Technology · NASDAQ: MU
Micron: how the business works
Micron makes memory and storage chips for data centers, phones, PCs and cars, with revenue of $133.2 billion in FY2026.
By Hardik Bhandare · Checked against filings:
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Micron Technology, Inc. · Boise, Idaho · Founded 1978
Last updated
- Revenue, FY2026 (53 weeks)
- $133.2B
- Operating income, FY2026
- $99.3B
- Net income, FY2026
- $85.0B
- Share of FY2026 revenue from data centers
- About 60%
- Employees, Sep 3, 2026
- About 61,000
The short version
Micron in 5 points
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.
2 · 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%.
3 · 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.
4 · 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.
5 · 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: From Micron's FY2026 10-K and FY2024 10-K · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2026
Where does $100 of Micron's money go?
Micron · FY2026
Receipt for every $100
| Cost of goods sold | $19.1 |
|---|---|
| Research and development | $4.2 |
| 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 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
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.
Each week: one company explained in 5 points, picked by earnings date.
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02The business in one line
What does Micron do?
Data centers, phone and PC makers and carmakers pay Micron for memory and storage chips; in FY2026, after selling prices rose about 180% to 200%, making the chips took $19.1 of every $100 that came in.
- In FY2026, DRAM was 75.6% of revenue, NAND 23.9% and other products 0.5%. About 60% of revenue came from the data center market.
- Revenue rose 256% in FY2026, a 53-week year, mainly on selling prices. FY2023 ended with a $5.8 billion net loss, including a $1.8 billion inventory write-down provision.
03Who pays it
Who pays Micron?
Cloud Memory unit
32%
of revenue
Very large cloud companies buying memory, plus all data center customers buying HBM.
Core Data Center unit
28%
of revenue
All data center customers buying SSDs and NAND, plus server makers, enterprises and AI-focused cloud providers buying memory.
Mobile and Client unit
28%
of revenue
Phone and PC customers, and resellers buying components.
Automotive and Embedded unit
12%
of revenue
Car, industrial and consumer device customers.
- Cloud Memory unit32%
- Core Data Center unit28%
- Mobile and Client unit28%
- Automotive and Embedded unit12%
How spread out the customers are
Micron reports revenue by business unit, not by type of customer; $24 million sat outside the four units. Over half of FY2026 revenue came from the top ten customers (10-K, p. 33), and no customer reached 10% for the full year. One customer was 17% of Q1 FY2026 revenue, and one was 17% of FY2025 revenue. Micron does not name them.
04Why it makes money
Why does Micron make money?
Factory costs move slowly and memory prices move fast, so Micron's profit swings with selling prices.
In FY2026 (53 weeks vs 52) cost of goods sold rose 14.1% to $25.7 billion while revenue rose 256%. Gross margin, what is left after making the chips, went from 39.8% to 80.7%. In FY2023 it was negative 9.1%, when cost of goods sold, including an inventory write-down, exceeded revenue.
Gross margin per $100 of revenue
−$9.1$80.7
FY2023 to FY2026
- Micron spends on factories and research
- Factories turn silicon wafers into memory and storage chips
- Supply and demand move selling prices
- High prices leave most revenue as profit; low prices can fall below cost
- Profit and customer deposits help pay for more factories
- Micron's 10-K says prices may decline as it and others add supply
↺ Step 6 feeds back into step 1.
05Business segments · FY2026
Which businesses make up Micron?
Cloud Memory
32%Memory for very large cloud companies, and HBM for all data center customers. Revenue rose 219% in FY2026 (53 weeks vs 52); operating income was $31.2 billion, up from $6.1 billion.
Revenue $43.1B · Operating profit $31.2B
Core Data Center
28%SSDs and NAND for all data center customers, and memory for server makers, enterprises and AI-focused cloud providers. Revenue rose 420% (53 weeks vs 52); operating income was $29.5 billion, up from $2.2 billion.
Revenue $37.6B · Operating profit $29.5B
Mobile and Client
28%Memory and storage for phones and PCs, and components for resellers. Revenue rose 209% (53 weeks vs 52) on prices, while bit shipments (memory capacity shipped) fell as supply moved to other units. Operating income was $29.2 billion, up from $2.0 billion.
Revenue $36.6B · Operating profit $29.2B
Automotive and Embedded
12%Memory and storage for cars, factories and consumer devices such as cameras and TVs. Revenue rose 234% (53 weeks vs 52); operating income was $11.2 billion, up from $0.6 billion.
Revenue $15.9B · Operating profit $11.2B
How the mix changed
- Cloud Memory
- Core Data Center
- Mobile and Client
- Automotive and Embedded
Revenue by segment, FY2023 to FY2026.
US$
See the numbers
06The numbers · Consolidated · US$
How has Micron done?
Revenue
$133.2BFY2026
Revenue fell 49.5% to $15.5 billion in FY2023, then rose to $133.2 billion in FY2026, a 53-week year; Q4 FY2026 had 14 weeks against 13 a year earlier.
US$
See the numbers
Net profit
$85.0BFY2026
Net income went from a $5.8 billion loss in FY2023 to $85.0 billion in FY2026; stock-based pay of $833 million in FY2024 was more than that year's $778 million net income.
US$
See the numbers
Profit kept per $100 of revenue
$63.8FY2026
Net income per $100 of revenue went from a $37.5 loss in FY2023 to $63.8 in FY2026, when operating income per $100 was $74.6.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$59.0BFY2026
Cash from operations minus spending on property and equipment was $59.0 billion in FY2026, up from $1.7 billion in FY2025 (53 weeks vs 52); it leaves out $12.75 billion of customer deposits, which Micron records as financing.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Thursday closest to Aug 31. FY2026 ended Sep 3, 2026 and had 53 weeks; Q4 FY2026 had 14 weeks, all other quarters here had 13). Net profit is the share belonging to the company's owners.
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Micron, and did they deliver?
Sanjay Mehrotra
Chairman and Chief Executive Officer · since 2017
Joined as President and CEO in May 2017; Chairman since January 2025. FY2025 total pay was $30.9 million, 529 times the median employee's $58,461. The Jan 15, 2026 pay vote drew 770.4 million votes for and 39.3 million against.
Mark Murphy
Executive Vice President and Chief Financial Officer · since 2022
Joined in April 2022.
Manish Bhatia
President and Chief Operating Officer · since 2026
Appointed Aug 26, 2026. Has led global operations since joining Micron in 2017.
Scott DeBoer
President and Chief Technology and Products Officer · since 2026
Appointed Aug 26, 2026. Joined Micron in 1995.
Alexis Black Björlin
Director · since 2026
Joined the Board on Jun 9, 2026, making nine directors, eight of them independent. Two directors, Beyer and McCarthy, retired at the January 2026 meeting.
What they said, and what happened
6 delivered · 2 too early to tell
Said on Aug 11, 2025
Micron guided Q4 FY2025 revenue of $10.7 billion, plus or minus $0.3 billion, then raised it to $11.2 billion, plus or minus $0.1 billion.
DeliveredWhat happened
Reported revenue of $11.32 billion, above the raised range.
Said on Sep 23, 2025
Micron guided Q1 FY2026 revenue of $12.50 billion, plus or minus $0.30 billion.
DeliveredWhat happened
Reported revenue of $13.64 billion, above the range.
Said on Dec 17, 2025
Micron guided Q2 FY2026 revenue of $18.70 billion, plus or minus $0.40 billion.
DeliveredWhat happened
Reported revenue of $23.86 billion, above the range.
Said on Mar 18, 2026
Micron guided Q3 FY2026 revenue of $33.5 billion, plus or minus $0.75 billion.
DeliveredWhat happened
Reported revenue of $41.46 billion, above the range.
Said on Jun 24, 2026
Micron guided Q4 FY2026 revenue of $50.0 billion, plus or minus $1.0 billion.
DeliveredWhat happened
Reported revenue of $54.23 billion, above the range, in a 14-week quarter.
Said on Jun 25, 2026
Micron said FY2026 capital spending, net of government incentives, would be about $27 billion, after earlier statements of about $20 billion (December 2025) and above $25 billion (March 2026).
DeliveredWhat happened
Reported $27.37 billion on that company measure, higher than the two earlier statements. GAAP spending on property and equipment: $30.71 billion in FY2026.
Said on Dec 18, 2025
Micron moved its timing for first DRAM wafer output at Idaho 1 from the second half of calendar 2027 to mid-calendar 2027.
Too early to tellWhat happened
Micron's Oct 9, 2026 10-K still says mid-calendar 2027.
Said on Sep 30, 2026
Micron guided Q1 FY2027 revenue of $61.5 billion, plus or minus $1.5 billion.
Too early to tellWhat happened
Q1 FY2027 results are not out yet.
08What could go wrong
What could go wrong for Micron?
- Pricing
Profit depends on memory selling prices
Micron's 10-K says annual DRAM and NAND average selling price changes over five fiscal years ranged from an increase of about 200% to a decrease of about 50%. Past prices were at times below manufacturing cost. FY2023 gross margin was negative 9.1%. The 10-K says prices may decline as Micron and others add supply.
Watch Gross margin and the selling-price comments in each 10-Q and 10-K.
- Concentration
Data centers and a small group of customers bring in most revenue
About 60% of FY2026 revenue came from the data center market and over half from the top ten customers. Micron's 10-K says delays in data center building, or shortages of energy, water or capital, could affect its revenue. It also lists uncertainty around AI as a risk.
Watch Cloud Memory and Core Data Center revenue each quarter.
- Competition
Rivals, new factories and state-backed entrants
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.
Watch The competition and pricing sections of each 10-K.
- Execution
Large factory spending and deposits to repay
Spending on property and equipment was $30.7 billion in FY2026. Micron said on Oct 9, 2026 that it estimates net capital spending of about $11.5 billion in Q1 FY2027. It estimates about $25 billion for the first half of FY2027, and more in the second half. Customer deposits of $12.75 billion are scheduled for repayment, nearly all between 2029 and 2031.
Watch Capital expenditures, net, against Micron's statements; customer contract liabilities on the balance sheet.
- Regulation
China, trade rules and factories abroad
China's May 2023 decision bars critical information infrastructure operators there from buying Micron products. Customers based in mainland China and Hong Kong were 11.0% of FY2026 revenue. About 70% of FY2026 revenue was from products shipped outside the US, and Taiwan held $27.6 billion of long-lived assets.
Watch Export rules, tariffs and China comments in each 10-Q and 10-K.
- Legal
Patent and antitrust 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.
Watch The contingencies note in each 10-Q and 10-K.
- Regulation
Conditions on government funding
Micron's CHIPS Act grants of up to $6.4 billion carry clawback and upside-sharing terms, and $4.9 billion was not yet recognized at Sep 3, 2026. Micron's 10-K says incentives can be reduced, ended or clawed back. The agreements restrict special dividends and limit buybacks for five years from Dec 9, 2024.
Watch The government incentives note in each 10-K.
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose 256% to $133.2 billion in FY2026, a 53-week year, and gross margin reached 86.8% in Q4 FY2026.
- Remaining performance obligations were about $134 billion at Sep 3, 2026, under multi-year take-or-pay agreements signed in Q3 and Q4 FY2026.
- Micron said on Oct 9, 2026 that it expects gross margins on price-band agreements, even at floor prices, to be "meaningfully above our peak quarterly margins in any past cycle".
- Cash and investments exceeded debt by $68.3 billion at Sep 3, 2026, after $8.77 billion of debt was prepaid in FY2026.
- Reported revenue came in above Micron's guided range in each of the four quarters of FY2026.
What critics point to
- The FY2026 rise (53 weeks vs 52) came mainly from price: average selling prices rose about 180% for DRAM and about 200% for NAND, against mid-20% range bit shipment growth.
- FY2023 gross margin was negative 9.1%, and the net loss was $5.8 billion.
- Micron's 10-K says prices may decline as it and others add supply, and that it and some rivals plan new factories.
- About 60% of FY2026 revenue came from the data center market and over half from the top ten customers.
- Micron says its $134 billion of remaining obligations is not expected to indicate future revenue under these contracts, and $12.75 billion of customer deposits is scheduled to be repaid.
10What to watch next
What should you watch next at Micron?
Next event
Q1 FY2027 results
Date not announced yet.
Gross margin against Micron's statement
Micron said on Sep 30, 2026 that it expected Q1 FY2027 GAAP gross margin of about 85.95%; Q4 FY2026 was 86.8%.
Remaining performance obligations and customer deposits
These were about $134 billion and $12.75 billion at Sep 3, 2026; the next 10-Q gives the new figures.
Capital spending against Micron's estimate
Micron said on Oct 9, 2026 that it estimated about $11.5 billion net for Q1 FY2027. GAAP spending on property and equipment: $30.71 billion in FY2026.
11Key dates
What are the key dates for Micron?
| Event | Date | Source |
|---|---|---|
| Higher share buyback limit takes effectOn Oct 8, 2026 the Board raised the maximum for discretionary buybacks made from this date to $35.16 billion. Micron is not obligated to buy any shares. | Form 10-K, fiscal 2026 (year ended Sep 3, 2026) | |
| Next proxy statementDue within 120 days of Sep 3, 2026; it will update the ownership table on this page. | Not yet stated | Form 10-K, fiscal 2026 (year ended Sep 3, 2026) |
| Further Munich court hearings in the YMTC patent caseThe 10-K says further proceedings will be held in June and September 2027. | Not yet stated | Form 10-K, fiscal 2026 (year ended Sep 3, 2026) |
Learn: IPO lock-up agreements: what they are and when they end
12Key facts
Key facts about Micron
- What does Micron do?
- Micron Technology makes memory and storage chips, mainly DRAM and NAND. It sells them as components, modules and solid state drives to data center, phone, PC, car and industrial customers. Micron had FY2026 revenue of $133.2 billion and about 61,000 employees on Sep 3, 2026.
- How does Micron make money?
- Micron makes money by selling the memory and storage chips it manufactures. In FY2026 (year ended Sep 3, 2026), DRAM brought in $100.7 billion, or 75.6% of revenue. NAND brought in $31.8 billion (23.9%) and other products $724 million (0.5%).
- What is Micron's business model?
- Micron builds and runs its own chip factories, then sells memory whose prices move with supply and demand. Since Q3 FY2026 Micron has also signed multi-year take-or-pay agreements with some customers. In FY2026 Micron spent $30.7 billion on property and equipment.
- Is Micron profitable?
- Yes. Micron's net income was $85.0 billion and its operating income $99.3 billion in FY2026, on revenue of $133.2 billion in a 53-week year. Micron had a net loss of $5.8 billion in FY2023.
- What is Micron's revenue by segment?
- Micron's FY2026 revenue by business unit was Cloud Memory $43.1 billion (32.3%), Core Data Center $37.6 billion (28.2%), Mobile and Client $36.6 billion (27.5%) and Automotive and Embedded $15.9 billion (11.9%). Their operating income was $31.2 billion, $29.5 billion, $29.2 billion and $11.2 billion, and $1.9 billion of costs were not assigned to a unit.
- How much revenue does Micron make from DRAM?
- DRAM brought in $100.7 billion, 75.6% of Micron's FY2026 revenue, up 252% from $28.6 billion in FY2025 (53 weeks vs 52). Micron's 10-K attributes the rise mainly to about 180% higher average selling prices and mid-20% range higher bit shipments. Micron's FY2026 10-K does not report high-bandwidth memory (HBM) revenue separately.
- How much revenue does Micron make from NAND?
- NAND brought in $31.8 billion, 23.9% of Micron's FY2026 revenue, up 274% from $8.5 billion in FY2025 (53 weeks vs 52). Micron's 10-K attributes the rise mainly to about 200% higher average selling prices and mid-20% range higher bit shipments.
- Who are Micron's customers?
- Micron sells to large cloud companies, server makers, phone and PC makers, and car and industrial customers, and its FY2026 filings do not name them. About 60% of Micron's FY2026 revenue came from the data center market and over half from its top ten customers. No single customer reached 10% of FY2026 revenue.
- Who owns Micron?
- Micron has one share class with one vote per share and 1,131.4 million shares outstanding on Oct 2, 2026. Vanguard Capital Management reported 7.47% on Mar 31, 2026. Micron's Nov 2025 proxy lists BlackRock at 7.6%, based on Dec 31, 2023 data, and directors and executive officers together at less than 1% as of Oct 31, 2025.
- What were Micron's latest quarterly results?
- Micron's revenue was $54.2 billion in Q4 FY2026 (quarter ended Sep 3, 2026), up 379% from $11.3 billion in Q4 FY2025. Q4 FY2026 had 14 weeks and Q4 FY2025 had 13, so the comparison includes an extra week. Net income was $37.7 billion, up from $3.2 billion.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Micron sell?
DRAM ($100.7B in FY2026)
Fast working memory that loses its contents when power goes off. Used in data centers, PCs, graphics, phones, cars and industrial equipment.
High-bandwidth memory (HBM, part of DRAM)
Stacked DRAM that moves more data using less power, which suits AI and high-performance computing. Most FY2026 shipments were HBM3E 12-high, and volume production of HBM4 began that year.
NAND ($31.8B)
Storage that keeps data with the power off. Sold in solid state drives (SSDs), in phones and cars as managed NAND, and as components.
NOR and other ($724M)
NOR is memory that reads quickly and mainly stores startup and operating code in cars, factories and consumer devices.
Think of it like this
DRAM is like a desk: quick to work on, and cleared when the power goes off. NAND is like a filing cabinet: slower, but it keeps everything.
What it does
- Does: Designs and makes memory and storage chips at its own plants in Taiwan, Singapore, Japan, the US, Malaysia, China and India
- Does: Sells them as components, modules, SSDs, managed NAND, multi-chip packages and wafers
- Does: Signs multi-year take-or-pay agreements with some customers, in which they commit to buy set volumes
What it does not do
- Does not: Does not list processors among its products: its 10-K describes memory and storage only
- Does not: No longer sells Crucial-brand products to shoppers: it announced its exit in December 2025, though component sales to resellers continue
- Does not: Does not name its customers or report HBM revenue separately in its FY2026 10-K
14How the money flows
14How the money flows · FY2026
How does money flow through Micron?
Money in
- DRAM$100.7B
- NAND$31.8B
- Other, mainly NOR$724M
- Interest income and equity-method income$1.1B
The company
Micron
$134.3B came in
Money out
- Cost of goods sold$25.7B
- Research and development$5.7B
- Selling, general and administrative$1.9B
- Other operating costs (incl. $500M patent license charges)$567M
- Interest and other non-operating costs (incl. $510M debt prepayment losses)$753M
- Income tax$14.8B
- Net income$85.0B
- Customers paid Micron $133.2 billion in FY2026, a 53-week year, mostly for DRAM.
- Making the chips cost $25.7 billion.
- Research, selling, administrative and other running costs took $8.2 billion, leaving $99.3 billion of operating income.
- Interest and investments added $1.1 billion; interest paid and other non-operating costs took $0.8 billion.
- After $14.8 billion of tax, $85.0 billion was left as net income.
15What it needs to run
15What it needs to run
What does Micron need to run?
Chip factories
Long-lived assets at Sep 3, 2026 were $27.6 billion in Taiwan, $14.5 billion in the US, $12.3 billion in Singapore, $7.2 billion in Japan and $1.2 billion in Malaysia.
Research
Research and development cost $5.65 billion in FY2026, up from $3.80 billion in FY2025 (53 weeks vs 52).
People
About 61,000 employees at Sep 3, 2026, up from about 53,000 at Aug 28, 2025.
Specialized suppliers
Micron's 10-K says only a limited number of suppliers can deliver certain materials and services, and some come from a single source.
Government incentives
US CHIPS Act grants of up to $6.4 billion and a 35% investment tax credit. Incentives lowered the recorded cost of property and equipment by $6.43 billion on FY2026 spending.
16Where it sells
16Where it sells · FY2026, by where each customer has its headquarters
Where does Micron sell?
- United States69%
- Taiwan13%
- Mainland China (excluding Hong Kong)6%
- Hong Kong5%
- Other Asia Pacific4%
- Japan2%
- Europe1%
- Other1%
17Competitors and what protects it
17Competitors and what protects it
Who does Micron compete with?
Samsung Electronics
Named by Micron as a competitor in memory and storage.
SK hynix
Named by Micron as a competitor in memory and storage.
Kioxia Holdings
Named by Micron as a competitor in memory and storage.
Sandisk Corporation
Named by Micron as a competitor in memory and storage.
CXMT and YMTC (China)
Micron's 10-K says investment by the Chinese government and state-affiliated entities, such as these two, raises the threat of more competition and oversupply.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Cost of building factories4 of 5
Micron held $63.3 billion of property, plant and equipment at Sep 3, 2026, and spent $30.7 billion on it in FY2026.
- Chip technology4 of 5
Research and development cost $5.65 billion in FY2026. Most Q4 FY2026 DRAM bit production used Micron's 1-gamma process, and HBM4 volume production began that year.
- Multi-year customer agreements3 of 5
Take-or-pay agreements began in Q3 FY2026. Remaining performance obligationsSigned contracts with customers that have not been billed yet. were about $134 billion at Sep 3, 2026, and not material a year earlier, so the record is short.
- Control over selling prices2 of 5
Annual DRAM and NAND average selling price changes over five fiscal years ranged from an increase of about 200% to a decrease of about 50%.
Weak spot
The price cycle
When prices fell, the business lost money: FY2023 gross margin was negative 9.1%, and the net loss was $5.8 billion. Micron's 10-K says past prices have at times been below manufacturing cost.
18Where growth could come from
18Where growth could come from
Where could Micron's growth come from?
Micron said on Sep 30, 2026 that it expected Q1 FY2027 revenue of $61.5 billion, plus or minus $1.5 billion, GAAP gross margin of about 85.95% and GAAP diluted EPS of $37.84, plus or minus $1.00.
Memory for AI and cloud data centers
WorkingCloud Memory +219% in FY2026
Cloud Memory revenue reached $43.1 billion in FY2026 (53 weeks vs 52). Micron's 10-K attributes the rise mainly to higher selling prices and bit shipments.
Status: Working, on track against what the company said.
Data center storage and server memory
WorkingCore Data Center +420% in FY2026
Core Data Center revenue reached $37.6 billion in FY2026, up from $7.2 billion in FY2025 (53 weeks vs 52).
Status: Working, on track against what the company said.
Strategic customer agreements
New~$134B remaining obligations, Sep 3, 2026
These multi-year take-or-pay deals began in Q3 FY2026. About one-fourth of the obligations are expected as revenue within 12 months, and all within five years. Micron says the figure uses committed volumes and minimum prices, and is not expected to indicate future revenue under these contracts.
Status: New, recently announced.
Next generation of HBM
NewHBM4 in volume production in FY2026
Micron's 10-K says it delivered samples of HBM4 48GB 16-high to multiple key customers in FY2026. It does not report HBM revenue separately.
Status: New, recently announced.
New factories
Early$30.7B spent on property and equipment, FY2026
Micron said on Oct 9, 2026 that it projects first DRAM wafer output at Idaho 1 in mid-calendar 2027. It projects initial output at Idaho 2 by late calendar 2028 and at New York 1 in calendar 2030. In March 2026 it paid $1.8 billion in cash for a factory in Tongluo, Taiwan. In June 2025 it stated a US plan of about $150 billion for manufacturing and $50 billion for research.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
19The company's own measures (non-GAAP)
19The company's own measures · FY2026 (53 weeks)
What do Micron's own measures show?
Official (GAAP): GAAP gross margin
$107.5B
Company's own measure: Non-GAAP gross margin
$108.0B
Micron leaves out stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more, among other items.
Official (GAAP): GAAP operating income
$99.3B
Company's own measure: Non-GAAP operating income
$101.2B
Micron leaves out stock-based compensation, gains and losses from settlements, and restructure and asset impairments.
Official (GAAP): GAAP net income
$85.0B
Company's own measure: Non-GAAP net income
$86.8B
As above, plus gains and losses on debt prepayments and the related tax effects.
Official (GAAP): GAAP diluted EPS
$74.33
Company's own measure: Non-GAAP diluted EPS
$75.52
Same adjustments as non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more net income.
Official (GAAP): Expenditures for property, plant and equipment
$30.7B
Company's own measure: Investments in capital expenditures, net
$27.4B
Micron subtracts proceeds from equipment sales and from government incentives.
Official (GAAP): Net cash from operating activities
$89.7B
Company's own measure: Adjusted free cash flow
$62.3B
Cash from operations minus capital expenditures, net. The free cash flowCash from operations minus spending on buildings and equipment. Learn more in "The numbers" subtracts gross spending instead ($59.0 billion). Neither includes the $12.75 billion of customer deposits.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Earnings release, Q4 and full year fiscal 2026 (Form 8-K, Ex. 99.1); Form 10-K, fiscal 2026 (year ended Sep 3, 2026)
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
20Financial strength and debt
20Financial strength · Sep 3, 2026
How much debt does Micron have?
- Total debt$5.2B
- Cash and investments$73.5B
- Net cash (cash minus debt)$68.3B
- Net worth (shareholders' money)$138.4B
- Debt to equity
- 0.04×
- $ of debt for every $1 of shareholders' money
- Debt of $5.18 billion includes $2.39 billion of finance leases. Net figures are a Cityfort calculation from FY2026 10-K.
- Micron prepaid $8.77 billion of debt in FY2026, including through cash tender offers begun in March 2026, and has no notes due before FY2032. Those prepayments cost $510 million in losses.
- Cash and investments rose from $11.9 billion at Aug 28, 2025. Receivables, money customers still owe, rose to $36.2 billion from $9.3 billion.
- A $2.00 billion revolving credit line was undrawn at Sep 3, 2026, after being cut from $3.50 billion on May 6, 2026.
- Noncancelable purchase obligations beyond one year were $10.8 billion, and letters of credit issued or committed by third-party financial institutions for strategic customer agreements were $7 billion.
21Who owns it
21Who owns it · ownership as of Oct 31, 2025
Who owns Micron?
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-K, fiscal 2026 (year ended Sep 3, 2026); Schedule 13G, Vanguard Capital Management LLC (event Mar 31, 2026); Schedule 13G/A, The Vanguard Group, Inc. (event Mar 13, 2026) and 2 more
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
22What it does with profit
22What it does with profit
What does Micron do with its profit?
Dividend per share
$0.53FY2026
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Sep 3, 2026
Bought 2.5 million shares for $650 million during FY2026; about $2.16 billion remained under the 2018 authorization.
$650M
Buyback · Oct 8, 2026
The Board raised the maximum for discretionary buybacks made from Dec 9, 2026 to $35.16 billion. Micron is not obligated to buy any shares.
$35.2B
Money raised · Jan 16, 2025
Sold $1.0 billion of 5.80% senior notes due 2035.
$1.0B
Money raised · Apr 29, 2025
Sold $1.75 billion of senior notes due 2032 and 2035.
$1.8B
23Governance signals
23Governance signals
What do Micron's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 1984
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The Nov 2025 proxy reports no related person transactions with a material interest since the start of FY2025.
- Credit rating
- No public credit rating found
Flags to know about
regulatory
China purchase restriction
In May 2023 China's Cyberspace Administration decided that critical information infrastructure operators in China may not purchase Micron products. Micron's 10-K says this affected its revenue with companies based in mainland China and Hong Kong.
other
Antitrust complaints
A putative class action was filed on Jun 25, 2026 in federal court in Northern California. It alleges that Micron, Samsung and SK hynix conspired to restrict DRAM supply and fix prices from Oct 26, 2022. A complaint with similar allegations was filed in federal court in Hawaii on Jul 17, 2026.
other
Patent cases
YMTC alleges patent infringement in the US, China, the UK and Germany. On Oct 6, 2026 a Munich court ordered Micron to stop offering, marketing, importing or possessing the accused 3D NAND products in Germany, among other terms; Micron has appealed. On Oct 5, 2026 Netlist and Micron agreed to dismiss all claims against one another under settlement and license agreements.
other
Patent license charges
Micron recorded $500 million of patent license charges in Q4 FY2026.
other
Insiders may not use Micron shares as loan collateral
The Nov 2025 proxy says Micron bars insiders from hedging its shares or using them as collateral for any loan.
other
Officer liability charter change
Shareholders approved a charter amendment on officer liability exculpation (limits on officers' personal liability) on Jan 15, 2026.
disclosure
Customers and HBM revenue not reported
Micron's FY2024 to FY2026 filings do not name its customers, and its FY2026 10-K does not report HBM revenue separately.
24What the market paid
24What the market paid · price as of Oct 30, 2026
What did the market pay for Micron on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: Micron closed at $884.74 on Nasdaq. Times 1,131.4 million shares (Oct 2, 2026), that is a market value of about $1,001.0 billion (Cityfort calculation from the Oct 30, 2026 Nasdaq closing price and the FY2026 10-K cover). P/E is price ÷ earnings per share: 11.9 on FY2026 diluted EPS of $74.33. P/B is market value ÷ shareholders' equity: 7.2 on equity of $138.4 billion at Sep 3, 2026. The declared $0.15 quarterly dividend, times four, is about 0.07% of that price.
- Share price
- $884.74
- Market value (market cap)
- $1.00T
- P/E
- 11.9×
- P/B
- 7.2×
Source: MU historical prices: closing price on Oct 30, 2026; Form 10-K, fiscal 2026 (year ended Sep 3, 2026); Earnings release, Q4 and full year fiscal 2026 (Form 8-K, Ex. 99.1)
25How it got here
25How it got here
How did Micron get here?
1978
Milestone
Founded
Micron was founded on Oct 5, 1978, and is based in Boise, Idaho.
2017
Milestone
New CEO
Sanjay Mehrotra joined as President and CEO in May 2017.
2023
Crisis
Net loss
FY2023 revenue fell 49.5% to $15.5 billion. The net loss was $5.8 billion, including a $1.8 billion inventory write-down provision.
2023
Crisis
China restriction
In May 2023 China's Cyberspace Administration barred critical information infrastructure operators from buying Micron products.
2024
Milestone
CHIPS Act funding
Micron signed direct funding agreements with the US in December 2024, for grants of up to $6.1 billion for Idaho and New York. An agreement for up to $275 million for Virginia followed in June 2025.
2025
Business-model change
New business units
From Q4 FY2025 Micron reported four new units, two of them built around cloud and data center customers. Business unit figures on this page start in FY2023 for that reason.
2025
Business-model change
Exit from Crucial
In December 2025 Micron announced its exit from selling Crucial-brand products to shoppers. Component sales to resellers continue.
2026
Milestone
Factory purchase in Taiwan
In March 2026 Micron paid $1.8 billion in cash for a factory in Tongluo, Taiwan, from Powerchip.
2026
Business-model change
Multi-year customer agreements
In Q3 and Q4 FY2026 Micron signed take-or-pay agreements. Customers paid $12.75 billion in deposits in FY2026.
2026
Milestone
Two new Presidents
On Aug 26, 2026 Manish Bhatia and Scott DeBoer were each appointed President, with Sanjay Mehrotra remaining Chairman and CEO.
26Sources and changes
Where every number on this page comes from
Sources (36 documents)
- S1Form 10-K, fiscal 2026 (year ended Sep 3, 2026) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 9, 2026
- S2Form 10-K, fiscal 2025 (year ended Aug 28, 2025) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 3, 2025
- S3Form 10-K, fiscal 2024 (year ended Aug 29, 2024) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 4, 2024
- S4Form 10-K, fiscal 2023 (year ended Aug 31, 2023) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 6, 2023
- S5Form 10-K, fiscal 2022 (year ended Sep 1, 2022) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 7, 2022
- S6Form 10-Q, Q3 fiscal 2026 (quarter ended May 28, 2026) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 25, 2026
- S7Form 10-Q, Q2 fiscal 2026 (quarter ended Feb 26, 2026) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 19, 2026
- S8Form 10-Q, Q1 fiscal 2026 (quarter ended Nov 27, 2025) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 18, 2025
- S9Form 10-Q, Q3 fiscal 2025 (quarter ended May 29, 2025) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 26, 2025
- S10Form 10-Q, Q2 fiscal 2025 (quarter ended Feb 27, 2025) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 21, 2025
- S11Form 10-Q, Q1 fiscal 2025 (quarter ended Nov 28, 2024) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 19, 2024
- S12Earnings release, Q4 and full year fiscal 2026 (Form 8-K, Ex. 99.1) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 30, 2026
- S13Earnings release, Q3 fiscal 2026 (Form 8-K, Ex. 99.1) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 24, 2026
- S14Earnings release, Q2 fiscal 2026 (Form 8-K, Ex. 99.1) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 18, 2026
- S15Earnings release, Q1 fiscal 2026 (Form 8-K, Ex. 99.1) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 17, 2025
- S16Earnings release, Q4 and full year fiscal 2025 (Form 8-K, Ex. 99.1) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 23, 2025
- S17Earnings release, Q3 fiscal 2025 (Form 8-K, Ex. 99.1) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 25, 2025
- S18Earnings release, Q2 fiscal 2025 (Form 8-K, Ex. 99.1) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 20, 2025
- S19Earnings release, Q1 fiscal 2025 (Form 8-K, Ex. 99.1) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 18, 2024
- S20Earnings release, Q4 and full year fiscal 2024 (Form 8-K, Ex. 99.1) · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 25, 2024
- S21Proxy statement (DEF 14A), fiscal 2025 annual meeting of Jan 15, 2026 · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 25, 2025
- S22Schedule 13G, Vanguard Capital Management LLC (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S23Schedule 13G/A, The Vanguard Group, Inc. (event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S24Schedule 13G/A, Capital World Investors (event Mar 31, 2026) · Capital World Investors (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2026
- S25Form 8-K: Bhatia and DeBoer appointed Presidents · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 26, 2026
- S26Form 8-K: Alexis Black Bjorlin appointed to the Board · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 9, 2026
- S27Form 8-K: pricing and expiration of cash tender offers for senior notes · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 1, 2026
- S28Form 8-K: cash tender offers for senior notes commenced · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2026
- S29Form 8-K: annual meeting vote results and charter amendment · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 21, 2026
- S30Form 8-K: Beyer and McCarthy to retire from the Board · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2025
- S31Form 8-K: updated guidance for Q4 fiscal 2025 · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 11, 2025
- S32Form 8-K: expanded US investment plan and CHIPS amendments · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 12, 2025
- S33Form 8-K: $1.75B senior notes due 2032 and 2035 · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2025
- S34Form 8-K: $1.0B 5.80% senior notes due 2035 · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 16, 2025
- S35Form 8-K: CHIPS Act direct funding agreements · Micron Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 10, 2024
- S36MU historical prices: closing price on Oct 30, 2026 · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q4 FY2026)
- v1 · Nov 1, 2026First version, through Q4 FY2026 (quarter ended Sep 3, 2026, a 14-week quarter in a 53-week year). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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