Micron Technology (MU) Financials

Micron Technology (NASDAQ: MU) has exhibited strong financial performance in recent quarters, showing overall improvement across income, cash flow, and balance sheet metrics from 2022 through Q3 2025.

Here are the key takeaways from the last several years of financial data:

• Micron's revenue has steadily increased from about $3.7 billion in Q2 2023 to over $9.3 billion by Q3 2025, reflecting healthy sales growth in the semiconductor market.
• Net income from continuing operations improved significantly, from a loss of $2.3 billion in Q2 2023 to a profit of $1.9 billion in Q3 2025, indicating strong operational turnaround and profitability.
• Gross profit margins have expanded, with gross profit rising from around $1.1 billion in early 2023 to $3.5 billion in Q3 2025, supported by disciplined cost management and higher sales.
• Operating expenses remain controlled relative to revenue growth, with R&D and SG&A expenses increasing moderately but contributing to solid operating income growth, reaching $2.2 billion in Q3 2025.
• Cash flow from operations has improved markedly, from just $343 million in Q2 2023 to $4.6 billion in Q3 2025, providing strong internal funding for investments and debt servicing.
• Cash and equivalents have more than doubled since early 2023—from approximately $7.6 billion to over $10.1 billion—demonstrating strong liquidity and financial flexibility.
• Micron has been actively investing in property, plant & equipment, with significant capex between $1.3 billion and $4 billion levels each quarter, signaling ongoing growth and capacity expansion.
• Total assets increased steadily from $65.3 billion in Q3 2022 to $78.4 billion in Q3 2025, showing the company's growth and investment buildup.
• Long-term debt increased from about $6.8 billion in Q4 2022 to $15 billion by Q3 2025, raising leverage which investors should monitor for potential risks.
• Despite recent profitability, Micron incurred significant losses in 2022 and early 2023, indicating prior volatility and the cyclical nature of the semiconductor industry.

Summary: Micron Technology’s financial health has substantially improved over the last two years, with robust revenue and profit growth, expanding cash flow, and strengthened liquidity. The company’s investment in growth and capacity is evident, though the rising debt level calls for attention. Prior losses highlight the sector’s cyclical challenges, but recent profitability suggests Micron has navigated these headwinds well. Retail investors should view Micron as a company on a positive growth trajectory with ongoing operational improvements, balanced against the cyclical nature of semiconductors and increased leverage.