Micron Technology Earnings Call Transcripts
Fiscal Year 2026
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The forum highlighted surging AI-driven demand for memory and storage, with industry supply expected to remain tight through at least 2027. Strategic customer agreements and major U.S. investments are transforming supplier-customer relationships, while innovation in memory technology and the rise of physical AI signal robust long-term growth.
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Record free cash flow and strong demand for DRAM, HBM, and NAND are driving multi-year customer commitments, with supply unable to meet demand through at least 2028. Capital returns remain a priority, and significant investments in capacity expansion are underway.
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Record Q3 results with revenue up 74% sequentially and 346% year-over-year, driven by AI demand and tight supply. 16 multi-year SCAs signed, covering up to 40% of revenue at floor price, with margins above prior peaks. Supply-demand tightness expected to persist beyond 2027.
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Record free cash flow and a strengthened balance sheet are expected as demand for HBM, DRAM, and NAND outpaces supply, with tightness projected beyond 2026. Major capacity expansions and technology transitions are underway, including new fabs and advanced nodes, while strategic customer agreements and rapid HBM4 ramping support long-term growth.
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Demand for DRAM and NAND, fueled by AI and data centers, is outpacing supply, with tight conditions expected through 2028. CapEx is rising to over $25B, focused on DRAM and HBM, while new capacity will not ease constraints until late 2028.
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Record Q2 results with revenue up 196% year-over-year and all business units at new highs, driven by AI demand and tight supply. Q3 guidance projects further records, with gross margin expected at 81%. Strategic investments and capacity expansions are underway to address ongoing supply constraints.
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Demand for memory and storage is outpacing supply, driven by AI and data center growth, with tight supply expected beyond 2026. Multi-year customer agreements, capacity expansions, and technology leadership in HBM and NAND support a strong financial outlook and margin expansion.
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The meeting covered board changes, voting on director elections, executive compensation, and a shareholder proposal to lower the threshold for calling special meetings, which was not approved. All other proposals, including auditor ratification and a governance amendment, passed.
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Record gross margin of 68% and strong free cash flow were driven by AI and data center demand, with supply unable to meet robust market needs. Bit shipment growth and CapEx are set to rise, while product allocation remains a challenge amid persistent shortages.
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Fiscal Q1 2026 saw record revenue, gross margin, and EPS, driven by strong AI-related demand and tight supply. Guidance for Q2 and the full year points to continued record performance, with supply constraints expected to persist and significant CapEx increases to expand capacity.
Fiscal Year 2025
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Strong AI-driven demand is fueling multi-year supply tightness, robust pricing, and increased CapEx, with leadership in DRAM, NAND, and HBM products. Technology innovation, customer partnerships, and internal AI adoption are driving margin and productivity gains.
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Strong AI-driven demand is tightening DRAM and NAND markets, boosting margins and profitability. Data center now exceeds half of TAM, with HBM and high-capacity SSDs leading growth. CapEx is rising for DRAM expansion, and the exit from managed NAND sharpens focus on higher-ROI segments.
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Fiscal Q4 2025 set records for revenue, gross margin, and EPS, with strong year-over-year growth driven by data center and AI demand. Fiscal 2026 guidance projects further records, with tight DRAM supply, robust end-market demand, and higher CapEx planned.
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Raised Q4 guidance reflects strong pricing and robust demand in AI and data center markets. HBM and DRAM innovations, along with deep customer partnerships and U.S.-based investments, position the business for multi-year growth and a shift toward differentiated, higher-margin products.
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DRAM bit growth outlook for 2025 was raised, driven by strong AI and data center demand, with HBM now a $6B+ run rate business. Gross margin guidance improved on favorable mix and pricing, while liquidity and net leverage reached record levels.
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Record Q3 revenue and profitability driven by strong AI and data center demand, with all key metrics exceeding guidance. Q4 outlook projects further record revenue and margin expansion, supported by robust DRAM growth and continued strategic investments in AI-focused technologies.
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Strong DRAM and NAND demand, robust HBM3E ramp, and expanding U.S. manufacturing drive positive trends. Market-focused reorganization will increase transparency, while technology leadership in AI and data center remains a priority.
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HBM and data center products drove record quarterly revenues, with robust demand and share gains in high-margin segments. Inventory levels are improving, and significant investments in HBM capacity support a strong multi-year growth outlook.
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Record data center DRAM and HBM revenues drove strong year-over-year growth, with Q2 revenue up 38% and EPS above guidance. AI demand is fueling momentum across all segments, and HBM output is sold out for 2025. Fiscal Q3 is projected to set another revenue record.
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Fiscal Q3 will see revenue growth but lower margins due to a higher consumer mix and weak NAND conditions. HBM and eSSD are expected to drive margin recovery in the second half, with strong demand trends in PC, smartphone, and data center markets supporting a positive outlook.
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The meeting covered director elections, executive compensation, an equity incentive plan, and auditor ratification. All proposals passed, with final results to be filed in a Form 8-K. Virtual participation was emphasized for inclusivity.
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Data center revenue surged, now over half of total revenue, while consumer segments faced headwinds from delayed PC refresh cycles and high inventories. Gross margin is expected to decline in Q2, mainly due to NAND, but volume growth in DRAM and NAND is projected to resume in FQ3.
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Record Q1 revenue and profitability driven by explosive data center and HBM growth, with AI fueling demand across segments. Fiscal 2025 outlook remains strong despite near-term inventory adjustments, with significant investments in advanced DRAM and HBM capacity.
Fiscal Year 2024
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Strong data center and AI server demand, along with a shift to advanced memory products, are driving growth and improved profitability in fiscal 2025. Inventory days and CapEx are expected to improve, with HBM and high-capacity DIMMs leading segment gains.
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Q4 2024 revenue and profitability exceeded guidance, capping a year of record growth in NAND, storage, data center, and automotive. Strong AI-driven demand and tight supply position the company for record revenue and improved margins in fiscal 2025.
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Robust AI-driven demand is fueling growth in data center, HBM, and edge devices, with HBM capacity sold out through 2025 and significant revenue and margin expansion expected. Strategic CapEx and technology leadership position the company for strong profitability as AI adoption accelerates.
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NAND and DRAM markets are set for record revenue in fiscal 2025, driven by robust AI and data center demand. HBM ramp is on track, with strong yields and accretive margins, while AI devices are increasing memory content needs. Inventory and capacity remain tight.
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DRAM and HBM growth will be driven by technology transitions and strong AI/data center demand, with HBM share set to match DRAM by 2025. Margins are robust for HBM and high-capacity DIMMs, CapEx is focused on U.S. projects and HBM ramp, and supply remains tight into 2025.
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Fiscal Q3 2024 saw revenue, gross margin, and EPS exceed guidance, driven by strong AI-related demand and price increases. HBM and data center SSDs achieved record results, with continued tight supply and robust outlook for fiscal 2025.
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The forum highlighted AI's transformative impact and the critical role of advanced memory and storage. Key product launches included high-capacity SSDs, DDR5, HBM3E, LPCAMM2, and GDDR7, all designed for greater performance and efficiency in AI applications.