Companies / Micron COMPANY FILINGS
Micron MU In fiscal 2026, ended September 3, 2026, Micron supplied semiconductor memory and storage products based on DRAM, NAND and NOR technologies, manufacturing at its own facilities and using subcontractors for certain processes.
Business description: FY2026 CIK 0000723125 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2018–2026
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2026 FY2025 FY2024 FY2023 FY2022 Micron reported fiscal 2026 revenue of $133,188 million and a consolidated gross margin of 81%. Management attributed the margin improvement primarily to higher average selling prices, with additional benefits from product mix and manufacturing cost reductions.
Source: 2026 Micron entered strategic customer agreements in fiscal 2026 with binding multi-year purchase commitments and received $12.75 billion in associated cash deposits. The deposits are returnable when customers meet minimum purchase commitments; nearly all are scheduled for repayment between 2029 and 2031.
Source: 2026 View full 10-K summary 2026 Hide full 10-K summary 2026 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Patent charges and restrictions Micron recognized $500 million of patent license charges in fiscal 2026. Separately, after fiscal year-end, an October 6, 2026 Munich court ruling restricted offering, marketing, importing or possessing certain accused 3D NAND products in Germany. Micron appealed the infringement ruling concerning two utility models.
Source: 2026 Supply risk Micron warned that weaker HBM demand could cause suppliers to shift capacity to conventional DRAM, substantially increasing its supply. An oversupplied DRAM market could then pressure prices and adversely affect financial results; this was a conditional risk, not a reported outcome.
Source: 2026 Business in fiscal 2026 In fiscal 2026, ended September 3, 2026, Micron supplied semiconductor memory and storage products based on DRAM, NAND and NOR technologies, manufacturing at its own facilities and using subcontractors for certain processes.
Source: 2026
5-year changes FY2022–FY2026 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Gross margin reversal Micron’s reported consolidated gross margin fell from 45% in fiscal 2022 to negative 9% in fiscal 2023, then recovered to 22% in fiscal 2024, 40% in fiscal 2025 and 81% in fiscal 2026. The fiscal 2024 result included a $987 million benefit from selling inventory written down in fiscal 2023, so that recovery included an accounting effect from the earlier downturn. Period lengths also differed: fiscal 2026 contained 53 weeks, while fiscal 2022 through fiscal 2025 each contained 52 weeks. These are reported annual margins without adjustments for those differences.
Source: 2022 , 2023 , 2024 , 2025 , 2026 HBM production advances For high-bandwidth memory (HBM), Micron began volume production of 8-high 24GB HBM3E in fiscal 2024. By the fourth quarter of fiscal 2025, 12-high HBM3E accounted for most HBM shipments, while 36GB 12-high HBM4 had reached customer sampling. Fiscal 2026 brought volume production of that HBM4 configuration, although 12-high HBM3E still accounted for most HBM shipments for the year. The disclosures distinguish a new product’s entry into volume production from the product generation that remained the largest part of shipments.
Source: 2024 , 2025 , 2026 , 2022 Customer deposit funding The fiscal 2023 filing identified operating cash and financing from capital markets and financial institutions as Micron’s principal liquidity sources. In fiscal 2026, Micron also reported substantial funding from customer deposits associated with strategic supply agreements. It received $12.75 billion of those deposits during the year. The agreements require customers to take or pay for specified volumes over multiple years. Deposits are returned when customers satisfy minimum purchase commitments; Micron may retain some or all if they do not. The receipts therefore carry contractual repayment conditions and should not be equated with product sales.
Source: 2023 , 2026 Request a correction Fiscal 2025 revenue increased 49% from fiscal 2024, while consolidated gross margin rose to 40% from 22%. Management attributed the margin improvement to gains in both DRAM and NAND margins.
Source: 2025 HBM3E 12-high, a high-bandwidth memory product, accounted for the majority of Micron's HBM shipments in the fourth quarter of fiscal 2025. During the year, Micron also delivered HBM4 36GB 12-high samples to multiple key customers.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals China restrictions Micron reported that China's Cyberspace Administration (CAC) restriction on purchases by critical information infrastructure operators had affected its business, particularly China's domestic data center and networking markets. The restriction originated in May 2023.
Source: 2025 HBM demand risk Micron warned that weaker HBM demand could prompt suppliers to redirect capacity to conventional DRAM, significantly increasing its supply. An oversupplied DRAM market could then put downward pressure on prices and adversely affect financial results.
Source: 2025 Business context Capital spending In fiscal 2025, Micron spent $15.86 billion on property, plant, and equipment and received $2.01 billion in government incentive proceeds to offset capital expenditures. Separately, its U.S. expansion and modernization funding agreements provided for up to $6.4 billion in CHIPS Act grants, with funding dependent on construction, tool installation, and wafer production milestones.
Source: 2025 Business in fiscal 2025 In fiscal 2025, Micron supplied DRAM, NAND, and NOR memory and storage products under its Micron and Crucial brands.
Source: 2025
5-year changes FY2021–FY2025 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue reversal The selected consolidated results show revenue rising from US$27,705 million in FY2021 to US$30,758 million in FY2022, falling to US$15,540 million in FY2023, then recovering to US$25,111 million in FY2024 and US$37,378 million in FY2025. FY2024 revenue remained below the FY2022 level, while FY2025 exceeded it; the five annual figures therefore show a decline and recovery rather than uninterrupted growth.
Source: 2021 , 2022 , 2023 , 2024 , 2025 Capital spending rises after a decline Reported cash expenditures for property, plant, and equipment increased from US$10.03 billion in FY2021 to US$12.07 billion in FY2022, declined to US$7.68 billion in FY2023, and rose to US$8.39 billion in FY2024 and US$15.86 billion in FY2025. These expenditure figures describe purchases of long-lived operating assets, rather than total net cash used in investing activities.
Source: 2021 , 2022 , 2023 , 2024 , 2025 Products made using EUV begin shipping In FY2021, Micron identified extreme ultraviolet (EUV) lithography, a chip-making technique, among the technologies receiving research and development investment. By FY2025, it reported starting shipments of products made using its 1γ manufacturing process, its first process for dynamic random access memory (DRAM) to incorporate EUV. This marks a disclosed move from investment in the technology to product shipments; the selected passages do not quantify EUV's standalone contribution to revenue or manufacturing costs.
Source: 2021 , 2025 Request a correction Fiscal 2024 revenue was $25,111 million and net income was $778 million. Revenue increased 62% from fiscal 2023, primarily because of higher DRAM and NAND sales, according to management.
Source: 2024 Micron began volume production of its 8-high 24GB HBM3E high-bandwidth memory and ninth-generation Micron G9 NAND in fiscal 2024.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Margin recovery Consolidated gross margin improved to 22% in fiscal 2024 from negative 9% in fiscal 2023. Management attributed the improvement primarily to higher selling prices, manufacturing cost reductions and inventory write-down effects; fiscal 2024 included $987 million of lower costs from selling inventory written down in prior periods.
Source: 2024 Negative signals China restrictions Micron reported that the restriction imposed by China's Cyberspace Administration (CAC) prohibiting China's critical information infrastructure operators from purchasing its products had affected its business, particularly China's domestic data center and networking markets. The company said it was working to mitigate the impact.
Source: 2024 Patent litigation In May 2024, a jury found that Micron's memory modules infringed two Netlist patents and said Micron should pay $425 million and $20 million for the respective patents. Micron expected to appeal. The filing also reported findings that the asserted claims of both patents were unpatentable; if affirmed by the Federal Circuit, those findings would preclude pending infringement actions involving those patents.
Source: 2024 Business in fiscal 2024 In fiscal 2024, Micron Technology supplied DRAM, NAND and NOR memory and storage products under its Micron and Crucial brands, manufacturing products at wholly owned facilities and using subcontractors for certain processes.
Source: 2024
5-year changes FY2020–FY2024 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue reversals The selected disclosures report total revenue falling 8% in FY2020, rising 29% in FY2021 and 11% in FY2022, falling 49% in FY2023, and recovering 62% in FY2024, each against the preceding fiscal year. Micron attributed the FY2024 increase primarily to higher dynamic random access memory (DRAM) and NAND flash-memory sales. These reported comparisons are not adjusted for fiscal-year length: FY2020 contained 53 weeks, while FY2021 through FY2024 each contained 52 weeks.
Source: 2020 , 2021 , 2022 , 2023 , 2024 3D XPoint exit In FY2020, Micron described 3D XPoint as a memory technology it developed and produced. Its FY2023 filing retrospectively described a FY2021 portfolio shift toward memory and storage innovation for data centers, followed by the cessation of 3D XPoint development. That filing also reported the sale of the dedicated Lehi, Utah facility to Texas Instruments (TI) in FY2022 for $893 million.
Source: 2020 , 2023 Reported cuts and estimated savings Under its 2023 Restructure Plan, Micron's FY2023 filing projected a headcount reduction approaching 15% by the end of calendar 2023 and approximately $130 million in quarterly savings after FY2023. The FY2024 filing reported an approximately 15% headcount reduction by that calendar year-end and estimated quarterly savings of approximately $130 million after FY2023. The reported savings remain management estimates.
Source: 2023 , 2024 Request a correction Fiscal 2023 revenue was $15,540 million, down 49% from fiscal 2022, and Micron reported a net loss of $5,833 million.
Source: 2023 Micron reported that China's Cyberspace Administration (CAC) barred critical information infrastructure operators in China from purchasing its products, affecting its business particularly in China's domestic data center and networking markets.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Inventory and idle-factory costs Micron recorded $1.83 billion of inventory write-downs to estimated net realizable value in fiscal 2023. It also recognized $382 million of fabrication facility underutilization costs following reductions in wafer starts.
Source: 2023 Revenue at risk Management estimated that a low-double-digit percentage of worldwide revenue was at risk of being affected by the CAC decision. This was an exposure estimate; the full business impact remained uncertain.
Source: 2023 Business context Liquidity At August 31, 2023, Micron held $10.44 billion in cash and marketable investments and had debt with a carrying value of $13.33 billion. Its revolving credit facility was undrawn, with $2.50 billion available.
Source: 2023 Business in fiscal 2023 In fiscal 2023, Micron supplied DRAM, NAND and NOR memory and storage products under its Micron and Crucial brands, manufacturing products at wholly owned facilities and using subcontractors for certain processes.
Source: 2023
5-year changes FY2019–FY2023 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue reversals The selected disclosures show consolidated revenue falling from $23,406 million in FY2019 to $21,435 million in FY2020, rising to $27,705 million in FY2021 and $30,758 million in FY2022, then falling to $15,540 million in FY2023. These reported totals do not represent a steady five-year trend. The periods also differ in length: FY2020 contained 53 weeks, while FY2019 and FY2021 contained 52 weeks, so those annual totals are not comparisons of equal-length periods.
Source: 2019 , 2020 , 2021 , 2022 , 2023 3D XPoint exit The FY2020 filing described 3D XPoint as a memory technology Micron was developing and producing. The FY2023 filing described the subsequent end of its development and the planned sale of the Lehi, Utah facility dedicated to its production. Micron classified the facility's property, plant and equipment as held for sale in FY2021 and completed the sale to Texas Instruments (TI) in FY2022 for $893 million.
Source: 2020 , 2023 Customer threshold disclosures change The disclosed customers accounting for at least 10% of revenue changed within the selected period. Huawei represented 12% and Kingston 11% in FY2019; WPG represented 13% in FY2021. In FY2022, Kingston represented 12% and WPG 11%. No customer reached 10% in FY2023. That final threshold disclosure does not establish that customer concentration risk disappeared: the FY2023 filing still reported that the top ten customers collectively accounted for approximately half of revenue in each of the last three fiscal years covered by that filing.
Source: 2019 , 2021 , 2023 Request a correction Fiscal 2022 revenue increased 11% from fiscal 2021, and consolidated gross margin rose to 45% from 38%.
Source: 2022 Fourth-quarter fiscal 2022 revenue fell 23% from the third quarter. Management attributed the decline to lower DRAM and NAND bit shipments and average selling prices amid global macroeconomic challenges and customer inventory reductions.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Business in fiscal 2022 In fiscal 2022, Micron designed, developed, and manufactured memory and storage products, including DRAM, NAND, and NOR, offered through its Micron and Crucial brands.
Source: 2022
5-year changes FY2018–FY2022 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Annual recovery, final-quarter decline The selected disclosures show consolidated revenue rising from US$21,435 million in FY2020 to US$27,705 million in FY2021 and US$30,758 million in FY2022. The periods differ: FY2020 contained 53 weeks, while FY2021 and FY2022 each contained 52. Despite the higher annual revenue, Micron reported a 23% revenue decline in the fourth quarter of FY2022 from the preceding quarter, alongside a sharp deterioration in memory and storage market conditions.
Source: 2020 , 2021 , 2022 Debt payments and share repurchases Micron's FY2018 financing cash uses included US$9.42 billion to prepay or repurchase debt and settle note conversions. Share repurchases under its authorization subsequently varied: US$2.66 billion in FY2019, US$176 million in FY2020, US$1.20 billion in FY2021 and US$2.43 billion in FY2022. FY2022 financing cash uses also included US$461 million of dividends paid to shareholders. These selected amounts describe distinct uses of cash, rather than a complete reconciliation of financing activity.
Source: 2020 , 2021 , 2022 Geographic reporting basis changes The FY2018 geographic sales table classified revenue by customer shipping destination. The FY2019 geographic revenue table instead used customer headquarters and separately disclosed selected shipping-destination percentages. These classifications describe different aspects of Micron's customer relationships: a customer's headquarters can differ from its delivery locations. The two tables therefore cannot be combined directly to infer a change in geographic demand.
Source: 2018 , 2019 Request a correction FINANCIAL STATEMENTS
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