Monday, 9 November 2026
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Every AI story is a chip story.
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Global leader in semiconductor memory and storage

Micron

Data through October 2026

MU · NasdaqMemory & storage

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About the company

Micron Technology is a US maker of memory and storage chips and one of the three major DRAM producers. Its products include DRAM, high-bandwidth memory (HBM) for AI accelerators, NAND flash and solid-state drives. Since a 2025 reorganisation it reports four business units: Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded. Unlike most chip designers, Micron manufactures most of its own wafers, with fabs in the United States, Taiwan, Japan and Singapore, and it is building new fabs in Idaho and New York. Demand for memory in AI data centers has become its main growth driver.

Silicon Analytica summary based on the company's latest annual report

Key figures

Q4 FY2026 · 3 Sept 2026

Revenue
▲ +379.1% y/y
Operating income
▲ +1097.3% y/y
Gross margin
+42.2 pp y/y
Operating marginCalc.
+48.4 pp y/y
Net income
▲ +1077.8% y/y
Free cash flowCalc.
▲ +45543.1% y/y

Figures from company filings. Calculated values marked Calc. · Methodology →

How the company earns its revenue

$32.3of every $100Cloud Memory (CMBU)$43.1B in FY2026

Total of categories: US$133.2B, reconciles to reported revenue. Different classifications are never added together.

View sources
  • Micron Form 10-K · Notes, segment information (revenue by reportable segment) · FY2026 · published 9 Oct 2026

Quarterly trend

12 available quarters · US GAAP

Revenue, USD (left) · gross margin, % (right) · US GAAPRevenueGross margin$0$20B$40B$60BQ1 FY2024Q3 FY2024Q1 FY2025Q3 FY2025Q1 FY2026Q3 FY2026Revenue, Q1 FY2024: US$4.7B (Reported)$4.7BRevenue, Q2 FY2024: US$5.8B (Reported)$5.8BRevenue, Q3 FY2024: US$6.8B (Reported)$6.8BRevenue, Q4 FY2024: US$7.8B (Calculated)$7.8BRevenue, Q1 FY2025: US$8.7B (Reported)$8.7BRevenue, Q2 FY2025: US$8.1B (Reported)$8.1BRevenue, Q3 FY2025: US$9.3B (Reported)$9.3BRevenue, Q4 FY2025: US$11.3B (Reported)$11BRevenue, Q1 FY2026: US$13.6B (Reported)$14BRevenue, Q2 FY2026: US$23.9B (Reported)$24BRevenue, Q3 FY2026: US$41.5B (Reported)$41BRevenue, Q4 FY2026: US$54.2B (Reported)$54.2B0%90%Gross margin, Q1 FY2024: -0.7% (Calculated)Gross margin, Q2 FY2024: 18.5% (Calculated)Gross margin, Q3 FY2024: 26.9% (Calculated)Gross margin, Q4 FY2024: 35.3% (Calculated)Gross margin, Q1 FY2025: 38.4% (Calculated)Gross margin, Q2 FY2025: 36.8% (Calculated)Gross margin, Q3 FY2025: 37.7% (Calculated)Gross margin, Q4 FY2025: 44.6% (Calculated)Gross margin, Q1 FY2026: 56.0% (Calculated)Gross margin, Q2 FY2026: 74.4% (Calculated)Gross margin, Q3 FY2026: 84.6% (Calculated)Gross margin, Q4 FY2026: 86.8% (Calculated)86.8%Source: Micron quarterly filings and results releases · gross margin = gross profit ÷ revenue, calculated by SiliconAnalyticaSilicon Analyticasiliconanalytica.com/companies/micron
View sources
  • Micron Form 10-Q · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q1 FY2024 · published 19 Dec 2024 · covers
  • Micron Form 10-Q · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q2 FY2024 · published 21 Mar 2025 · covers
  • Micron Form 10-Q · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q3 FY2024 · published 26 Jun 2025 · covers
  • Micron Form 10-K · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q4 FY2024 · published 9 Oct 2026 · covers
  • Micron Form 10-Q · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q1 FY2025, Q1 FY2026 · published 18 Dec 2025 · covers
  • Micron Form 10-Q · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q2 FY2025, Q2 FY2026 · published 19 Mar 2026 · covers
  • Micron Form 10-Q · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q3 FY2025, Q3 FY2026 · published 25 Jun 2026 · covers
  • Micron Q4 FY2026 earnings release (Form 8-K, Ex. 99.1) · Consolidated results of operations: Q4 FY2026 and Q4 FY2025 comparison columns (GAAP) · Q4 FY2025, Q4 FY2026 · published 30 Sept 2026 · covers

Financial statements

Full page →

As filed with the SEC (10-K/10-Q), from XBRL data. US$ millions, except per-share amounts; shares in millions.

Line itemQ4 FY2026To 3 Sept 202610-K ↗Q3 FY2026To 28 May 202610-Q ↗Q2 FY2026To 26 Feb 202610-Q ↗Q1 FY2026To 27 Nov 202510-Q ↗Q4 FY2025To 28 Aug 202510-K ↗
Revenue54,229c41,45623,86013,64311,315c
Cost of revenue7,182c6,4006,1055,9976,261c
Gross profit47,047c35,05617,7557,6465,054c
Gross margin86.8%84.6%74.4%56.0%44.7%
Research & development1,913c1,3161,2501,1711,047c
Selling, general & administrative859c407344337314c
Operating income43,751c33,31816,1356,1363,654c
Operating margin80.7%80.4%67.6%45.0%32.3%
Interest & other, net487c−106c25c−75c−23c
Pre-tax income44,238c33,21216,1606,0613,631c
Income tax6,583c4,9782,371829429c
Net income37,701c28,24313,7855,2403,201c
Net margin69.5%68.1%57.8%38.4%28.3%
Diluted EPS—24.6712.074.60—
Diluted shares—1,1451,1421,138—

Columns link to the filing. c Calculated by Silicon Analytica from filed figures (hover for the formula); fourth-quarter flows are fiscal year minus nine months. Margins are calculated. Fourth-quarter per-share figures are not filed separately and are left blank.

View sources (5)
  1. Micron 10-K filed 9 Oct 2026 · accession 0000723125-26-000023
  2. Micron 10-Q filed 25 Jun 2026 · accession 0000723125-26-000015
  3. Micron 10-Q filed 19 Mar 2026 · accession 0000723125-26-000006
  4. Micron 10-Q filed 18 Dec 2025 · accession 0000723125-25-000046
  5. Micron 10-K filed 3 Oct 2025 · accession 0000723125-25-000028

Values: SEC XBRL company facts (data.sec.gov), refreshed 8 Nov 2026. A period's original filing is used unless a later filing restated it.

Earnings history

Micron's results by period: revenue, margins and segments from stored filings.

Quarters

Fiscal years

Five-year financial history

US GAAP

Latest 5 completed fiscal years, US GAAP, USD, as reported in annual filings (restated comparatives used where later filings revised them). Ratios and growth are Silicon Analytica calculations from the same records.

Revenue

USD · fiscal years · US GAAP · reported

Revenue (USD)FY2022: US$30.8BUS$30.8BFY20221 Sept 2022FY2023: US$15.5BUS$15.5BFY202331 Aug 2023FY2024: US$25.1BUS$25.1BFY202429 Aug 2024FY2025: US$37.4BUS$37.4BFY202528 Aug 2025FY2026: US$133.2BUS$133.2BFY20263 Sept 2026Silicon AnalyticaMicron Form 10-K filed 2026-10-09

Net income attributable to shareholders

USD · fiscal years · US GAAP · reported

Net income attributable to shareholders (USD)FY2022: US$8.7BUS$8.7BFY20221 Sept 2022FY2023: −US$5.8B−US$5.8BFY202331 Aug 2023FY2024: US$778MUS$778MFY202429 Aug 2024FY2025: US$8.5BUS$8.5BFY202528 Aug 2025FY2026: US$85.0BUS$85.0BFY20263 Sept 2026Silicon AnalyticaMicron Form 10-K filed 2026-10-09
Micron annual results
USDFY2022ended 1 Sept 2022FY2023ended 31 Aug 2023FY2024ended 29 Aug 2024FY2025ended 28 Aug 2025FY2026ended 3 Sept 2026
Revenue
Gross profit
Gross margin
Operating income
Operating margin
Net income (attributable)
Diluted EPS
R&D expense
R&D as % of revenue

Business model and industry role

DRAM

DRAM products are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval with a variety of performance characteristics [1].

NAND

NAND products are non-volatile, re-writable semiconductor storage devices that provide high-capacity, low-cost storage with a variety of performance characteristics [1].

NOR

NOR products are non-volatile, re-writable semiconductor memory devices that provide fast read speeds [1].

Who buys it

The company sells to customers in the data center, client PC, mobile, automotive, and industrial markets, with approximately one-half of total revenue coming from its top ten customers 1.

How it earns revenue

Micron sells its products under its brand name and through private labels, primarily via its direct sales force, as well as through distributors and independent sales representatives 1.

What it depends on

Success is largely dependent on obtaining returns on R&D investments, efficient manufacturing, developing advanced technologies, and market acceptance of its products 1.

What drives profitabilityIncludes Silicon Analytica view

Manufacturing cost is a primary determinant, affected by factors like process complexity and manufacturing yield, along with the ability to allocate resources to the most profitable products 1.

Competitive position, drivers and risks

Competitive position

Micron faces intense competition from companies including Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation; Sandisk Corporation; ChangXin Memory Technologies, Inc. (“CXMT”); and Yangtze Memory Technologies Co., Ltd. (“YMTC”) 1.

Evidence

Some competitors are large corporations that may have greater resources, operate in jurisdictions with lower costs, or receive significant government assistance 1.

Growth drivers and conditions

Company view: To remain competitive, Micron must continuously develop and implement new products and technologies, decrease manufacturing costs, and advance its process technology to maintain product leadership 1.

Cyclicality and downside risks

Reported: The company faces the threat of increasing competition and oversupply due to significant industry investment, including by the Chinese government, and a May 2023 decision by China’s Cyberspace Administration adversely impacted its ability to compete in China 1.

What to watch next

  1. Development and ramp of next-generation HBM products
  2. Impact of competition for skilled labor on fab expansion
  3. Reliance on single-source or limited suppliers
  4. Supply chain stability for key materials and components
  5. Effect of Chinese market restrictions on revenue

Peer comparison

Compare with another company

Peers not yet selected by the editor. Financials compares latest reported periods and labels mismatched period ends.

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Compare with

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Themes

Memory & packaging

More data on Micron

Micron income statement and balance sheet

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Sources & methodology
  1. Micron Form 10-K for latest fiscal year ↗ · 9 Oct 2026 · Item 1 Business / Item 4 Information on the Company; risk factors

Annual and quarterly figures come from the company's SEC filings (XBRL financial data and, where needed, the filed statements). Each value keeps its filing, period dates and accounting basis. Ratios, growth rates, free cash flow, split-adjusted EPS and derived quarters are Silicon Analytica calculations, shown with their inputs. Percentage growth is not shown when the prior value is zero or negative. Guidance is shown only as company guidance; no analyst consensus is used.

Data checks: ✓ 56 passed · ⚠ R&D change Q4 FY2026: 82.7% YoY exceeds the 60% review threshold.

AW · Reviewed —