Financial Performance Overview
- Revenue: Q4 2024 revenue reached $7.8 billion, an increase of 93% YoY. For fiscal 2024, total revenue was $25.1 billion, up 62% YoY.
- Gross Profit: Q4 gross profit was $2.74 billion (36.5% margin), improving over 30 percentage points YoY.
- Net Income: Micron reported net income of $887 million in Q4, translating into a diluted EPS of $0.79, a dramatic turnaround from a loss of $1.07 in Q4 2023.
- Operating Income: Q4 operating income was $1.52 billion, reflecting a 23% operating margin, up significantly from the previous year.
- Cash Flow: Operating cash flow generated in Q4 was approximately $3.4 billion, representing 44% of revenue for the quarter. The company ended the fiscal year with $9.2 billion in cash and investments.
Year-over-Year Comparisons
- Revenue Growth: Key drivers for growth included DRAM segment revenue that increased by 93% YoY to $5.3 billion, comprised 69% of total revenue. NAND revenues climbed 96% YoY to $2.4 billion, representing a new record for Micron.
- Gross Margin Improvement: Consolidated gross margins improved over eight percentage points sequentially due to rising prices and enhanced product mix, demonstrating pricing power in a favorable supply-demand environment.
The contrast with global semiconductor benchmarks indicates Micron's competitive resurgence, capitalizing on shifts pegged towards AI and increased data center needs.