# Micron Technology Inc. (MU) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MU/thesis · /stocks/MU/memo

## Financial Snapshot

---
ticker: MU
step: 04
generated: 2026-05-12
source: quick-research
---

### Micron Technology, Inc. (MU) — Financial Snapshot

> Note: Micron's fiscal year ends in late August. "FY2025" = fiscal year ended Aug 2025.

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $15.5B | $25.1B | $37.4B | +49% |
| DRAM Revenue | $11.6B | $17.6B | $28.6B | +62% (HBM-driven) |
| NAND Revenue | $3.4B | $6.6B | $7.5B | +14% |
| Non-GAAP Gross Margin | -9% | 35% | 50%+ | massive expansion |
| Non-GAAP Operating Margin | -36% | 23% | 35%+ | |
| Non-GAAP Net Income | -$5.8B | $4.0B | $8.5B | +112% |
| Non-GAAP EPS | -$5.34 | $3.55 | $7.65 | record |

#### Quarterly Trajectory (FY2026)

| Quarter | Revenue | Gross Margin |
|---------|---------|--------------|
| Q1 FY26 (Nov 2025) | $13.6B (+57% YoY) | 56.8% |
| Q2 FY26 (Feb 2026) | $23.9B (record) | 74.9% |
| Q3 FY26 guide | growing | ~81% (guidance) |

#### HBM + AI Memory Detail

| Metric | Value |
|--------|-------|
| FY25 HBM Revenue | $8B annualized in FQ4 |
| HBM + High-Cap DIMMs + LP-Server DRAM | $10B (5x growth) |
| Cloud Memory Revenue Q2 FY26 | $7.75B (vs $2.95B FQ2 FY25) |
| Data Center % of Revenue | 56%+ by YE 2025 |
| HBM Market Share | ~20-21% (vs SK Hynix 62%, Samsung remainder) |

#### 2026 Strategic Moves

| Move | Impact |
|------|--------|
| Exited "Crucial" consumer brand (Feb 2026) | 100% wafer capacity to enterprise + AI |
| 5-year HBM supply agreement (volume + pricing) | First long-term contracted memory |
| FY26 CapEx | $25B+ (nearly 2x FY25) |
| New US fab buildouts | Idaho + NY (~$200B+ multi-year) |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$14B |
| Capital Expenditures | ~$13.5B |
| Free Cash Flow | ~$0.5B (heavy CapEx) |
| Cash & Investments | ~$10B |
| Total Debt | ~$15B |
| Net Debt/EBITDA | ~0.3x |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~10x | EV/Sales: ~3x | Dividend Yield: ~0.4%
- ROIC: ~25% (cycle peak)
- FCF Margin: low — capex absorbing most cash (intentional)

#### Growth Profile
FY25 revenue +49% to $37.4B. Q1 FY26 +57%, Q2 FY26 $23.9B record. Gross margin trajectory: 35% (FY24) → 50%+ (FY25) → 75% (Q2 FY26) → 81% (Q3 FY26 guide). HBM demand sold out industry-wide through 2026. Crucial divestiture concentrates capacity on AI/enterprise. $25B CapEx investment positions for HBM4 + HBM4E supremacy in 2027-2028.

#### Forward Estimates
- **FY2026E Revenue:** ~$95-100B (consensus, +160%+ — extraordinary cycle peak)
- **FY2026E EPS:** ~$25-30 (consensus, +220-290%)
- **FY2027E Revenue:** ~$110B+
- **FY2027E EPS:** ~$32+ (assumes HBM4 ramp continues)
- **Memory cycle risk:** Always a multi-year cycle — peak likely 2026-27

#### Capital Return
- Dividend $0.46 annual = small ($500M paid)
- Buybacks moderated for CapEx investment
- $25B CapEx absorbs FCF — investing for next cycle
- Stock up 120% YTD — primary return mechanism

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MU/fundamental

## Navigation

- Overview: /stocks/MU
- Financials (this page): /stocks/MU/financials
- Thesis: /stocks/MU/thesis
- Investment Memo: /stocks/MU/memo
- Coverage universe: /stocks