Micron Technology (MU) 10-K Summary — Year Ended Aug 28, 2025
Micron Technology reported a significant increase in annual revenue, driven by higher demand for memory and storage solutions. The company maintained a strong liquidity position with ample cash and access to credit facilities.
Key takeaway
Year ended Aug 28, 2025 · FY2025 10-K
Micron Technology reported a significant increase in annual revenue, driven by higher demand for memory and storage solutions. The company maintained a strong liquidity position with ample cash and access to credit facilities.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$37.4B
Revenue reported for the fiscal year.
Operating income
$9.8B
Income from operations reported for the year.
Net income
$8.5B
Net income reported for the year.
Operating cash flow
$17.5B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 1, 2022 | $30.8B | +11.0% |
| Aug 31, 2023 | $15.5B | -49.5% |
| Aug 29, 2024 | $25.1B | +61.6% |
| Aug 28, 2025 | $37.4B | +48.9% |
Business overview
Micron Technology is a global leader in memory and storage solutions, designing and manufacturing DRAM, NAND, and other semiconductor products. The company serves diverse markets including data centers, personal computers, mobile devices, and automotive applications.
Financial performance
Annual revenue increased substantially compared to the prior year, reflecting a recovery in end-market demand. Operating income and net income also grew significantly, while operating cash flow remained robust.
Material risks
The company faces risks from volatile product selling prices, which can cause significant fluctuations in cash generated from operations. Additionally, government incentives for capital projects are conditional on achieving certain outcomes and compliance requirements, and may be subject to renegotiation or revocation.
Liquidity and capital
Primary liquidity sources include cash from operations and access to capital markets, with a revolving credit facility providing additional flexibility. The company continuously evaluates financing alternatives to fund capital expenditures, operations, and debt refinancing.
What to watch
Readers should monitor the company's ability to maintain or grow revenue in the next filing, given the historical volatility in product selling prices.