Micron Technology, Inc. is a leading manufacturer of memory and storage solutions, providing a diverse range of products including DRAM, NAND, and NOR memory. The company primarily serves markets related to data centers, consumer electronics, and artificial intelligence (AI).

In its fiscal second quarter of 2025, Micron reported total revenue of $8.05 billion, a decline from $8.71 billion in the previous quarter but an increase from $5.82 billion in the same quarter last year. The company’s GAAP net income for the quarter was $1.58 billion, or $1.41 per diluted share, down from $1.87 billion in the prior quarter but up from $793 million year-over-year. Non-GAAP net income was $1.78 billion, or $1.56 per diluted share.

Micron’s operating income fell to $1.77 billion, or 22.0% of revenue, compared to $2.17 billion (25.0% margin) in the first quarter of 2025. The gross margin for the second quarter was recorded at $2.96 billion, or 36.8% of revenue. This reflects a decrease from a 38.4% gross margin in the previous quarter and a significant rise from an 18.5% margin reported one year prior. Operating expenses increased slightly to $1.19 billion from $1.17 billion in the prior quarter.

The company noted a capital expenditure of $3.09 billion in the second quarter, while its operating cash flow improved to $3.94 billion, up from $3.24 billion in the previous quarter and from $1.22 billion year-over-year. Micron also ended the quarter with $9.60 billion in cash, marketable investments, and restricted cash. In terms of guidance, Micron provided a revenue outlook for the third quarter of 2025 between $8.80 billion with a variance of $200 million, along with a gross margin expectation of 35.5% plus or minus 1.0%.

Micron’s adjusted free cash flow for the quarter was $857 million. The company also continues to emphasize its strong position in high-bandwidth memory (HBM), reporting that revenue in this segment crossed the $1 billion threshold for the fiscal second quarter, driven by strong demand in data centers, especially related to AI applications.

The shift towards higher ASPs with the transition from 8-high to 12-high products in the HBM market has been significant, indicating a promising trajectory for Micron going forward.