The Micron earnings call today (25 September, 2025) highlighted the company’s continuing strength in the memory business, and Micron’s management shared expectations for the market to remain strong through the end of calendar 2025. In this post The Memory Guy will share a bit of the information that Objective Analysis typically reserves for its paying clientele.
In brief, Micron’s end markets are all strong, but AI is growing much more than other sectors, and Micron is working its way into the HBM (high-bandwidth memory) market with new products that are winning designs away from SK hynix as Samsung struggles with certain difficulties.
Quite interestingly, shortly after Micron’s call, in which the company proudly announced that it had sampled a 12-high HBM3e part during the quarter that would ship in early calendar 2025, SK hynix issued a release that they had just started volume production of their own 12-high HBM3e part.
Revenues by Product
Micron’s fourth fiscal quarter revenues increased by 14% sequentially, and 93% over the year-ago quarter to $7.75 billion, bringing fiscal 2024 to a total of $25.1 billion, 62% higher than fiscal 2023.
The chart below breaks out this data into DRAM and NAND flash quarterly revenues from the first quarter of calendar 2017.
DRAM revenues grew similarly to total revenues: 14% sequentially and 93% over a year ago to $5.3 billion, thanks to both an increase in HBM shipments to “multiple hundred millions of dollars” and an improved mix of DDR5 and LPDDR5 products, where Micron claims to have led servers’ conversion to LPDDR5. The mix shift was important, since quarterly bit shipments were “flattish” compared to the prior quarter. This mix shift drove price per gigabyte to rise in the “mid-teens” percent from the prior quarter.
NAND flash revenues grew even more strongly than did DRAM, to $2.4 billion, 15% higher than the preceding quarter, and 96% above the year-ago quarter. NAND’s strength was fueled by both a “high single-digit percentage” bit shipments increase from the prior quarter and a price per gigabyte increase that, like DRAM, was in the “high single-digit percentage range.” NAND flash prices have increased for the industry as a whole, but Micron’s increase was also explained to partially have resulted to greater shipments of high-performance SSDs aimed at AI applications.
Revenues by Business Unit
Quarterly revenues for each of the company’s business units appear in the chart below. These four business units are Compute & Networking (CNBU), Mobile (MBU), Storage (SBU), and Embedded/Automotive (EBU). Of the four, embedded was the only one with decreasing revenues from the prior quarter. Surprisingly, this was not addressed by management in their prepared comments, nor did it raise any questions during the call’s Q&A period.
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