| Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2026AI demand acceleration and Micron execution drive record fiscal Q1 results, including highest ever free cash flowGlobeNewswireDecember 17, 2025 BOISE, Idaho, Dec. 17, 2025 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2026, which ended November 27, 2025. Fiscal Q1 2026 highlights Revenue of $13.64 billion versus $11.32 billion for the prior quarter and $8.71 billion for the same period last yearGAAP net income of $5.24 billion, or $4.60 per diluted shareNon-GAAP net income of $5.48 billion, or $4.78 per diluted shareOperating cash flow of $8.41 billion versus $5.73 billion for the prior quarter and $3.24 billion for the same period last year"In fiscal Q1, Micron delivered record revenue and significant margin expansion at the company level and also in each of our business units," said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. "Our Q2 outlook reflects substantial records across revenue, gross margin, EPS and free cash flow, and we anticipate our business performance to continue strengthening through fiscal 2026. Micron's technology leadership, differentiated product portfolio, and strong operational execution position us as an essential AI enabler, and we are investing to support our customers' growing need for memory and storage." Quarterly Financial Results(in millions, except per share amounts)GAAP(1)Non-GAAP(2)FQ1-26FQ4-25FQ1-25FQ1-26FQ4-25FQ1-25Revenue$13,643$11,315$8,709$13,643$11,315$8,709Gross margin7,6465,0543,3487,7535,1693,441Percent of revenue56.0%44.7%38.4%56.8%45.7%39.5%Operating expenses1,5101,4001,1741,3341,2141,047Operating income6,1363,6542,1746,4193,9552,394Percent of revenue45.0%32.3%25.0%47.0%35.0%27.5%Net income5,2403,2011,8705,4823,4692,037Diluted earnings per share4.602.831.674.783.031.79For the first quarter of 2026, investments in capital expenditures, net(2) were $4.5 billion and adjusted free cash flow(2) was $3.9 billion. Micron ended the year with cash, marketable investments, and restricted cash of $12.0 billion. On December 17, 2025, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 14, 2026, to shareholders of record as of the close of business on December 29, 2025. Quarterly Business Unit Financial ResultsFQ1-26FQ4-25FQ1-25Cloud Memory Business UnitRevenue$5,284$4,543$2,648Gross margin66%59%51%Operating margin55%48%40%Core Data Center Business UnitRevenue$2,379$1,577$2,292Gross margin51%41%50%Operating margin37%25%38%Mobile and Client Business UnitRevenue$4,255$3,760$2,608Gross margin54%36%27%Operating margin47%29%15%Automotive and Embedded Business UnitRevenue$1,720$1,434$1,158Gross margin45%31%20%Operating margin36%20%7%Business Outlook The following table presents Micron's guidance for the second quarter of 2026: FQ2-26GAAP(1) OutlookNon-GAAP(2) OutlookRevenue$18.70 billion ± $400 million$18.70 billion ± $400 millionGross margin67.0% ± 1.0%68.0% ± 1.0%Operating expenses$1.56 billion ± $20 million$1.38 billion ± $20 millionDiluted earnings per share$8.19 ± $0.20$8.42 ± $0.20Further information regarding Micron's business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com. Investor Webcast Micron will host a conference call on Wednesday, December 17, 2025 at 2:30 p.m. Mountain Time to investors.micron.comdiscuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology). About Micron Technology, Inc. Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities -- from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com. (C) 2025 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners. Forward-Looking Statements This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results, including our guidance for the second quarter of 2026. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results. (1)GAAP represents U.S. Generally Accepted Accounting Principles.(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron's use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.MICRON TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except per share amounts)(Unaudited)1st Qtr.4th Qtr.1st Qtr.November 27,2025August 28,2025November 28,2024Revenue$13,643$11,315$8,709Cost of goods sold5,9976,2615,361Gross margin7,6465,0543,348Research and development1,1711,047888Selling, general, and administrative337314288Other operating (income) expense, net239(2)Operating income6,1363,6542,174Interest income139146107Interest expense(74)(124)(118)Other non-operating income (expense), net(140)(45)(11)6,0613,6312,152Income tax (provision) benefit(829)(429)(283)Equity in net income (loss) of equity method investees8(1)1Net income$5,240$3,201$1,870Earnings per shareBasic$4.66$2.86$1.68Diluted4.602.831.67Number of shares used in per share calculationsBasic1,1251,1201,111Diluted1,1381,1311,122MICRON TECHNOLOGY, INC.CONSOLIDATED BALANCE SHEETS(In millions)(Unaudited)As ofNovember 27,2025August 28,2025AssetsCash and equivalents$9,731$9,642Short-term investments587665Receivables10,1849,265Inventories8,2058,355Other current assets958914Total current assets29,66528,841Long-term marketable investments1,6971,629Property, plant, and equipment48,47746,590Operating lease right-of-use assets700736Intangible assets465453Deferred tax assets641616Goodwill1,1501,150Other noncurrent assets3,1762,783Total assets$85,971$82,798Liabilities and equityAccounts payable and accrued expenses$9,796$9,649Current debt569560Other current liabilities1,6951,245Total current liabilities12,06011,454Long-term debt11,18714,017Noncurrent operating lease liabilities669701Noncurrent unearned government incentives1,1481,018Other noncurrent liabilities2,1011,443Total liabilities27,16528,633Commitments and contingenciesShareholders' equityCommon stock127127Additional capital13,61013,339Retained earnings53,34448,583Treasury stock(8,152)(7,852)Accumulated other comprehensive income (loss)(123)(32)Total equity58,80654,165Total liabilities and equity$85,971$82,798MICRON TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Three months endedNovember 27,2025November 28,2024Cash flows from operating activitiesNet income$5,240$1,870Adjustments to reconcile net income to net cash provided by operating activities:Depreciation expense and amortization of intangible assets2,2122,030Stock-based compensation290220Change in operating assets and liabilities:Receivables(871)(817)Inventories150170Accounts payable and accrued expenses156(241)Other current liabilities449(161)Other noncurrent liabilities547132Other23841Net cash provided by operating activities8,4113,244Cash flows from investing activitiesExpenditures for property, plant, and equipment(5,389)(3,206)Purchases of available-for-sale securities(255)(377)Proceeds from government incentives87865Proceeds from maturities and sales of available-for-sale securities268428Other(96)(58)Net cash used for investing activities(4,594)(3,148)Cash flows from financing activitiesRepayments of debt(2,943)(84)Repurchases of common stock - withholdings on employee equity awards(367)(207)Repurchases of common stock - repurchase program(300)--Payments of dividends to shareholders(134)(131)Other(1)--Net cash used for financing activities(3,745)(422)Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash14(29)Net increase (decrease) in cash, cash equivalents, and restricted cash86(355)Cash, cash equivalents, and restricted cash at beginning of period9,6467,052Cash, cash equivalents, and restricted cash at end of period$9,732$6,697MICRON TECHNOLOGY, INC.RECONCILIATION OF GAAP TO NON-GAAP MEASURES(In millions, except per share amounts)1st Qtr.4th Qtr.1st Qtr.November 27,2025August 28,2025November 28,2024GAAP gross margin$7,646$5,054$3,348Stock-based compensation10711590Other----3Non-GAAP gross margin$7,753$5,169$3,441GAAP operating expenses$1,510$1,400$1,174Stock-based compensation(173)(147)(127)Restructure and asset impairments--(38)--Other(3)(1)--Non-GAAP operating expenses$1,334$1,214$1,047GAAP operating income$6,136$3,654$2,174Stock-based compensation280262217Restructure and asset impairments--38--Other313Non-GAAP operating income$6,419$3,955$2,394GAAP net income$5,240$3,201$1,870Stock-based compensation280262217Restructure and asset impairments--38--Loss on debt prepayments1309--Other(20)1--Estimated tax effects of above and other tax adjustments(148)(42)(50)Non-GAAP net income$5,482$3,469$2,037GAAP weighted-average common shares outstanding - Diluted1,1381,1311,122Adjustment for stock-based compensation101416Non-GAAP weighted-average common shares outstanding - Diluted1,1481,1451,138GAAP diluted earnings per share$4.60$2.83$1.67Effects of the above adjustments0.180.200.12Non-GAAP diluted earnings per share$4.78$3.03$1.79RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued1st Qtr.4th Qtr.1st Qtr.November 27,2025August 28,2025November 28,2024GAAP net cash provided by operating activities$8,411$5,730$3,244Expenditures for property, plant, and equipment(5,389)(5,658)(3,206)Proceeds from sales of property, plant, and equipment6209Proceeds from government incentives87871165Investments in capital expenditures, net(4,505)(4,927)(3,132)Adjusted free cash flow$3,906$803$112The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings: Stock-based compensation;Gains and losses from debt prepayments;Restructure and asset impairments; andThe estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax (provision) benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income. MICRON TECHNOLOGY, INC.RECONCILIATION OF GAAP TO NON-GAAP OUTLOOKFQ2-26GAAP OutlookAdjustmentsNon-GAAP OutlookRevenue$18.70 billion ± $400 million --$18.70 billion ± $400 millionGross margin67.0% ± 1.0%1.0%A68.0% ± 1.0%Operating expenses$1.56 billion ± $20 million$180 millionB$1.38 billion ± $20 millionDiluted earnings per share(1)$8.19 ± $0.20$0.23A, B, C$8.42 ± $0.20Non-GAAP Adjustments(in millions)AStock-based compensation - cost of goods sold$125BStock-based compensation - research and development119BStock-based compensation - sales, general, and administrative61CTax effects of the above items and other tax adjustments(48)$257(1)GAAP earnings per share based on approximately 1.14 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.  | Contacts:
Satya Kumar
Investor Relations
satyakumar@micron.com
(408) 450-6199
Mark Plungy
Media Relations
mplungy@micron.com
(408) 203-2910 | |
COMTEX_471189907/2010/2025-12-17T16:01:00 BOISE, Idaho, Dec. 17, 2025 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2026, which ended November 27, 2025. Fiscal Q1 2026 highlights Revenue of $13.64 billion versus $11.32 billion for the prior quarter and $8.71 billion for the same period last yearGAAP net income of $5.24 billion, or $4.60 per diluted shareNon-GAAP net income of $5.48 billion, or $4.78 per diluted shareOperating cash flow of $8.41 billion versus $5.73 billion for the prior quarter and $3.24 billion for the same period last year"In fiscal Q1, Micron delivered record revenue and significant margin expansion at the company level and also in each of our business units," said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. "Our Q2 outlook reflects substantial records across revenue, gross margin, EPS and free cash flow, and we anticipate our business performance to continue strengthening through fiscal 2026. Micron's technology leadership, differentiated product portfolio, and strong operational execution position us as an essential AI enabler, and we are investing to support our customers' growing need for memory and storage." Quarterly Financial Results(in millions, except per share amounts)GAAP(1)Non-GAAP(2)FQ1-26FQ4-25FQ1-25FQ1-26FQ4-25FQ1-25Revenue$13,643$11,315$8,709$13,643$11,315$8,709Gross margin7,6465,0543,3487,7535,1693,441Percent of revenue56.0%44.7%38.4%56.8%45.7%39.5%Operating expenses1,5101,4001,1741,3341,2141,047Operating income6,1363,6542,1746,4193,9552,394Percent of revenue45.0%32.3%25.0%47.0%35.0%27.5%Net income5,2403,2011,8705,4823,4692,037Diluted earnings per share4.602.831.674.783.031.79For the first quarter of 2026, investments in capital expenditures, net(2) were $4.5 billion and adjusted free cash flow(2) was $3.9 billion. Micron ended the year with cash, marketable investments, and restricted cash of $12.0 billion. On December 17, 2025, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 14, 2026, to shareholders of record as of the close of business on December 29, 2025. Quarterly Business Unit Financial ResultsFQ1-26FQ4-25FQ1-25Cloud Memory Business UnitRevenue$5,284$4,543$2,648Gross margin66%59%51%Operating margin55%48%40%Core Data Center Business UnitRevenue$2,379$1,577$2,292Gross margin51%41%50%Operating margin37%25%38%Mobile and Client Business UnitRevenue$4,255$3,760$2,608Gross margin54%36%27%Operating margin47%29%15%Automotive and Embedded Business UnitRevenue$1,720$1,434$1,158Gross margin45%31%20%Operating margin36%20%7%Business Outlook The following table presents Micron's guidance for the second quarter of 2026: FQ2-26GAAP(1) OutlookNon-GAAP(2) OutlookRevenue$18.70 billion ± $400 million$18.70 billion ± $400 millionGross margin67.0% ± 1.0%68.0% ± 1.0%Operating expenses$1.56 billion ± $20 million$1.38 billion ± $20 millionDiluted earnings per share$8.19 ± $0.20$8.42 ± $0.20Further information regarding Micron's business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com. Investor Webcast Micron will host a conference call on Wednesday, December 17, 2025 at 2:30 p.m. Mountain Time to investors.micron.comdiscuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology). About Micron Technology, Inc. Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities -- from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com. (C) 2025 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners. Forward-Looking Statements This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results, including our guidance for the second quarter of 2026. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results. (1)GAAP represents U.S. Generally Accepted Accounting Principles.(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron's use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.MICRON TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except per share amounts)(Unaudited)1st Qtr.4th Qtr.1st Qtr.November 27,2025August 28,2025November 28,2024Revenue$13,643$11,315$8,709Cost of goods sold5,9976,2615,361Gross margin7,6465,0543,348Research and development1,1711,047888Selling, general, and administrative337314288Other operating (income) expense, net239(2)Operating income6,1363,6542,174Interest income139146107Interest expense(74)(124)(118)Other non-operating income (expense), net(140)(45)(11)6,0613,6312,152Income tax (provision) benefit(829)(429)(283)Equity in net income (loss) of equity method investees8(1)1Net income$5,240$3,201$1,870Earnings per shareBasic$4.66$2.86$1.68Diluted4.602.831.67Number of shares used in per share calculationsBasic1,1251,1201,111Diluted1,1381,1311,122MICRON TECHNOLOGY, INC.CONSOLIDATED BALANCE SHEETS(In millions)(Unaudited)As ofNovember 27,2025August 28,2025AssetsCash and equivalents$9,731$9,642Short-term investments587665Receivables10,1849,265Inventories8,2058,355Other current assets958914Total current assets29,66528,841Long-term marketable investments1,6971,629Property, plant, and equipment48,47746,590Operating lease right-of-use assets700736Intangible assets465453Deferred tax assets641616Goodwill1,1501,150Other noncurrent assets3,1762,783Total assets$85,971$82,798Liabilities and equityAccounts payable and accrued expenses$9,796$9,649Current debt569560Other current liabilities1,6951,245Total current liabilities12,06011,454Long-term debt11,18714,017Noncurrent operating lease liabilities669701Noncurrent unearned government incentives1,1481,018Other noncurrent liabilities2,1011,443Total liabilities27,16528,633Commitments and contingenciesShareholders' equityCommon stock127127Additional capital13,61013,339Retained earnings53,34448,583Treasury stock(8,152)(7,852)Accumulated other comprehensive income (loss)(123)(32)Total equity58,80654,165Total liabilities and equity$85,971$82,798MICRON TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Three months endedNovember 27,2025November 28,2024Cash flows from operating activitiesNet income$5,240$1,870Adjustments to reconcile net income to net cash provided by operating activities:Depreciation expense and amortization of intangible assets2,2122,030Stock-based compensation290220Change in operating assets and liabilities:Receivables(871)(817)Inventories150170Accounts payable and accrued expenses156(241)Other current liabilities449(161)Other noncurrent liabilities547132Other23841Net cash provided by operating activities8,4113,244Cash flows from investing activitiesExpenditures for property, plant, and equipment(5,389)(3,206)Purchases of available-for-sale securities(255)(377)Proceeds from government incentives87865Proceeds from maturities and sales of available-for-sale securities268428Other(96)(58)Net cash used for investing activities(4,594)(3,148)Cash flows from financing activitiesRepayments of debt(2,943)(84)Repurchases of common stock - withholdings on employee equity awards(367)(207)Repurchases of common stock - repurchase program(300)--Payments of dividends to shareholders(134)(131)Other(1)--Net cash used for financing activities(3,745)(422)Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash14(29)Net increase (decrease) in cash, cash equivalents, and restricted cash86(355)Cash, cash equivalents, and restricted cash at beginning of period9,6467,052Cash, cash equivalents, and restricted cash at end of period$9,732$6,697MICRON TECHNOLOGY, INC.RECONCILIATION OF GAAP TO NON-GAAP MEASURES(In millions, except per share amounts)1st Qtr.4th Qtr.1st Qtr.November 27,2025August 28,2025November 28,2024GAAP gross margin$7,646$5,054$3,348Stock-based compensation10711590Other----3Non-GAAP gross margin$7,753$5,169$3,441GAAP operating expenses$1,510$1,400$1,174Stock-based compensation(173)(147)(127)Restructure and asset impairments--(38)--Other(3)(1)--Non-GAAP operating expenses$1,334$1,214$1,047GAAP operating income$6,136$3,654$2,174Stock-based compensation280262217Restructure and asset impairments--38--Other313Non-GAAP operating income$6,419$3,955$2,394GAAP net income$5,240$3,201$1,870Stock-based compensation280262217Restructure and asset impairments--38--Loss on debt prepayments1309--Other(20)1--Estimated tax effects of above and other tax adjustments(148)(42)(50)Non-GAAP net income$5,482$3,469$2,037GAAP weighted-average common shares outstanding - Diluted1,1381,1311,122Adjustment for stock-based compensation101416Non-GAAP weighted-average common shares outstanding - Diluted1,1481,1451,138GAAP diluted earnings per share$4.60$2.83$1.67Effects of the above adjustments0.180.200.12Non-GAAP diluted earnings per share$4.78$3.03$1.79RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued1st Qtr.4th Qtr.1st Qtr.November 27,2025August 28,2025November 28,2024GAAP net cash provided by operating activities$8,411$5,730$3,244Expenditures for property, plant, and equipment(5,389)(5,658)(3,206)Proceeds from sales of property, plant, and equipment6209Proceeds from government incentives87871165Investments in capital expenditures, net(4,505)(4,927)(3,132)Adjusted free cash flow$3,906$803$112The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings: Stock-based compensation;Gains and losses from debt prepayments;Restructure and asset impairments; andThe estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax (provision) benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income. MICRON TECHNOLOGY, INC.RECONCILIATION OF GAAP TO NON-GAAP OUTLOOKFQ2-26GAAP OutlookAdjustmentsNon-GAAP OutlookRevenue$18.70 billion ± $400 million --$18.70 billion ± $400 millionGross margin67.0% ± 1.0%1.0%A68.0% ± 1.0%Operating expenses$1.56 billion ± $20 million$180 millionB$1.38 billion ± $20 millionDiluted earnings per share(1)$8.19 ± $0.20$0.23A, B, C$8.42 ± $0.20Non-GAAP Adjustments(in millions)AStock-based compensation - cost of goods sold$125BStock-based compensation - research and development119BStock-based compensation - sales, general, and administrative61CTax effects of the above items and other tax adjustments(48)$257(1)GAAP earnings per share based on approximately 1.14 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control. | Contacts:
Satya Kumar
Investor Relations
satyakumar@micron.com
(408) 450-6199
Mark Plungy
Media Relations
mplungy@micron.com
(408) 203-2910 | |
COMTEX_471189907/2010/2025-12-17T16:01:00 |
4.64% $15.74
