Micron Technology, Inc.
Semiconductors / Memory and Storage Solutions (DRAMFounded 1978- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Micron Technology, Inc.
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$25.11B
Market Cap
$105.0B
Net Income
$775M
Employees
48,000
Revenue collapsed from $30.76 billion in FY2022 to $15.54 billion in FY2023 — a 49% decline in a single fiscal year driven by the most severe DRAM and NAND price collapse in over a decade. Recovery to $25.11 billion in FY2024 was driven by AI-related HBM demand and a gradual normalization of DRAM pricing as industry-wide supply cuts took effect. FY2025 revenue is projected at $32 billion, implying continuation of the recovery. Net income of $775 million in FY2024 was modest given the revenue recovery, reflecting the margin compression that accompanies a deep inventory correction and the depreciation burden of the company's capital-intensive manufacturing footprint. Memory manufacturing requires over $8 billion in annual R&D and capital expenditure just to maintain leading-edge technology nodes — a cost structure that crushes profitability during downturns and generates exceptional returns when prices recover. Market capitalization of $105 billion against FY2024 revenue of $25.11 billion reflects the projected HBM and AI data center revenue trajectory rather than trailing earnings. Micron's 1-beta DRAM node achieves the highest bit density per wafer in the industry, structurally lowering cost-of-goods-sold and providing a margin buffer during the inevitable next downcycle. That cost advantage is the financial foundation of the company's ability to survive memory market cycles that have killed every American DRAM competitor except Micron. The $6.2 billion in CHIPS Act funding transforms the Clay, New York, fab from a long-range possibility into a near-term capital commitment. When complete, it will give Micron domestic manufacturing capacity that does not depend on facilities in Taiwan or Japan — a geopolitical risk management decision as much as a strategic one.
Revenue Trend Analysis
YoY Change
+27.4%
2-Year CAGR
+43.5%
Peak Year
2025
Trend
Consistent Growth
Micron Technology, Inc. has reported revenue across 3 fiscal years, compounding at +43.5% annually over 2 years. The most recent year saw a 27.4% increase versus the prior year. Revenue peaked in 2025 at $32.0B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $32.0B | — | +27.4% |
| FY2024 | $25.1B | $775M | +61.6% |
| FY2023 | $15.5B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Micron's revenue swings from approximately $30.8 billion at the FY2022 peak to $15.5 billion at the FY2023 trough — a 50% decline in a single year — reflect the fundamental economics of commodity memory manufacturing. Memory chips are produced in continuous high volumes on 300mm wafers, and the production process cannot be easily modulated: shutting down or slowing a fab is extremely costly because equipment must be maintained in operating condition to avoid damage, and restarting production after a shutdown requires significant time and expense. Producers therefore tend to maintain production through downturns, flooding the market with supply even when demand contracts. This supply rigidity combined with demand volatility creates price swings that are more extreme than almost any other commodity market. At cycle peaks, memory prices can yield gross margins of 50–60% because the incremental cost of each additional wafer run is low relative to the market price. At troughs, prices can fall below total cash cost of production, generating negative gross margins. Micron reported negative gross margins in FQ1 and FQ2 of FY2023 — manufacturing chips and selling them for less than they cost to make. The only rational response to this situation is to cut capital expenditure (future supply) and manage inventory, which is what all three major DRAM makers did through 2023. The subsequent supply reduction, combined with AI-driven HBM demand, drove the sharp recovery to $25.1 billion in FY2024 and projected $32 billion in FY2025.
Micron's gross margins are among the most volatile of any large-cap technology company because they are directly tied to memory price cycles. At cycle peaks (FY2018, early FY2022), gross margins exceeded 50% — competitive with the most profitable software companies. At cycle troughs (FY2023), gross margins turned negative. This volatility reflects the commodity nature of memory: unlike software (where margins are high and stable because production costs are near-zero), memory requires substantial ongoing manufacturing cost regardless of selling price. Manufacturing cost per gigabyte improves with each technology generation as Micron transitions to denser process nodes, but this improvement takes years to materialize and requires significant capital investment in new manufacturing equipment. The transition to higher-value memory products is the structural strategy to improve baseline margins: HBM commands premium prices because of its technical complexity and the performance advantages it provides, and enterprise SSDs and automotive memory command premiums over commodity commodity DRAM and consumer-grade NAND. Micron's stated goal is to improve the mix of its revenue toward these higher-value segments, which would raise the floor of gross margins in future downturns. FY2024's recovery to approximately 22.6% gross margins (improving from deeply negative) and FY2025's trajectory toward 35%+ gross margins reflect both price cycle recovery and the growing HBM contribution that carries structurally better margin.
Micron's capital expenditure requirements are among the highest of any technology company as a percentage of revenue, reflecting the extraordinary cost of maintaining leading-edge semiconductor manufacturing capability. Annual capex has typically ranged from $7–12 billion depending on the cycle stage and strategic investment programs. At cycle troughs, Micron and its competitors cut capex sharply to reduce future supply and conserve cash; at peaks, they increase investment to expand capacity before the next demand surge. The capital is deployed primarily in three areas: manufacturing equipment (the lithography machines, deposition systems, etch tools, and inspection equipment required to fabricate chips at advanced nodes cost $50–100 million each and must be upgraded with each technology generation), clean room facility construction and maintenance, and process technology development (the R&D required to advance from one manufacturing node to the next). CHIPS Act funding will partially offset the cost of the New York and Idaho manufacturing expansion, but Micron will still invest tens of billions of its own capital in U.S. facilities over the next decade. The capital intensity creates a structural minimum scale requirement: a memory manufacturer needs to be large enough to spread these enormous fixed costs across sufficient revenue to generate acceptable returns. This is why the global DRAM industry has consolidated to three players — smaller competitors cannot sustain the capital investment required to remain at the technology frontier.
Micron's market capitalization of approximately $105 billion positions it significantly smaller than Samsung Electronics (market cap of $300+ billion for the entire Samsung group, with the semiconductor division representing a major portion) and SK Hynix (approximately $70–100 billion). Micron's revenue at $25.1 billion in FY2024 compares to Samsung Semiconductor's approximately $60–70 billion in semiconductor revenue and SK Hynix's approximately $30–35 billion. Micron's financial profile in a recovery cycle is healthy: the company generated positive free cash flow as memory prices recovered through FY2024, ending the year with approximately $8–9 billion in cash and equivalents. During trough periods, Micron carries debt and may borrow to fund capex through the cycle bottom — sustaining investment even when operations generate losses to avoid falling behind on process technology development. The CHIPS Act $6.165 billion award and associated state incentives meaningfully improve Micron's ability to fund the enormous New York fab investment without fully depleting the balance sheet. From a financial stability perspective, Micron is somewhat more vulnerable than Samsung in downturns because Samsung's diversified electronics business (consumer devices, displays, home appliances) provides cross-subsidy capacity that Micron, as a pure-play memory company, lacks. This makes Micron's earnings volatility greater and its financial risk through troughs higher — but also makes the upside in peak cycles proportionally greater.
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CorpDigest. "Micron Technology, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/micron/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Micron Technology, Inc. reported $32B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/micron/financials" target="_blank" rel="noopener">CorpDigest — Micron Technology, Inc. financials</a></div>