Micron Technology, Inc. stock research
FY2025 Q4
Micron Technology (MU) Gross Margin — Quarter Ended Aug 28, 2025
Revenue increased, cost of revenue rose less, and gross profit grew, resulting in a higher gross margin. The gross margin improved compared to both the prior quarter and the same quarter last year.
Gross margin takeaway
Quarter ended Aug 28, 2025 · FY2025 Q4
Revenue increased, cost of revenue rose less, and gross profit grew, resulting in a higher gross margin. The gross margin improved compared to both the prior quarter and the same quarter last year.
- The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue grew while cost of revenue increased at a slower pace, expanding gross profit and margin.
- Compared to the prior quarter, revenue, gross profit, and gross margin were all higher, while cost of revenue was also higher. Versus the same quarter one year earlier, revenue, gross profit, and gross margin were higher, and cost of revenue was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
44.7%
Gross profit
$5.1B
Revenue
$11.3B
Cost of revenue
$6.3B
Quarter-over-quarter change
+6.9 pts
Year-over-year change
+9.4 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Nov 28, 2024 | $8.7B | $3.3B | $5.4B | 38.4% |
| Feb 27, 2025 | $8.1B | $3.0B | $5.1B | 36.8% |
| May 29, 2025 | $9.3B | $3.5B | $5.8B | 37.7% |
| Aug 28, 2025 | $11.3B | $5.1B | $6.3B | 44.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
May 29, 2025
+6.9 pts
Year-over-year change
Aug 29, 2024
+9.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue grew while cost of revenue increased at a slower pace, expanding gross profit and margin.
Compared to the prior quarter, revenue, gross profit, and gross margin were all higher, while cost of revenue was also higher. Versus the same quarter one year earlier, revenue, gross profit, and gross margin were higher, and cost of revenue was higher.
Monitor the trend in cost of revenue relative to revenue, as its growth rate directly impacts gross margin.