MICRON TECHNOLOGY INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MICRON TECHNOLOGY INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	20,322	30,391	23,406	21,435	27,705	30,758	15,540	25,111	37,378	133,188
Cost of revenue	11,886	12,500	12,704	14,883	17,282	16,860	16,956	19,498	22,505	25,684
Gross profit	8,436	17,891	10,702	6,552	10,423	13,898	-1,416	5,613	14,873	107,504
Research and development	1,824	2,141	2,441	2,600	2,663	3,116	3,114	3,430	3,798	5,650
Selling, general and administrative	743	813	836	881	894	1,066	920	1,129	1,205	1,947
Operating income	5,868	14,994	7,376	3,003	6,283	9,702	-5,745	1,304	9,770	99,340
Interest expense	601	342	128	194	183	189	388	562	477	106
Other non-operating income	-112	-465	-405	60	81	-38	7	-31	-135	-647
Pre-tax income	5,196	14,307	7,048	2,983	6,218	9,571	-5,658	1,240	9,654	99,671
Income tax	114	168	693	280	394	888	177	451	1,124	14,761
Net income to minority interests	1	3	45	23	0	0
Net income	5,089	14,135	6,313	2,687	5,861	8,687	-5,833	778	8,539	84,969
EBITDA	9,729	19,753	12,800	8,653	12,497	16,818	2,011	9,084	18,122	108,843
EPS, basic	4.67	12.27	5.67	2.42	5.23	7.81	-5.34	0.70	7.65	75.38
EPS, diluted	4.41	11.51	5.51	2.37	5.14	7.75	-5.34	0.70	7.59	74.33
Shares, basic (weighted)	1,089	1,152	1,114	1,110	1,120	1,112	1,093	1,105	1,116	1,127
Shares, diluted (weighted)	1,154	1,229	1,143	1,131	1,141	1,122	1,093	1,118	1,125	1,143
Dividend per share					0.10	0.32	0.46	0.46	0.46	0.53

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	5,109	6,506	7,152	7,624	7,763	8,262	8,577	7,041	9,642	38,364
Short-term investments		296	803	518	870	1,069	1,017	1,065	665	5,070
Receivables	3,490	5,056	2,778	3,494	4,920	4,765	2,048	5,419	7,163	31,793
Inventory	3,123	3,595	5,118	5,373	4,487	6,663	8,387	8,875	8,355	10,372
Other current assets	147	164	235	538	502	657	820	776	914	1,067
Total current assets	12,457	16,039	16,503	17,965	19,907	21,781	21,244	24,372	28,841	91,070
Property, plant and equipment	19,431	23,672	28,240	31,031	33,213	38,549	37,928	39,749	46,590	63,310
Lease right-of-use assets			0	584	551	678	666	645	736
Goodwill	1,228	1,228	1,228	1,228	1,228	1,228	1,150	1,150	1,150	1,150
Intangible assets	387	331	340	334	349	421	404	416	453
Long-term investments		473	1,164	1,048	1,765	1,647	844	1,046	1,629	30,019
Other non-current assets	450	611	575	781	1,054	1,277	1,262	1,518	4,588	10,339
Total assets	35,336	43,376	48,887	53,678	58,849	66,283	64,254	69,416	82,798	195,888
Accounts payable	1,333	1,692	1,677	2,191	1,744	2,142	1,725	2,726	3,132	3,518
Accrued liabilities	603	841	695	849	984	877	367	1,117	1,116	4,447
Deferred revenue	408	284			74			766	26
Short-term debt	1,262	859	1,310	270	155	103	278	431	560	491
Total current liabilities	5,334	5,754	6,390	6,635	6,424	7,539	4,765	9,248	11,454	27,482
Long-term debt	9,872	3,777	4,541	6,373	6,621	6,803	13,052	12,966	14,017	4,688
Lease liabilities			0	533	504	610	603	610	701
Other non-current liabilities	639	354	452	498	559	835	987	911	2,002	11,659
Total liabilities	15,845	10,112	12,019	14,682	14,916	16,376	20,134	24,285	28,633	57,510
Total debt	11,134	4,636	5,851	6,157	5,968	6,020	12,049	11,343	11,533	2,792
Paid-in capital	8,287	8,201	8,214	8,917	9,453	10,197	11,036	12,115	13,339	14,974
Retained earnings	10,260	24,395	30,761	33,384	39,051	47,274	40,824	40,877	48,583	131,851
Treasury stock	-67	-429	-3,221	-3,495	-4,695	-7,127	-7,552	-7,852	-7,852	-8,502
Other comprehensive income	29	10	9	71	2	-560	-312	-134	-32	-73
Shareholders' equity	18,621	32,294	35,881	38,996	43,933	49,907	44,120	45,131	54,165	138,378
Minority interests	849	870	889	0
Total equity	19,470	33,164	36,770	38,996	43,933	49,907	44,120	45,131	54,165	138,378
Total liabilities and equity	35,336	43,376	48,887	53,678	58,849	66,283	64,254	69,416	82,798	195,888
Shares outstanding	1,112	1,161	1,106	1,113	1,119	1,094	1,098	1,109	1,122	1,131

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	5,090	14,138	6,358	2,710	5,861	8,687	-5,833	778	8,539	84,969
Depreciation and amortization	3,861	4,759	5,424	5,650	6,214	7,116	7,756	7,780	8,352	9,503
Stock-based compensation	215	198	243	328	378	514	596	833	972	1,333
Deferred income tax	-39	-259	336	110	-19	294	-7	35	164	-473
Change in receivables	-1,651	-1,734	2,431	-723	-1,446	190	2,763	-3,581	-1,776	-25,206
Change in inventory	50	-472	-1,489	-435	866	-2,179	-3,555	-488	520	-2,017
Change in payables	456	668	-174	725	210	334	-1,302	1,915	862	8,707
Cash from operations	8,153	17,400	13,189	8,306	12,468	15,181	1,559	8,507	17,525	89,675
Capital expenditures	-4,734	-8,879	-9,780	-8,223	-10,030	-12,067	-7,676	-8,386	-15,857	-30,712
Acquisitions	-2,634	0	0
Purchases of investments	-1,239	-760	-4,218	-1,857	-3,163	-1,770	-723	-1,999	-1,890	-34,871
Sales and maturities of investments	194	320	1,541	814	1,250	1,321	1,566
Cash from investing	-7,537	-8,216	-10,085	-7,589	-10,589	-11,585	-6,191	-8,309	-14,087	-61,641
Debt issued	3,311	1,009	3,550	5,000	1,188	2,000	6,716	999	4,430	0
Debt repaid		-9,420	-2,380	-3,920						-9,255
Stock issued	142	1,360
Share buybacks	-36	-71	-2,729	-176	-1,200	-2,432	-425	-300	0	-650
Dividends paid				0	0	-461	-504	-513	-522	-610
Cash from financing	349	-7,776	-2,438	-317	-1,781	-2,980	4,983	-1,842	-850	630
Exchange rate effect	-12	-37	26	11	41	-106	-34	40	6	81
Net change in cash	953	1,371	692	411	139	510	317	-1,604	2,594	28,745
Free cash flow	3,419	8,521	3,409	83	2,438	3,114	-6,117	121	1,668	58,963
Interest paid	468	312	53	165	171	154	323	503	418	197
Income taxes paid	99	226	524	167	361	493	532	338	583	1,254

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $725.11 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	80.7%	Gross profit / revenue.
Operating margin	74.6%	Operating income / revenue.
EBITDA margin	81.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	74.8%	Pre-tax income / revenue.
Net margin	63.8%	Net income / revenue.
FCF margin	44.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	67.3%	Cash from operations / revenue.
Effective tax rate	14.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	88.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	61.0%	Net income / average total assets.
Return on invested capital (ROIC)	106.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.2%	Research and development expense / revenue.
SG&A / revenue	1.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	23.1%	Capital expenditures / revenue.
D&A / revenue	7.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	256.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	104.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	36.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	622.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 5y	59.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	916.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	73.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	500.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	278.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	54.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	895.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	70.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	879.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	70.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	411.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	286.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	48.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	3,435.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	89.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	15.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	39.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	155.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	46.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	25.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	136.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	45.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	27.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.31x	Current assets / current liabilities.
Quick ratio	2.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.58x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.4%	Total debt / total assets.
Liabilities / assets	29.4%	Total liabilities / total assets.
Net debt	-$40.64B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.37x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	937x	Operating income / interest expense.
Working capital	$63.59B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$137.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.96x	Revenue / average total assets.
Fixed asset turnover	2.42x	Revenue / average property, plant and equipment.
Inventory turnover	2.74x	Cost of revenue / average inventory.
Days inventory	133 days	365 x average inventory / cost of revenue.
Receivables turnover	6.84x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
Days payables	47 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	139 days	Days inventory + days sales outstanding - days payables.
FCF conversion	69.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	34.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$74.33	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$75.38	Net income per basic share, as reported (split-adjusted).
Revenue per share	$116.53	Revenue / diluted weighted shares.
FCF per share	$51.59	Free cash flow / diluted weighted shares.
Operating cash flow per share	$78.46	Cash from operations / diluted weighted shares.
Book value per share	$122.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$121.33	Tangible book value / shares outstanding.
Cash per share	$38.40	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.53	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	0.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	1.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	1.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$818.93B	Share price x shares outstanding.
Enterprise value	$778.29B	Market cap + total debt - cash - short-term investments.
P/E	9.64x	Market cap / net income. Only when net income is positive.
P/S	6.15x	Market cap / revenue.
P/B	5.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.97x	Market cap / tangible book value, when positive.
P/FCF	13.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.13x	Market cap / cash from operations, when positive.
EV/Sales	5.84x	Enterprise value / revenue.
EV/EBIT	7.83x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.15x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.2%	Free cash flow / market cap.
Earnings yield	10.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.

What was MICRON TECHNOLOGY INC's revenue in fiscal 2026?

MICRON TECHNOLOGY INC reported revenue of $133.19B for fiscal 2026, 256.3% higher than the year before.

Was MICRON TECHNOLOGY INC profitable in fiscal 2026?

Yes. Net income was $84.97B, a net margin of 63.8%.

How much free cash flow did MICRON TECHNOLOGY INC generate in fiscal 2026?

Cash from operations of $89.68B minus capital expenditures of $30.71B left free cash flow of $58.96B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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