Micron Technology Files Q1 2025 10-Q Report

TL;DR

Micron's Q1 2025 10-Q is in. Check financials.

AI Summary

Micron Technology Inc. filed its 10-Q for the period ending November 28, 2024. The filing covers financial information for the first quarter of fiscal year 2025. Key financial data and business operations for this period are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational updates for Micron Technology, a key player in the semiconductor industry.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• MICRON TECHNOLOGY INC (company) — Filer
• 20241128 (date) — Period of Report
• 20241219 (date) — Filed as of Date
• BOISE (location) — Business Address City

FAQ

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share MU Nasdaq Global Select Marke
• $2.5 billion — ue April 2032 Revolving Credit Facility $2.5 billion Revolving Credit Facility due May 2026

Filing Documents

• mu-20241128.htm (10-Q) — 1209KB
• ex311-ceocertq1x25.htm (EX-31.1) — 10KB
• ex312-cfocertq1x25.htm (EX-31.2) — 10KB
• ex321-906ceocertq1x25.htm (EX-32.1) — 4KB
• ex322-906cfocertq1x25.htm (EX-32.2) — 4KB
• mu-20241128_g1.jpg (GRAPHIC) — 13KB
• 0000723125-24-000047.txt ( ) — 7819KB
• mu-20241128.xsd (EX-101.SCH) — 49KB
• mu-20241128_cal.xml (EX-101.CAL) — 80KB
• mu-20241128_def.xml (EX-101.DEF) — 254KB
• mu-20241128_lab.xml (EX-101.LAB) — 751KB
• mu-20241128_pre.xml (EX-101.PRE) — 491KB
• mu-20241128_htm.xml (XML) — 1130KB

. Financial Information

PART I . Financial Information Item 1.

Financial Statements

Financial Statements: 5 Consolidated Statements of Operations 5 Consolidated Statements of Comprehensive Income (Loss) 6 Consolidated Balance Sheets 7 Consolidated Statements of Changes in Equity 8 Consolidated Statements of Cash Flows 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Results of Operations 28 Liquidity and Capital Resources 31 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

Other Information

PART II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 5. Other Information 56 Item 6. Exhibits 58

Signatures

Signatures 59 2 Table of Contents Definitions of Commonly Used Terms As used herein, "we," "our," "us," and similar terms include Micron Technology, Inc. and its consolidated subsidiaries, unless the context indicates otherwise. All period references are to our fiscal periods unless otherwise indicated. Abbreviations, terms, or acronyms are commonly used or found in multiple locations throughout this report and include the following: Term Definition Term Definition 2026 Term Loan A Senior Term Loan A due November 2026 2041 Notes 3.366% Senior Notes due November 2041 2027 Term Loan A Senior Term Loan A due November 2027 2051 Notes 3.477% Senior Notes due November 2051 2026 Notes 4.975% Senior Notes due February 2026 AI Artificial intelligence 2027 Notes 4.185% Senior Notes due February 2027 CAC China's Cyberspace Administration 2028 Notes 5.375% Senior Notes due April 2028 CHIPS Act U.S. CHIPS and Science Act of 2022 2029 A Notes 5.327% Senior Notes due February 2029 DDR Double data rate DRAM 2029 B Notes 6.750% Senior Notes due November 2029 EUV Extreme ultraviolet lithography 2030 Notes 4.663% Senior Notes due February 2030 HBM High-bandwidth memory 2031 Notes 5.300% Senior Notes due January 2031 Micron Micron Technology, Inc. (Parent Company) 2032 Green Bonds 2.703% Senior Notes due April 2032 Revolving Credit Facility $2.5 billion Revolving Credit Facility due May 2026 2033 A Notes 5.875% Senior Notes due February 2033 SOFR Secured Overnight Financing Rate 2033 B Notes 5.875% Senior Notes due September 2033 SSD Solid state drive We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all . With a relentless focus on our customers, technology leadership, manufacturing, and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron and Crucial brands. Every day, the innovatio

Forward-Looking Statements

Forward-Looking Statements This Form 10-Q contains trend information and other forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements may be identified by words such as "anticipate," "expect," "intend," "pledge," "committed," "plan," "opportunities," "future," "believe," "target," "on track," "estimate," "continue," "likely," "may," "will," "would," "should," "could," and variations of such words and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Specific forward-looking statements include, but are not limited to, statements such as those made regarding expected production ramp of certain products; plans to invest in research and development, including the plans to implement EUV lithography; anticipated technological developments; potential change in our effective tax rate; the timing for construction and ramping of production for our facilities, including new memory manufacturing fabs in the United States; receipt, timing, and utilization of government incentives; the payment of future cash dividends; market conditions and profitability in our industry; future demand for our products; DRAM bit shipments in future periods; actions to align our NAND supply with industry demand trends; the impact of the Cyberspace Administration of China decision; capital spending in 2025; the potential impact of business, economic, political, legal and regulatory developments upon our global operations; and the sufficiency of our cash and investments. Our actual results could differ materially from our historical results and those discussed in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, those identified in "Part II. Other Information – Item 1A. Risk Factors." 4 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Micron Technology, Inc. Consolidated Statements of Operations (In millions, except per share amounts) (Unaudited) Three months ended November 28, 2024 November 30, 2023 Revenue $ 8,709 $ 4,726 Cost of goods sold 5,361 4,761 Gross margin 3,348 ( 35 ) Research and development 888 845 Selling, general, and administrative 288 263 Other operating (income) expense, net ( 2 ) ( 15 ) Operating income (loss) 2,174 ( 1,128 ) Interest income 107 132 Interest expense ( 118 ) ( 132 ) Other non-operating income (expense), net ( 11 ) ( 27 ) 2,152 ( 1,155 ) Income tax (provision) benefit ( 283 ) ( 73 ) Equity in net income (loss) of equity method investees 1 ( 6 ) Net income (loss) $ 1,870 $ ( 1,234 ) Earnings (loss) per share Basic $ 1.68 $ ( 1.12 ) Diluted 1.67 ( 1.12 ) Number of shares used in per share calculations Basic 1,111 1,100 Diluted 1,122 1,100 See accompanying notes to consolidated financial statements. 5 | 2025 Q1 10-Q Table of Contents Micron Technology, Inc. Consolidated Statements of Comprehensive Income (Loss) (In millions) (Unaudited) Three months ended November 28, 2024 November 30, 2023 Net income (loss) $ 1,870 $ ( 1,234 ) Other comprehensive income (loss), net of tax Gains (losses) on derivative instruments ( 85 ) 44 Unrealized gains (losses) on investments ( 2 ) 7 Pension liability adjustments — 2 Foreign currency translation adjustments — ( 1 ) Other comprehensive income (loss) ( 87 ) 52 Total comprehensive income (loss) $ 1,783 $ ( 1,182 ) See accompanying notes to consolidated financial statements. 6 Table of Contents Micron Technology, Inc. Consolidated Balance Sheets (In millions, except par value amounts) (Unaudited) As of November 28, 2024 August 29, 2024 Assets Cash and equivalents $ 6,693 $ 7,041 Short-term investments 895 1,065 Receivables 7,423 6,615 Inventories 8,705 8,875 Other current assets 777 776 Total current assets 24,493 24,372 Long-t

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (All tabular amounts in millions, except per share amounts) (Unaudited) Significant Accounting Policies For a discussion of our significant accounting policies, see "Part II. – Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Significant Accounting Policies" of our Annual Report on Form 10-K for the year ended August 29, 2024. There have been no changes to our significant accounting policies since our Annual Report on Form 10-K for the year ended August 29, 2024. Basis of Presentation The accompanying consolidated financial statements include the accounts of Micron Technology, Inc. and our consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended August 29, 2024. In the opinion of our management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, consisting of a normal recurring nature, to fairly state the financial information set forth herein. Our fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. Fiscal years 2025 and 2024 each contain 52 weeks. All period references are to our fiscal periods unless otherwise indicated. These interim financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended August 29, 2024. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07 (ASC Topic 280), Improvements to Reportable Segment Disclosures . This ASU expands on existing reportable segment disclosure requirements primarily through enhanced disclosures about significant segme