Short answer
Micron Technology (MU) filed its Q4 2025 10-Q quarterly report on Dec 18, 2025 for the quarter ended Nov 27, 2025. Quarterly revenue was $13.6B (up 56.7% year over year) with net income of $5.2B.
Q4 2025 key financials · XBRL
- Revenue
- $13.6B
- +56.7% YoY
- Net income
- $5.2B
- +180.2% YoY
- Operating margin
- 45.0%
- Gross margin
- 56.0%
- EPS (diluted)
- $4.60
- +175.4% YoY
Source: XBRL data from the Micron Technology (MU) Q4 2025 10-Q on SEC EDGAR. USD.
Micron Technology Q4 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $13.6B Q1 FY26, up 57% YoY from $8.7B driven by DRAM +69% and NAND +22% sales
- Gross margin 56% Q1 FY26 vs 38% YoY and 45% QoQ, due to higher selling prices and manufacturing cost reductions
- Best segment: CMBU revenue +100% YoY to $5.3B; worst: CDBU revenue +4% YoY to $2.4B
- Operating cash flow $8.4B Q1 FY26 vs $3.2B YoY; invested $5.4B in PP&E, partially offset by $878M government incentives
- Management expects sufficient liquidity for 12+ months; plans ~$20B 2026 capex weighted to H2 with significant CHIPS Act funding
Risk Factors
- New risk: Expanded U.S. CHIPS Act funding agreements (Dec 2024, amended Jun 2025) with conditions may reduce or claw back incentives, impacting capital expenditures
- Most material update: CAC ban on sales to critical infrastructure operators in China since May 2023, limiting revenue from mainland China and Hong Kong customers
- Regulatory/legal risk: U.S. Section 232 semiconductor import investigation (Apr 2025) may impose tariffs or trade restrictions affecting products and manufacturing costs
- Operational risk: Supply chain constrained by single-source suppliers, rare earth export restrictions from China, and inflation increasing materials and equipment costs
- Financial risk: $11.76B debt as of Nov 2025 with risks of high cash flow use, credit rating pressure, refinancing challenges, and variable interest rate exposure
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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