In the fiscal year ending August 28, 2025, Micron posted revenue of $37.38 billion, up 49% from $25.11 billion a year earlier, while non-GAAP earnings per share jumped to $8.29 from $1.30. This outsized growth in both top- and bottom-line metrics fueled a 239.1% share price surge in calendar 2025, far outpacing the S&P 500’s 16.4% gain and the Nasdaq Composite’s 20.4% rise. The acceleration was driven by pricing power in high-bandwidth-memory (HBM) chips used in artificial-intelligence processors, where Micron remains the leading supplier to major AI infrastructure builders.

In the quarter ended November 27, 2025, Micron delivered revenue of $13.64 billion, a 56.6% increase year over year, and adjusted earnings per share of $4.78, up 167%. The company announced that it has already sold all available HBM capacity through full-year 2026 and is exiting the consumer DRAM and NAND markets to focus exclusively on the enterprise and data-center segments. Management forecasts persistent supply deficits in AI memory chips, projecting it will meet only 60% of demand this year, which underpins expectations for further margin expansion and cash-flow generation.

To address the memory shortage, Micron began construction on a massive chip fabrication facility in New York on January 16, 2026, and on January 17 signed an exclusive letter of intent to acquire Powerchip Semiconductor’s 300 mm P5 fab in Tongluo, Taiwan, for $1.8 billion. The acquisition—expected to close by Q2 2026—adds a 300,000-square-foot cleanroom and is slated to begin phased DRAM production in the second half of calendar 2027. These strategic manufacturing investments aim to scale wafer output substantially, alleviate the current supply imbalance and support sustained revenue and earnings growth through the AI buildout.