Company file · MU
Micron
Micron's revenue more than tripled in fiscal 2026
Revenue rose 256.3% to $133.2B in the year to Sep 3, 2026, and net income went from $8.5B to $85.0B. DRAM was 76% of sales.
Key facts
Micron (Nasdaq: MU) reported revenue of $133.2B for fiscal 2026, the year ended Sep 3, 2026, up 256.3% from fiscal 2025. Net income was $85.0B, up 895.1%. In its latest 10-Q, for the quarter ended May 28, 2026, revenue was $41.5B, up 345.7% from the same quarter a year earlier, and net income was $28.2B. The largest piece by technology was DRAM, at 76% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed Oct 9, 2026) and 10-Q for the quarter ended May 28, 2026 (filed Jun 25, 2026).
Source: 10-K FY2026, filed Oct 9, 2026
Source: 10-Q filed Dec 18, 2025 · 10-Q filed Mar 19, 2026 · 10-Q filed Jun 25, 2026
How it makes money
By technology, FY2026
Source: 10-K FY2026, XBRL breakdown
DRAM brought in $100.7B in FY2026, 76% of revenue; NAND was $31.8B. By business unit, Cloud Memory was the largest at 32%, followed by Core Data Center at 28% and Mobile and Client at 27%.
Source: 10-K FY2026
By business unit, FY2026
Share is of the FY2026 total; the last column is the change from FY2025.
What changed last quarter
Source: 10-Q, quarter ended May 28, 2026, filed Jun 25, 2026
The bull case and the bear case
The bull case
- Revenue grew 256.3% in FY2026 to $133.2B, and net income rose to $85.0B from $8.5B. 10-K, FY2026
- Core Data Center revenue rose 420.0% to $37.6B; Cloud Memory rose 218.6% to $43.1B. 10-K, FY2026
- Operating cash flow was $89.7B in FY2026, up from $17.5B. 10-K, FY2026
- Cash and equivalents were $38.4B at Sep 3, 2026, against total debt of $5.2B. 10-K, FY2026
The bear case
- Memory is a commodity-like market. The 10-K says average selling prices have swung sharply in the past and can fall fast when supply outruns demand. 10-K, Item 1A
- Net income was $778M in FY2024, a reminder of how far results can move from one year to the next. 10-K, FY2026
- The 10-K warns that adding fab capacity takes years and large spending, and the returns may disappoint if demand shifts. 10-K, Item 1A
- It also lists export controls, tariffs and tension between the US and China among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Micron Technology makes memory and storage chips, mainly DRAM and NAND flash, used in data centers, PCs, phones, cars and industrial equipment.
Micron designs and manufactures DRAM (working memory, including the high-bandwidth memory used alongside AI processors) and NAND (flash storage). It runs its own fabs in the US, Japan, Taiwan and Singapore.
It sells through four business units: Cloud Memory for hyperscale data centers, Core Data Center for server makers and other enterprise customers, Mobile and Client for phones and PCs, and Automotive and Embedded. Its fiscal year ends around the start of September, so FY2026 means the year to Sep 3, 2026.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Micron's latest 10-K. Read the original for the full list.
- Prices and marginsMemory prices are volatile, and falling average selling prices can cut margins quickly.
- Capacity betsNew fabs and technology cost billions and may not earn the expected return; government incentives come with conditions.
- Competition and technologyIt has to keep pace with rivals on new memory generations, including high-bandwidth memory.
- CustomersA small number of customers buy a large share of its output.
- Geopolitics and tradeInternational operations, export controls, tariffs and US-China relations can disrupt sales and supply.
- OperationsShortages of materials, power or water, plant disruptions and product defects could hurt output.
- Cyber, AI and peopleCyberattacks, AI-related issues and the need to keep skilled staff are listed risks.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | $25.1B | $37.4B | $133.2B |
| Net income | $778M | $8.5B | $85.0B |
| Operating cash flow | $8.5B | $17.5B | $89.7B |
| Cash & equivalents (year end) | $7.0B | $9.6B | $38.4B |
| Total debt (year end) | $13.4B | $14.6B | $5.2B |
| Diluted shares | 1.12B | 1.12B | 1.14B |
- Revenue: Sales of memory and storage products, net of returns and allowances.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Current debt plus long-term debt, including finance lease obligations, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Micron's latest annual report (FY2026, to Sep 3, 2026) is newer than its latest 10-Q, which covers the quarter ended May 28, 2026. Micron doesn't file a 10-Q for its fourth fiscal quarter, so “What changed last quarter” uses the May 28, 2026 quarter.
- Total debt is current debt plus long-term debt, which includes finance lease obligations.
Recent filings
Latest filings
- Oct 207:03 PM ET
Form 4
Micron Pres. & Chief Tech & Prod Offr Scott J. Deboer reports selling about 28,545 shares under a 10b5-1 plan
The filing reports about 28,545 shares in an open-market or private sale (code S) at prices from $900.00 to $902.01, about $25.7 million in total.
- Oct 158:11 PM ET
Form 4
Micron CEO Sanjay Mehrotra reports exercising or converting 235,666 shares
The filing reports 235,666 shares in an exercise or conversion of a derivative security (code M); 21,233 shares in a grant or award (code A); 279,401 performance restricted stock units in a grant or award (code A); and 166,256 shares withheld to pay the exercise price or tax (code F).
- Oct 158:11 PM ET
Form 4
Micron Chief Legal Officer Michael Charles Ray reports selling 40 shares under a 10b5-1 plan
The filing reports 40 shares in an open-market or private sale (code S) at $947.29, about $37,892 in total.
- Oct 158:10 PM ET
Form 4
Micron Chief Legal Officer Michael Charles Ray reports selling 6,288 shares under a 10b5-1 plan
The filing reports 6,288 shares in an open-market or private sale (code S) at weighted-average prices from $914.13 to $945.91, about $5.8 million in total; 4,298 shares in a grant or award (code A); 50,852 performance restricted stock units in a grant or award (code A); and 8,989 shares withheld to pay the exercise price or tax (code F).
- Oct 158:09 PM ET
Form 4
Micron EVP & Chief Financial Officer Mark J. Murphy reports exercising or converting 64,880 shares
The filing reports 64,880 shares in an exercise or conversion of a derivative security (code M); 7,078 shares in a grant or award (code A); 76,274 performance restricted stock units in a grant or award (code A); and 50,343 shares withheld to pay the exercise price or tax (code F).
Common questions about Micron
How does Micron make money?
Micron's revenue was $133.2B in fiscal 2026. DRAM brought in $100.7B in FY2026, 76% of revenue; NAND was $31.8B. By business unit, Cloud Memory was the largest at 32%, followed by Core Data Center at 28% and Mobile and Client at 27%. Source: 10-K for fiscal 2026, filed Oct 9, 2026.
What was Micron's revenue in fiscal 2026?
$133.2B of revenue for the fiscal year ended Sep 3, 2026, up 256.3% from $37.4B in fiscal 2025. Fiscal 2024 was $25.1B. Source: 10-K for fiscal 2026, filed Oct 9, 2026.
Is Micron profitable?
Micron reported net income of $85.0B for fiscal 2026, up 895.1% from $8.5B in fiscal 2025. That is a profit under US accounting rules (GAAP). In the quarter ended May 28, 2026, net income was $28.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Oct 9, 2026.
What did Micron report in its latest quarterly filing?
Revenue was $41.5B in the quarter ended May 28, 2026, up 345.7% from $9.3B a year earlier. Net income was $28.2B, up 1398.3% from $1.9B. Source: 10-Q for the quarter ended May 28, 2026, filed Jun 25, 2026.
How much cash and debt does Micron have?
Micron had $38.4B in cash and cash equivalents and $5.2B of total debt on Sep 3, 2026. Total debt here is current debt plus long-term debt, including finance lease obligations, at carrying value. Source: 10-K filed Oct 9, 2026.
What are the main risks Micron lists?
Micron's 10-K for fiscal 2026, filed Oct 9, 2026, lists its risk factors in Item 1A. We group them into 7 areas: Prices and margins; capacity bets; competition and technology; customers; geopolitics and trade; operations; cyber, AI and people. The first: Memory prices are volatile, and falling average selling prices can cut margins quickly. Source: 10-K, Item 1A Risk Factors.
Where do these Micron numbers come from?
From Micron's own SEC filings: the 10-K for fiscal 2026 (filed Oct 9, 2026) and the 10-Q for the quarter ended May 28, 2026 (filed Jun 25, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in MU
- The editor holds no position in Micron (MU). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell MU from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold MU, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| MicronMU | FY2026 | $133.2B | +256.3% | $85.0B |
| NvidiaNVDA | FY2026 | $215.9B | +65.5% | $120.1B |
| AMDAMD | FY2025 | $34.6B | +34.3% | $4.3B |
| IntelINTC | FY2025 | $52.9B | −0.5% | −$267M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.