MUMEDIUM SIGNALFINANCIAL10-K

Micron substantially expanded capital expenditures while revenue grew meaningfully, reflecting aggressive investment in memory manufacturing capacity.

The dramatic increase in capital spending to $15.9B signals Micron is making substantial investments in new manufacturing facilities and equipment, likely driven by AI/data center demand and CHIPS Act incentives. This aggressive capex cycle positions the company for future growth but will pressure near-term cash generation and returns.

Comparing 2025-10-03 vs 2024-10-04View on EDGAR →
FINANCIAL ANALYSIS

Micron delivered strong financial performance with revenue approaching $30B and meaningfully expanded its balance sheet footprint. The company substantially increased capital investments while maintaining healthy cash reserves at $9.6B and growing stockholders' equity to $54.2B. The parallel growth in receivables and current liabilities suggests robust business activity, though the dramatic capex increase will be key to monitor for execution and return on investment.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+89.1%
$8.4B→$15.9B

Capital expenditure jumped 89.1% — major investment cycle underway; assess returns on deployment.

Revenue
P&L
+49.5%
$20.3B→$30.4B

Strong top-line growth of 49.5% — accelerating demand or successful expansion into new markets.

Cash & Equivalents
Balance Sheet
+36.9%
$7.0B→$9.6B

Cash position surged 36.9% — strong cash generation or capital raise providing significant financial cushion.

Accounts Receivable
Balance Sheet
+32.2%
$5.4B→$7.2B

Receivables surged 32.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Liabilities
Balance Sheet
+23.9%
$9.2B→$11.5B

Current liabilities rose 23.9% — increased short-term obligations, watch current ratio.

Stockholders Equity
Balance Sheet
+20%
$45.1B→$54.2B

Equity base grew 20% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+19.3%
$69.4B→$82.8B

Asset base grew 19.3% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+18.3%
$24.4B→$28.8B

Current assets grew 18.3% — improving short-term liquidity or inventory/receivables build.

Total Liabilities
Balance Sheet
+17.9%
$24.3B→$28.6B

Liabilities increased 17.9% — monitor debt-to-equity ratio and interest coverage.

R&D Expense
P&L
+10.7%
$3.4B→$3.8B

R&D investment increased 10.7% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2025-10-03
PRIOR — 2024-10-04
ADDED
(Exact name of registrant as specified in its charter) Delaware 75-1618004 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 8000 S.
The number of outstanding shares of the registrant s common stock as of September 26, 2025 was 1,122,466,035 .
CHIPS and Science Act of 2022 2028 Notes 5.375% Senior Notes due April 2028 DDR Double data rate DRAM 2029 A Notes 5.327% Senior Notes due February 2029 EBITDA Earnings before interest, taxes, depreciation, and amortization 2029 B Notes 6.750% Senior Notes due November 2029 EUV Extreme ultraviolet lithography 2029 Term Loan A Senior Term Loan A due January 2029 HBM High-bandwidth memory 2030 Notes 4.663% Senior Notes due February 2030 Micron Micron Technology, Inc.
Such forward-looking statements may be identified by words such as anticipate, expect, intend, pledge, committed, plan, opportunities, future, believe, target, on track, estimate, continue, likely, may, will, would, should, could, and variations of such words and similar expressions.
Centers of excellence bring expertise together in one location, providing an efficient support structure for end-to-end manufacturing, with quicker cycle times, in partnership with teams, such as R D, product development, human resources, procurement, and supply chain.
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REMOVED
(Exact name of registrant as specified in its charter) Delaware 75-1618004 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) Address of principal executive offices, including zip code 8000 S.
The number of outstanding shares of the registrant s common stock as of September 27, 2024 was 1,108,742,682 .
Micron s Global Presence Micron s global presence map highlights locations that include our manufacturing sites, centers of excellence, customer labs, and large offices.
Forward-Looking Statements This Form 10-K contains trend information and other forward-looking statements that involve a number of risks and uncertainties.
Such forward-looking statements may be identified by words such as "anticipate," "expect," "intend," "pledge," "committed," "plan," "opportunities," "future," "believe," "target," "on track," "estimate," "continue," "likely," "may," "will," "would," "should," "could," and variations of such words and similar expressions.
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