What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-10-03 compared with 2024-10-04 · 169 added, 164 removed, 252 unchanged (57% of the section changed)

4 unchanged sentences

Our global network of manufacturing centers of excellence not only allows us to benefit from scale while streamlining processes and operations, but it also brings together some of the world’s brightest talent to work on the most advanced memory technology.

Centers of excellence bring expertise together in one location, providing an efficient support structure for end-to-end manufacturing, with quicker cycle times, in partnership with teams such as research and development (“R&D”), product development, human resources, procurement, and supply chain.

Centers of excellence bring expertise together in one location, providing an efficient support structure for end-to-end manufacturing, with quicker cycle times, in partnership with teams, such as R&D, product development, human resources, procurement, and supply chain.

For our locations in Singapore and Taiwan, this is also a combination of bringing fabrication and back-end manufacturing together.

We make significant investments to develop proprietary product and process technology, which generally increases bit density per wafer and reduces per-bit manufacturing costs of each generation of product.

We continue to make significant investments to develop proprietary product and process technology, which generally increases bit density per wafer and reduces per-bit manufacturing costs of each generation of product.

We continue to introduce new generations of products that offer improved performance characteristics, including higher data transfer rates, advanced packaging solutions, lower power consumption, improved read/write reliability, and increased memory density.

We face intense competition in the semiconductor memory and storage markets.

To remain competitive we must continuously develop and implement new products and technologies and decrease manufacturing costs in spite of inflationary pressures.

To remain competitive, we must continuously develop and implement new products and technologies and decrease manufacturing costs in spite of inflationary pressures, changing technologies, rapid market changes, and regulatory uncertainty.

Our success is largely dependent on obtaining returns on our R&D investments, efficient utilization of our manufacturing infrastructure, development and integration of advanced product and process technologies, market acceptance of our diversified portfolio of semiconductor-based memory and storage solutions, and efficient capital spending.

Business Segments

In the fourth quarter of 2025, we reorganized our business units.

All prior-period segment amounts have been retrospectively adjusted to reflect this reorganization.

We have the following four business units, which are our reportable segments:

• Cloud Memory Business Unit (“CMBU”):

Focused on memory solutions for large hyperscale cloud customers, and HBM for all data center customers.

• Core Data Center Business Unit (“CDBU”):

Focused on memory solutions for mid-tier cloud, enterprise, and OEM data center customers and storage solutions for all data center customers.

• Mobile and Client Business Unit (“MCBU”):

Focused on memory and storage solutions for the mobile and client segments.

• Automotive and Embedded Business Unit (“AEBU”):

Focused on memory and storage solutions for the automotive, industrial, and consumer segments.

7 | 2025 10-K

Products, Market, and Sales

1 unchanged sentence

Our product portfolio of memory and storage solutions, advanced solutions, and storage platforms is based on our high-performance semiconductor memory and storage technologies, including DRAM, NAND, and NOR.

We sell our products through our business units into various markets in numerous forms, including:

components, modules, SSDs, managed NAND, multi-chip packages, and wafers.

We sell our products through our business units into various markets in numerous forms, including components, modules, SSDs, managed NAND, multi-chip packages, and wafers.

Many of our system-level solutions combine NAND, a controller, firmware, and in some cases DRAM.

DRAM products are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval with a variety of performance characteristics.

DRAM products lose content when power is turned off (“volatile”) and are most commonly used in the data center, client PC, graphics, industrial, and automotive markets.

In 2023, we began shipping the industry’s first 1β (1-beta) production node, which offers further improvements in power efficiency and bit density.

The majority of our DRAM bit production in 2024 was on leading-edge 1α (1-alpha) and 1ß nodes.

We expect volume shipments in 2025 of our next generation of DRAM, the 1γ (1-gamma) node, which will employ EUV lithography production.

DRAM products lose content when power is turned off (“volatile”) and are most commonly used in the data center, client PC, graphics, industrial, mobile, and automotive markets.

In 2025, we began shipping the industry’s first 1γ (1-gamma) production node, which is our first DRAM node incorporating EUV lithography and offers further improvements in power efficiency, performance, and bit density compared to our prior DRAM node products.

The majority of our DRAM bit production in 2025 was on our leading-edge 1ß (1-beta) node.

High-Bandwidth Memory (“HBM”) :

A 3D stacked DRAM architecture that utilizes through-silicon via (“TSV”) connections for more efficient communication giving it the ability to achieve a higher bandwidth while consuming less power compared to other memory types.

This makes it ideal for applications that require high data throughput and energy efficiency, such as AI applications and high-performance computing.

Double Data Rate (“DDR”) :

1 unchanged sentence

DDR5 is the fifth generation of this technology and offers the critical improvements in bandwidth and power efficiency necessary to meet the growing needs of high-performance computing, AI, and data-intensive applications.

High-Bandwidth Memory (“HBM”) :

A 3D stacked DRAM architecture that utilizes through-silicon via (“TSV”) connections for a more efficient communication between each stack giving it the ability to achieve a higher bandwidth while consuming less power compared to other memory types.

This makes it ideal for applications that require high data throughput and energy efficiency, such as AI applications and high-performance computing.

Graphics DRAM (“GDDR”) :

High performance memory solution designed for graphics cards, gaming consoles, and high-performance computing applications.

GDDR memory is optimized for high-bandwidth workloads encountered by graphics processing units, offering faster data rates and efficient data processing capabilities.

Low-Power DRAM (“LPDDR”) :

2 unchanged sentences

The benefits of LPDDR memory are being realized by many market segments, including mobile, PC, automotive, and data center.

Graphics DRAM (“GDDR”) :

High-performance memory solution designed for graphics cards, gaming consoles, and high-performance computing applications.

GDDR memory is optimized for high-bandwidth workloads encountered by graphics processing units, offering faster data rates and efficient data processing capabilities.

Total reported DRAM revenue was $28.58 billion in 2025, $17.60 billion in 2024, and $10.98 billion in 2023.

1 unchanged sentence

NAND is used in SSDs for the data center, client PC, consumer, and automotive markets, and in removable storage markets.

Managed NAND is used in smartphones and other mobile devices, and in consumer, automotive, and embedded markets.

Managed NAND is used in smartphones and other mobile devices, and in the consumer, automotive, and embedded markets.

Low-density NAND is ideal for applications like automotive, surveillance, machine-to-machine, automation, printer, and home networking.

In 2022, we began volume production of 232-layer NAND (“Micron G8 NAND”), the industry’s first eighth-generation NAND.

It features higher areal density and delivers higher capacity and improved energy efficiency over previous generations of our NAND.

In 2024, we began volume production of Micron G9 NAND, representative of the industry's ninth-generation 3D NAND node.

Micron G8 and G9 NAND nodes are ramping in high volume and will become an increasing portion of our mix through 2025.

The majority of our NAND bit production in 2025 was on leading-edge Micron G8 and G9 NAND nodes.

Our NAND Flash includes triple-level cell (“TLC”) and quad-level cell (“QLC”), each with varying levels of storage density, performance, and endurance.

In 2024, we announced shipments of our densest OEM production QLC NAND, built on this technology, with improved storage density and access times.

In 2024, we also began shipping Micron G9 TLC based NAND in SSDs designed to deliver the transfer rates required to meet the low-latency and high-throughput needs of data-centric workloads from AI training and machine learning to unstructured databases, self-driving cars, and cloud computing.

Solid State Drives (“SSDs”) :

3 unchanged sentences

This integration allows the memory to manage itself, handling tasks like wear leveling, bad block management, and error correction internally, freeing the host system from these tasks.

Products such as embedded MultiMediaCards (“eMMC”) and universal flash storage (“UFS”) offer solutions that are compact and reliable making them widely used across the mobile, automotive, and industrial markets.

Products such as embedded MultiMediaCards (“e.MMC”) and universal flash storage (“UFS”) offer solutions that are compact and reliable, making them widely used across the mobile, automotive, and industrial markets.

Multi-Chip Packages (“MCPs”) :

Designed to provide high-performance, compact, and efficient memory solutions by integrating multiple types of memory, generally LPDRAM, into a single package.

Designed to provide high-performance, compact, and efficient memory solutions by integrating multiple types of memory, generally LPDDR and NAND, into a single package.

MCPs are used in embedded internet of things (“IoT”) applications, automotive systems, mobile devices, and industrial devices where space and power efficiency are critical.

Total reported NAND revenue was $8.50 billion in 2025, $7.23 billion in 2024, and $4.21 billion in 2023.

7 | 2024 10-K

NOR products are non-volatile, re-writable semiconductor memory devices that provide fast read speeds.

1 unchanged sentence

Products by Business Unit and Market

Compute and Networking Business Unit (“CNBU”)

CNBU includes memory products and solutions sold into the data center, PC, graphics, and networking markets including HBM, DDR, LPDRAM and GDDR, as well as some emerging memory technologies like compute express link (“CXL”) and multi-ranked dual in-line memory module (“MRDIMM”).

CNBU sales to the data center end market were driven primarily by server demand across the cloud and enterprise markets and solutions offered to the networking market.

Cloud Memory Business Unit (“CMBU”)

CMBU is focused on memory solutions for large hyperscale cloud customers, and HBM for all data center customers.

In addition to HBM, CMBU sales include DDR, LPDDR, and GDDR.

Data Center :

CMBU sales to the data center end market are driven by server demand across the cloud market and includes our portfolio of HBM, high-capacity dual in-line memory modules (“DIMMs”), and low-power server DRAM solutions.

Overall cloud growth continues to be driven by the shift of both infrastructure and workloads from on-premises to the cloud.

Cloud-native workloads are drivers of growth through use-cases like intelligent edge devices capable of AI and augmented reality that store and access data in the cloud or rely on the cloud for compute capability.

Cloud-native workloads are driving growth through use cases such as AI-enabled intelligent edge devices and augmented reality platforms that store and access data in the cloud or rely on the cloud for compute capability.

Cloud servers supporting AI and data-centric workloads require significantly increasing quantities of DRAM, including HBM, and NAND as the task of turning data into insight becomes increasingly memory-centric.

In 2024, we began volume production of our 8-high 24GB HBM3E with increased bandwidth and superior power efficiency enabled by our advanced 1β process node.

This enhanced version of the third generation of HBM delivers faster data rates, improved thermal response, and a higher monolithic die density within the same package footprint as previous generations.

We have also started shipments of production-capable HBM3E 12-high 36GB units to enable qualifications across the AI ecosystem.

In the fourth quarter of 2025, HBM3E 12-high represented the majority of our HBM shipments.

This enhanced version of HBM delivers faster data rates, improved thermal response, and a higher monolithic die density within the same package footprint as previous generations.

In 2025, we delivered samples of HBM4 36GB 12-high to multiple key customers to power next-generation AI platforms.

As modern servers pack more processing cores into central processing units (“CPUs”), the memory bandwidth per CPU core has been decreasing.

Our DDR5 alleviates this bottleneck by providing higher bandwidth compared to previous generations, enabling improved performance and scaling.

Our DDR5 alleviates this bottleneck by providing higher bandwidth than previous generations, enabling improved performance and scaling.

In 2024, we qualified and began shipping our 128GB DDR5 server module, built on a monolithic 32GB DRAM die and powered by our 1ß node.

This innovative product provides an industry alternative to existin g 3D TSV-based solutions to address the rigorous speed and capacity demands of memory-intensive generative AI applications.

We are leveraging our innovative solutions to pioneer the adoption of LPDDR for servers in the data center.

Additionally, we also announced our 256GB MRDIMM module, which further enhances performance and increases DRAM content per server.

In 2024, networking demand was driven by AI and DDR5 platform deployments in data center networking and increasing data transfer requirements across multiple industries.

Our products sold to the client PC market support both commercial and consumer PC unit growth.

The next generation PCs that have been announced contain high-performance neural processing chipsets as well as AI.

We expect these devices will have significantly more DRAM content than today’s average PC.

As AI use cases proliferate to PCs, performance of the memory subsystem becomes more critical.

In 2024, we announced the low-power compression-attached memory module to deliver the required performance to process AI workloads on PCs and provide the potential to scale to applications needing a high performance and low power solution in a compact and modular form factor.

The graphics market is driven by the need for high-performance and HBM solutions.

Our GDDR6 and GDDR6X DRAM graphics products are incorporated into gaming consoles, PC graphics cards, and graphics processing unit-based data center solutions, which are the driving force behind applications such as AI, virtual and augmented reality, 4K and 8K gaming, and professional design.

In 2024, we announced our next generation GDDR7 graphics memory which delivers high-performance memory in a power-optimized design.

Built on our 1β node, GDDR7 is the next generation of GDDR memory to advance user experience in graphics and gaming.

The addition of GDDR7 completes our industry-leading product portfolio for AI inference applications on CPUs, neural processing units, and graphics processing units.

CNBU reported revenue of $9.51 billion in 2024, $5.71 billion in 2023, and $13.69 billion in 2022.

CNBU sales to the data center, PC, and graphics markets in 2024 consisted primarily of our HBM, DDR5 and DDR4, LPDDR5, and GDDR6 DRAM products.

Mobile Business Unit (“MBU”)

MBU includes memory and storage products sold into the smartphone and other mobile-device markets including discrete NAND, DRAM, and managed NAND products.

MBU offers a comprehensive portfolio of MCPs and managed NAND, including products which combine eMMC/UFS solutions with LPDRAM, along with a suite of unique firmware features designed for next-generation smartphones and to accelerate AI applications in the mobile market.

The proliferation of smartphones, tablets, and other mobile devices continues to increase the demand for memory chips.

This innovative product provides an industry alternative to existing 3D TSV-based solutions to address the rigorous speed and capacity demands of memory-intensive generative AI applications.

In 2025, we began volume production of LPDDR5 in a small outline compression attached memory module (“SOCAMM”) form factor to enable easier server manufacturability and serviceability and to help drive broader LPDDR adoption in the server market.

9 | 2025 10-K

Total reported CMBU revenue was $13.52 billion in 2025, $3.79 billion in 2024, and $1.87 billion in 2023.

CMBU sales to the data center market in 2025 consisted primarily of our HBM, DDR5 and DDR4, LPDDR5, and GDDR6 products.

Core Data Center Business Unit (“CDBU”)

CDBU is focused on memory solutions for mid-tier cloud, enterprise, and OEM data center customers and storage solutions for all data center customers, including data center SSDs and NAND components.

Data Center DRAM :

CDBU sales to OEM data center customers are driven by server and storage demand to support mid-tier cloud and enterprise customers, and our sales consisted primarily of DDR5 and DDR4.

Data Center SSDs and NAND :

The rapid proliferation of AI, cloud computing, and big data are fueling demand for high-performance and high-capacity storage in data centers.

In 2025, we qualified and began shipping our 9550 series SSD to meet the growing demands of AI, high-performance computing, and many other workloads.

This fully integrated solution enables improved performance, power efficiency, and security features for data center operators.

In 2025, we also qualified and began shipping our 6550 ION SSD, which delivers lower power while providing better performance and better data center footprint efficiency with more density per rack for data centers.

Both products utilized Micron’s G8 NAND and internally designed and vertically integrated engineering capability consisting of a controller, firmware, NAND, and DRAM.

We also strengthened our portfolio with our first G9-based data center products, including our PCIe Gen6 SSDs.

Total reported CDBU revenue was $7.23 billion in 2025, $4.98 billion in 2024, and $2.12 billion in 2023.

CDBU sales to the data center SSD market in 2025 consisted primarily of our 5400, 6500 ION, 7450, 7500, and 9550 series SSDs.

CDBU sales also included sales of our DDR5 and DRR4 and component NAND sales of QLC and TLC.

Mobile and Client Business Unit (“MCBU”)

MCBU is focused on memory and storage solutions for the mobile and client segments.

Additionally, MCBU sales include our Crucial-branded SSDs and DRAM sold to the consumer market and component DRAM and NAND sales of TLC and QLC.

Consists of memory and storage products sold into the smartphone and other mobile-device markets, including discrete NAND, DRAM, and managed NAND products.

MCBU offers a portfolio of MCPs and managed NAND, including products which combine e.MMC/UFS solutions with LPDDR, along with a suite of unique firmware features designed for next-generation smartphones and to accelerate AI applications in the mobile market.

The proliferation of smartphones, tablets, and other mobile devices continues to increase the demand for memory chips, while AI adoption in such devices continues to be a strong driver for mobile DRAM content growth.

These devices require high-performance memory to support various applications, from gaming to productivity.

1 unchanged sentence

Enabling these on-device AI capabilities is driving increased memory and storage capacity needs and increasing demand for new value-add solutions.

In 2024, we announced our second generation of NAND UFS 4.0 devices, which offer a more compact package size and increased power efficiency to provide design manufacturers more room and power needed for next generation smartphone designs.

We also began sampling our next generation of low power smartphone DRAM, built on our 1ß node.

The LPDDR5X provides peak bandwidth data transfer that is critical for enabling AI at the intelligent edge.

This advanced memory technology is designed for high-end and flagship smartphones where its high bandwidth and power efficiency are crucial for delivering top-tier performance.

MBU reported revenue of $6.35 billion in 2024, $3.63 billion in 2023, and $7.26 billion in 2022.

MBU sales to the mobile market in 2024 consisted primarily of LPDDR5 and LPDDR4 DRAM and managed NAND solutions.

Embedded Business Unit (“EBU”)

EBU includes memory and storage products and solutions sold into the intelligent edge through the automotive, industrial, and consumer embedded markets including discrete and module DRAM, discrete NAND, managed NAND, SSDs, and NOR.

We are focused on providing solutions to the high-end smartphone segments, leveraging our 1ß and 1γ technology nodes for LPDDR5X.

In 2025, we began shipping qualification samples of our first LPDDR5X memory built on the 1γ node, engineered to accelerate AI applications on flagship smartphones, and delivering a faster speed grade while reducing power consumption, all in an ultrathin form factor ideal for mobile.

Our products sold to the client PC market support both commercial and consumer PC unit growth.

The next generation PCs contain high-performance neural processing chipsets, as well as AI.

These devices have significantly more DRAM content than today’s average PC.

Client and Consumer SSDs :

The next generation PCs contain high-performance neural processing chipsets, as well as AI capabilities, and require higher performance and higher average capacity SSDs than traditional PCs.

Our client SSDs, targeted for leading personal computer OEMs, have mostly replaced hard disk drives used in notebooks, desktops, workstations, and other consumer applications, and deliver high performance, power

efficiency, security, and capacity.

In 2025, we began shipping Micron G9 QLC-based NAND in client SSDs designed for OEMs featuring our proprietary Adaptive Write Technology, which enables faster write performance for improved AI-driven applications and an optimized user experience.

Total reported MCBU revenue was $11.86 billion in 2025, $11.67 billion in 2024, and $7.39 billion in 2023.

MCBU sales to the mobile market in 2025 consisted primarily of LPDDR5 and LPDDR4 DRAM and managed NAND solutions.

MCBU sales to the client and consumer SSD markets in 2025 consisted primarily of our 2500, 2550, 2650, and 3500 series SSDs and our Crucial-branded BX500 SATA SSDs and P3 Plus PCIe SSDs.

MCBU sales also included component NAND sales of TLC and QLC.

Automotive and Embedded Business Unit (“AEBU”)

AEBU is focused on memory and storage solutions for the automotive, industrial, and consumer segments sold into the intelligent edge, including discrete and module DRAM, discrete NAND, managed NAND, SSDs, and NOR.

The intelligent edge refers to the continually growing set of connected systems and devices where data is analyzed and aggregated closest to where it is captured.

Intelligent devices, those using AI for inference at the edge, are now more self-contained and do not need to connect to the cloud to run their algorithms.

Advancements in autonomous driving, advanced driver-assistance systems, and in-vehicle infotainment systems continue to increase the requirements for high-performing memory and storage products, with higher reliability requirements for leading-edge products.

Improvements in autonomous driving, advanced driver-assistance systems, in-vehicle infotainment systems, advanced robotaxi platforms, and AI technologies continue to increase the requirements for high-performing memory and storage products, with higher reliability requirements for leading-edge products.

Automotive memory and storage products enable connected, advanced infotainment systems with increasingly larger and higher definition displays and support improved voice and gesture control.

Adoption of Level 2+ advanced driver-assistance systems capabilities continue to gain momentum, further expanding content per vehicle.

Adoption of Level 2 and 3 advanced driver-assistance systems capabilities continue to gain momentum, further expanding content per vehicle.

Our products enable increasingly advanced vision- and sensor-based automated systems to support driver assistance solutions and vehicle safety.

In 2024, we qualified our automotive LPDDR5X, UFS 3.1, and NOR flash storage solutions for a comprehensive set of cloud-connected platforms designed for power data-rich, intelligent automotive services.

The demand for industrial memory is being fueled by the increasing adoption of IoT devices, automation in manufacturing, machine-to-machine communication, transportation, surveillance, retail, and smart infrastructure.

The need for reliable and high-performance memory solutions in these applications is critical.

9 | 2024 10-K

In 2025, we announced the production readiness of our first automotive LPDDR5X DRAM product that supports the increasing performance requirements of AI-driven applications in vehicles.

Additionally, our 4150 SSD became our first enterprise SSD product that is automotive-qualified and is now sampling at target customers, further reinforcing our commitment to innovation and leadership in this important market.

Growing adoption of IoT devices, automation, machine-to-machine communication, and smart infrastructure across sectors, such as manufacturing, transportation, surveillance, and retail, is driving demand for industrial memory solutions.

High-reliability and high-performance memory solutions are critical for these applications.

Consumer Embedded :

Embedded memory and storage solutions are used in a diverse set of consumer products, including service provider and IP set-top boxes, digital home assistants, digital still and video cameras, home networking, ultra-high-definition televisions, augmented reality and virtual reality headsets, and many more applications.

Our embedded memory and storage solutions enable intelligent edge devices in the consumer products market to store, connect, and transform information in the IoT.

EBU reported revenue of $4.61 billion 2024, $3.64 billion in 2023, and $5.24 billion in 2022.

EBU sales to the automotive, industrial, and consumer embedded markets in 2024 consisted primarily of LPDDR5 and LPDDR4 DRAM, DDR4 and DDR3 DRAM, and managed NAND.

Storage Business Unit (“SBU”)

SBU includes SSDs and component-level storage solutions sold into the data center, PC, and consumer markets.

The data center market includes enterprise and cloud SSDs and enterprise NAND components while the PC market consists of client SSDs.

Additionally, SBU sales include NAND components and our Crucial-branded SSDs sold to the consumer market.

The growing use of cloud computing and big data analytics is fueling the demand for high performance storage in data centers.

Applications such as machine learning servers require fast access to data with low latency, predictable performance, and high storage capacities.

Our 6500 30TB SSDs features high performance, reliability, and endurance for AI data lake applications.

In 2024, we began sampling our 9550 series SSD to meet the growing demands of AI, high-performance computing, and many other workloads.

This fully integrated solution enables improved performance, power efficiency, and security features for data center operators.

The next generation PCs contain high-performance neural processing chipsets as well as AI capabilities and require higher performance and higher average capacity SSDs than traditional PCs.

In 2024, we expanded our technology portfolio with the 3500 NVMe SSD, our first performance client SSD built on Micron G8 NAND.

This original SSD will help our customers handle demanding workloads for business applications, scientific computing, gaming, and content creation.

SBU reported revenue of $4.59 billion in 2024, $2.55 billion in 2023, and $4.55 billion in 2022.

SBU sales to the data center SSD and PC markets in 2024 consisted primarily of our 2400, 5400, 6500 ION, 7450, 7500, and 9400 series SSDs as well as component NAND sales of QLC and TLC.

Total reported AEBU revenue was $4.75 billion in 2025, $4.63 billion in 2024, and $4.14 billion in 2023.

In 2025, AEBU sales to the automotive, industrial, and consumer embedded markets consisted primarily of LPDDR5 and LPDDR4, managed NAND, DDR4 and DDR3, and GDDR6 products.

Marketing and Customers

2 unchanged sentences

Collaborating with our customers on their design needs in changing end markets and meeting their timelines for qualifying new products allows us to differentiate our memory and storage solutions, which provides greater value to our customers.

11 | 2025 10-K

Our semiconductor memory and storage products are offered under our Micron and Crucial brand names and through private labels.

6 unchanged sentences

Due to volatile industry conditions, our customers are generally reluctant to enter into long-term, fixed-price purchase contracts.

We typically enter into long-term agreements with our customers with acknowledgment that pricing, quantity, and other terms will be periodically negotiated to reflect market conditions and our customer’s demand for our products.

In each of the last three years, approximately one-half of our total revenue was from our top ten customers.

For other information regarding our concentrations and customers, see Part II, Item 8.

Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Certain Concentrations.”

Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 28.

Certain Concentrations.

Competitive Conditions

We face intense competition in the semiconductor memory and storage markets from a number of companies, including Kioxia Holdings Corporation;

Samsung Electronics Co., Ltd.;

We face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung Electronics Co., Ltd.;

SK hynix Inc.;

and Western Digital Corporation.

Kioxia Holdings Corporation;

Sandisk Corporation;

ChangXin Memory Technologies, Inc.

and Yangtze Memory Technologies Co., Ltd.

Our competitors may use aggressive pricing to obtain market share.

Some of our competitors are large corporations or conglomerates that may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete.

Some of our competitors are large corporations or conglomerates that may operate in jurisdictions with lower labor and compliance costs and may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete.

Consolidation of industry competitors could put us at a competitive disadvantage as our competitors may benefit from increased manufacturing scale and a stronger product portfolio.

We operate in different jurisdictions than our competitors and may be impacted by unfavorable changes in currency exchange rates.

In addition, some governments may provide, or have provided and may continue to provide, significant assistance, financial or otherwise, to some of our competitors or to new entrants and may intervene in support of national industries and/or competitors.

In particular, we face the threat of increasing competition as a result of significant investment in the semiconductor industry by the Chinese government and various state-owned or affiliated entities, in companies such as Yangtze Memory Technologies Co., Ltd.

(“YMTC”) and ChangXin Memory Technologies, Inc.

Alternatively, new entrants into the memory and storage market could have a significant adverse impact on our competitive position.

We operate in different jurisdictions than our competitors and may be impacted by unfavorable changes in currency exchange rates, import/export restrictions, and other trade regulations, including tariffs.

In addition, governments have provided, and may continue to provide, significant assistance, financial or otherwise, to some of our competitors or to new entrants and may intervene in support of national industries and/or competitors.

As a result, we face the threat of increasing competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC.

In addition, the May 2023 decision by China’s Cyberspace Administration (the “CAC”) that critical information infrastructure operators in China may not purchase Micron products had an adverse impact on our ability to compete effectively in China and elsewhere.

We and our competitors generally seek to increase supply to address growing market demands, improve yields, and reduce die size, which could result in significant increases in worldwide supply and downward pressure on prices.

Increases in worldwide supply of semiconductor memory and storage also result from fabrication capacity expansions, either by way of new facilities, increased capacity utilization, or reallocation of other semiconductor production to semiconductor memory and storage production.

Our competitors may increase capital expenditures resulting in future increases in worldwide supply.

We, and some of our competitors, have plans to ramp, or are constructing or ramping, production at new fabrication facilities.

We intend to advance our process technology to increase bit output per wafer, improve yields, and increase wafer supply.

In addition, our competitors may increase capital expenditures resulting in future increases in worldwide supply.

We, and some of our competitors, have plans to construct new fabrication facilities and/or ramp production at existing fabrication facilities.

Increases in worldwide supply of semiconductor memory and storage, if not accompanied by commensurate increases in demand, could lead to declines in average selling prices for our products and could materially adversely affect our business, results of operations, or financial condition.

6 unchanged sentences

Our DRAM, NAND, and NOR products share a number of common manufacturing processes, enabling us to leverage our product and process technology and certain resources and manufacturing infrastructure across these product lines.

11 | 2024 10-K

Our process for manufacturing semiconductor products is complex and involves numerous precise steps, including wafer fabrication, post-fabrication processing, assembly, and test.

5 unchanged sentences

Wafer fabrication occurs in a highly controlled clean environment to minimize yield loss from contaminants.

Despite stringent manufacturing controls, individual circuits may be nonfunctional or wafers may be scrapped due to equipment errors, minute impurities in materials, defects in photomasks, circuit design marginalities or defects, or contamination from airborne particles, among other factors.

Despite stringent manufacturing controls, individual circuits may be non-functional or wafers may be scrapped due to equipment errors, minute impurities in materials, defects in photomasks, circuit design marginalities or defects, or contamination from airborne particles, among other factors.

Success of our manufacturing operations depends largely on minimizing defects and improving process margin to maximize yield of high-quality circuits.

10 unchanged sentences

and the reallocation of manufacturing capacity across various product lines.

13 | 2025 10-K

We have commenced expansion of our production capacity in the United States and in other regions where we operate.

10 unchanged sentences

However, only a limited number of suppliers are capable of delivering certain materials, components, and services that meet our standards and, in some cases, materials, components, or services are provided by a single or sole source, and we may be unable to qualify new suppliers on a timely basis.

The availability of materials or components such as chemicals, silicon wafers, gases, photoresist, controllers, substrates, lead frames, printed circuit boards, targets, and reticle glass blanks is impacted by various factors.

The availability of materials or components, such as chemicals, silicon wafers, gases, photoresists, semiconductors, substrates, lead frames, printed circuit boards, targets, and reticle glass blanks is impacted by various factors.

These factors could include a shortage of raw materials or a disruption in the processing or purification of those raw materials into finished goods.

Shortages or increases in lead times have occurred in the past, are currently occurring with respect to some materials and components, and may occur from time to time in the future.

Shortages or increases in lead times have occurred in the past, are currently occurring with respect to some materials and components, and may occur from time to time in the future because of the nature of the industry.

Constraints within our supply chain for certain materials and integrated circuit components could limit our bit shipments, which could have a material adverse effect on our business, results of operations, or financial condition.

4 unchanged sentences

Regardless of contract structure, large swings in demand may exceed our contracted supply and/or our suppliers’ capacity to meet those demand changes, resulting in a shortage of parts, materials, or capacity needed to manufacture our products.

In addition, if any of our suppliers were to cease operations or become insolvent, this could impact their ability to provide us with necessary supplies, and we may not be able to obtain the needed supply in a timely way or at all from other providers.

In periods of shortage, we may be required to incur increased costs in order to meet our contractual commitments and demand from our customers or experience a decrease in revenue.

Certain materials are primarily available in a limited number of countries, including rare earth elements, minerals, and metals.

Trade disputes, geopolitical tensions, economic circumstances, political conditions, or public health issues may limit our ability to obtain such materials.

Although these rare earth and other materials are generally available from multiple suppliers, China is the predominant producer of these materials.

If China were to restrict or stop exporting these materials, our suppliers’ ability to obtain such supply may be constrained, and we may be unable to obtain sufficient quantities, or obtain supply in a timely manner, or at a commercially reasonable cost.

Although these rare earth and other materials are generally available from multiple suppliers, China is a predominant producer of these materials.

China has in the past restricted export of certain of these materials and may in the future continue to restrict, expand restrictions, or stop exporting these or other materials, and as a result, our suppliers’ ability to obtain such supply may be constrained, and we may be unable to obtain sufficient quantities, or obtain supply in a timely manner or at a commercially reasonable cost.

Constrained supply of rare earth elements, minerals, and metals may restrict our ability to manufacture certain of our products and make it difficult or impossible to compete with other semiconductor memory and storage manufacturers who are able to obtain sufficient quantities of these materials from China.

We and/or our suppliers and service providers could be affected by regional conflicts, civil unrest, labor disruptions, sanctions, tariffs, embargoes, or other trade restrictions, as well as laws and regulations enacted in response to concerns regarding climate change, conflict minerals, responsible sourcing practices, public health crises, or other matters, which could limit the supply of our materials and/or increase the cost.

We and/or our suppliers and service providers could be affected by regional conflicts, acts of war, civil unrest, labor disruptions, sanctions, tariffs, embargoes, or other trade restrictions, and retaliatory actions in response to such actions, as well as laws and regulations enacted in response to concerns regarding climate change, conflict minerals, responsible sourcing practices, public health crises, or other matters, which could limit the supply of our materials and/or increase the cost.

Environmental regulations could limit our ability to procure or use certain chemicals or materials in our operations or products.

2 unchanged sentences

The disruption of our supply of materials, components, or services, or the extension of our lead times could have a material adverse effect on our business, results of operations, or financial condition.

Our operations are dependent on a reliable and uninterrupted supply of electrical power and water to our manufacturing facilities.

Our operations are dependent on a reliable and uninterrupted supply of electrical power, gas, and water to our manufacturing facilities.

Any power shortages, capacity constraints, prolonged outages, or significant or unexpected increases in the cost of power could have a material adverse effect on our business, results of operations, or financial condition.

13 | 2024 10-K

Our inability to source materials, supplies, capital equipment, or third-party services could affect our overall production output and our ability to fulfill customer demand.

3 unchanged sentences

Patents and Licenses

As of August 29, 2024, we owned approximately 14,500 active U.S.

As of August 28, 2025, we have been granted over 60,000 patents and we owned approximately 15,000 active U.S.

patents and 7,500 active foreign patents.

2 unchanged sentences

Our patents have various terms expiring through 2044.

From time to time, we sell and/or license our technology to other parties and continue to pursue opportunities to monetize our investments in our intellectual property through partnering and other arrangements.

We have also jointly developed memory and storage product and process technology with third parties on a limited basis.

From time to time, we sell and/or license our technology to other parties, and we continue to pursue opportunities to monetize our investments in our intellectual property through partnering and other arrangements.

We have a number of patent and intellectual property license agreements and have, from time to time, licensed or sold our intellectual property to third parties.

2 unchanged sentences

We are unable to predict whether these license agreements can be obtained or renewed on terms acceptable to us.

15 | 2025 10-K

Research and Development

Our R&D efforts are focused primarily on development of memory and storage solutions, including our industry-leading DRAM and NAND technology, that enable continuous improvement in performance and cost structure for our products.

Our 1-gamma DRAM pilot production using EUV lithography is progressing well, and we are on track for volume production in calendar 2025.

We have begun volume production on our Micron G9 NAND node, and expect to introduce several industry-leading products over the coming quarters.

In 2025, we began shipping the 1γ production node, which is our first DRAM node incorporating EUV lithography.

We also began volume production on our Micron G9 NAND node.

We are well-positioned with our industry-leading HBM3E technology.

Our HBM4 technology is advancing and remains on schedule for volume production in calendar 2026.

We are also focused on developing new and fundamentally different memory structures, materials, and packages designed to facilitate our transition to next generation products.

Additional R&D efforts are concentrated on the enablement of advanced computing, storage, and mobile memory architectures and the investigation of new opportunities that leverage our core semiconductor expertise.

Product design and development efforts include HBM, DDR5, LPDDR5, high-capacity MRDIMMs, CXL based products, and advanced graphics DRAM;

Product design and development efforts include HBM, DDR5, LPDDR5, high-capacity MRDIMMs, compute express link (“CXL”) based products, and advanced graphics DRAM;

TLC and QLC NAND technologies;

mobile and storage solutions (including firmware and controllers) in managed NAND and SSDs;

storage solutions (including firmware and controllers) in SSDs and managed NAND;

and other memory technologies and systems.

2 unchanged sentences

Our process, design, firmware, controller, package, and system development efforts occur at multiple locations across the world.

Our primary R&D centers are located in Boise, Idaho;

Our R&D centers are located in Boise, Idaho;

San Jose, California;

3 unchanged sentences

Development of a product is deemed complete when it is qualified through internal reviews and tests for performance, functionality, and reliability.

R&D expenses can vary significantly depending on the timing of product qualification and the scope of the product.

R&D expenses can vary significantly depending on the timing of product qualification and product specifications.

Human Capital

We depend on a highly educated and experienced workforce to design, develop, and manufacture high-quality, cutting-edge memory and storage solutions.

As of August 29, 2024, we had approximately 48,000 employees located primarily in Asia, the United States, and Europe of which 31% were women.

Our Board of Directors was comprised of five men and four women as of August 29, 2024.

In addition, as of August 29, 2024, based on self-identification, one member of our Board of Directors is Asian, one member is African-American, and seven members are White.

One member of our Board of Directors is a veteran of the U.S.

As of August 28, 2025, we had approximately 53,000 employees located primarily in Asia, North America, and Europe.

Talent Acquisition, Development, and Engagement

Finding and retaining the best and brightest people in an extremely competitive industry environment is a strategic imperative for our business.

We partner with our communities, institutions, governments, and associations to expand the pipeline of diverse, highly skilled STEM talent globally.

Our partnerships with K-12 and post-secondary education systems are key to training and inspiring the next generation to consider STEM careers in the semiconductor industry.

We partner with our communities, institutions, governments, and associations to expand the pipeline of highly skilled STEM talent globally.

Our partnerships with primary, secondary, and post-secondary education systems are key to training and inspiring the next generation to consider STEM careers in the semiconductor industry.

On hiring, we focus on merit and use a variety of means to find the best talent.

We are committed to developing team members at all stages of their careers, including on-the-job training, continuing education, a robust mentoring program, and numerous internal certifications and training.

We are committed to empowering our team members through continuous learning, developing team members at all stages of their careers, including on-the-job training, continuing education, a robust mentoring program, and numerous internal certifications and training.

We equip our team members with the latest AI tools and training to unlock human potential and labor productivity.

In addition, we develop and accelerate our leaders’ careers through targeted learning that helps them move to higher-level positions or across functions.

We use a research-based, people-centric approach to understanding and improving team member engagement.

Listening to our team members is emphasized by the Micron Voice program.

In 2023, we updated our listening strategy — which encompasses engagement, culture, leadership behaviors, wellbeing and inclusion — and implemented a survey to learn more from our team members.

Listening to our team members is emphasized by the Micron Voice program, a survey which encompasses engagement, culture, leadership behaviors, well-being and inclusion to learn more from our team members.

Compensation and Benefits

Our compensation programs are designed to support our team members’ financial and personal wellbeing by providing a valuable return for their contributions to the Company.

Our total compensation strategy includes base salary, bonuses, equity awards, a discounted stock purchase plan, and a comprehensive benefits package.

Diversity, Equality, and Inclusion

We have five diversity, equality, and inclusion (“DEI”) commitments that serve as the roadmap of our DEI work internally, within our industry, and in the community at large.

To hold ourselves accountable, each commitment is assigned an executive sponsor who is responsible for its strategy and execution.

Our five DEI commitments are summarized as follows:

• increase hiring from nontraditional pathways and underrepresented groups;

• drive equitable pay and inclusive benefits;

• champion advocacy and strengthen our culture of inclusion;

• engage with diverse financial institutions;

• increase diverse supplier representation and spending.

15 | 2024 10-K

We have a regular review of pay globally, including base pay and stock awards, to drive compensation equitably.

In 2024, we achieved global pay equity for all underrepresented employees in compensation across base pay and stock rewards.

We plan to also continually assess our global leave, medical, and financial benefits to ensure market competitiveness and opportunities to create greater inclusion.

Health, Safety, and Wellbeing

Our compensation programs are designed to support our team members’ financial and personal well-being by providing a valuable return for their contributions to the Company.

Our total rewards strategy includes base salary, bonuses, equity awards, a discounted stock purchase plan, and a comprehensive benefits package.

We have a regular review of pay globally, including base pay, annual bonuses, and stock awards, to ensure fairness in our compensation practices.

We regularly assess our global leave, medical, and financial benefits to ensure market competitiveness.

At Micron, we empower a culture that reflects our core values and enables the best talent to innovate and thrive.

To further this mission, we have required comprehensive training for all employees on fostering a respectful workplace, free from harassment or discrimination.

We also train our leaders on the principles of psychological safety, enabling higher levels of trust, collaboration and performance.

Recognizing the significance of mental health and wellbeing, we offer a global employee assistance program accessible to all team members.

We also leverage our 10 Employee Resource Groups (“ERGs”) to cultivate welcoming environments where team members connect, grow and give back.

ERG membership now exceeds more than half our workforce.

In addition, we create opportunities for team members to participate in community engagement events and to build social connections through onsite workplace experiences.

Health, Safety, and Well-being

Proactive efforts to prevent occupational illnesses and injuries allow us to maintain a safe, healthy, and secure workplace.

1 unchanged sentence

Our safety program creates a unified corporate safety culture by establishing a formal training structure and common safety practices across our global facilities.

In addition to our proactive efforts on safety, our team member wellbeing program offers resources across our five pillars (physical, mental, social, career, and financial).

We provide services to our team members including free mental health and counseling support, on-site and near-site fitness centers, wellness spaces and health clinics at certain Micron sites, money management and other financial education tools, and encouraging team members to form healthy habits, reduce stress and reinforce mindfulness solutions by participating in wellbeing challenges and measuring their personal progress.

We also provide family support for caregiving needs through various solutions including onsite or near-site childcare centers, backup care support and referral resources.

In addition to our proactive efforts on safety, our team member well-being program offers resources across our five pillars (physical, mental, social, career, and financial).

We provide services to our team members, including free mental health and counseling support, on-site and near-site fitness centers, wellness spaces and health clinics at certain Micron sites, money management and other financial education tools, and encouraging team members to form healthy habits, reduce stress, and reinforce mindfulness solutions by participating in well-being challenges and measuring their personal progress.

We also provide family support for caregiving needs through various solutions, including on-site or near-site childcare centers, backup care support, and referral resources.

We are a member of the Responsible Business Alliance (“RBA”), a group of leading companies focused on promoting responsible working conditions, ethical business practices, and environmental stewardship throughout our global supply chain.

We strive to adhere to both our Code of Business Conduct and Ethics (available on our website, www.micron.com) and the RBA Code of Conduct, which is a demonstration of our commitment to integrity and responsible practices.

Additional information about our human capital is included in our 2024 Sustainability Report and our 2023 DEI Annual Report, each available on our website.

Additional information about our human capital is included in our 2025 Sustainability Report available on our website.

Information contained or referenced on our website is not incorporated by reference and does not form a part of this Annual Report on Form 10-K.

17 | 2025 10-K

Government Regulations

2 unchanged sentences

Nevertheless, compliance with existing or future government laws, including, but not limited to, our operations, products, global trade, business acquisitions, employee health and safety, and taxes could have a material adverse effect on our future results of operations, capital expenditures, or competitive position.

See “Item 1A.

Risk Factors for a discussion of these potential impacts.

5 unchanged sentences

Our wafer fabrication facilities conform to the requirements of the ISO 14001:2015 environmental management systems standard to ensure we are continuously improving our performance.

As part of the ISO 14001 framework, we have established a global environmental policy and meet requirements, such as environmental aspects evaluation and control, compliance obligations, commitment, training, communication, document control, operational control, emergency preparedness and response, and management review.

As part of the ISO 14001 framework, we have established a global environmental, health, safety, and sustainability policy and meet requirements, such as environmental aspects evaluation and control, compliance obligations, commitment, training, communication, document control, operational control, emergency preparedness and response, and management review.

While we have not experienced any material adverse effects to our operations from environmental regulations, changes in regulations could necessitate additional capital expenditures, modification of our operations or chemical usage, or other compliance actions.

8 unchanged sentences

The laws and regulations that govern international trade change frequently, sometimes without advance notice.

See “Item 1A.

Risk Factors, “Risks Related to Laws and Regulations—Government actions and regulations, such as export restrictions, tariffs, and trade protection measures, may limit our ability to sell our products to certain customers or markets, or could otherwise restrict our ability to conduct operations.” and “Risks Related to Our Business, Operations, and Industry—We face geopolitical and other risks associated with our international operations that could materially adversely affect our business, results of operations, or financial condition.” We and/or our suppliers and service providers could be affected by tariffs, embargoes, or other trade restrictions, as well as laws and regulations enacted in response to concerns regarding climate change, conflict minerals, responsible sourcing practices, public health crises, or other matters, which could limit the supply of our materials and/or increase the cost.

17 | 2024 10-K

Information About Our Executive Officers

1 unchanged sentence

All officers serve until their successors are duly chosen or elected and qualified, except in the case of earlier death, resignation, or removal.

The following presents information, as of August 29, 2024, about our executive officers:

The following presents information about our executive officers:

Corporate Vice President and Chief Accounting Officer

2 unchanged sentences

From August 2016 to September 2020, Mr.

Allen held several executive roles at NetApp, Inc.

including Senior Vice President, Chief Accounting Officer.

Allen holds a Bachelor of Business Administration in Accounting from Siena College.

Allen held several executive roles at NetApp, Inc., including Senior Vice President, Chief Accounting Officer.

Allen holds a Bachelor of Business Administration in Accounting from Siena University (formerly Siena College).

Executive Vice President and Chief People Officer

10 unchanged sentences

Bhatia holds a BS and MS in Mechanical Engineering and an MBA, each from the Massachusetts Institute of Technology.

Senior Vice President, Worldwide Sales

Bokan, 63, joined us in 1996 and has served in various leadership positions since that time.

Bokan was named Senior Vice President, Worldwide Sales in October 2018.

Bokan holds a BS in Business Administration from Colorado State University.

Executive Vice President, Technology & Products

Executive Vice President, Worldwide Sales

Cordano, 61, joined us in January 2025 as our Executive Vice President, Worldwide Sales.

Cordano served as Partner at Prime Impact Capital from September 2020 to December 2024 and as Co-Chief Executive Officer of Prime Impact Acquisition I from July 2020 to October 2023.

Prior to that, from October 2015 to August 2020, Mr.

Cordano served as the President and Chief Operating Officer of Western Digital Corporation.

Cordano holds a BS from the University of Colorado, Boulder.

Executive Vice President, Chief Technology and Products Officer

DeBoer, 59, joined us in February 1995 and has served in various leadership positions since that time.

DeBoer was named Executive Vice President, Technology Development in June 2017 and named Executive Vice President, Technology & Products in September 2019.

DeBoer was named Executive Vice President, Technology Development in June 2017, named Executive Vice President, Technology & Products in September 2019, and named Executive Vice President, Chief Technology and Products Officer in October 2024.

DeBoer holds a PhD in Electrical Engineering and an MS in Physics from Iowa State University.

He completed his undergraduate degree at Hastings College.

19 | 2025 10-K

Sanjay Mehrotra

President, Chief Executive Officer, and Director

Chairman, President and Chief Executive Officer

Mehrotra, 67, joined us in May 2017 as our President, Chief Executive Officer, and Director.

Mehrotra has served as Chairman of our Board of Directors since January 2025.

Mehrotra co-founded and led SanDisk Corporation as a start-up in 1988 until its eventual sale in May 2016, serving as its President and Chief Executive Officer from January 2011 to May 2016, and as a member of its Board of Directors from July 2010 to May 2016.

26 unchanged sentences

There are no family relationships between any of our directors or executive officers.

19 | 2024 10-K

Available Information

5 unchanged sentences

Information contained or referenced on our website is not incorporated by reference and does not form a part of this Annual Report on Form 10-K.

Investors and others should note that we announce material financial information about our business and products through a variety of means, including our investor relations website (investors.micron.com), filings with the U.S.

Securities and Exchange Commission (“SEC”), press releases, public conference calls, blog posts (micron.com/about/blog), and webcasts.

Investors and others should note that we announce material, non-public financial information through a variety of means, including our investor relations website (investors.micron.com), filings with the U.S.

Securities and Exchange Commission (“SEC”), press releases, public conference calls, blog posts (micron.com/about/blog), posts on X (@MicronTech), and webcasts.

We use these channels to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD.

2 unchanged sentences

The SEC’s website, www.sec.gov, contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

The content on any website referred to in this Form 10-K is not incorporated by reference in this Form 10-K unless expressly noted.

The content on any website referred to in this Annual Report on Form 10-K is not incorporated by reference in this Annual Report on Form 10-K unless expressly noted.

21 | 2025 10-K

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business