Short answer
Micron Technology (MU) filed its fiscal 2025 10-K annual report with the SEC on Oct 3, 2025. It reported revenue of $37.4B (+48.9% year over year) and net income of $8.5B.
- Top risk flagged: Currency exchange risk with estimated loss $572 million for 10% adverse rate change against U.S. dollar as of August 28, 2025
FY2025 key financial metrics · XBRL
- Revenue
- $37.4B
- +48.9% YoY
- Net income
- $8.5B
- +997.6% YoY
- Operating margin
- 26.1%
- +20.9 pp YoY
- Gross margin
- 39.8%
- +17.4 pp YoY
- EPS (diluted)
- $7.59
- +984.3% YoY
- ROE
- 15.8%
- +14.0 pp YoY
- Operating cash flow
- $17.5B
- +106.0% YoY
Source: XBRL data from the Micron Technology (MU) FY2025 10-K on SEC EDGAR. USD.
Micron Technology FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Manufacturer of DRAM and NAND memory products with focus on cloud, data center, mobile, and automotive markets
- New emphasis: Shifted DRAM supply toward AI-driven data center and hyperscale cloud markets, emphasizing high-bandwidth memory (HBM) in 2025
- Strategic shift: Pivoted portfolio mix to higher-growth segments like AI and data center, reducing lower-margin mobile/client supply due to constrained capacity
- Quantitative highlight: Revenue grew 49% to $37.4B in 2025; CMBU segment revenue surged 257% driven by AI demand and HBM products
- Noteworthy fact: Achieved 40% consolidated gross margin in 2025 versus 22% in 2024, reflecting robust pricing, product mix, and cost reductions
Management Discussion & Analysis
- No cash flow, capital allocation, or dividend details offered
- No management outlook, guidance, or emerging risks mentioned
Risk Factors
- Currency exchange risk with estimated loss $572 million for 10% adverse rate change against U.S. dollar as of August 28, 2025
- Manufacturing cost exposure to currency fluctuations in Canadian dollar, Chinese yuan, euro, Japanese yen, and others affecting capital expenditures
- Currency forward contracts hedging strategy with maturities up to two years relies on timely and accurate exposure measurement
- Losses from currency volatility increased from $480 million in fiscal 2024 to $572 million in fiscal 2025, indicating rising foreign exchange risk
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