Micron Technology (MU) Q4 2025 10-Q Quarterly Report
Filed: Dec 18, 2025Period ending Nov 27, 2025
Information Technology
Semiconductors & Related DevicesSEC EDGAR Micron Technology (MU) 10-Q quarterly report for Q4 2025, filed with SEC EDGAR on Dec 18, 2025 for the fiscal period ending Nov 27, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Micron Technology Q4 2025 10-Q Analysis
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
Micron Technology Q4 2025 Quarterly FinancialsXBRL
Revenue
$13.6B
▲ +56.7% YoY
Net Income
$5.2B
▲ +180.2% YoY
Gross Margin
56.0%
▲ +1760bp YoY
Operating Margin
45.0%
▲ +2001bp YoY
Net Margin
38.4%
▲ +1694bp YoY
ROE
8.9%
▲ +491bp YoY
Total Assets
$86.0B
▲ +20.3% YoY
EPS (Diluted)
$4.60
▲ +175.4% YoY
Operating Cash Flow
$8.4B
▲ +159.3% YoY
Source: XBRL data from Micron Technology Q4 2025 10-Q filing on SEC EDGAR. All figures in USD.
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