1.45
$9.3B
Beat +5.05%
Revenue · est. $8.9B
−15.0%
Trailing market
MU vs S&P since report
8 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−9%−6%−3%0Jun 25Jun 26report 4:03pm ETearnings+0.8%−7.8%
−9%−6%−3%0Jun 25Jun 26earnings+0.8%−7.8%
MU −7.8%S&P 500 +0.8%
−9%−6%−3%0Jun 25Jun 26report 4:03pm ETearnings+0.9%−7.8%
−9%−6%−3%0Jun 25Jun 26earnings+0.9%−7.8%
MU −7.8%NASDAQ +0.9%
−8%−4%0+4%Jun 24Jul 3report 4:03pm ETearnings+3.0%−7.9%
−8%−4%0+4%Jun 24Jul 3earnings+3.0%−7.9%
MU −7.9%S&P 500 +3.0%
−8%−4%0Jun 24Jul 3report 4:03pm ETearnings+2.7%−7.9%
−8%−4%0Jun 24Jul 3earnings+2.7%−7.9%
MU −7.9%NASDAQ +2.7%
−0.98%
Day of report
−0.98%
Next session
−2.94%
One week
−11.14%
30 days

S&P 500 over the same 30 days: +3.82%.

Did MU Beat Earnings? Q3 2025 Results

Micron Technology delivered a standout fiscal third quarter, posting non-GAAP earnings of $1.91 per diluted share against a consensus estimate of $1.61, a beat of nearly 19%, while revenue of $9.30 billion topped expectations by roughly 5% and climbed 36.6% year-over-year. The primary engine behind the results was an explosive surge in AI-driven memory demand, with data center revenue more than doubling year-over-year and high-bandwidth memory sales growing nearly 50% sequentially, reflecting Micron's deepening role in supplying chips for AI infrastructure buildouts alongside customers like Nvidia. GAAP gross margin expanded to 37.7% from 26.9% a year ago, and operating cash flow reached $4.61 billion for the quarter. Shares rose nearly 4% in after-hours trading on the results. Looking ahead, management guided fiscal Q4 revenue to approximately $10.70 billion and non-GAAP EPS of $2.50, implying continued sequential acceleration, and said the company remains on track to deliver record full-year revenue with solid profitability and free cash flow in fiscal 2025.

Key Takeaways
  • All-time-high DRAM revenue driving record quarterly results
  • Nearly 50% sequential growth in HBM (High Bandwidth Memory) revenue
  • Data center revenue more than doubled year-over-year to reach a quarterly record
  • Strong sequential growth in consumer-oriented end markets
  • Gross margin expansion to 37.7% GAAP (39.0% non-GAAP) from improved pricing and product mix

“Micron delivered record revenue in fiscal Q3, driven by all-time-high DRAM revenue including nearly 50% sequential growth in HBM revenue. Data center revenue more than doubled year-over-year and reached a quarterly record, and consumer-oriented end markets had strong sequential growth.”

Micron Technology CEO, on the earnings call

Forward Guidance & Outlook

For fiscal Q4 2025, Micron guides revenue of approximately $10.7 billion ± $300 million, representing roughly 15% sequential growth. GAAP gross margin is expected at 41.0% ± 1.0% and non-GAAP gross margin at 42.0% ± 1.0%. GAAP operating expenses are projected at $1.35 billion ± $20 million, and non-GAAP operating expenses at $1.20 billion ± $20 million. GAAP diluted EPS is guided at $2.29 ± $0.15 and non-GAAP diluted EPS at $2.50 ± $0.15. Management stated the company is on track to deliver record revenue with solid profitability and free cash flow for the full fiscal year 2025.

MU YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$3.0B$6.0B$9.0B$6.8B$9.3BRevenue$1.8B$3.5BGross Profit$719.0M$2.2BOperating Income$332.0M$1.9BNet Income
$0$3.0B$6.0B$9.0BRevenueGross ProfitOperating IncomeNet Income

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.