Compiled 2026-09-26Data through 2025-08-282 min read
Dated source-based research · No live market data

Research summary

A two-period review of MU revenue, profitability and cash conversion; reported revenue growth was 48.85%.

Period comparison

FY2025 ended 2025-08-28; the prior observation ended 2024-08-29. Revenue moved from USD 25.111 billion to USD 37.378 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 778.00 million to USD 8.539 billion. Operating income moved from USD 1.304 billion to USD 9.770 billion. Net margin moved from 3.10% to 22.84%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 8.507 billion in the earlier period and USD 17.525 billion in the later period. Selected free cash flow was USD 121.00 million and USD 1.668 billion, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Revenue mix, research spending, inventory and cash conversion.

Risks and uncertainties

Customer concentration, product transitions, export restrictions and the durability of capital spending.

Sources & dates