Micron Technology (MU) FY2025 results: revenue $37.4 billion, up 48.9% on the year

Micron makes memory and storage semiconductors, selling DRAM, NAND and NOR products under the Micron and Crucial brands. It manufactures at wholly-owned facilities and also uses subcontractors for certain processes, running what it calls manufacturing centres of excellence that bring end-to-end manufacturing together in one location; in Singapore and Taiwan that means fabrication and back-end manufacturing on the same site.

In the fourth quarter of 2025 the business units were reorganised into four reportable segments. The Cloud Memory Business Unit covers memory for large hyperscale cloud customers plus high-bandwidth memory for all data centre customers. The Core Data Center Business Unit covers memory for mid-tier cloud, enterprise and OEM data centre customers and storage for all data centre customers. The Mobile and Client Business Unit covers memory and storage for mobile and client. The Automotive and Embedded Business Unit covers automotive, industrial and consumer.

DRAM

DRAM devices retrieve data at high speed but lose their contents when power is turned off, and they go into data centre, client PC, graphics, industrial, mobile and automotive markets. In 2025 Micron began shipping its first 1-gamma production node, the first DRAM node using EUV lithography, though the majority of DRAM bit production in 2025 was on the earlier 1-beta node.

High-bandwidth memory is a 3D stacked DRAM architecture using through-silicon via connections, which the filing says gives higher bandwidth at lower power, suiting AI and high-performance computing. Volume production of 8-high 24GB HBM3E began in 2024, HBM3E 12-high made up the majority of HBM shipments by the fourth quarter of 2025, and samples of HBM4 36GB 12-high went to multiple key customers during 2025.

The other DRAM types are DDR, which transfers data twice per clock cycle and is now in its fifth generation as DDR5; low-power DRAM for mobile and other power-conscious applications, which the filing says is being taken up across mobile, PC, automotive and data centre; and graphics DRAM for graphics cards, gaming consoles and high-performance computing. In 2024 Micron qualified and began shipping a 128GB DDR5 server module built on a monolithic 32GB die, and in 2025 it began volume production of LPDDR5 in a compression attached memory module form factor aimed at easier server manufacturability.

NAND and NOR

NAND devices are non-volatile and re-writeable, giving high capacity at low cost. They go into solid state drives for data centre, client PC, consumer and automotive markets and into removable storage; managed NAND goes into smartphones and other mobile devices and into consumer, automotive and embedded markets; and low-density NAND suits automotive, surveillance, machine-to-machine, automation, printer and home networking. Volume production of Micron G9 NAND, the ninth-generation 3D NAND node, began in 2024, and the majority of NAND bit production in 2025 was on the G8 and G9 nodes. The flash comes as triple-level cell and quad-level cell, differing in storage density, performance and endurance.

Solid state drives combine NAND, a controller and firmware. Managed NAND puts NAND flash with a controller and firmware in one package so the memory handles wear levelling, bad block management and error correction itself, sold as embedded MultiMediaCards and universal flash storage for mobile, automotive and industrial use. Multi-chip packages integrate several memory types, generally low-power DRAM and NAND, into a single package for embedded internet of things, automotive, mobile and industrial devices where space and power matter.

NOR devices are non-volatile and re-writable with fast read speeds, used for code storage such as boot, application and operating system code in an embedded system, and for small data that changes often, mainly in automotive, industrial and consumer applications.

How the products reach the market

Products are sold through the business units in several physical forms: components, modules, solid state drives, managed NAND, multi-chip packages and wafers. The company engages with customers early in the product life-cycle to design features and performance characteristics into the products and to meet the customer's timeline for qualifying a new product.

The filing states the business faces intense competition in semiconductor memory and storage, and that staying competitive means continuously developing new products and technologies and cutting manufacturing costs. It describes success as depending on returns from research and development spending, efficient use of the manufacturing base, integration of advanced product and process technologies, market acceptance of the portfolio, and efficient capital spending.

From Micron Technology's annual report on Form 10-K for the year ended 28 August 2025. The filing

Written from the 10-K filed 3 October 2025: read the full 10-K.