0000723125FALSE00007231252024-12-182024-12-18


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

December 18, 2024
Date of Report (date of earliest event reported)
micron-logo-register-mark-blk-r-rgb.jpg
MICRON TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Delaware1-1065875-1618004
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
8000 South Federal Way
Boise, Idaho 83716-9632
(Address of principal executive offices and Zip Code)
(208) 368-4000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, par value $0.10 per shareMUNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.Results of Operations and Financial Condition.

On December 18, 2024, Micron Technology, Inc. (the "Company", "we" or "our") announced the financial results for our first quarter of fiscal 2025 ended November 28, 2024. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.

Exhibit No.Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MICRON TECHNOLOGY, INC.
Date:December 18, 2024By:/s/ Mark Murphy
Name:Mark Murphy
Title:Executive Vice President and Chief Financial Officer



Exhibit 99.1
FOR IMMEDIATE RELEASE
    
Contacts:
Satya Kumar
Mark Plungy
Investor RelationsMedia Relations
satyakumar@micron.com
mplungy@micron.com
(408) 450-6199
(408) 203-2910



MICRON TECHNOLOGY, INC. REPORTS RESULTS FOR THE
FIRST QUARTER OF FISCAL 2025

Micron delivers record fiscal Q1 revenue, driven by strong AI demand
Data center revenue grew over 40% sequentially and over 400% year over year

BOISE, Idaho, December 18, 2024 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2025, which ended November 28, 2024.

Fiscal Q1 2025 highlights
•Revenue of $8.71 billion versus $7.75 billion for the prior quarter and $4.73 billion for the same period last year
•GAAP net income of $1.87 billion, or $1.67 per diluted share
•Non-GAAP net income of $2.04 billion, or $1.79 per diluted share
•Operating cash flow of $3.24 billion versus $3.41 billion for the prior quarter and $1.40 billion for the same period last year

“Micron delivered a record quarter, and our data center revenue surpassed 50% of our total revenue for the first time,” said Sanjay Mehrotra, President and CEO of Micron Technology. “While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year. We continue to gain share in the highest margin and strategically important parts of the market and are exceptionally well positioned to leverage AI-driven growth to create substantial value for all stakeholders.”


Quarterly Financial Results
(in millions, except per share amounts)
GAAP(1)
Non-GAAP(2)
FQ1-25
FQ4-24
FQ1-24
FQ1-25
FQ4-24
FQ1-24
Revenue$8,709 $7,750 $4,726 $8,709 $7,750 $4,726 
Gross margin3,348 2,737 (35)3,441 2,826 37 
percent of revenue38.4 %35.3 %(0.7 %)39.5 %36.5 %0.8 %
Operating expenses1,174 1,215 1,093 1,047 1,081 992 
Operating income (loss)2,174 1,522 (1,128)2,394 1,745 (955)
percent of revenue25.0 %19.6 %(23.9 %)27.5 %22.5 %(20.2 %)
Net income (loss)1,870 887 (1,234)2,037 1,342 (1,048)
Diluted earnings (loss) per share1.67 0.79 (1.12)1.79 1.18 (0.95)


Investments in capital expenditures, net(2) were $3.13 billion for the first quarter of 2025, which resulted in adjusted free cash flows(2) of $112 million for the first quarter of 2025. Micron ended the quarter with cash, marketable investments, and restricted cash of $8.75 billion. On December 18, 2024, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 15, 2025, to shareholders of record as of the close of business on December 30, 2024.

1

Business Outlook

The following table presents Micron’s guidance for the second quarter of 2025:
FQ2-25
GAAP(1) Outlook
Non-GAAP(2) Outlook
Revenue
$7.90 billion ± $200 million$7.90 billion ± $200 million
Gross margin
37.5% ± 1.0%38.5% ± 1.0%
Operating expenses
$1.24 billion ± $15 million$1.10 billion ± $15 million
Diluted earnings per share
$1.26 ± $0.10$1.43 ± $0.10

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Investor Webcast

Micron will host a conference call on Wednesday, December 18, 2024 at 2:30 p.m. Mountain Time to discuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow us on X @MicronTech.

About Micron Technology, Inc.

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 innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2024 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic focus, demand for our products, and our financial and operating results, including our guidance for the second quarter of 2025. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and our upcoming Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.






(1)GAAP represents U.S. Generally Accepted Accounting Principles.
(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.
2


MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)

1st Qtr.
4th Qtr.
1st Qtr.
November 28,
2024		August 29,
2024		November 30,
2023
Revenue$8,709 $7,750 $4,726 
Cost of goods sold5,361 5,013 4,761 
Gross margin3,348 2,737 (35)
Research and development888 903 845 
Selling, general, and administrative288 295 263 
Other operating (income) expense, net(2)17 (15)
Operating income (loss)2,174 1,522 (1,128)
Interest income107 131 132 
Interest expense(118)(136)(132)
Other non-operating income (expense), net(11)(7)(27)
2,152 1,510 (1,155)
Income tax (provision) benefit(283)(623)(73)
Equity in net income (loss) of equity method investees1 — (6)
Net income (loss)$1,870 $887 $(1,234)
Earnings (loss) per share
Basic$1.68 $0.80 $(1.12)
Diluted1.67 0.79 (1.12)
Number of shares used in per share calculations
Basic1,111 1,108 1,100 
Diluted1,122 1,125 1,100 

3

MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)

As ofNovember 28,
2024		August 29,
2024
Assets
Cash and equivalents$6,693 $7,041 
Short-term investments895 1,065 
Receivables7,423 6,615 
Inventories8,705 8,875 
Other current assets777 776 
Total current assets24,493 24,372 
Long-term marketable investments1,156 1,046 
Property, plant, and equipment41,476 39,749 
Operating lease right-of-use assets622 645 
Intangible assets419 416 
Deferred tax assets474 520 
Goodwill1,150 1,150 
Other noncurrent assets1,671 1,518 
Total assets$71,461 $69,416 
Liabilities and equity
Accounts payable and accrued expenses$7,126 $7,299 
Current debt533 431 
Other current liabilities1,356 1,518 
Total current liabilities9,015 9,248 
Long-term debt13,252 12,966 
Noncurrent operating lease liabilities588 610 
Noncurrent unearned government incentives570 550 
Other noncurrent liabilities1,239 911 
Total liabilities24,664 24,285 
Commitments and contingencies
Shareholders’ equity
Common stock126 125 
Additional capital12,317 12,115 
Retained earnings42,427 40,877 
Treasury stock(7,852)(7,852)
Accumulated other comprehensive income (loss)(221)(134)
Total equity46,797 45,131 
Total liabilities and equity$71,461 $69,416 

4

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Three months endedNovember 28,
2024		November 30,
2023
Cash flows from operating activities
Net income (loss)$1,870 $(1,234)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
  
Depreciation expense and amortization of intangible assets2,030 1,915 
Stock-based compensation
220 188 
Change in operating assets and liabilities:
Receivables(817)(501)
Inventories170 111 
Accounts payable and accrued expenses(241)271 
Other current liabilities
(161)579 
Other173 72 
Net cash provided by operating activities3,244 1,401 
Cash flows from investing activities  
Expenditures for property, plant, and equipment(3,206)(1,796)
Purchases of available-for-sale securities(377)(199)
Proceeds from maturities and sales of available-for-sale securities
428 374 
Proceeds from government incentives65 85 
Other(58)(22)
Net cash provided by (used for) investing activities(3,148)(1,558)
Cash flows from financing activities  
Payments of dividends to shareholders(131)(129)
Repayments of debt(84)(53)
Payments on equipment purchase contracts— (56)
Other(207)(114)
Net cash provided by (used for) financing activities(422)(352)
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash
(29)(1)
Net increase (decrease) in cash, cash equivalents, and restricted cash(355)(510)
Cash, cash equivalents, and restricted cash at beginning of period7,052 8,656 
Cash, cash equivalents, and restricted cash at end of period$6,697 $8,146 



5

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)
1st Qtr.4th Qtr.1st Qtr.
November 28,
2024		August 29,
2024		November 30,
2023
GAAP gross margin$3,348 $2,737 $(35)
Stock-based compensation90 85 67 
Other3 4 5 
Non-GAAP gross margin$3,441 $2,826 $37 
GAAP operating expenses$1,174 $1,215 $1,093 
Stock-based compensation(127)(128)(115)
Other— (6)14 
Non-GAAP operating expenses$1,047 $1,081 $992 
GAAP operating income (loss)$2,174 $1,522 $(1,128)
Stock-based compensation217 213 182 
Other3 10 (9)
Non-GAAP operating income (loss)$2,394 $1,745 $(955)
GAAP net income (loss)
$1,870 $887 $(1,234)
Stock-based compensation217 213 182 
Other— 6 (10)
Estimated tax effects of above and other tax adjustments
(50)236 14 
Non-GAAP net income (loss)$2,037 $1,342 $(1,048)
GAAP weighted-average common shares outstanding - Diluted
1,122 1,125 1,100 
Adjustment for stock-based compensation
16 12 — 
Non-GAAP weighted-average common shares outstanding - Diluted
1,138 1,137 1,100 
GAAP diluted earnings (loss) per share
$1.67 $0.79 $(1.12)
Effects of the above adjustments
0.12 0.39 0.17 
Non-GAAP diluted earnings (loss) per share
$1.79 $1.18 $(0.95)
6

RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued

1st Qtr.4th Qtr.1st Qtr.
November 28,
2024		August 29,
2024		November 30,
2023
GAAP net cash provided by operating activities
$3,244 $3,405 $1,401 
Expenditures for property, plant, and equipment
(3,206)(3,120)(1,796)
Payments on equipment purchase contracts— (22)(56)
Proceeds from sales of property, plant, and equipment9 12 33 
Proceeds from government incentives
65 48 85 
Investments in capital expenditures, net(3,132)(3,082)(1,734)
Adjusted free cash flow
$112 $323 $(333)

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income (loss), net income (loss), diluted shares, diluted earnings (loss) per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings:

•Stock-based compensation;
•Gains and losses from settlements;
•Restructure and asset impairments;
•Goodwill impairment; and
•The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax provision relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income (loss).


7

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
FQ2-25
GAAP OutlookAdjustmentsNon-GAAP Outlook
Revenue
$7.90 billion ± $200 million
— 
$7.90 billion ± $200 million
Gross margin
37.5% ± 1.0%
1.0%
A
38.5% ± 1.0%
Operating expenses
$1.24 billion ± $15 million
$140 million
B
$1.10 billion ± $15 million
Diluted earnings per share(1)
$1.26 ± $0.10
$0.17
A, B, C
$1.43 ± $0.10
Non-GAAP Adjustments
(in millions)
A
Stock-based compensation – cost of goods sold
$78 
B
Stock-based compensation – research and development
85 
B
Stock-based compensation – sales, general, and administrative
55 
C
Tax effects of the above items and other tax adjustments(24)
$194 

(1)GAAP earnings per share based on approximately 1.12 billion diluted shares and non-GAAP earnings per share based on approximately 1.14 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
8
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Dec. 18, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Dec. 18, 2024
Entity Registrant Name MICRON TECHNOLOGY, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 1-10658
Entity Tax Identification Number 75-1618004
Entity Address, Address Line One 8000 South Federal Way
Entity Address, City or Town Boise
Entity Address, State or Province ID
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City Area Code 208
Local Phone Number 368-4000
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