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Micron Technology, Inc.: Comprehensive Company Profile

Quick Facts / Company Snapshot

  • Company Name: Micron Technology, Inc.
  • Headquarters: 8000 S. Federal Way, Boise, Idaho, USA
  • Founded: October 5, 1978
  • Annual Revenue (2025): $37.38 billion
  • Net Income (2025): $8.54 billion
  • Total Assets: $82.80 billion
  • Global Team Members: Approximately 53,000
  • Patents Granted: ~60,000 (and growing)
  • Fortune 500 Ranking (2025): 170
  • Stock Ticker: MU (Nasdaq Global Select Market)
  • Manufacturing Sites: 13 centers of excellence worldwide
  • Customer Labs: 13 locations globally
  • Major Products: DRAM, NAND, NOR, SSDs, HBM, Managed NAND
  • Core Vision: Transforming how the world uses information to enrich life for all

Company Overview

Micron Technology, Inc. stands as a global leader in the semiconductor industry, specifically focused on innovative memory and storage solutions. The company is dedicated to transforming how the world uses information to enrich life for all. Through a relentless focus on customers, technology leadership, and manufacturing operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products.

The innovations created by Micron’s workforce fuel the data economy, enabling critical advances in artificial intelligence (AI) and compute-intensive applications. These technologies unleash opportunities across a wide spectrum of environments, ranging from the data center to the intelligent edge, and extending across client and mobile user experiences.

Micron designs, develops, and manufactures its products at wholly-owned facilities and utilizes subcontractors for certain manufacturing processes. The company operates a global network of manufacturing centers of excellence. This network allows the company to benefit from scale while streamlining processes and operations. It brings together some of the world’s brightest talent to work on advanced memory technology. These centers of excellence centralize expertise, providing an efficient support structure for end-to-end manufacturing with quicker cycle times.

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To remain competitive in a dynamic industry, Micron makes significant investments to develop proprietary product and process technology. These investments generally aim to increase bit density per wafer and reduce per-bit manufacturing costs for each generation of product. The company continually introduces new generations of products offering improved performance characteristics, such as higher data transfer rates, advanced packaging solutions, lower power consumption, improved read/write reliability, and increased memory density.

Business Segments and Revenue Breakup %

In the fourth quarter of fiscal 2025, Micron reorganized its business units to align with a market segment-focused structure, emphasizing AI growth opportunities across every unit. The prior-period segment amounts have been retrospectively adjusted to reflect this reorganization.

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Cloud Memory Business Unit (CMBU)

  • Revenue Contribution (2025): 36% ($13.52 billion)
  • Operational Scope: CMBU is focused on providing memory solutions for large hyperscale cloud customers. It also encompasses High-Bandwidth Memory (HBM) products for all data center customers. In addition to HBM, sales in this segment include DDR, LPDDR, and GDDR products. The growth in this segment is driven by the shift of infrastructure and workloads to the cloud and the intense memory requirements of AI and data-centric workloads.

Core Data Center Business Unit (CDBU)

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  • Revenue Contribution (2025): 19% ($7.23 billion)
  • Operational Scope: CDBU focuses on memory solutions for mid-tier cloud, enterprise, and Original Equipment Manufacturer (OEM) data center customers. It also includes storage solutions for all data center customers, such as data center SSDs and NAND components. Sales in this segment are driven by server and storage demand to support mid-tier cloud and enterprise clients.

Mobile and Client Business Unit (MCBU)

  • Revenue Contribution (2025): 32% ($11.86 billion)
  • Operational Scope: MCBU is dedicated to memory and storage solutions for the mobile and client segments. This includes products sold into the smartphone and mobile-device markets, such as discrete NAND, DRAM, and managed NAND. It also covers client PC market products supporting commercial and consumer PC unit growth. Additionally, this segment includes Crucial-branded SSDs and DRAM sold to the consumer market, as well as component DRAM and NAND sales of TLC and QLC.

Automotive and Embedded Business Unit (AEBU)

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  • Revenue Contribution (2025): 13% ($4.75 billion)
  • Operational Scope: AEBU focuses on memory and storage solutions for the automotive, industrial, and consumer segments sold into the intelligent edge. Products include discrete and module DRAM, discrete NAND, managed NAND, SSDs, and NOR. This segment supports the growing set of connected systems and devices where data is analyzed and aggregated close to where it is captured, such as in autonomous driving, industrial IoT, and consumer embedded devices.

History and Evolution

Micron Technology, Inc. was founded on October 5, 1978. Since its inception, the company has grown into an industry leader with a legacy of innovation in memory and storage.

Over the decades, Micron has established itself as a premier designer and manufacturer of semiconductor solutions. The company is headquartered in Boise, Idaho, where it continues to maintain significant research, development, and manufacturing operations.

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In recent years, the company has navigated significant industry shifts, including the rise of the data economy and Artificial Intelligence. In 2025, Micron began shipping the industry’s first 1-gamma production node, which is its first DRAM node incorporating Extreme Ultraviolet (EUV) lithography. The company also began volume production of Micron G9 NAND, representative of the industry’s ninth-generation 3D NAND node.

Products and Services with Revenue Breakup %

Micron’s product portfolio is based on high-performance semiconductor memory and storage technologies.

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DRAM Products

  • Revenue Contribution (2025): 76% ($28.58 billion)
  • Description: Dynamic Random Access Memory (DRAM) devices are low-latency semiconductor devices that provide high-speed data retrieval. They lose content when power is turned off (volatile).
  • Key Varieties:
    • High-Bandwidth Memory (HBM): A 3D stacked DRAM architecture using through-silicon via (TSV) connections for high bandwidth and energy efficiency, ideal for AI and high-performance computing.
    • Double Data Rate (DDR): Transfers data twice per clock cycle. DDR5 offers critical improvements in bandwidth and power efficiency for AI and data-intensive applications.
    • Low-Power DRAM (LPDDR): Engineered for mobile devices and applications requiring low power consumption, used in mobile, PC, automotive, and data centers.
    • Graphics DRAM (GDDR): Optimized for high-bandwidth workloads in graphics cards, gaming consoles, and high-performance computing.

NAND Products

  • Revenue Contribution (2025): 23% ($8.50 billion)
  • Description: NAND products are non-volatile, re-writeable semiconductor storage devices providing high-capacity, low-cost storage.
  • Key Varieties:
    • Solid State Drives (SSDs): Incorporate NAND, a controller, and firmware to offer significant performance over hard disk drives. Used in data center, client PC, consumer, and automotive markets.
    • Managed NAND: Combines NAND flash with a controller and firmware in a single package (e.g., e.MMC, UFS). Widely used in mobile, automotive, and industrial markets.
    • Multi-Chip Packages (MCPs): Integrate multiple types of memory (generally LPDDR and NAND) into a single package for space and power efficiency in mobile and IoT applications.

Other Products

  • Revenue Contribution (2025): <1% ($297 million)
  • Description: Primarily consists of NOR memory. NOR products are non-volatile, re-writable semiconductor memory devices that provide fast read speeds. They are commonly used for reliable code storage (boot, OS, application code) in automotive, industrial, and consumer applications.

Description: A visual breakdown of Micron’s product hierarchy showing DRAM (HBM, DDR, LPDDR, GDDR) and NAND (SSDs, Managed NAND, MCPs) and their respective applications in Data Center, Mobile, PC, and Automotive sectors.

Brand Portfolio with Revenue %

Micron markets its semiconductor memory and storage products primarily under two brand names.

  • Micron®: This brand is used for the company’s enterprise, cloud, client, and industrial products sold to OEM customers and through distribution channels.
  • Crucial®: This brand is used for consumer products, including SSDs and DRAM upgrades. Crucial-branded products are sold through a web-based customer-direct sales channel as well as through channel and distribution partners.

Note: Specific revenue percentages for each brand are not explicitly broken out in the financial tables, but Crucial sales are included within the MCBU segment revenue.

Geographical Presence and Region-Wise Revenue %

Micron has a substantial global footprint with operations conducted in the United States, Taiwan, Singapore, Japan, Malaysia, China, and India.

Revenue by Customer Headquarters (Fiscal 2025):

  • United States: 65% ($24.11 billion)
  • Taiwan: 15% ($5.67 billion)
  • Mainland China (excluding Hong Kong): 7% ($2.64 billion)
  • Other Asia Pacific: 5% ($1.91 billion)
  • Hong Kong: 3% ($1.14 billion)
  • Japan: 2% ($0.90 billion)
  • Europe: 2% ($0.63 billion)
  • Other: 1% ($0.38 billion)

Long-Lived Assets by Region (As of August 28, 2025):

  • Taiwan: $18.97 billion
  • Singapore: $10.67 billion
  • United States: $8.45 billion
  • Japan: $7.04 billion
  • Malaysia: $1.12 billion
  • China: $544 million
  • India: $449 million
  • Other: $92 million

Financial Performance Analysis

Fiscal year 2025 marked a significant turnaround and period of growth for Micron compared to the challenging conditions of 2023.

Consolidated Performance Trends:

  • 2025 vs. 2024: Total revenue increased by 49%. This was driven by a 62% increase in DRAM revenue and an 18% increase in NAND revenue. The increase was primarily due to substantial improvements in average selling prices and higher bit shipments.
  • 2024 vs. 2023: Total revenue increased by 62%. This recovery from 2023 was driven by a 60% increase in DRAM sales and a 72% increase in NAND sales, attributed to increases in both bit shipments and average selling prices as market conditions improved.

Profit and Loss Analysis

Revenue

  • Fiscal 2025: $37.38 billion
  • Fiscal 2024: $25.11 billion
  • Fiscal 2023: $15.54 billion

Gross Margin

  • Fiscal 2025: $14.87 billion (40% margin)
  • Fiscal 2024: $5.61 billion (22% margin)
  • Fiscal 2023: $(1.42) billion (-9% margin)
  • Analysis: The gross margin improvement to 40% in 2025 was a result of improvements in margins for both DRAM and NAND products. This was driven by increases in average selling prices, an increased mix of higher-margin products (like HBM), and manufacturing cost reductions.

Operating Expenses

  • Research and Development (R&D): $3.80 billion in 2025 (10% of revenue).
  • Selling, General, and Administrative (SG&A): $1.21 billion in 2025 (3% of revenue).

Operating Income

  • Fiscal 2025: $9.77 billion (26% margin)
  • Fiscal 2024: $1.30 billion (5% margin)
  • Fiscal 2023: $(5.75) billion (-37% margin)

Net Income (Loss)

  • Fiscal 2025: $8.54 billion
  • Fiscal 2024: $778 million
  • Fiscal 2023: $(5.83) billion

Income Tax

  • Effective Tax Rate (2025): 11.6%. The company benefited from tax incentive arrangements in jurisdictions like Singapore, which reduced the tax provision by $1.05 billion.

Balance Sheet Analysis

Assets

  • Total Assets: $82.80 billion as of August 28, 2025.
  • Cash and Investments: Cash and marketable investments totaled $11.94 billion.
  • Inventories: $8.36 billion.
  • Property, Plant, and Equipment (Net): $46.59 billion.

Liabilities

  • Total Liabilities: $28.63 billion.
  • Total Debt: $14.58 billion (carrying value).
  • Current Debt: $560 million.
  • Long-Term Debt: $14.02 billion.

Equity

  • Total Shareholders’ Equity: $54.17 billion.
  • Retained Earnings: $48.58 billion.

Liquidity Position Micron maintains a strong liquidity position with $11.94 billion in cash and investments. Additionally, as of August 28, 2025, $3.50 billion was available to draw under the Revolving Credit Facility.

Cash Flow Analysis

Operating Activities

  • Net Cash Provided (2025): $17.53 billion.
  • Insight: The increase in operating cash flow was primarily due to higher net income adjusted for non-cash items, the effect of changes in receivables and accounts payable, and a decrease in inventory.

Investing Activities

  • Net Cash Used (2025): $14.09 billion.
  • Insight: Expenditures for property, plant, and equipment were $15.86 billion. This was partially offset by $2.01 billion of proceeds from government incentives to offset capital expenditures.

Financing Activities

  • Net Cash Used (2025): $850 million.
  • Insight: This included $4.62 billion in debt repayments and $522 million for dividend payments, partially offset by $4.43 billion in proceeds from the issuance of new debt.

Dividends

  • In fiscal 2025, the company declared and paid quarterly dividends of $0.115 per share, totaling $522 million in cash payments to shareholders.

Management Discussion & Analysis (MD&A)

Operating Results Narrative Management highlights that AI-driven demand is accelerating and outpacing industry supply. In 2025, Micron benefited from substantial improvements in DRAM pricing, volumes, and margins. The company shifted a portion of its DRAM supply to data center and hyperscale cloud markets to meet strong AI-fueled demand, emphasizing HBM products. This pivot resulted in a revenue mix weighted toward higher-growth segments.

Macro Environment Impacts The industry experienced improving market conditions in 2024 and 2025 compared to the downturn in 2023. Demand growth driven by AI, combined with normalized customer inventories and industry-wide supply discipline, led to a better supply-demand balance.

However, the company continues to face geopolitical risks. The May 2023 decision by China’s Cyberspace Administration (CAC) that critical information infrastructure operators in China may not purchase Micron products has impacted business, particularly in domestic data center and networking markets in China.

Future Projections Management anticipates capital expenditures for property, plant, and equipment (net of government incentives) to be approximately $4.5 billion in the first quarter of 2026 alone. They expect cash and investments, operating cash flows, and government incentives to be sufficient to meet requirements for the foreseeable future.

Board of Directors and Leadership Team

Executive Officers

  • Sanjay Mehrotra: Chairman, President, and Chief Executive Officer.
  • Mark J. Murphy: Executive Vice President and Chief Financial Officer.
  • Scott R. Allen: Corporate Vice President and Chief Accounting Officer.
  • April S. Arnzen: Executive Vice President and Chief People Officer.
  • Manish Bhatia: Executive Vice President, Global Operations.
  • Michael D. Cordano: Executive Vice President, Worldwide Sales.
  • Scott J. DeBoer: Executive Vice President, Chief Technology and Products Officer.
  • Michael Ray: Senior Vice President, Chief Legal Officer, and Corporate Secretary.
  • Sumit Sadana: Executive Vice President and Chief Business Officer.

Board of Directors

  • Richard M. Beyer: Director
  • Lynn A. Dugle: Lead Independent Director
  • Steven J. Gomo: Director
  • Linnie M. Haynesworth: Director
  • T. Mark Liu: Director
  • Mary Pat McCarthy: Director
  • Sanjay Mehrotra: Chairman
  • A. Christine Simons: Director
  • Robert H. Swan: Director
  • MaryAnn Wright: Director

Subsidiaries, Associates, Joint Ventures and Revenue %

The provided documentation references “Consolidated Subsidiaries” generally but does not provide a specific revenue percentage breakdown for each individual subsidiary entity. Key subsidiaries mentioned in the context of operations and legal proceedings include:

  • Micron Semiconductor Products, Inc. (MSP)
  • Micron Technology Texas, LLC (MTEC)
  • Micron Semiconductor Germany, GmbH
  • Micron Semiconductor (Shanghai) Co., Ltd. (MSS)
  • Micron Idaho Semiconductor Manufacturing (Triton) LLC
  • Micron New York Semiconductor Manufacturing LLC

Note: Revenue is reported by Business Unit and Geography, not by individual subsidiary entity.

Physical Properties (Offices, Plants, Factories, etc.)

Micron manufactures products at its own facilities and utilizes subcontractors. The company operates facilities that generally run 24 hours per day, seven days per week.

Principal Facilities Locations and Operations:

  • Taiwan: R&D, wafer fabrication, component assembly and test, module assembly and test.
  • Singapore: R&D, wafer fabrication, component assembly and test, module assembly and test.
  • United States (Boise, ID; Manassas, VA): Corporate headquarters, R&D, wafer fabrication, reticle manufacturing.
  • Japan (Hiroshima): R&D, wafer fabrication.
  • Malaysia: Component assembly and test, module assembly and test.
  • China (Xi’an): Component assembly and test, module assembly and test.
  • India (Gujarat): Component assembly and test, module assembly and test (under construction).

New Construction Plans:

  • Idaho: Construction of a leading-edge memory manufacturing fab in Boise began in October 2023. A second fab was announced in June 2025.
  • New York: Plans for a leading-edge DRAM memory manufacturing site in Clay, NY, consisting of up to four fabs to be built over 20+ years.
  • India: Construction is progressing for the assembly and test facility in Gujarat.
  • Singapore: Ground broken on an HBM advanced packaging facility.

Segment-Wise Performance

Cloud Memory Business Unit (CMBU)

  • 2025 Revenue: $13.52 billion (Up 257% YoY)
  • 2025 Operating Income: $6.13 billion (45% of revenue)
  • Performance Driver: Driven by accelerating AI demand in cloud server markets for HBM, high-capacity DIMMs, and low-power server DRAM.

Core Data Center Business Unit (CDBU)

  • 2025 Revenue: $7.23 billion (Up 45% YoY)
  • 2025 Operating Income: $2.18 billion (30% of revenue)
  • Performance Driver: Increases in average selling prices for data center DRAM and NAND, and increased demand for data center SSDs.

Mobile and Client Business Unit (MCBU)

  • 2025 Revenue: $11.86 billion (Up 2% YoY)
  • 2025 Operating Income: $1.98 billion (17% of revenue)
  • Performance Driver: Higher average selling prices for DRAM. Product supply was constrained to meet demand from higher-value segments, impacting bit shipment growth in this segment.

Automotive and Embedded Business Unit (AEBU)

  • 2025 Revenue: $4.75 billion (Up 3% YoY)
  • 2025 Operating Income: $557 million (12% of revenue)
  • Performance Driver: Increases in DRAM and NAND bit shipments, partially offset by declines in average selling prices due to pricing pressure on legacy products.

Founders

Micron Technology, Inc. was founded on October 5, 1978. The company was established in Boise, Idaho, USA, which remains its global headquarters today.

Shareholding Pattern

As of September 26, 2025, there were approximately 1,443 shareholders of record of Micron’s common stock. A substantially greater number of holders are “street name” or beneficial holders, whose shares are held by banks, brokers, and other financial institutions.

Common Stock Statistics (as of August 28, 2025):

  • Shares Issued: 1,266 million
  • Shares Outstanding: 1,122 million
  • Treasury Stock: 144 million shares held

Note: Specific percentage breakdowns for Promoters vs. Public are not explicitly detailed in the provided text, other than the count of record holders.

Parent

Micron Technology, Inc. is the registrant and the parent company. It has no parent company.

Investments and Capital Expenditure Plans

Micron is undertaking massive capital investments to support future growth and technology transitions.

Capital Expenditures (Capex):

  • 2025 Spend: $15.86 billion for property, plant, and equipment.
  • 2026 Forecast: Estimated to be approximately $4.5 billion in the first quarter of 2026 (net of government incentives).

Strategic Priorities:

  • United States Expansion: Following the CHIPS Act, Micron announced plans to invest in leading-edge memory manufacturing in Idaho and New York. This includes up to $6.4 billion in CHIPS Act grants and a 35% investment tax credit.
  • Global Modernization:
    • Japan: Modernizing the Hiroshima facility to support DRAM production using EUV lithography.
    • Taiwan: Modernizing production capacity for DRAM and HBM.
    • Singapore: Expanding advanced packaging capacity for HBM.
    • India: Building a new assembly and test facility.

Research and Development:

  • 2025 R&D Expense: $3.80 billion.
  • Focus: Development of memory and storage solutions, EUV lithography implementation, HBM, DDR5, and advanced NAND nodes.

Future Strategy

Micron’s strategy revolves around maintaining technology leadership and meeting the exploding demand for data-centric and AI applications.

Key Strategic Initiatives:

  • AI Growth: Capitalizing on the demand for HBM and high-capacity memory driven by generative AI models.
  • Technology Node Transitions: Ramping production of 1-beta and 1-gamma DRAM nodes and G8/G9 NAND nodes.
  • Supply Alignment: Prudently managing NAND supply growth and technology node cadence to align with demand projections.
  • Manufacturing Expansion: Utilizing government incentives to build new capacity in the U.S. and expand back-end operations in Asia to ensure supply scalability.
  • Product Mix Shift: Shifting supply toward higher-value, higher-margin products like HBM and data center SSDs.

Competitive Landscape

Micron faces intense competition in the semiconductor memory and storage markets. The company competes with large corporations and conglomerates, some of which may have greater resources or operate in jurisdictions with lower costs.

Peers and Competitors Explicitly Named:

  • Samsung Electronics Co., Ltd.
  • SK hynix Inc.
  • Kioxia Holdings Corporation
  • Sandisk Corporation (Western Digital)
  • ChangXin Memory Technologies, Inc. (CXMT)
  • Yangtze Memory Technologies Co., Ltd. (YMTC)

Key Strengths

  • Technology Leadership: First to ship 1-gamma DRAM node with EUV; volume production of industry-leading G9 NAND.
  • Intellectual Property: A robust portfolio of over 60,000 granted patents.
  • Manufacturing Scale: A global network of 13 manufacturing centers of excellence.
  • Product Portfolio: A comprehensive range of DRAM and NAND solutions, including HBM3E and high-capacity server modules.
  • Financial Resilience: Strong liquidity with $11.94 billion in cash and investments and a return to profitability in 2025.
  • Talent: A highly educated workforce of approximately 53,000 team members.

Key Challenges and Risks

  • Average Selling Price (ASP) Volatility: Historical trends show significant volatility in DRAM and NAND prices, which can materially affect financial results.
  • Geopolitical Risks: Operations in Taiwan, China, and other regions subject to political tensions. The China CAC decision has restricted sales to certain critical information infrastructure operators.
  • Competitive Pressure: Aggressive pricing by competitors and significant government assistance provided to competitors in other countries (e.g., China).
  • Supply Chain Constraints: Dependence on limited suppliers for critical materials (e.g., rare earth elements) and equipment (e.g., photolithography tools).
  • Technological Barriers: Risks associated with ramping new technologies like EUV and HBM, including yield and complexity challenges.
  • Cybersecurity: Risks of breaches to technology infrastructure or products.

Conclusion and Strategic Outlook

Micron Technology, Inc. has successfully navigated a challenging industry cycle to emerge with record revenue levels in fiscal 2025. The company is strategically positioned at the heart of the AI revolution, with its High-Bandwidth Memory and advanced data center solutions seeing accelerating demand.

By leveraging the U.S. CHIPS Act and other global government incentives, Micron is embarking on a historic expansion of its manufacturing footprint. The company’s focus on technological leadership—evidenced by its transitions to EUV lithography and advanced NAND nodes—combined with a diversified product portfolio, positions it to capitalize on the long-term growth of the data economy. While geopolitical and market risks persist, Micron’s robust financial position and strategic execution provide a solid foundation for future growth and value creation.

FAQ Section:

  • What is Micron Technology’s revenue for fiscal year 2025? Micron reported a total revenue of $37.38 billion for the fiscal year ended August 28, 2025, a 49% increase compared to the previous year.
  • What are Micron’s main business segments? As of late 2025, Micron operates four segments: Cloud Memory Business Unit (CMBU), Core Data Center Business Unit (CDBU), Mobile and Client Business Unit (MCBU), and Automotive and Embedded Business Unit (AEBU).
  • Where is Micron expanding its manufacturing? Micron is expanding significantly in the United States with new fabs in Boise, Idaho, and Clay, New York, supported by CHIPS Act funding. It is also expanding in India, Japan, Singapore, and Taiwan.
  • What is Micron’s role in Artificial Intelligence? Micron provides critical memory solutions for AI, specifically High-Bandwidth Memory (HBM) and high-capacity DDR5, which are essential for training and running generative AI models in data centers.
  • Does Micron pay a dividend? Yes, in fiscal 2025, Micron declared and paid quarterly cash dividends of $0.115 per share.

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.

By Raveendran
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