Micron Technology, Inc. MU

Q3 FY2025 10-Q 投资简报
2025-06-26 · ASTRO RESEARCH

01 · 损益表

10-Q 季报仅提供 GAAP 数据

季度指标

指标 Q3 FY2025 Q2 FY2025 Q/Q Q3 FY2024 Y/Y
营收 Revenue $9,301M $8,053M +15% $6,811M +37%
毛利率 Gross Margin 37.7% 36.8% +0.9 ppt 26.9% +10.8 ppt
研发费用 R&D $965M $898M +7% $850M +14%
销售及管理 SG&A $318M $285M +12% $291M +9%
折旧摊销 D&A $6,203M $4,109M +51% $1,955M +217%
股权激励 SBC $253M $233M +9% $217M +17%
营业利润 Operating Income $2,169M $1,773M +22% $719M +202%
利息费用 Interest Expense $123M $112M +10% $150M -18%
净利润 Net Income $1,885M $1,583M +19% $332M +468%

补充指标

指标 Q3 FY2025 Q2 FY2025 Q/Q Q3 FY2024 Y/Y
每股收益 EPS $1.68 $1.41 +19% $0.30 +460%
稀释股数 Diluted Shares 1,125M 1,123M +0% 1,123M +0%
实际税率 Effective Tax Rate 11.1% 10.1% +1.0 ppt 52.7% -41.6 ppt

end_market

项目 占比
0 0.6%
1 0.1%
2 0.1%
3 0.1%

9-month YTD percentages (quarterly not disclosed separately)

technology

板块 收入 占比 QoQ YoY
DRAM $7,071M 76.0% +15% +51%
NAND $2,155M 23.2% +16% +4%
Other $75M 0.8% +0% +39%

customer

板块 收入 占比 QoQ YoY
Largest Customer $0M 0.0%

One customer was 16% of 9M FY2025 revenue (primarily CNBU). One customer was 11% for 9M FY2024 (primarily MBU/EBU/CNBU). Quarterly breakdown not separately disclosed.

geography

Not disclosed in 10-Q filing

02 · 资产负债表

现金及等价物
Cash & Equivalents
$10,163M
总债务
Total Debt
$15,541M
股东权益
Shareholders' Equity
$50,748M

03 · 现金流量表

本季度数据

经营现金流
Operating Cash Flow
$4,609M
资本开支
CapEx
$3,982M
自由现金流
Free Cash Flow
$627M
股票回购
Share Buyback
$0M
债务偿还
Debt Repayments
$3,604M

04 · 动态指标

指标 Q3 FY2025 Q2 FY2025 变化
暂无动态指标配置

05 · 管理层讨论

以下观点摘自 10-Q MD&A 管理层讨论章节

"2025财年第三季度,DRAM收入环比增长,主要受所有终端市场改善推动,特别是消费导向和数据中心市场的强劲环比增长,尤其是HBM产品。"
"我们启动了业务部门的战略重组,转向以市场细分为核心的业务单元结构,每个业务单元都拥有AI增长机会。"
"我们预计2025财年扣除政府补贴后的资本支出约为140亿美元。"

06 · 其他补充数据

指标数值备注
chips_act_grants $6.4B total CHIPS Act grants Up to $6.4B in direct funding for Idaho, New York, and Virginia fabs (amended June 2025)
customer_concentration 16% from one customer (9M YTD) One customer accounted for 16% of 9-month revenue, primarily in CNBU segment
patent_license_charge $57M Patent license charges recognized in Q3 FY2025 in other operating expense
consideration_payable_to_customers $807M Estimates for pricing adjustments and returns included in other current liabilities
effective_tax_rate 11.1% Q3 FY2025 effective tax rate; tax incentives reduced provision by $240M ($0.21/share)
dividend_per_share $0.115 Quarterly dividend of $0.115 per share
stock_buyback_remaining $2.81B remaining of $10B authorization $7.19B repurchased cumulatively; no repurchases in first 9 months of FY2025 due to CHIPS Act restrictions
net_capex_fy2025_guidance ~$14B FY2025 PP&E capex net of government incentive proceeds estimated at ~$14B
debt_repayments_note $3,604M (9-month YTD) Includes prepayment of 2026 Notes, 2026 Term Loan A, 2027 Notes, and 2027 Term Loan A
depreciation_amortization_note $6,203M (9-month YTD) Depreciation expense and amortization of intangible assets from cash flow statement; quarterly breakdown not separately disclosed
share_buyback_note $0 No shares repurchased in first 9 months of FY2025 due to CHIPS Act restrictions