MICRON TECHNOLOGY INCMU
MICRON TECHNOLOGY INC Financial Overview 2021–2025
Updated Jul 10, 2026Micron Technology's revenue soared by an astonishing 346% year-over-year to $41.5 billion in Q3 2026, underscoring an unprecedented demand shock from AI-centric data centers. This explosive growth validates a clear investment thesis: the company's strategic pivot toward high-bandwidth memory has fundamentally elevated its earning power and broken it out of historical memory boom-and-bust cycles.
The broader financial trajectory highlights a massive operational scale-up, as total revenue grew from $27.7 billion in FY2021 to $37.38 billion in FY2025, overcoming an intermediate downturn that caused a $1.83 billion inventory write-down in FY2023. The underlying economics of this recovery are striking. By the end of FY2025, the Cloud Memory Business Unit became the company's largest segment after surging 257%. This shift toward premium AI products drove consolidated gross margins up from 22% in FY2024 to 40% in FY2025. That operational leverage then aggressively accelerated into Q3 2026, where gross margins hit 85%.
The market recognized this structural transformation as the company returned to sustained profitability. At the close of FY2025, the stock traded at 16.1x earnings with a closing price of $122.00 on $7.59 EPS. Bolstered by up to $6.44 billion in direct CHIPS Act grants to expand domestic manufacturing, Micron has secured a highly profitable footprint in the advanced memory supply chain.
Recent Developments (Q2 and Q3 2026)
Micron's recent quarters demonstrate a sharp acceleration in profitability, culminating in net income of $28.2 billion in Q3 2026, up from $1.9 billion the year prior. This follows a strong Q2 2026 where revenue climbed 196% year-over-year and net income reached $13.785 billion. In Q3 2026, underlying segment performance drove these gains, with NAND revenue increasing 361% and DRAM revenue rising 343% year-over-year. The company optimized its capital structure, reducing total debt to $10.142 billion in Q2 2026 and concluding cash tender offers for outstanding senior notes in April 2026. Micron also expanded its Board with the appointment of Alexis Black Björlin in June 2026.
Bulls point to the $10 billion share repurchase program and surging average selling prices as indicators of lasting pricing power. Conversely, bears argue the stock is heavily overvalued, trading at 159.9x earnings as of June 25, 2026, leaving it vulnerable to cyclical semiconductor downturns.
What to watch: execution of the estimated $25 billion capital expenditures for FY2026; impacts of ongoing patent disputes.
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, Financial Results (Jun 24, 2026)
Micron Technology, Inc. (MU) has filed a Form 8-K on June 24, 2026, to report its financial results for the third quarter of fiscal year 2026, which ended on May 28, 2026. The key details of these results are provided in a press release attached as Exhibit 99.1 to this filing. While the filing itself doesn't contain the specific financial numbers, it formally announces the release of this information, signaling the company's performance update for the period. Investors should refer to the attached press release (Exhibit 99.1) for the actual financial performance metrics, including revenue, profitability, and any forward-looking guidance. This 8-K serves as the official notification mechanism for these results, and the attached press release will contain the granular data needed to assess the company's operational and financial condition for the third quarter. The information contained within this 8-K is specifically excluded from being deemed "filed" under Section 18 of the Exchange Act or incorporated by reference into other filings, meaning investors should rely on the press release itself for substantive details.
MICRON TECHNOLOGY INC 8-K Report, Executive Changes (Jun 9, 2026)
Micron Technology, Inc. (MU) has announced a key addition to its Board of Directors, appointing Alexis Black Björlin, effective June 9, 2026. This appointment is significant as Dr. Björlin has been determined to be an independent director under Nasdaq rules, bolstering the Board's independence, which will now comprise nine directors with eight being independent. Dr. Björlin's expertise will also contribute to the Governance and Sustainability Committee. Her appointment includes standard director compensation, encompassing a pro-rata cash retainer and a restricted stock grant, aligning her interests with those of shareholders. The company emphasizes that Dr. Björlin's selection was not based on any special arrangements and she has no disqualifying relationships or material interests. This move underscores Micron's commitment to strong corporate governance and independent oversight as it navigates the dynamic semiconductor market.
MICRON TECHNOLOGY INC 8-K Report, Corporate Update (Apr 1, 2026)
Micron Technology, Inc. (MU) has filed an 8-K report detailing the conclusion of its cash tender offers for several series of its outstanding senior notes. The company announced the pricing of these offers on March 31, 2026, and the subsequent expiration on April 1, 2026. This action indicates a strategic move by Micron to manage its debt obligations, potentially refinancing or retiring specific debt maturities. Investors should note that while the specific pricing and results of the tender offers are detailed in the accompanying press releases (Exhibit 99.1 and 99.2), the core event is the company's active management of its capital structure. This could signal a proactive approach to optimize its debt profile, possibly in anticipation of future financing needs, interest rate environments, or internal strategic objectives.
MICRON TECHNOLOGY INC 8-K Report, Corporate Update (Mar 25, 2026)
Micron Technology, Inc. (MU) has announced the commencement of cash tender offers for several series of its outstanding senior notes, with maturities ranging from 2031 to 2035. This action indicates the company is actively managing its debt obligations, potentially seeking to refinance existing debt at more favorable terms or to optimize its capital structure. Investors should monitor the outcome of these tender offers closely. The success of these offers, along with the specific pricing and acceptance rates, will provide insights into Micron's liquidity position, its cost of capital, and its management's forward-looking financial strategy. While the filing itself is procedural, it signals proactive financial management that could impact the company's financial leverage and future interest expenses.
MICRON TECHNOLOGY INC 8-K Report, Financial Results (Mar 18, 2026)
Micron Technology, Inc. (MU) has filed a Form 8-K on March 18, 2026, to report its financial results for the second quarter of fiscal year 2026, ending February 26, 2026. The filing primarily serves to attach the press release containing these results, which is available as Exhibit 99.1. Investors should refer to this press release for detailed financial performance, operational achievements, and forward-looking statements for the period. While this 8-K itself doesn't contain the specific financial figures or narrative analysis, it formally announces that the Q2 FY2026 results have been disclosed. This is a standard procedure for material financial announcements. Investors seeking to understand Micron's performance, including revenue, profitability, and any guidance for the upcoming quarters, should consult the referenced press release (Exhibit 99.1). The filing also notes that the information furnished is not considered 'filed' for certain regulatory purposes, a common disclaimer for 8-K earnings releases.
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