Compare · Technology
Micron vs. Sandisk: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Micron
1 · What it sells
Micron makes the chips computers use to hold data: DRAM for fast working memory was $100.7 billion of FY2026 revenue of $133.2 billion, and NAND for long-term storage was $31.8 billion.
Sources and detail on the Micron page2 · Who pays it
In FY2026, the cloud memory unit brought in 32.3% of revenue, the data center storage and server memory unit 28.2%, phones and PCs 27.5%, and cars, factories and consumer devices 11.9%.
Sources and detail on the Micron page3 · What it keeps from $100
Of every $100 that came in during FY2026, Micron kept $63.3 as net income, while operating income, before interest and tax, was $74.6 per $100 of revenue; $510 million of debt prepayment losses and $500 million of patent license charges were each under 1% of revenue.
Sources and detail on the Micron page4 · Where the operating profit comes from
Cloud memory earned $31.2 billion of FY2026 operating income, data center storage and server memory $29.5 billion, phones and PCs $29.2 billion and cars and devices $11.2 billion, before $1.9 billion of unassigned costs.
Sources and detail on the Micron page5 · The one thing to watch
Micron's gross margin was negative 9.1% in FY2023 and 80.7% in FY2026, and its 10-K says annual price changes over five years ranged from an increase of about 200% to a decrease of about 50%.
Sources and detail on the Micron page
Sandisk
1 · What it sells
Sandisk makes flash memory, the chips that keep data when the power is off, and sells it as drives, built-in storage and memory cards, with FY2026 revenue of $20.2 billion.
Sources and detail on the Sandisk page2 · Who pays it
In FY2026, device makers and distributors (Edge) paid 60.1% of revenue, data center customers 25.4%, and retailers and other sellers serving shoppers (Consumer) 14.5%.
Sources and detail on the Sandisk page3 · What it keeps from $100
Of every $100 that came in during FY2026, Sandisk kept $54.1 as net income, including an $808 million gain on equity securities, $807 million of it on Nanya shares, while operating income, before interest and tax, was $61.2 per $100 of revenue.
Sources and detail on the Sandisk page4 · Where the operating profit comes from
Sandisk has one reportable segment and does not disclose profit by end market; its total FY2026 operating income was $12.4 billion.
Sources and detail on the Sandisk page5 · The one thing to watch
Sandisk's revenue rose 378% in Q1 FY2027 from a year earlier while exabytes sold rose almost 10%, and its gross margin was 7.1% in FY2023 and 85.0% in Q1 FY2027.
Sources and detail on the Sandisk page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Micron
Where $100 went · FY2026
| Research and development | $4.2 |
|---|---|
| Cost of goods sold | $19.1 |
| Selling, general and administrative | $1.4 |
| Other operating costs | $0.4 |
| Interest and other non-operating costs | $0.6 |
| Income tax | $11.0 |
| Kept as net income | $63.3 |
| Total | $100 |
Cityfort calculation from FY2026 10-K. Of every $100 that came in during FY2026 (revenue plus interest and equity-method income): each line = line ÷ $134.3 billion × 100. FY2026 had 53 weeks. Patent license charges of $500 million and debt prepayment losses of $510 million were each under 1% of revenue.
Sandisk
Where $100 went · FY2026
| Research and development | $6.3 |
|---|---|
| Cost of revenue | $27.3 |
| Selling, general and admin | $3.2 |
| Other operating items | $0.4 |
| Interest and other expense | $1.2 |
| Income tax | $7.5 |
| Kept as net income | $54.1 |
| Total | $100 |
Cityfort calculation from FY2026 10-K. Of every $100 that came in during FY2026 (revenue plus the equity securities gain and interest income): each line = line ÷ $21.1 billion × 100. The profit line includes the $808 million gain on equity securities, $807 million of it on Nanya shares.
Line items differ because each company groups its costs its own way in its filings. Only on Micron's receipt: Cost of goods sold; Selling, general and administrative; Other operating costs; Interest and other non-operating costs. Only on Sandisk's receipt: Cost of revenue; Selling, general and admin; Other operating items; Interest and other expense.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Micron
Sandisk
See the numbers
Net income
Micron
Sandisk
See the numbers
Free cash flow
Micron
Sandisk
See the numbers
Who pays each company
Micron
- Cloud Memory unit · 32.3% of revenueVery large cloud companies buying memory, plus all data center customers buying HBM.
- Core Data Center unit · 28.2% of revenueAll data center customers buying SSDs and NAND, plus server makers, enterprises and AI-focused cloud providers buying memory.
- Mobile and Client unit · 27.5% of revenuePhone and PC customers, and resellers buying components.
- Automotive and Embedded unit · 11.9% of revenueCar, industrial and consumer device customers.
Sandisk
- Device makers and distributors (Edge) · 60.1% of revenueMakers of PCs, phones, game consoles, cars and other devices, buying flash built into their products, plus distributors.
- Data center customers (Datacenter) · 25.4% of revenuePublic and private cloud operators and enterprise server users buying enterprise SSDs. This was 43.5% of revenue in Q1 FY2027.
- Retailers and other sellers serving shoppers (Consumer) · 14.5% of revenueRetail stores and other sales channels that sell portable drives, memory cards and USB drives to shoppers. This was 3.6% of revenue in Q1 FY2027.
Revenue by segment
Micron
FY2026
| Segment | Revenue | Share |
|---|---|---|
| Cloud Memory | $43.1B | 32.3% |
| Core Data Center | $37.6B | 28.2% |
| Mobile and Client | $36.6B | 27.5% |
| Automotive and Embedded | $15.9B | 11.9% |
Sandisk
FY2026
| Segment | Revenue | Share |
|---|---|---|
| Edge | $12.2B | 60.1% |
| Datacenter | $5.2B | 25.4% |
| Consumer | $2.9B | 14.5% |
Debt and cash
Micron
- Debt
- $5.2B
- Cash and investments
- $73.5B
On Sep 3, 2026.
At Sep 3, 2026 Micron's cash and investments exceeded its debt by $68.3 billion. Micron received $12.75 billion of customer deposits in FY2026, nearly all scheduled to be repaid between 2029 and 2031.
Sandisk
- Debt
- $0M
- Cash and investments
- $5.1B
On Oct 2, 2026.
At Oct 2, 2026 Sandisk had $5.1 billion of cash and no borrowings. A year earlier it had $1.44 billion of cash and $1.35 billion of debt.
Sources: Micron S1, S12, S27, S28 · Sandisk S10, S1, S4, S19, S14
Who owns each company
Micron
- One class of shares.
- Vanguard Capital Management LLC: 7.5% (as of Mar 31, 2026).
- BlackRock, Inc.: 7.6% (as of Dec 31, 2023).
- Capital World Investors: 3.7% (as of Mar 31, 2026).
Sandisk
- One class of shares.
- Officers and directors as a group: 0.3% of shares (as of Sep 4, 2026).
- BlackRock, Inc.: 7.7% (as of Sep 30, 2026).
- Vanguard Capital Management: 7.6% (as of Sep 4, 2026).
- FMR LLC: 5.4% (as of Sep 4, 2026).
- 1 more holders on the Sandisk page.
Sources: Micron S1, S21, S22, S23, S24 · Sandisk S17, S4, S26, S24, S25
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: pricing, customer or supplier concentration, execution, regulation. Every risk is on each company's page.
Micron
- Rivals, new factories and state-backed entrants (competition)Micron's 10-K names Samsung, SK hynix, Kioxia, Sandisk, CXMT and YMTC. It says rivals may use aggressive pricing, and that Chinese government investment raises the threat of DRAM and NAND oversupply. Micron and some rivals plan new factories or more output at existing ones.
- Patent and antitrust cases (legal cases)YMTC alleges patent infringement in several countries, and a Munich court ordered Micron on Oct 6, 2026 to stop offering the accused 3D NAND products in Germany; Micron has appealed. Complaints filed in 2026 allege that Micron, Samsung and SK hynix conspired on DRAM supply and prices. Micron says it cannot estimate possible losses on these matters.
Sandisk
- Some FY2026 cash flow came from customers and unpaid tax (liquidity)FY2026 operating cash flow of $11.7 billion included $1.4 billion of refund liabilities, $1.2 billion of contract liabilities and $1.4 billion of income tax owed but not yet paid. Sandisk's Aug 17, 2026 10-K says it expects to be subject to the 15% corporate alternative minimum tax in FY2027.
- Moving to newer chip generations carries risk (technology)Sandisk's Aug 17, 2026 10-K names technology transitions as a risk and says it anticipates higher capital spending in FY2027. Purchases of property and equipment were $177 million in FY2026. Net payments to Flash Ventures, for wafers and net loans, were $3.6 billion.
Key facts
- How does Micron make money compared with Sandisk?
- Micron's revenue by segment in FY2026: Cloud Memory 32.3%, Core Data Center 28.2%, Mobile and Client 27.5%, Automotive and Embedded 11.9%. Sandisk's revenue by segment in FY2026: Edge 60.1%, Datacenter 25.4%, Consumer 14.5%.
- Which is bigger by revenue, Micron or Sandisk?
- Micron reported $133.2B of revenue in FY2026, and Sandisk reported $20.2B in FY2026. The two fiscal years end in different months.
- How much net income did Micron and Sandisk report?
- Micron reported net income of $85.0B in FY2026, and Sandisk reported $11.4B in FY2026.
- How much of every $100 did Micron and Sandisk keep as net income?
- Micron kept $63.3 of every $100 that came in during FY2026, and Sandisk kept $54.1 in FY2026 (Cityfort calculation from each company's annual report).
- How much debt and cash do Micron and Sandisk have?
- Micron had $5.2B of debt and $73.5B of cash and investments on Sep 3, 2026. Sandisk had $0M of debt and $5.1B of cash and investments on Oct 2, 2026.
- When do Micron's and Sandisk's fiscal years end?
- Micron: Thursday closest to Aug 31. Sandisk: ends on the Friday nearest June 30.
Sources: Micron S3, S4, S1, S12, S27, S28 · Sandisk S3, S2, S1, S4, S10, S19, S14
Built from each company's page. Micron updated Nov 1, 2026; Sandisk updated Nov 6, 2026.
Sources
Micron
- S1Form 10-K, fiscal 2026 (year ended Sep 3, 2026), Micron Technology, Inc. (SEC EDGAR), Oct 9, 2026
- S3Form 10-K, fiscal 2024 (year ended Aug 29, 2024), Micron Technology, Inc. (SEC EDGAR), Oct 4, 2024
- S4Form 10-K, fiscal 2023 (year ended Aug 31, 2023), Micron Technology, Inc. (SEC EDGAR), Oct 6, 2023
- S12Earnings release, Q4 and full year fiscal 2026 (Form 8-K, Ex. 99.1), Micron Technology, Inc. (SEC EDGAR), Sep 30, 2026
- S21Proxy statement (DEF 14A), fiscal 2025 annual meeting of Jan 15, 2026, Micron Technology, Inc. (SEC EDGAR), Nov 25, 2025
- S22Schedule 13G, Vanguard Capital Management LLC (event Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S23Schedule 13G/A, The Vanguard Group, Inc. (event Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S24Schedule 13G/A, Capital World Investors (event Mar 31, 2026), Capital World Investors (SEC EDGAR), May 14, 2026
- S27Form 8-K: pricing and expiration of cash tender offers for senior notes, Micron Technology, Inc. (SEC EDGAR), Apr 1, 2026
- S28Form 8-K: cash tender offers for senior notes commenced, Micron Technology, Inc. (SEC EDGAR), Mar 25, 2026
Sandisk
- S1Form 10-K, fiscal year 2026 (ended Jul 3, 2026), Sandisk Corporation (SEC EDGAR), Aug 17, 2026
- S2Form 10-K, fiscal year 2025 (ended Jun 27, 2025), Sandisk Corporation (SEC EDGAR), Aug 21, 2025
- S3Form 10 (10-12B/A), information statement, Exhibit 99.1, Sandisk Corporation (SEC EDGAR), Jan 27, 2025
- S4Form 10-Q, Q1 FY2027 (ended Oct 2, 2026), Sandisk Corporation (SEC EDGAR), Oct 30, 2026
- S10Q1 FY2027 earnings release (8-K Ex. 99.1), Sandisk Corporation (SEC EDGAR), Oct 29, 2026
- S14Q1 FY2026 earnings release (8-K Ex. 99.1), Sandisk Corporation (SEC EDGAR), Nov 6, 2025
- S172026 proxy statement (DEF 14A), Sandisk Corporation (SEC EDGAR), Oct 6, 2026
- S19Form 8-K, Sep 11, 2026 (revolving credit facility amendment), Sandisk Corporation (SEC EDGAR), Sep 11, 2026
- S24Schedule 13G, Vanguard Capital Management (as of Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S25Schedule 13G/A, FMR LLC (as of Jun 30, 2026), FMR LLC (SEC EDGAR), Aug 6, 2026
- S26Schedule 13G/A, BlackRock, Inc. (as of Sep 30, 2026), BlackRock, Inc. (SEC EDGAR), Oct 27, 2026
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