MU Q3 2025 Earnings
Reported Jun 25, 2025 at 4:03 PM ET · SEC Source
Q3 25 EPS
$1.91
BEAT +18.94%
Est. $1.61
Q3 25 Revenue
$9.30B
BEAT +5.05%
Est. $8.85B
vs S&P Since Q3 25
+305.2%
BEATING MARKET
MU +322.9% vs S&P +17.8%
Market Reaction
Did MU Beat Earnings? Q3 2025 Results
Micron Technology capped a standout fiscal third quarter with results that left Wall Street's expectations well behind, posting non-GAAP earnings of $1.91 per diluted share against a consensus estimate of $1.61, a beat of nearly 19%, while revenue of… Read more Micron Technology capped a standout fiscal third quarter with results that left Wall Street's expectations well behind, posting non-GAAP earnings of $1.91 per diluted share against a consensus estimate of $1.61, a beat of nearly 19%, while revenue of $9.30 billion topped forecasts by 5.05% and surged 36.6% from a year ago. The driving force was unmistakable: AI-fueled demand for high-bandwidth memory pushed HBM revenue nearly 50% higher sequentially, while data center revenue more than doubled year-over-year to a quarterly record, lifting GAAP gross margin to 37.7% from just 26.9% a year prior. The strength rippled across the balance sheet, with operating cash flow climbing to $4.61 billion and cash and investments reaching $12.22 billion at quarter-end. Shares moved higher after hours as investors digested guidance calling for fiscal Q4 revenue of approximately $10.70 billion and non-GAAP EPS of $2.50, pointing toward what CEO Sanjay Mehrotra described as a record full fiscal year for the memory giant.
Key Takeaways
- • All-time-high DRAM revenue including nearly 50% sequential HBM revenue growth
- • Data center revenue more than doubled year-over-year to a quarterly record
- • Strong sequential growth in consumer-oriented end markets
- • Record revenue driven by growth across all end markets
- • Operating leverage driving significant margin expansion year-over-year
MU YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
MU Revenue by Segment
With YoY comparisons, source: SEC Filings
“Micron delivered record revenue in fiscal Q3, driven by all-time-high DRAM revenue including nearly 50% sequential growth in HBM revenue. Data center revenue more than doubled year-over-year and reached a quarterly record, and consumer-oriented end markets had strong sequential growth.”
— Sanjay Mehrotra, Q3 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% |