MU
Updated: 23/09/2026, 04:42:25
Micron Technology, Inc. is a global leader specializing in the development, manufacture, and sale of advanced semiconductor memory and storage solutions. Its operations are structured across four primary business segments: Compute and Networking, Mobile, Storage, and Embedded. The company's product portfolio encompasses a range of memory and data storage technologies. These include high-speed, low-latency Dynamic Random Access Memory (DRAM) components for rapid data retrieval; non-volatile, re-programmable NAND flash storage devices; and fast-read, non-volatile, re-writable NOR memory chips. These innovative solutions are offered under its well-known Micron and Crucial brands, as well as through private label partnerships. Micron's extensive offerings cater to a diverse array of markets and applications. This includes critical infrastructure like cloud servers and enterprise data centers, personal computing (client and graphics), mobile devices such as smartphones, networking equipment, automotive systems, industrial applications, and various consumer electronics. The company utilizes a multi-faceted approach to market its products, employing a direct sales force, independent sales representatives, and a network of distributors and retailers. Additionally, it leverages a web-based direct sales channel and collaborates with various channel and distribution partners. Founded in 1978, Micron Technology, Inc. is headquartered in Boise, Idaho.
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Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$37.4B
FY 2025 · Reported
Net income
$8.5B
FY 2025 · Reported
Gross margin
39.8%
FY 2025 · Calculated
Free cash flow
$1.7B
FY 2025 · Calculated
R&D intensity
10.2%
FY 2025 · Calculated
Share repurchases
$0.3B
FY 2024 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Innovative memory and storage solutions leader: DRAM, NAND, NOR via Micron and Crucial brands, enabling AI and compute-intensive applications
“Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands.”
New market segment-focused business unit structure (Q4 2025)
Reorganized into four reportable segments effective Q4 2025: CMBU (hyperscale cloud memory and HBM), CDBU (mid-tier cloud/enterprise/OEM data center memory and all data center storage), MCBU (mobile and client), AEBU (automotive, industrial, consumer).
“We initiated a strategic reorganization of our business units to a market segment-focused business unit structure, with AI growth opportunities in every business unit.”
Reportable segments (2025 reorganization)
Four reportable segments: CMBU, CDBU, MCBU, AEBU (Q4 2025 reorganization)
“In the fourth quarter of 2025, we reorganized our business units. All prior-period segment amounts have been retrospectively adjusted to reflect this reorganization.”
Customer markets served
DRAM used in data center, client PC, graphics, industrial, mobile, automotive; segments cover hyperscale cloud to OEM
“DRAM products lose content when power is turned off (“volatile”) and are most commonly used in the data center, client PC, graphics, industrial, mobile, and automotive markets.”
Product technologies and forms
DRAM, NAND, NOR, HBM sold as components, modules, SSDs, managed NAND, multi-chip packages, and wafers
“We sell our products through our business units into various markets in numerous forms, including components, modules, SSDs, managed NAND, multi-chip packages, and wafers.”
System-level solutions (SSDs, managed NAND, HBM)
System-level solutions such as SSDs, managed NAND, and HBM carry higher per-unit costs and longer cycles
“Manufacturing system-level solutions, such as SSDs, managed NAND, and HBM, typically results in higher per-unit manufacturing costs and longer cycle time as compared to other products.”
Revenue by customer headquarters geography
FY2025 revenue by customer HQ ($M): U.S. $24,113; Taiwan $5,672; Mainland China (excl. HK) $2,639; Other Asia Pacific $1,913; Hong Kong $1,138; Japan $895; Europe $625; Other $383; Total $37,378.
“U.S. $24,113 $13,168 $7,805”
Segment revenue FY2025 vs FY2024 vs FY2023
FY2025 revenue $M: CMBU $13,524; CDBU $7,229; MCBU $11,859; AEBU $4,753; All Other $13; Total $37,378 (prior years: 2024 total $25,111; 2023 total $15,540).
“Revenue$13,524 $7,229 $11,859 $4,753 $13 $— $37,378”
Long-lived assets concentrated in Taiwan and Singapore
Long-lived assets as of Aug 28, 2025 ($M): Taiwan $18,965; Singapore $10,669; U.S. $8,445; Japan $7,038; Malaysia $1,124; China $544; India $449; Other $92; Total $47,326.
“Taiwan$18,965 $14,156”
International operations footprint
Substantial operations in Taiwan, Singapore, Japan, Malaysia, China, India; ~80% of 2025 revenue shipped outside the US
“a substantial portion of our operations are conducted in Taiwan, Singapore, Japan, Malaysia, China, and India”
Manufacturing model and locations
Wholly-owned facilities plus subcontractors; centers of excellence incl. Singapore and Taiwan (fab + back-end)
“For our locations in Singapore and Taiwan, this is also a combination of bringing fabrication and back-end manufacturing together.”
Limited/single-source raw material and equipment suppliers
Only a limited number of suppliers can deliver certain raw materials and production equipment meeting Micron's standards; in some cases materials or equipment come from a single supplier.
“only a limited number of suppliers are capable of delivering certain raw materials and production equipment that meet our standards and, in some cases, materials or production equipment are provided by a single supplier.”
Employees
Approximately 53,000 employees as of August 28, 2025, primarily in Asia, North America, and Europe
“As of August 28, 2025, we had approximately 53,000 employees located primarily in Asia, North America, and Europe.”
AI demand driver
AI and compute-intensive applications drive demand from data center to edge, client, and mobile
“the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications”
DRAM technology leadership — 1-gamma EUV node
First to ship 1γ DRAM node with EUV in 2025; majority of 2025 DRAM bit production on 1ß node
“In 2025, we began shipping the industry’s first 1γ (1-gamma) production node, which is our first DRAM node incorporating EUV lithography”
R&D center locations
R&D centers across US (Boise, San Jose, other US sites), India, Japan, Taiwan, Singapore, China, Italy, Mexico, Germany, Malaysia
“Our R&D centers are located in Boise, Idaho; San Jose, California; India; Japan; Taiwan; Singapore; China; Italy; Mexico; Germany; Malaysia; and other sites in the United States.”
Technology and cost roadmap
Invest in proprietary product/process tech to raise bit density per wafer and cut per-bit cost; advanced packaging and lower power
“We continue to make significant investments to develop proprietary product and process technology, which generally increases bit density per wafer and reduces per-bit manufacturing costs of each generation of product.”
Trade restrictions, tariffs, and rare earth minerals supply risk
Trade barriers, tariffs, and restrictions on supplies including rare earth minerals may increase manufacturing costs, reduce margins, and inhibit ability to sell products or purchase equipment and supplies.
“restrictions on supplies, equipment, and raw materials including rare earth minerals, may limit our ability to produce products, increase our selling and/or manufacturing costs, decrease margins”
Gross margin cost drivers
Gross margins depend on per gigabit cost reductions; risks include yields, node transitions, inflation, tariffs, and fab underutilization
“our gross margins are dependent, in part, upon continuing decreases in per gigabit manufacturing costs achieved through improvements in our manufacturing processes and product designs”
Debt carrying value and revolver capacity
As of August 28, 2025, debt carrying value of $14.58 billion and a $3.50 billion Revolving Credit Facility.
“As of August 28, 2025, we had debt with a carrying value of $14.58 billion and may incur additional debt, including under our $3.50 billion Revolving Credit Facility.”
China CAC cybersecurity review ban on Micron products for CII operators
Following the May 2023 CAC cybersecurity review, critical information infrastructure operators in China may not purchase Micron products, impacting revenue with companies headquartered in mainland China and Hong Kong.
“the CAC determined that critical information infrastructure operators in China may not purchase Micron products, impacting our revenue with companies headquartered in mainland China and Hong Kong”
U.S. Section 232 semiconductor import investigation
On April 14, 2025, the U.S. BIS initiated a Section 232 national security investigation into semiconductor imports, which may result in industry-wide additional tariffs and trade restrictions.
“On April 14, 2025, the U.S. Bureau of Industry and Security announced the initiation of investigations into the industry on the effects on U.S. national security of imports of semiconductors under Section 232 of the Trade Expansion Act of 1962.”
Export controls and trade regulations
Subject to U.S. export controls (BIS, OFAC), tariffs, and sanctions; EU/China similar regulations; potential licensing requirements
“subject to laws and regulations governing international trade, including, but not limited to, export control, customs, and sanctions regulations administered by U.S. government agencies, such as the Bureau of Industry and Security (“BIS”) of the U.S. Department of Commerce and the Office of Foreign Asset Control”
ASP volatility
Five-year annual DRAM ASP changes from plus low 40% to minus high 40%; NAND from plus low 30% to minus low 50%
“In the past five years, annual percentage changes in DRAM average selling prices have ranged from plus low 40% to a minus high 40% range.”
Export controls on AI-related products to China
New and proposed export controls on products that support or enable AI applications could restrict future sales of certain products to China or restrict obtaining equipment, components, and raw materials.
“increasing geopolitical tensions have resulted in new and proposed export controls associated with products, including those that support or enable AI applications, which could, in turn, restrict future sales of certain products to China or other markets”
Competition and cost pressure
Intense competition; must lower manufacturing costs amid inflation, changing technologies, rapid market changes, and regulatory uncertainty
“We face intense competition in the semiconductor memory and storage markets. To remain competitive, we must continuously develop and implement new products and technologies and decrease manufacturing costs in spite of inflationary pressures”
Tariff and trade restriction exposure on supply chain
Tariffs, embargoes, and trade restrictions could limit materials supply or increase costs for Micron and suppliers
“We and/or our suppliers and service providers could be affected by tariffs, embargoes, or other trade restrictions, as well as laws and regulations enacted in response to concerns regarding climate change, conflict minerals, responsible sourcing practices”
Manufacturing disruption risk
Dispersed, interdependent fab network means one facility disruption can disproportionately affect output
“an operational disruption at one of our or a subcontractor’s facilities may have a disproportionate impact on our ability to produce many of our products”
Environmental and regulatory compliance risk
Evolving environmental regulations could require additional capex or operational changes; fabs conform to ISO 14001:2015
“changes in regulations could necessitate additional capital expenditures, modification of our operations or chemical usage, or other compliance actions.”
Capital equipment and construction resource dependency
Dependent on timely availability of advanced semiconductor manufacturing equipment and construction inputs
“Our inability to obtain advanced semiconductor manufacturing equipment in a timely manner could have a material adverse effect on our business, results of operations, or financial condition.”
Geopolitical/trade risk factors
Exposure to tariffs, export controls, sanctions, and government actions across international operations
“impacts of government actions and compliance with tariffs, trade restrictions, and/or trade regulations”
Cybersecurity/systems interruption risk
Cybersecurity breaches and systems interruptions could expose Micron to losses
“Breaches of our security systems or products, systems failures, interruptions, delays in service, catastrophic events, and resulting interruptions in the availability of our systems or those of our customers, suppliers, or business partners, could expose us to losses.”
Product defect and liability risk
Defect liability risk elevated in safety-critical applications (ADAS, security, medical monitoring)
“such as autonomous driver assistance programs, home and enterprise security, smoke and noxious gas detectors, medical monitoring equipment, or wearables for child and elderly safety”
Financing and credit market risk
Credit market conditions could constrain external financing for capex; counterparty and receivable default risks
“A deterioration of conditions in regional or worldwide credit markets could limit our ability to obtain external financing to fund our operations and capital expenditures.”
Customer inventory strategy impact on bit demand
Top-customer inventory strategy shifts could alter industry bit demand growth
“A meaningful change in inventory strategy by our top customers or in certain end markets could impact our industry bit demand growth outlook.”
Micron's memory products enable AI and compute-intensive applications, positioning AI adoption as a key demand driver across data center, edge, client, and mobile markets.
“enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge”
Chinese CAC decision bars critical information infrastructure operators from buying Micron products, reducing revenue from customers headquartered in mainland China and Hong Kong; further Chinese government actions could impact revenue and operations.
“the CAC determined that critical information infrastructure operators in China may not purchase Micron products, impacting our revenue with companies headquartered in mainland China and Hong Kong”
Approximately half of FY2025 revenue concentrated in the data center end market; a significant demand decrease would adversely affect results.
“approximately one-half of our total revenue was concentrated in the data center end market”
CMBU serves large hyperscale cloud customers and HBM for all data center customers; one customer in CMBU was 17% of total FY2025 revenue, indicating significant hyperscaler revenue concentration.
“Revenue from one customer was 17% (primarily included in the CMBU segment) of total revenue for 2025.”
AI is a stated growth driver in every business unit reorganization, while AI-enabling products are targets of new export controls that could restrict sales to China.
“increasing geopolitical tensions have resulted in new and proposed export controls associated with products, including those that support or enable AI applications”
Success depends on R&D returns, manufacturing efficiency, advanced technology integration, and capital spending efficiency amid intense competition.
“Our success is largely dependent on obtaining returns on our R&D investments, efficient utilization of our manufacturing infrastructure, development and integration of advanced product and process technologies”
The CMBU segment is focused on memory solutions for large hyperscale cloud customers and HBM for all data center customers, making cloud/data center demand central to revenue.
“Cloud Memory Business Unit (“CMBU”): Focused on memory solutions for large hyperscale cloud customers, and HBM for all data center customers.”
Export controls, licensing requirements, and sanctions could restrict sales to certain countries, companies, or individuals, or block technology transfers, directly affecting revenue.
“Any such laws or regulations may require that we either obtain licenses or other authorizations to export certain of our products or sell them to certain countries, companies, or individuals”
U.S.-headquartered customers generated $24,113M of FY2025 revenue, roughly 65% of total $37,378M, making U.S. demand the largest geographic revenue exposure.
“U.S. $24,113 $13,168 $7,805”
AI is a demand driver for memory products, but its rapid evolution creates forecasting risk; lower-than-expected AI demand could hurt gross margins.
“Although AI is a relatively new demand driver for our products, it is evolving rapidly”
Delays in obtaining advanced manufacturing equipment could impede node transitions, production ramps, and cost reduction.
“Our inability to obtain equipment on a timely basis could adversely affect our ability to transition to next generation manufacturing processes and reduce our costs.”
Tariffs, trade restrictions, and export controls could restrict sales to significant foreign customers and affect payments and cash flows.
“export and import duties, changes to import and export regulations, customs regulations and processes, and restrictions on the transfer of funds, including currency controls and global tariffs”
Server demand is a key end-market driver; economic downturns reducing server demand would reduce memory/storage sales and ASPs.
“Adverse economic conditions affect demand for devices that incorporate our products, such as personal computers, smartphones, automobiles, and servers.”
Micron's leading DRAM node (1-gamma) incorporates EUV lithography; R&D expenses include investments in EUV equipment, making EUV central to its technology roadmap.
“our first DRAM node incorporating EUV lithography and offers further improvements in power efficiency, performance, and bit density”
Taiwan hosts a substantial portion of Micron operations, part of an interdependent fab network where disruption in one location has disproportionate impact.
“a substantial portion of our operations are conducted in Taiwan, Singapore, Japan, Malaysia, China, and India”
Inflationary pressures raise costs of goods and services, limiting per gigabit cost reductions and pressuring gross margins.
“higher costs of goods and services due to, among other things, inflationary pressures, regulatory actions, including tariffs or trade restrictions, increased input costs, or market conditions”
The Section 232 investigation may result in industry-wide additional tariffs and trade restrictions that could adversely impact Micron's business, costs, and demand.
“the investigation may result in industry-wide additional tariffs and trade restrictions, which may adversely impact our business”
Approximately 80% of 2025 revenue came from products shipped to customer locations outside the United States, creating foreign exchange and international trade exposure.
“approximately 80% of our revenue in 2025 was from products shipped to customer locations outside the United States”
Increased tariffs raise product cost to customers, and trade restrictions could limit materials supply or increase costs for Micron and its suppliers.
“increased tariffs imposed by the countries in which our products are sold can increase the cost of our product to our customers.”
Restrictions on supplies, equipment, and raw materials including rare earth minerals may limit production and increase selling and manufacturing costs.
“restrictions on supplies, equipment, and raw materials including rare earth minerals, may limit our ability to produce products”
Micron manufactures at wholly-owned facilities but also utilizes subcontractors for certain manufacturing processes.
“We manufacture our products at wholly-owned facilities and also utilize subcontractors for certain manufacturing processes.”
Micron must decrease manufacturing costs despite inflationary pressures, making inflation a disclosed cost headwind.
“decrease manufacturing costs in spite of inflationary pressures, changing technologies, rapid market changes, and regulatory uncertainty”
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