MU
Micron Technology, Inc.232.51
-4.99-2.1%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q1 '26
LTAs detailed; supply shortfalls quantified.
Q&A elaborated on multiyear LTAs with key customers, stressing stronger structures and specific commitments spanning DRAM, NAND, and SSDs across markets—beyond prepared remarks' mentions. Management quantified medium-term shortfalls, fulfilling only 50-67% of select customer demand in a tight environment. CapEx stays disciplined at $20B for FY2026, with intensity easing amid constructive pricing; gross margins should expand gradually beyond Q2's 68%. Analysts questioned conservatism; answers reaffirmed node ramps like 1-gamma and G9 as supply levers. Tight supply persists. Investors will eye LTA signings and HBM4 yields.
Key Stats
Market Cap
261.66BP/E (TTM)
30.67Basic EPS (TTM)
7.58Dividend Yield
0%Recent Filings
8-K
Micron approves officer exculpation
Micron stockholders at the January 15, 2026 annual meeting approved an exculpation amendment to the charter, eliminating officer liability for duty of care breaches; it took effect January 21. All eight director nominees won election handily. Stockholders ratified PwC as auditors but rejected a special meeting rights expansion. Routine governance tune-up.
10-Q
Q1 FY2026 results
Micron crushed Q1 FY2026 ended November 27, 2025, with revenue jumping 57% y/y to $13.6B and 21% q/q (derived), fueled by DRAM up 69% y/y to $10.8B and NAND up 22% y/y to $2.7B; gross margin soared to 56% from 38% y/y while operating income tripled to $6.1B. CMBU led with 39% of revenue and 55% margins, riding AI demand. Cash hit $9.7B, FCF reached $3.0B (derived), after repaying $2.9B debt—long-term debt now $11.2B with $3.5B revolver available. Diluted EPS of $4.60 on 1,138M shares reconciles cleanly. Debt prepays clicked.
8-K
Micron's record Q1 AI surge
8-K
Micron directors to retire
Micron Technology announced on October 21, 2025, that directors Richard M. Beyer and Mary Pat McCarthy will retire at the January 15, 2026, annual shareholders meeting, after serving since 2013 and 2018, respectively. Beyer, with CEO experience at semiconductor firms, chaired the Compensation Committee; McCarthy, a KPMG veteran, led the Audit Committee. Their exits shrink the board to eight members. Yet continuity holds: all remaining directors stand for reelection.
10-K
FY2025 results
Micron's FY2025 revenue surged 49% y/y to $37.4B, powered by DRAM sales jumping 62% on low-40% ASP gains and mid-teens bit growth, fueled by AI demand; NAND rose 18% on high-teens bit shipments despite softer pricing. Cloud Memory (CMBU) exploded 257% to $13.5B, with HBM3E 12-high dominating Q4 shipments amid data center acceleration, while Core Data Center (CDBU) grew 45% on SSD ramps. Q4 momentum shone through margin expansion across units, sequential DRAM supply shifts to high-value AI, and $17.5B operating cash flow funding $15.9B capex. Debt stands at $14.6B after refinancing; $2B government incentives offset spends. Upside sharing kicks in post-ramp. CAC China ban curbs access.
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