MU Q2 2025 Earnings
Reported Mar 20, 2025 at 4:00 PM ET · SEC Source
Q2 25 EPS
$1.56
BEAT +9.49%
Est. $1.42
Q2 25 Revenue
$8.05B
BEAT +1.97%
Est. $7.90B
vs S&P Since Q2 25
+395.3%
BEATING MARKET
MU +423.1% vs S&P +27.8%
Market Reaction
Did MU Beat Earnings? Q2 2025 Results
Micron Technology delivered a strong fiscal second quarter, with non-GAAP EPS of $1.56 clearing the $1.42 consensus estimate by 9.49% and revenue of $8.05 billion topping expectations by 1.97%, as surging AI infrastructure investment continued to res… Read more Micron Technology delivered a strong fiscal second quarter, with non-GAAP EPS of $1.56 clearing the $1.42 consensus estimate by 9.49% and revenue of $8.05 billion topping expectations by 1.97%, as surging AI infrastructure investment continued to reshape the memory chipmaker's business mix. The single most compelling driver was HBM, where revenue crossed the $1 billion threshold for the first time in a single quarter, helping data center revenue triple year-over-year and offsetting sequential softness tied to NAND oversupply and weaker consumer pricing. GAAP net income reached $1.58 billion, or $1.41 per diluted share, while GAAP gross margin of 36.8% reflected dramatic improvement from 18.5% a year ago despite modest sequential compression. Operating cash flow surged to $3.94 billion, underscoring the earnings quality behind the headline beat. Looking ahead, Micron guided fiscal Q3 2025 revenue to a record $8.80 billion, plus or minus $200 million, though a conservative non-GAAP gross margin outlook of 36.5% weighed on shares in post-earnings trading, even as management projected record full-year fiscal 2025 revenue.
Key Takeaways
- • Robust AI demand driving record data center DRAM revenue
- • Data center revenue tripled year-over-year
- • HBM revenue surpassed $1 billion milestone in the quarter
- • Strong operating cash flow growth to $3.94 billion from $1.22 billion year-over-year
MU YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
MU Revenue by Segment
With YoY comparisons, source: SEC Filings
“Micron delivered fiscal Q2 EPS above guidance and data center revenue tripled from a year ago. We are extending our technology leadership with the launch of our 1-gamma DRAM node. We expect record quarterly revenue in fiscal Q3, with DRAM and NAND demand growth in both data center and consumer-oriented markets, and we are on track for record revenue and significantly improved profitability in fiscal 2025.”
— Sanjay Mehrotra, Q2 2025 Earnings Press Release
MU Earnings Trends
MU vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MU EPS Trend
Earnings per share: estimate vs actual
MU Revenue Trend
Quarterly revenue: estimate vs actual
MU Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $3.94 | $4.78 | +21.33% | $13.64B | +5.91% |
| Q4 25 BEAT FY | $2.86 | $3.03 | +5.94% | $11.32B | +1.53% |
| FY Full Year | $8.09 | $8.29 | +2.42% | $37.38B | +0.46% |
| Q3 25 BEAT | $1.61 | $1.91 | +18.94% | $9.30B | +5.05% |
| Q2 25 BEAT | $1.42 | $1.56 | +9.49% | $8.05B | +1.97% |