Micron Technology
MU · NasdaqSemiconductors & Related Devices · Fiscal year ends Sep 3
Micron Technology reported revenue of $133B in the fiscal year ended Sep 2026, up 256.3% from the year before. Operating income was $99.3B, an operating margin of 74.6%, and net income was $85B. Operating cash flow of $89.7B less capital expenditure of $30.7B left free cash flow of $59B. It held more cash than debt (net cash $35.1B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2022 | Aug 2023 | Aug 2024 | Aug 2025 | Sep 2026 |
|---|---|---|---|---|---|
| Revenue | $30.8B | $15.5B | $25.1B | $37.4B | $133B |
| Cost of revenue | $16.9B | $17B | $19.5B | $22.5B | $25.7B |
| Gross profit | $13.9B | −$1.4B | $5.6B | $14.9B | $108B |
| Research & development | $3.1B | $3.1B | $3.4B | $3.8B | $5.7B |
| Selling, general & admin | $1.1B | $920M | $1.1B | $1.2B | $1.9B |
| Operating income | $9.7B | −$5.7B | $1.3B | $9.8B | $99.3B |
| Interest expense | $189M | $388M | $562M | $477M | $106M |
| Pre-tax income | $9.6B | −$5.7B | $1.2B | $9.7B | $99.7B |
| Income tax | $888M | $177M | $451M | $1.1B | $14.8B |
| Net income | $8.7B | −$5.8B | $778M | $8.5B | $85B |
| Diluted EPS | 7.75 | −5.34 | 0.70 | 7.59 | 74.33 |
| Diluted shares | 1,122M | 1,093M | 1,118M | 1,125M | 1,143M |
Balance sheet
| Fiscal year | Sep 2022 | Aug 2023 | Aug 2024 | Aug 2025 | Sep 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $8.3B | $8.6B | $7B | $9.6B | $38.4B |
| Receivables | $4.8B | $2B | $5.4B | $7.2B | $31.8B |
| Inventory | $6.7B | $8.4B | $8.9B | $8.4B | $10.4B |
| Current assets | $21.8B | $21.2B | $24.4B | $28.8B | $91.1B |
| Goodwill | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B |
| Total assets | $66.3B | $64.3B | $69.4B | $82.8B | $196B |
| Deferred revenue | – | – | $766M | $26M | $13B |
| Current liabilities | $7.5B | $4.8B | $9.2B | $11.5B | $27.5B |
| Short-term debt | $103M | $278M | $431M | $560M | $491M |
| Long-term debt | $6B | $12B | $11.3B | $11.5B | $2.8B |
| Total liabilities | $16.4B | $20.1B | $24.3B | $28.6B | $57.5B |
| Shareholders' equity | $49.9B | $44.1B | $45.1B | $54.2B | $138B |
| Backlog (remaining obligations) | – | – | – | – | $134B |
Cash flow
| Fiscal year | Sep 2022 | Aug 2023 | Aug 2024 | Aug 2025 | Sep 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $15.2B | $1.6B | $8.5B | $17.5B | $89.7B |
| Capital expenditure | $12.1B | $7.7B | $8.4B | $15.9B | $30.7B |
| Free cash flow | $3.1B | −$6.1B | $121M | $1.7B | $59B |
| Depreciation & amortisation | $7.1B | $7.8B | $7.8B | $8.4B | $9.5B |
| Stock-based compensation | $514M | $596M | $833M | $972M | $1.3B |
| Share buybacks | $2.4B | $425M | $300M | $0 | $650M |
| Dividends paid | $461M | $504M | $513M | $522M | $610M |
| Dividend per share | 0.32 | 0.46 | 0.46 | 0.46 | 0.53 |
Key ratios
| Fiscal year | Sep 2022 | Aug 2023 | Aug 2024 | Aug 2025 | Sep 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −49.5% | 61.6% | 48.9% | 256.3% |
| Operating income growth (YoY) | – | −159.2% | – | 649.2% | 916.8% |
| EPS growth (YoY) | – | −168.9% | – | 984.3% | 879.3% |
| Gross margin | 45.2% | −9.1% | 22.4% | 39.8% | 80.7% |
| Operating margin | 31.5% | −37.0% | 5.2% | 26.1% | 74.6% |
| Net margin | 28.2% | −37.5% | 3.1% | 22.8% | 63.8% |
| Return on equityBlank when equity is negative | 17.4% | −13.2% | 1.7% | 15.8% | 61.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.5% | −9.7% | 2.2% | 13.7% | 59.0% |
| Free cash flow margin | 10.1% | −39.4% | 0.5% | 4.5% | 44.3% |
| Cash conversion (CFO ÷ net income) | 1.75x | −0.27x | 10.9x | 2.05x | 1.06x |
| Receivable days | 57 | 48 | 79 | 70 | 87 |
| Inventory days | 144 | 181 | 166 | 136 | 147 |
| Interest cover | 51.3x | −14.8x | 2.32x | 20.5x | 937x |
| Debt ÷ equity | 0.12x | 0.28x | 0.26x | 0.22x | 0.02x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$2.1B | $3.8B | $4.7B | $2.5B | −$35.1B |
| Current ratio | 2.89x | 4.46x | 2.64x | 2.52x | 3.31x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.