What it does
Micron states that it provides memory and storage solutions based on DRAM, NAND and NOR semiconductor technologies. Its products are sold in forms including components, modules, SSDs, managed NAND, multi-chip packages and wafers; some system-level solutions combine NAND, a controller, firmware and, in some cases, DRAM. The filing organizes the business into four reportable units: Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded. These units serve data-center, mobile, client, automotive, industrial and consumer applications.
Source: Micron Technology, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company states that it sells memory and storage products through its four business units. CMBU serves large hyperscale cloud customers and supplies HBM for data-center customers; CDBU addresses mid-tier cloud, enterprise and OEM data-center customers, including storage solutions. MCBU serves mobile and client segments, including Crucial-branded consumer SSDs and DRAM. AEBU sells memory and storage solutions for automotive, industrial and consumer segments. The segment table below provides the revenue detail by reportable segment.
Source: Micron Technology, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
Micron markets primarily through its direct sales force, while also using distributors, retailers and independent sales representatives. The company sells Crucial-branded products through a web-based customer-direct channel as well as channel and distribution partners. It states that customers generally do not want long-term fixed-price purchase contracts amid volatile industry conditions; its long-term agreements generally provide for periodic negotiation of pricing, quantity and other terms. Approximately one-half of total revenue came from its top ten customers in each of the last three years.
Source: Micron Technology, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that Micron faces intense competition in semiconductor memory and storage. It names Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation; Sandisk Corporation; ChangXin Memory Technologies, Inc. (CXMT); and Yangtze Memory Technologies Co., Ltd. (YMTC) as competitors. According to the company, competitors may use aggressive pricing to gain market share, and some may have larger market shares and greater resources. The company also identifies potential effects from competitor consolidation, new entrants, government assistance to competitors, and DRAM and NAND oversupply.
Source: Micron Technology, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing’s risk-factor summary lists, among others:
- volatility in average selling prices of our products
- our international operations, including geopolitical risks
- the highly competitive nature of our industry
- our ability to develop and produce new and competitive memory and storage technologies and products
- availability and quality of materials, supplies, electrical power, gas, water, and capital equipment, or dependency on third-party service providers
- disruptions to our manufacturing process from operational issues, natural disasters, or other events
Source: Micron Technology, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of August 28, 2025, the company had approximately 53,000 employees, primarily located in Asia, North America and Europe. Micron states that it manufactures at wholly owned facilities in Taiwan, Singapore, Japan, the United States, Malaysia, China and India, and uses subcontractors for certain manufacturing processes. It says its products are manufactured and sold as packaged products and unpackaged bare die. The company also states that it maintains inventory near certain key customers to facilitate rapid product delivery.
Source: Micron Technology, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov