Micron Technology — Dec 17, 2025 release

Micron’s technology leadership, differentiated product portfolio, and strong operational execution position us as an essential AI enabler, and we are investing to support our customers’ growing need for memory and storage.” Quarterly Financial Results (in millions, except per share amounts) GAAP (1) Non-GAAP (2) FQ1-26 FQ4-25 FQ1-25 FQ1-26 FQ4-25 FQ1-25 Revenue $ 13,643  $ 11,315  $ 8,709  $ 13,643  $ 11,315  $ 8,709  Gross margin 7,646  5,054  3,348  7,753  5,169  3,441  Percent of revenue 56.0  % 44.7  % 38.4  % 56.8  % 45.7  % 39.5  % Operating expenses 1,510  1,400  1,174  1,334  1,214  1,047  Operating income 6,136  3,654  2,174  6,419  3,955  2,394  Percent of revenue 45.0  % 32.3  % 25.0  % 47.0  % 35.0  % 27.5  % Net income 5,240  3,201  1,870  5,482  3,469  2,037  Diluted earnings per share 4.60  2.83  1.67  4.78  3.03  1.79  For the first quarter of 2026, investments in capital expenditures, net (2) were $4.5 billion and adjusted free cash flow (2) was $3.9 billion. Micron ended the year with cash, marketable investments, and restricted cash of $12.0 billion. On December 17, 2025, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 14, 2026, to shareholders of record as of the close of business on December 29, 2025. 1 Quarterly Business Unit Financial Results FQ1-26 FQ4-25 FQ1-25 Cloud Memory Business Unit Revenue $ 5,284  $ 4,543  $ 2,648  Gross margin 66  % 59  % 51  % Operating margin 55  % 48  % 40  % Core Data Center Business Unit Revenue $ 2,379  $ 1,577  $ 2,292  Gross margin 51  % 41  % 50  % Operating margin 37  % 25  % 38  % Mobile and Client Business Unit Revenue $ 4,255  $ 3,760  $ 2,608  Gross margin 54  % 36  % 27  % Operating margin 47  % 29  % 15  % Automotive and Embedded Business Unit Revenue $ 1,720  $ 1,434  $ 1,158  Gross margin 45  % 31  % 20  % Operating margin 36  % 20  % 7  % Business Outlook The following table presents Micron’s guidance for the second quarter of 2026: FQ2-26 GAAP (1) Outlook Non-GAAP (2) Outlook Revenue $18.70 billion ± $400 million $18.70 billion ± $400 million Gross margin 67.0% ± 1.0% 68.0% ± 1.0% Operating expenses $1.56 billion ± $20 million $1.38 billion ± $20 million Diluted earnings per share $8.19 ± $0.20 $8.42 ± $0.20 Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which h