MICRON TECHNOLOGY INCMU
MICRON TECHNOLOGY INC Financial Overview 2021–2025
Micron Technology engineered a stunning operational turnaround, delivering a 56% gross margin in Q1 2026—a dramatic reversal from the negative margins endured during the inventory correction of FY2023. The company has successfully pivoted from pure commodity cycles to critical AI infrastructure, capitalizing on pricing power in High Bandwidth Memory (HBM) and data center solutions. This strategic evolution drove long-term expansion, as revenue grew from $27.7 billion in FY2021 to $37.38 billion in FY2025, underscoring its resilience despite extreme sector volatility.
The financial recovery is headlined by explosive demand in the data center, where the Cloud Memory Business Unit surged 257% in FY2025 to become Micron's largest segment. While the company absorbed $1.83 billion in inventory write-downs during the FY2023 trough, aggressive cost management and strong pricing pushed FY2025 revenue up 49% year-over-year. Management is cementing this growth with approximately $20 billion in planned capital expenditures for FY2026, supported by up to $6.44 billion in CHIPS Act grants for U.S. fabrication capacity. Investors recognized this regained profitability at the close of FY2025, valuing shares at $122.00, or 16.1x earnings.
Recent Developments (Q3 2025 and Q1 2026)
In Q1 2026, Micron accelerated its upward trajectory, generating $13.64 billion in revenue, a 57% year-over-year increase. This top-line strength flowed directly to the bottom line, delivering net income of $5.24 billion—or $4.60 per share—supported by substantial operating cash flow of $8.41 billion. Segment performance was robust, with DRAM revenue climbing 69% on the back of a 30% rise in average selling prices, while NAND sales grew 22% on higher bit shipments.
Bulls emphasize the immense pricing leverage currently enjoyed in memory markets, while bears caution that rapid capacity increases could eventually pressure margins if AI spending decelerates. Following the December report, the market aggressively repriced the stock to $248.55, pushing the valuation to 32.7x earnings as of December 17, 2025, significantly expanding the multiple compared to the end of the prior fiscal year.
What to watch: Adoption rates for the new HBM4 technology; shareholder returns following the $0.115 dividend declaration.
Rev
$37.38B
FY2025
NI
$8.54B
FY2025
EPS
$7.65
FY2025
OCF
$17.52B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
MICRON TECHNOLOGY INC 8-K Report, Bylaw Amendment (Jan 21, 2026)
Micron Technology, Inc. (MU) filed an 8-K on January 20, 2026, detailing key outcomes from its Fiscal 2025 Annual Meeting of Stockholders held on January 15, 2026. The most significant development for investors is the stockholder approval of an amendment to the company's Certificate of Incorporation. This amendment, effective January 21, 2026, allows for the exculpation of certain officers from personal monetary damages related to breaches of the duty of care, as permitted by Delaware law. This move aims to further protect key management personnel. In addition to the exculpation amendment, the filing confirms the election of all director nominees and the approval of the executive compensation "say-on-pay" proposal on a non-binding basis. The appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2026 was also ratified. Conversely, a stockholder proposal to amend shareholder special meeting rights was not approved, indicating a preference for the current governance structure regarding special meetings.
MICRON TECHNOLOGY INC 8-K Report, Financial Results (Dec 17, 2025)
Micron Technology, Inc. (MU) has filed a Current Report on Form 8-K to announce its financial results for the first quarter of fiscal year 2026, which ended on November 27, 2025. The company is providing this update to investors, and the detailed financial performance is available in the press release attached as Exhibit 99.1 to this filing. Investors should consult this press release for specific figures regarding revenue, profitability, and other key financial metrics for the quarter. This filing serves as a notification of these results, which are crucial for understanding the company's current operational and financial standing. While the 8-K itself does not contain the detailed financial tables, it directs stakeholders to the official press release for comprehensive information. The company has also provided an interactive data file for easier analysis of the financial statements.
MICRON TECHNOLOGY INC 8-K Report, Executive Changes (Oct 21, 2025)
Micron Technology, Inc. (MU) has filed a Current Report (8-K) on October 21, 2025, to disclose significant changes to its Board of Directors. Notably, Richard M. Beyer and Mary Pat McCarthy have announced their retirement from the Board and will not seek re-election at the upcoming fiscal 2025 annual shareholders meeting. Both directors will continue to serve their current terms until the Annual Meeting, ensuring continuity during this transition period. This filing is primarily informational, alerting investors to the upcoming changes in board composition. While no immediate operational or financial impacts are detailed in this specific filing, the retirement of long-standing directors can signal shifts in governance or strategic focus. Investors should monitor future filings for information regarding the election of new directors and any potential changes in committee memberships or board leadership.
MICRON TECHNOLOGY INC 8-K Report, Financial Results (Sep 23, 2025)
Micron Technology, Inc. (MU) has filed a Form 8-K on September 23, 2025, to report its financial results for the fourth quarter and full fiscal year 2025, which concluded on August 28, 2025. The key details of these results are contained within a press release, attached as Exhibit 99.1 to this filing. Investors should refer to this press release for comprehensive information regarding the company's performance during the period. This filing serves as a notification mechanism for the market regarding these important financial outcomes.
MICRON TECHNOLOGY INC 8-K Report, Regulation FD Disclosure (Aug 11, 2025)
Micron Technology, Inc. (MU) has filed an 8-K report on August 11, 2025, to disclose a pre-release update to its financial guidance for the fourth fiscal quarter ending August 28, 2025. This proactive communication aims to provide investors with timely information regarding the company's near-term financial outlook. While the specific details of the guidance update are contained within the attached press release (Exhibit 99.1), the filing itself signifies Micron's commitment to transparency. Investors should carefully review the press release to understand the nature and magnitude of the updated guidance, as it may impact their investment decisions and expectations for the company's performance in the current quarter.
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