RECONCILIATION OF GAAP TO NON-GAAP MEASURES(In millions, except per share amounts) 2nd Qtr.1st Qtr.2nd Qtr. February 27,2025November 28,2024February 29,2024GAAP gross margin$2,963 $3,348 $1,079 Stock-based compensation 89 90 80 Other 1 3 4 Non-GAAP gross margin$3,053 $3,441 $1,163 GAAP operating expenses$1,190 $1,174 $888 Stock-based compensation (144) (127) (129)Patent cross-license agreement gain — — 200 Non-GAAP operating expenses$1,046 $1,047 $959 GAAP operating income$1,773 $2,174 $191 Stock-based compensation 233 217 209 Patent cross-license agreement gain — — (200)Other 1 3 4 Non-GAAP operating income$2,007 $2,394 $204 GAAP net income$1,583 $1,870 $793 Stock-based compensation 233 217 209 Patent cross-license agreement gain — — (200)Other 4 — 2 Estimated tax effects of above and other tax adjustments (37) (50) (328)Non-GAAP net income$1,783 $2,037 $476 GAAP weighted-average common shares outstanding - Diluted 1,123 1,122 1,114 Adjustment for stock-based compensation 20 16 20 Non-GAAP weighted-average common shares outstanding - Diluted 1,143 1,138 1,134 GAAP diluted earnings per share$1.41 $1.67 $0.71 Effects of the above adjustments 0.15 0.12 (0.29)Non-GAAP diluted earnings per share$1.56 $1.79 $0.42 RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued 2nd Qtr.1st Qtr.2nd Qtr. February 27,2025November 28,2024February 29,2024GAAP net cash provided by operating activities$3,942 $3,244 $1,219 Expenditures for property, plant, and equipment (4,055) (3,206) (1,384)Payments on equipment purchase contracts — — (26)Proceeds from sales of property, plant, and equipment 7 9 13 Proceeds from government incentives 963 65 149 Investments in capital expenditures, net (3,085) (3,132) (1,248)Adjusted free cash flow$857 $112 $(29) The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow.
CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited) Six months endedFebruary 27,2025February 29,2024Cash flows from operating activities Net income (loss)$3,453 $(441)Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation expense and amortization of intangible assets 4,109 3,839 Stock-based compensation 469 401 Change in operating assets and liabilities: Receivables 338 (1,759)Inventories (132) (57)Other current assets (204) (799)Accounts payable and accrued expenses (714) 573 Other current liabilities (321) 706 Other 188 157 Net cash provided by operating activities 7,186 2,620 Cash flows from investing activities Expenditures for property, plant, and equipment (7,261) (3,180)Purchases of available-for-sale securities (816) (465)Proceeds from government incentives 1,028 234 Proceeds from maturities and sales of available-for-sale securities 874 726 Other (125) (24)Net cash provided by (used for) investing activities (6,300) (2,709) Cash flows from financing activities Repayments of debt (2,626) (1,101)Payments of dividends to shareholders (261) (256)Payments on equipment purchase contracts — (82)Proceeds from issuance of debt 2,682 999 Other (121) (18)Net cash provided by (used for) financing activities (326) (458) Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash (49) (8) Net increase (decrease) in cash, cash equivalents, and restricted cash 511 (555)Cash, cash equivalents, and restricted cash at beginning of period 7,052 8,656 Cash, cash equivalents, and restricted cash at end of period$7,563 $8,101 MICRON TECHNOLOGY, INC.
We expect record quarterly revenue in fiscal Q3, with DRAM and NAND demand growth in both data center and consumer-oriented markets, and we are on track for record revenue and significantly improved profitability in fiscal 2025.” Quarterly Financial Results(in millions, except per share amounts)GAAP(1) Non-GAAP(2)FQ2-25FQ1-25FQ2-24 FQ2-25FQ1-25FQ2-24Revenue$8,053 $8,709 $5,824 $8,053 $8,709 $5,824 Gross margin 2,963 3,348 1,079 3,053 3,441 1,163 percent of revenue 36.8% 38.4% 18.5% 37.9% 39.5% 20.0%Operating expenses 1,190 1,174 888 1,046 1,047 959 Operating income 1,773 2,174 191 2,007 2,394 204 percent of revenue 22.0% 25.0% 3.3% 24.9% 27.5% 3.5%Net income 1,583 1,870 793 1,783 2,037 476 Diluted earnings per share 1.41 1.67 0.71 1.56 1.79 0.42 For the second quarter of 2025, investments in capital expenditures, net(2) were $3.09 billion and adjusted free cash flow(2) was $857 million.
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