Micron said total revenue for Q2 of fiscal 2025 decreased 8% from the prior quarter, citing decreases in DRAM product sales of 4% and NAND product sales of 17%.

10-QQuarterly reportFiled Mar 21, 2025Period of report Feb 27, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Micron said total revenue for Q2 of fiscal 2025 decreased 8% from the prior quarter, citing decreases in DRAM product sales of 4% and NAND product sales of 17%.
The company said consolidated gross margin for Q2 of fiscal 2025 was 37%, lower than 38% for the prior quarter and higher than 19% for the prior-year quarter. It cited improvement in DRAM margins from an increased mix of HBM and other data center products, which partially offset the decline in NAND margins.
Micron said it entered into direct funding agreements with the U.S. Department of Commerce on December 9, 2024 for up to $6.1 billion in direct funding pursuant to the CHIPS Act for 1 fab in Boise, Idaho and 2 fabs in Clay, New York. The company also said it receives a 25% investment tax credit on qualified investments.
Micron said that for the first 6 months of fiscal 2025, it had expenditures for property, plant, and equipment of $7.26 billion, received government incentives of $1.03 billion, repaid debt of $2.63 billion, and paid dividends of $261 million. The company also said it received proceeds from the issuance of 2029 Term Loan A of $1.68 billion and proceeds from the issuance of 2035 Notes of approximately $1.00 billion.

Key figures

Quarter ended February 27, 2025

Revenue: $8.1B
Operating income: $1.8B
Net income: $1.6B
EPS: $1.41
Gross profit: $3.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

2025 Fiscal Q2 Revenue Down 8% from Prior Quarter

Micron said total revenue for Q2 of fiscal 2025 decreased 8% from the prior quarter, citing decreases in DRAM product sales of 4% and NAND product sales of 17%.

Source · Based on the MD&A text of the filing

Q2 gross margin 37% from 38% in the prior quarter

The company said consolidated gross margin for Q2 of fiscal 2025 was 37%, lower than 38% for the prior quarter and higher than 19% for the prior-year quarter. It cited improvement in DRAM margins from an increased mix of HBM and other data center products, which partially offset the decline in NAND margins.

Source · Based on the MD&A text of the filing

CHIPS Act Direct Funding Up to $6.1 billion

Micron said it entered into direct funding agreements with the U.S. Department of Commerce on December 9, 2024 for up to $6.1 billion in direct funding pursuant to the CHIPS Act for 1 fab in Boise, Idaho and 2 fabs in Clay, New York. The company also said it receives a 25% investment tax credit on qualified investments.

Source · Based on the MD&A text of the filing

Fiscal 2025 6-Month Investment and Financing Cash Flows

Micron said that for the first 6 months of fiscal 2025, it had expenditures for property, plant, and equipment of $7.26 billion, received government incentives of $1.03 billion, repaid debt of $2.63 billion, and paid dividends of $261 million. The company also said it received proceeds from the issuance of 2029 Term Loan A of $1.68 billion and proceeds from the issuance of 2035 Notes of approximately $1.00 billion.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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