10-K 年报仅提供 GAAP 数据 ·
| 指标 | FY2025 | FY2024 | Y/Y | FY2023 |
|---|---|---|---|---|
| 营收 Revenue | $37,378M | $25,111M | +49% | $15,540M |
| 毛利率 Gross Margin | 39.8% | 22.4% | +17.4 ppt | -9.1% |
| 研发费用 R&D | $3,798M | $3,430M | +11% | $3,114M |
| 销售及管理 SG&A | $1,205M | $1,129M | +7% | $920M |
| 折旧摊销 D&A | $8,352M | $7,780M | +7% | — |
| 股权激励 SBC | $972M | $833M | +17% | $596M |
| 营业利润 Operating Income | $9,770M | $1,304M | +649% | -$5,745M |
| 利息费用 Interest Expense | $477M | $562M | -15% | $388M |
| 净利润 Net Income | $8,539M | $778M | +998% | -$5,833M |
| 指标 | FY2025 | FY2024 | Y/Y | FY2023 |
|---|---|---|---|---|
| 每股收益 EPS | $7.59 | $0.70 | +984% | -$5.34 |
| 稀释股数 Diluted Shares | 1,125M | 1,118M | +1% | — |
| 实际税率 Effective Tax Rate | 11.6% | 36.4% | -24.8 ppt | -3.1% |
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| DRAM | $28,580M | 76.5% | — | +62% |
| NAND | $8,500M | 22.7% | — | +18% |
| Other | $298M | 0.8% | — | +6% |
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| Cloud & Hyperscale DC (CMBU) | $13,524M | 36.2% | — | — |
| Enterprise & OEM DC (CDBU) | $7,229M | 19.3% | — | — |
| Mobile & Client (MCBU) | $11,859M | 31.7% | — | — |
| Auto & Embedded (AEBU) | $4,753M | 12.7% | — | — |
MU reports BU segments aligned to end markets; ~50% of revenue from data center end market per 10-K
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| Top 10 Customers | — | — | — | — |
| Largest Customer (undisclosed) | $0M | 0.0% | — | — |
One customer was 17% of FY2025 revenue (primarily CMBU). One customer was 10% in FY2024. No >10% customer in FY2023.
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| U.S. | $24,113M | 64.5% | — | — |
| Taiwan | $5,672M | 15.2% | — | +20% |
| Mainland China | $2,639M | 7.1% | — | -13% |
| Other Asia Pacific | $1,913M | 5.1% | — | +44% |
| Hong Kong | $1,138M | 3.0% | — | +6% |
| Japan | $895M | 2.4% | — | +7% |
| Europe | $625M | 1.7% | — | -24% |
| Other | $383M | 1.0% | — | +192% |
| 债务类型 | 金额 | 利率 | 到期日 |
|---|---|---|---|
| Senior Notes | $542M | 5.375% fixed | Apr 2028 |
| Term Loan A | $984M | SOFR+0.875%-1.50% | Jan 2029 |
| Senior Notes | $700M | 5.327% fixed | Feb 2029 |
| Senior Notes | $1,159M | 6.750% fixed | Nov 2029 |
| Senior Notes | $796M | 4.663% fixed | Feb 2030 |
| Senior Notes | $1,000M | 5.300% fixed | Jan 2031 |
| Green Bonds | $1,000M | 2.703% fixed | Apr 2032 |
| Senior Notes | $500M | 5.650% fixed | Nov 2032 |
| Senior Notes | $750M | 5.875% fixed | Feb 2033 |
| Senior Notes | $900M | 5.875% fixed | Sep 2033 |
| Senior Notes | $1,000M | 5.800% fixed | Jan 2035 |
| Senior Notes | $1,250M | 6.050% fixed | Nov 2035 |
| Senior Notes | $500M | 3.366% fixed | Nov 2041 |
| Senior Notes | $500M | 3.477% fixed | Nov 2051 |
| Finance Leases | $3,044M | 5.19% wtd avg | Various |
| Revolving Credit Facility | $0M | SOFR+0.875%-1.50% | Mar 2030 |
本年度数据
| 指标 | FY2025 | FY2024 | 变化 |
|---|---|---|---|
| 暂无动态指标配置 | |||
以下观点摘自 10-K MD&A 管理层讨论章节（非 CEO 引言，10-K 不含新闻稿）
"AI驱动的需求正在加速且超过行业供给。2025年，受AI持续发展推动的强劲需求增长，我们在DRAM定价、出货量和利润率方面较2024年均有大幅改善。"
"2025年期间，我们将部分DRAM供应转向数据中心和超大规模云市场以满足AI推动的强劲需求，重点关注HBM产品，使收入组合更偏向高增长细分市场。"
| 指标 | 数值 | 备注 |
|---|---|---|
| dram_asp_yoy | ~+40% (low-40% range) | DRAM average selling prices increased in the low-40% range YoY per MD&A |
| dram_bit_shipment_yoy | ~+15% (mid-teen %) | DRAM bit shipments increased in the mid-teen percentage range YoY |
| nand_bit_shipment_yoy | ~+18% (high-teen %) | NAND bit shipments increased in the high-teen percentage range YoY |
| chips_act_grants | $6.4B total | Up to $6.4B in CHIPS Act direct funding for U.S. manufacturing expansion (Idaho, New York, Virginia) |
| capex_guidance_q1_fy2026 | ~$4.5B net | Capital expenditures net of government incentives estimated at ~$4.5B per quarter for FY2026 |
| customer_concentration | 17% from top customer | One customer was 17% of FY2025 revenue (primarily CMBU) |
| consideration_payable_prior | $718M | FY2024 consideration payable to customers was $718M vs $1,190M in FY2025 |
| revolving_credit_available | $3.5B | $3.5B available under Revolving Credit Facility, undrawn |