Micron Technology, Inc. is a leader in innovative memory and storage solutions, offering a portfolio of high-performance DRAM, NAND, and NOR memory and storage products through its Micron® and Crucial® brands. The company operates through four main business units, focusing on different market segments, including data centers, mobile devices, automotive, and consumer markets . Micron emphasizes technology leadership and operational excellence to maintain its competitive edge in the semiconductor memory and storage markets .
- Compute and Networking Business Unit (CNBU) - Develops memory products for data centers, PCs, graphics, and networking markets.
- Mobile Business Unit (MBU) - Provides memory solutions for the smartphone and mobile-device markets.
- Embedded Business Unit (EBU) - Targets the automotive, industrial, and consumer embedded markets with specialized memory products.
- Storage Business Unit (SBU) - Offers SSDs and storage solutions for data centers, PCs, and consumer markets.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Sanjay Mehrotra ExecutiveBoard | President, Chief Executive Officer, and Director | Board Member at CDW Corporation | Over 40 years of experience in the semiconductor memory industry; co-founded and led SanDisk Corporation as CEO until its sale in 2016. | View Report → |
April S. Arnzen Executive | Executive Vice President and Chief People Officer | None | Joined Micron in 1996; promoted to EVP in 2023; oversees global human resources strategy; holds a BS in HR Management and Marketing from the University of Idaho. | |
Manish Bhatia Executive | Executive Vice President, Global Operations | None | Joined Micron in 2017; oversees manufacturing, supply chain, and IT; previously EVP at Western Digital and SanDisk. | |
Mark J. Murphy Executive | Executive Vice President and Chief Financial Officer | Board Member at Albany International Corp. | Joined Micron in 2022; previously CFO at Qorvo, Inc. and Delphi Automotive PLC; U.S. Marine Corps veteran with an MBA from Harvard. | |
Michael Ray Executive | Senior Vice President, Chief Legal Officer, and Corporate Secretary | None | Joined Micron in 2024; previously held leadership roles at Western Digital Corporation, including Chief Legal Officer. | |
Michael W. Bokan Executive | Senior Vice President, Worldwide Sales | None | Joined Micron in 1996; named SVP in 2018; leads global sales strategy; holds a BS in Business Administration from Colorado State University. | |
Scott J. DeBoer Executive | Executive Vice President, Technology & Products | None | Joined Micron in 1995; leads technology and product development; holds a PhD in Electrical Engineering and an MS in Physics from Iowa State University. | |
Scott R. Allen Executive | Corporate Vice President and Chief Accounting Officer | None | Joined Micron in 2020; previously held executive roles at NetApp, Inc.; holds a BBA in Accounting from Siena College. | |
Sumit Sadana Executive | Executive Vice President and Chief Business Officer | Lead Independent Director at Silicon Laboratories, Inc. | Over 30 years of technology industry experience; oversees Micron's business units, strategy, and corporate development; has led $40 billion in M&A deals. | |
Linnie M. Haynesworth Board | Director | Board Member at Truist Financial, ADP, and Eastman Chemical; Member of the Defense Business Board | Joined Micron's board in 2021; extensive experience in cybersecurity and technology integration; former executive at Northrop Grumman. | |
Lynn Dugle Board | Lead Independent Director (effective January 2025) | Board Member at EOG Resources, KBR, and TE Connectivity Ltd. | Joined Micron's board in 2020; extensive experience in defense and technology industries; previously CEO of Engility Holdings and executive at Raytheon. | |
Mary Pat McCarthy Board | Director | Board Member at Palo Alto Networks, Inc. | Joined Micron's board in 2018; former Vice Chair of KPMG LLP; brings deep expertise in financial and accounting matters; Chair of Micron's Audit Committee. | |
MaryAnn Wright Board | Director | Board Member at Group 1 Automotive, Brunswick Corporation, and Solid Power | Joined Micron's board in 2019; extensive experience in automotive and energy storage industries; previously held leadership roles at Johnson Controls and Ford Motor Company. | |
Richard M. Beyer Board | Director | None | Joined Micron's board in 2013; extensive expertise in technology, corporate strategy, and financial management; former CEO of Freescale Semiconductor. | |
Robert E. Switz Board | Chair of the Board of Directors (retiring January 2025) | Board Member at Marvell Technology Group Ltd. | Joined Micron's board in 2006; Chair since 2012; instrumental in recruiting CEO Sanjay Mehrotra; retiring after the January 2025 shareholders meeting. | |
Robert Swan Board | Director | Operating Partner at Andreessen Horowitz; Board Member at Nike, Flexport, and GoTo Group | Joined Micron's board in 2024; former CEO of Intel Corporation; extensive experience in finance and leadership roles across multiple industries. | |
Steven J. Gomo Board | Director | Board Member at Nutanix, Inc. and Enphase Energy, Inc. | Joined Micron's board in 2018; former CFO of NetApp; brings expertise in finance, accounting, and technology. |
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With your OpEx increasing by 15% and a higher mix of HBM in your capacity, what is your confidence level in operating margin expansion throughout fiscal '25, and how are you managing the risks associated with higher costs?
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As you transition to 12-high HBM stacks and anticipate a higher trade ratio, how do you plan to address the potential increase in production costs and maintain competitiveness in the market?
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Given the increased supply from China in lower-end DRAM and NAND products, how does this impact your strategy to focus on higher-profit segments, and what measures are you taking to mitigate any potential disruptions?
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Can you provide more transparency on the percentage of your DRAM bit shipments that are still DDR4, and how quickly do you expect to reduce your exposure to lagging-edge products amid concerns about excess supply?
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With your reliance on yield improvements for the aggressive ramp of HBM products, what contingencies are in place if yields do not improve as expected, and how might this affect your ability to meet growing AI customer demand?
Research analysts who have asked questions during MICRON TECHNOLOGY earnings calls.
Timothy Arcuri
UBS
6 questions for MU
Vijay Rakesh
Mizuho
5 questions for MU
Aaron Rakers
Wells Fargo
3 questions for MU
Brian Chin
Stifel Financial Corp.
3 questions for MU
CJ Muse
Cantor Fitzgerald
3 questions for MU
Harlan Sur
JPMorgan Chase & Co.
3 questions for MU
Joseph Moore
Morgan Stanley
3 questions for MU
Karl Ackerman
BNP Paribas
3 questions for MU
Krish Sankar
TD Cowen
3 questions for MU
Vivek Arya
Bank of America Corporation
3 questions for MU
Chris Caso
Wolfe Research LLC
2 questions for MU
Chris Daintley
Citigroup Inc.
2 questions for MU
Christopher Muse
Cantor Fitzgerald
2 questions for MU
Sreekrishnan Sankarnarayanan
Wolfe Research, LLC
2 questions for MU
Thomas O’Malley
Barclays Capital
2 questions for MU
Chris Danely
Citi
1 question for MU
Christopher Caso
Wolfe Research
1 question for MU
Christopher Danely
Citigroup Inc.
1 question for MU
Mehdi Hosseini
Susquehanna Financial Group
1 question for MU
Srinivas Pajjuri
Raymond James & Associates, Inc.
1 question for MU
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Kioxia Holdings Corporation | We face intense competition in the semiconductor memory and storage markets from a number of companies, including this company. Our competitors may use aggressive pricing to obtain market share. Some of our competitors are large corporations or conglomerates that may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete. |
Samsung Electronics Co., Ltd. | We face intense competition in the semiconductor memory and storage markets from a number of companies, including this company. Our competitors may use aggressive pricing to obtain market share. Some of our competitors are large corporations or conglomerates that may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete. |
SK hynix Inc. | We face intense competition in the semiconductor memory and storage markets from a number of companies, including this company. Our competitors may use aggressive pricing to obtain market share. Some of our competitors are large corporations or conglomerates that may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete. |
We face intense competition in the semiconductor memory and storage markets from a number of companies, including this company. Our competitors may use aggressive pricing to obtain market share. Some of our competitors are large corporations or conglomerates that may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete. | |
Yangtze Memory Technologies Co., Ltd. (YMTC) | We face the threat of increasing competition as a result of significant investment in the semiconductor industry by the Chinese government and various state-owned or affiliated entities, in companies such as this company. |
ChangXin Memory Technologies, Inc. (CXMT) | We face the threat of increasing competition as a result of significant investment in the semiconductor industry by the Chinese government and various state-owned or affiliated entities, in companies such as this company. |
Recent press releases and 8-K filings for MU.
- Micron is halting sales of server memory chips to mainland China data centers after a 2023 ban on its critical-infrastructure products by Chinese authorities.
- The ban impacted Micron’s China business, which generated $3.4 billion (12%) of its total revenue in the last fiscal year.
- Micron will continue supplying selected Chinese clients operating data centers outside China (e.g., Lenovo) and maintain sales to automotive and smartphone sectors within mainland China.
- Despite the halt in server chip sales, Micron is expanding its chip packaging facility in Xi’an, China, reflecting ongoing investment in the region.
- Rivals Samsung, SK Hynix, and domestic producers YMTC and CXMT have gained market share in China with government support following Micron’s withdrawal.
- SES AI will unveil Molecular Universe 1.0 (MU-1), its complete AI-driven battery material discovery platform, on October 20, 2025, promising to reduce discovery timelines from years to tens of minutes.
- The company has expanded its Enterprise subscription into three sub-tiers to meet strong customer demand and convert trial users into paying subscribers, with initial revenue already generated from two Joint Development customers this year.
- MU-1 introduces two new capabilities—Formulate for high-dimension formulation property prediction and Predict for cell performance forecasting—complementing existing Map, Ask and Search features.
- SES AI aims to leverage the enhanced platform and subscription model to accelerate go-to-market efforts in the battery industry and adjacent molecule-dependent sectors such as specialty chemicals and oil and gas.
- Q4 gross margin exceeded 50%, with operating margin at its highest level since November 2018; management expects further improvement in Q1 driven by continued tight DRAM and improving NAND market conditions.
- Net capital expenditure is guided to ~$18 billion in fiscal 2026 (up from $13.8 billion in fiscal 2025), with the vast majority allocated to DRAM construction and equipment.
- The DRAM market remains tight and is expected to tighten further in 2026, while NAND conditions are improving, supported by hyperscaler demand for data center SSDs.
- One-gamma DRAM and HBM4 ramps are progressing well, with one-gamma driving most of fiscal 2026 bit growth and HBM4 expected to sell out supply due to performance leadership.
- Micron is exiting managed NAND for smartphones to focus on data center SSDs and has introduced high-capacity SSDs (up to 245 TB) to meet AI server needs.
- Micron delivered FQ4 revenue of $11.32 billion (+22% Q/Q; +46% Y/Y), gross margin of 45.7%, and non-GAAP EPS of $3.03, all above guidance.
- Fiscal 2025 revenue grew nearly 50% to a record $37.4 billion, with gross margin expanding by 17 pp to 41%.
- Data center business reached 56% of total revenue with 52% gross margin; HBM revenue in Q4 grew to ~$2 billion, implying an ~$8 billion run rate.
- Fiscal Q1 2026 guidance: revenue $12.5 billion ± $0.3 billion, gross margin 51.5% ±1.0%, EPS $3.75 ± $0.15; capex expected ~$4.5 billion.
- Returned no capital via buybacks in Q4; declared $0.115 dividend per share; ended with $15.4 billion liquidity.
- Micron delivered Q4 revenue of $11.32 billion, up 22% Q/Q and 46% Y/Y, driving FY 2025 revenue of $37.38 billion (+49% Y/Y).
- Profitability improved with Q4 non-GAAP gross margin of 45.7%, net income of $3.47 billion, and EPS of $3.03; FY 2025 gross margin expanded to 41% and EPS to $8.29.
- By technology, DRAM revenue reached $8.98 billion (79% of Q4) (+27% Q/Q) and NAND revenue was $2.25 billion (20% of Q4) (+5% Q/Q).
- For FQ1 2026, Micron guides revenue of $12.5 billion ± $0.3 billion, gross margin of 51.5% ± 1.0%, and EPS of $3.75 ± $0.15.
- Full-year FY2025 revenue of $37.4 billion (up 49% YoY), gross margin of 41% (up 17 pp YoY), and EPS of $8.29 (up 538% YoY).
- Q4 FY2025 revenue of $11.3 billion (up 46% YoY); DRAM revenue $9.0 billion (79% of total) and NAND revenue $2.3 billion (20%). Major BU revenues: Cloud Memory $4.5 billion, Core Data Center $1.6 billion, Mobile Client $3.8 billion, Automotive & Embedded $1.4 billion.
- Q4 operating cash flow $5.7 billion; capex $4.9 billion; free cash flow $803 million. FY2025 free cash flow $3.7 billion (10% of revenue); ending cash & investments $11.9 billion; total debt $14.6 billion.
- Q1 FY2026 guidance: revenue $12.5 billion ± $0.3 billion; gross margin 51.5% ± 100 bps; OPEX ~$1.34 billion; EPS $3.75 ± $0.15.
- HBM4 ramp to start in Q2 FY2026 with speeds >11 Gbps; industry HBM TAM seen reaching $100 billion by 2030.
- Q4 FY2025 revenue of $11.32 B, up 22% sequentially and 46% year-over-year.
- GAAP net income of $3.20 B ($2.83/diluted share) and Non-GAAP net income of $3.47 B ($3.03/diluted share) in Q4.
- Operating cash flow of $5.73 B in Q4, contributing to a record $17.53 B in FY2025 operating cash flow.
- FY2025 highlights: $37.38 B revenue, $8.54 B GAAP net income, and $17.53 B operating cash flow, all all-time highs.
- Q1 FY2026 guidance: revenue of $12.5 B ± $0.3 B, gross margin 50.5% ± 1%, GAAP EPS $3.56 ± $0.15 (Non-GAAP EPS $3.75 ± $0.15).
- Micron beat expectations in fiscal Q4 2025, with revenues and earnings significantly exceeding analyst forecasts due to strong demand for High Bandwidth Memory (HBM) and rising DRAM prices.
- The company plans to aggressively ramp up HBM production, targeting full capacity well into 2026, reflecting confidence in sustained AI-driven memory demand.
- Shares have surged nearly 40% in September, but technical indicators like the RSI suggest the stock is overbought and may face near-term volatility.
- Guidance remains bullish through 2026, positioning Micron as a key AI infrastructure supplier supporting Nvidia’s next-generation platforms.
- Despite strong momentum, planned capital expenditures of $14 billion in 2025 and further spending in 2026 could pressure profit margins amid the commodity memory cycle.
- CLSA initiates Micron with an Outperform rating and $155 price target, citing its role in the AI memory wave
- Micron’s high-bandwidth memory products are positioned as critical for AI compute due to their efficient, low-power performance
- The stock trades at 9.5× forward P/E after 200% earnings growth last year
- Shares are up ~40% YTD, reflecting volatility with swings from just over $60 to $118, and potential to exceed $150 with proper position sizing
- Micron updated its fiscal Q4 guidance, raising revenue midpoint to $11.2 billion (from $10.7 billion), gross margin to 44.5%, and non-GAAP EPS to $2.85.
- Upside driven by pricing strength across AI/data center, PC, and mobile end markets, while shipment volumes remained in line with prior guidance.
- Robust AI/data center demand supported by > $400 billion in 2025 hyperscaler CapEx and a supply squeeze from a 3:1 HBM-to-DDR5 wafer ratio, sustaining higher pricing.
- Advanced HBM roadmap: HBM3E 12-high volume now exceeds 8-high, HBM4 samples delivered (on mature 1β node), and confidence in sell-out of CY26 supply; HBM4E customization promises premium pricing and higher ROI, underpinned by $200 billion U.S. R&D and manufacturing commitment.