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Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| (Mark One) | |||||
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended February 27, 2025
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 1-10658
Micron Technology, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 75-1618004 | |||||||||||||
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||||||||
| Address of principal executive offices, including zip code | 8000 S. Federal Way, Boise, Idaho 83716-9632 | |||||||||||||
| Registrant’s telephone number, including area code | (208) 368-4000 | |||||||||||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
| Common Stock, par value $0.10 per share | MU | Nasdaq Global Select Market |
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Yes | ☒ | No | ☐ | ||||||||||||||||||||||
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Yes | ☒ | No | ☐ | ||||||||||||||||||||||
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | ||||||||||||||||||||||||||
| Large Accelerated Filer | Accelerated Filer | Non-Accelerated Filer | Smaller Reporting Company | Emerging Growth Company | ||||||||||||||||||||||
| ☒ | ☐ | ☐ | ☐ | ☐ | ||||||||||||||||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | |||||||||||||||||||||||||
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No | ☒ |
The number of outstanding shares of the registrant’s common stock as of March 13, 2025 was 1,117,571,525.
Table of Contents
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Definitions of Commonly Used Terms
As used herein, “we,” “our,” “us,” and similar terms include Micron Technology, Inc. and its consolidated subsidiaries, unless the context indicates otherwise. All period references are to our fiscal periods unless otherwise indicated. Abbreviations, terms, or acronyms are commonly used or found in multiple locations throughout this report and include the following:
| Term | Definition | Term | Definition | |||||||||||
| 2024 Term Loan A | Senior Term Loan A due October 2024, repaid January 2024 | 2035 Notes | 5.800% Senior Notes due January 2035 | |||||||||||
| 2025 Term Loan A | Senior Term Loan A due November 2025, repaid May 2024 | 2041 Notes | 3.366% Senior Notes due November 2041 | |||||||||||
| 2026 Term Loan A | Senior Term Loan A due November 2026, repaid January 2025 | 2051 Notes | 3.477% Senior Notes due November 2051 | |||||||||||
| 2027 Term Loan A | Senior Term Loan A due November 2027, repaid January 2025 | AI | Artificial intelligence | |||||||||||
| 2026 Notes | 4.975% Senior Notes due February 2026, repaid February 2025 | CAC | China’s Cyberspace Administration | |||||||||||
| 2027 Notes | 4.185% Senior Notes due February 2027 | CHIPS Act | U.S. CHIPS and Science Act of 2022 | |||||||||||
| 2028 Notes | 5.375% Senior Notes due April 2028 | DDR | Double data rate DRAM | |||||||||||
| 2029 A Notes | 5.327% Senior Notes due February 2029 | EBITDA | Earnings before interest, taxes, depreciation, and amortization | |||||||||||
| 2029 B Notes | 6.750% Senior Notes due November 2029 | EUV | Extreme ultraviolet lithography | |||||||||||
| 2029 Term Loan A | Senior Term Loan A due January 2029 | HBM | High-bandwidth memory | |||||||||||
| 2030 Notes | 4.663% Senior Notes due February 2030 | Micron | Micron Technology, Inc. (Parent Company) | |||||||||||
| 2031 Notes | 5.300% Senior Notes due January 2031 | Revolving Credit Facility | $3.5 billion Revolving Credit Facility due March 2030 | |||||||||||
| 2032 Green Bonds | 2.703% Senior Notes due April 2032 | SOFR | Secured Overnight Financing Rate | |||||||||||
| 2033 A Notes | 5.875% Senior Notes due February 2033 | SSD | Solid state drive | |||||||||||
| 2033 B Notes | 5.875% Senior Notes due September 2033 |
We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, manufacturing, and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience.
Micron, Crucial, any associated logos, and all other Micron trademarks are the property of Micron. Other product names or trademarks that are not owned by Micron are for identification purposes only and may be the trademarks of their respective owners.
Available Information
Investors and others should note that we announce material financial information about our business and products through a variety of means, including our investor relations website (investors.micron.com), filings with the U.S. Securities and Exchange Commission (“SEC”), press releases, public conference calls, blog posts (micron.com/about/blog), and webcasts. We use these channels to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on such channels. Web links throughout this document are inactive textual references provided for convenience only, and the content on the referenced websites is not incorporated herein by reference and does not constitute a part of this Quarterly Report on Form 10-Q.
3 | 2025 Q2 10-Q
Forward-Looking Statements
This Form 10-Q contains trend information and other forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements may be identified by words such as "anticipate," "expect," "intend," "pledge," "committed," "plan," "opportunities," "future," "believe," "target," "on track," "estimate," "continue," "likely," "may," "will," "would," "should," "could," and variations of such words and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Specific forward-looking statements include, but are not limited to, statements such as those made regarding expected production ramp of certain products; plans to invest in research and development, including the plans to implement EUV lithography; anticipated technological developments; potential change and impact in our effective tax rate; the timing for construction, expansion, and ramping of production for our facilities, including new memory manufacturing fabs in the United States; receipt, timing, and utilization of government incentives and our ability to satisfy conditions attached to these incentives; the payment of future cash dividends; market conditions and profitability in our industry; future demand for our products and factors that may impact such demand; DRAM bit shipments in future periods; actions to align our NAND supply and the pace of ramp of our new technology node, fab utilization and inventories with industry demand trends; the impact of the Cyberspace Administration of China (“CAC”) decision; capital spending in 2025; the potential impact of business, economic, political, legal and regulatory developments upon our global operations; and the sufficiency of our cash and investments. Our actual results could differ materially from our historical results and those discussed in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, those identified in “Part II. Other Information – Item 1A. Risk Factors.”
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PART I. FINANCIAL INFORMATION
Next: Item 1. FINANCIAL STATEMENTS