Micron Technology, Inc. Revenue & Financials

Micron Technology generated exactly $25.11 billion in total revenue for fiscal year 2024 (ended August 29, 2024), representing a massive 48% year-over-year increase from $15.54 billion in fiscal year 2023, marking one of the most dramatic financial recoveries in semiconductor history as the memory market emerged from its deepest trough. The company's revenue trajectory in FY2024 was characterized by explosive sequential growth, driven by the rapid ramp of HBM3E production, the recovery of average selling prices (ASP) across all DRAM and NAND segments, and the stabilization of inventory levels across the global supply chain. Gross profit for FY2024 was $6.91 billion, yielding a gross margin of 27.5%, a monumental improvement from the negative gross margins experienced in the first half of FY2023, driven by favorable product mix shifts toward high-margin HBM and data center SSDs, and the realization of manufacturing efficiencies at its 1-beta DRAM and 232-layer NAND nodes. Operating income on a GAAP basis was $1.15 billion, representing a 4.6% operating margin, a significant improvement from a GAAP operating loss of $1.2 billion in FY2023, driven by the operating leverage of the high-volume fab infrastructure as utilization rates approached 100%. On a non-GAAP basis, which excludes $1.1 billion in stock-based compensation and depreciation adjustments, operating income was significantly higher, reflecting the immense cash-generative power of the memory business during an upcycle. Net income on a GAAP basis was $775 million, or $0.69 per diluted share, compared to a net loss of $1.5 billion in FY2023, while non-GAAP net income was substantially higher, demonstrating the company's return to robust profitability. Free cash flow generation was exceptionally strong, reaching $2.5 billion in FY2024, a massive turnaround from negative free cash flow in FY2023, demonstrating the company's ability to fund its aggressive capital expenditure program and service its debt obligations entirely through operating cash flows as memory pricing recovered. The balance sheet at the end of FY2024 was highly stable, with $10.5 billion in cash, cash equivalents, and investments, and $11.2 billion in long-term debt, providing the company with the financial flexibility to execute its $100 billion US manufacturing expansion plan under the CHIPS Act without immediate liquidity concerns. The company's capital allocation strategy remains highly disciplined, with capital expenditures totaling $8.2 billion in FY2024, focused primarily on the installation of EUV tools for 1-gamma DRAM and the expansion of HBM advanced packaging capacity in Taiwan and Singapore. For fiscal year 2025, Micron guided for total revenue to exceed $30 billion, representing over 20% year-over-year growth, with gross margins expected to expand into the mid-30% range, reflecting the continued ramp of HBM3E, the full-year benefit of 1-beta DRAM, and the ongoing recovery in the PC and smartphone markets. The financial trajectory is characterized by a deliberate shift in product mix; the percentage of revenue derived from HBM and data center-centric products has grown from less than 10% in FY2022 to over 25% in FY2024, structurally elevating the company's long-term gross margin profile and reducing its exposure to the volatile consumer electronics cycle. The primary financial risk is the immense depreciation burden associated with its new US fab construction; as the New York and Idaho facilities come online in 2026 and 2027, the company will incur billions of dollars in new depreciation expenses that will require sustained high memory pricing and high utilization rates to absorb, creating a high break-even point that could result in significant losses if another memory downcycle occurs before the fabs reach full scale. The revenue concentration is well-diversified across end markets, with data center revenue now exceeding 40% of total sales, reducing the company's historical reliance on the cyclical PC and smartphone markets, and the geographic mix is shifting away from China, with the Americas and Asia-Pacific regions now accounting for the majority of revenue, mitigating the impact of US-China export controls.