Micron Technology, Inc. (MU) financials

NASDAQ · Technology · Semiconductors · 61,000 employees · CEO Sanjay Mehrotra

Price: $884.74 -5.30%
Market cap: $1T
Enterprise value: $968B
Last report: Q4 '26 filed 2026-10-09
Next report: 2026-12-23 EPS est. $38.20

Revenue (TTM)$133B+256.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)74.6%+48.2 pp vs a year agoOperating income $99.3B

Net income (TTM)$85B+895.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$59B+3,435.0% vs a year agoCapex $30.7B

Diluted EPS (TTM)$74.22+877.9% vs a year agoSum of the last 4 quarters

Net cash$38.3B+869.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $1T
Revenue: $133B
Revenue growth: +109%
Profit margin: 63.8%
P/E: 11.7×
P/S: 7.5×
EV / EBITDA: 8.9×
Free cash flow: $59B
Net income: $85B
Revenue estimate: $278B
Earnings: 2026-12-23
Dividend: $0.57

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-09-30): revenue beat by 5.6%, EPS beat by 5.2%Revenue $54.2B vs $51.3B expected (+5.6%); EPS $33.42 vs $31.77 (+5.2%).
Revenue growth accelerating: 379.3% year on yearQ4 '26 revenue $54.2B, against an average of 161.2% over the four quarters before.
Operating margin 74.6% (TTM), +48.2 pp on a year agoOperating income grew 906.5% while revenue grew 256.3%.
Capex 23.1% of revenue (a year ago 42.4%)$30.7B invested in the last 4 quarters (+93.7% on a year earlier). Free cash flow $59B = 69.4% of net income.
Returned $1.63B to shareholders = 2.8% of free cash flowBuybacks $1.02B (a year earlier $0), dividends $610M, stock-based pay $1.33B (TTM).
Diluted share count up 2.0% in a year1.15B diluted shares in Q4 '26, 1.13B a year earlier.
Net cash $38.3BCash + short-term investments $43.4B, debt incl. leases $5.18B; a year ago net debt $4.97B.

Last quarter: Q4 '26

Quarter ended 2026-09-03. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q4 '26	Year ago	Change
Revenue	$54.2B	$11.3B	+379.3%
Gross margin	86.8%	44.7%	+42.1 pp
Operating income	$43.8B	$3.75B	+1,065.5%
Operating margin	80.7%	33.2%	+47.5 pp
Net income	$37.7B	$3.2B	+1,077.8%
Diluted EPS	$32.87	$2.83	+1,061.5%
Operating cash flow	$44B	$5.73B	+667.4%
Capex	$11.1B	$5.66B	+96.4%
Free cash flow	$32.9B	$72M	+45,543.1%
R&D	$1.91B	$1.03B	+85.9%
Stock-based compensation	$379M	$262M	+44.7%

Reported vs consensus

2026-09-30

	Actual	Consensus	vs consensus
Revenue	$54.2B	$51.3B	+5.6%
EPS (as estimated)	$33.42	$31.77	+5.2%

From the report of 2026-09-30 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q4 '26	y/y	Share	TTM	TTM y/y
CDBU	$18B	+1,041.5%	33.2%	$37.6B	+420.0%
CMBU	$16.3B	+258.4%	30.0%	$43.1B	+218.6%
MCBU	$13.1B	+248.8%	24.2%	$36.6B	+208.6%
AEBU	$6.82B	+375.9%	12.6%	$15.9B	+234.2%
All Other	$6M	+500.0%	0.0%	$24M	+84.6%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q4 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
CNBU	–	–	–	–	–	–	–
MBU	–	–	–	–	–	–	–
SBU	–	–	–	–	–	–	–
EBU	–	–	–	–	–	–	–
All other segments	–	–	-$3M	-50.0%	–	–	$2M
Material Reconciling Items	–	–	–	–	–	–	–
CMBU	–	–	$12.4B	+472.4%	–	–	$31.2B
CDBU	–	–	$15.3B	+3,818.4%	–	–	$29.5B
MCBU	–	–	$11.5B	+940.0%	–	–	$29.2B
AEBU	–	–	$5.42B	+1,754.5%	–	–	$11.2B
Corporate (unallocated)	–	–	-$885M	-194.0%	–	–	-$1.85B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $89.7B
Capex: -$30.7B
Buybacks: -$1.02B
Dividends: -$610M
Acquisitions: $0
Net debt issued: -$10B
Stock-based compensation: $1.33B
Free cash flow: $59B
Returned to shareholders / FCF: 2.8%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	11.7×	43.1× 4 of 5 years	7.3× – 136.5×
EV / EBITDA	8.9×	13.8×	3.7× – 35.6×
EV / Sales	7.3×	4.7×	2.0× – 7.9×
Price / FCF	17.0×	248.3× 4 of 5 years	18.3× – 872.8×
Price / Book	7.2×	3.1×	1.3× – 7.8×
FCF yield	5.9%	0.7%	-8.0% – 5.5%
Return on invested capital	50.1%	13.8%	-9.6% – 50.1%
Return on equity	91.8%	16.6%	-13.2% – 61.4%

Analysts

Consensus target $1,588.85 (+79.6%)
range $1,200.00 – $3,000.00 · rating Buy

Strong buy0

Buy58

Hold10

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$278B	+108.6%	$175.55	+136.2%	5.0×	30
FY2028	$325B	+17.0%	$210.88	+20.1%	4.2×	30
FY2029	$333B	+2.5%	$217.90	+3.3%	4.1×	9
FY2030	$498B	+49.4%	$267.29	+22.7%	3.3×	6

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 267 figures Micron Technology, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	–	–	–	$275M	–	–
	–	–	–	$153M	–	–
Accounts Payable and Accrued Liabilities, Current	$22.6B	$9.65B	+134.3%	$22.6B	$9.65B	+134.3%
Accounts Payable, Other, Current	$396M	$382M	+3.7%	$396M	$382M	+3.7%
Accounts Payable, Trade, Current	$3.52B	$3.13B	+12.3%	$3.52B	$3.13B	+12.3%
Accounts Receivable, after Allowance for Credit Loss, Current	$31.8B	$7.16B	+343.9%	$31.8B	$7.16B	+343.9%
Accrued Income Taxes, Noncurrent	$9.82B	$648M	+1,415.4%	$9.82B	$648M	+1,415.4%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$73M	-$32M	-128.1%	-$73M	-$32M	-128.1%
Additional Paid in Capital, Common Stock	$15B	$13.3B	+12.3%	$15B	$13.3B	+12.3%
Amortization of Intangible Assets	$18M2025-08-28	$21M	-14.3%	$71M2025-08-28	$82M	-13.4%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	-4M2025-08-28	-28M	+85.7%	0	6M	-100.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$355M2026-05-28	$253M	+40.3%	$1.33B	$972M	+37.1%
Assets	$196B	$82.8B	+136.6%	$196B	$82.8B	+136.6%
Assets, Current	$91.1B	$28.8B	+215.8%	$91.1B	$28.8B	+215.8%
Capital Expenditures Incurred but Not yet Paid	–	–	–	$321M2025-08-28	$118M	+172.0%
Cash and Cash Equivalents, at Carrying Value	$38.4B	$9.64B	+297.9%	$38.4B	$9.64B	+297.9%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$38.4B	$9.65B	+298.0%	$38.4B	$9.65B	+298.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$11.1B2026-05-28	$2.61B	+325.5%	$28.7B	$2.59B	+1,008.1%
Common Stock, Dividends, Per Share, Cash Paid	$0.152026-05-28	$0.12	+30.4%	–	–	–
Common Stock, Dividends, Per Share, Declared	$0.152026-05-28	$0.12	+30.4%	$0.53	$0.46	+15.2%
Common Stock, Par or Stated Value Per Share	$0.10	$0.10	0.0%	$0.10	$0.10	0.0%
Common Stock, Shares Authorized	3B	3B	0.0%	3B	3B	0.0%
Common Stock, Shares, Issued	1.28B	1.27B	+0.9%	1.28B	1.27B	+0.9%
Common Stock, Shares, Outstanding	1.13B	1.12B	+0.8%	1.13B	1.12B	+0.8%
Common Stock, Value, Issued	$128M	$127M	+0.8%	$128M	$127M	+0.8%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$28.3B2026-05-28	$2.03B	+1,293.4%	$84.9B	$8.64B	+882.8%
Contract with Customer, Liability	$13B	$169M	+7,592.3%	$13B	$169M	+7,592.3%
Contract with Customer, Liability, Current	$26M2025-08-28	$766M	-96.6%	$26M2025-08-28	$766M	-96.6%
Contract with Customer, Liability, Noncurrent	$12.9B	$142M	+8,981.0%	$12.9B	$142M	+8,981.0%
Contract with Customer, Liability, Revenue Recognized	$1M2025-08-28	–	–	$778M2025-08-28	–	–
Contract with Customer, Refund Liability, Current	$4.32B	$1.19B	+263.0%	$4.32B	$1.19B	+263.0%
Cost of Goods and Services Sold	$6.4B2026-05-28	$5.79B	+10.5%	$25.7B	$22.5B	+14.1%
Current Federal Tax Expense (Benefit)	–	–	–	$782M	$275M	+184.4%
Current Foreign Tax Expense (Benefit)	–	–	–	$14.2B	$670M	+2,016.4%
Current Income Tax Expense (Benefit)	–	–	–	$15.2B	$960M	+1,486.9%
Current State and Local Tax Expense (Benefit)	–	–	–	$272M	$15M	+1,713.3%
Debt and Lease Obligation	$5.18B	$14.6B	-64.5%	$5.18B	$14.6B	-64.5%
Debt Instrument, Increase (Decrease), Net	-$4.29B2026-05-28	$883M	-585.7%	-$8.74B	$226M	-3,968.6%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$16M	$48M	-66.7%	$16M	$48M	-66.7%
Debt Securities, Available-for-sale, Current	$5.07B	$665M	+662.4%	$5.07B	$665M	+662.4%
Debt Securities, Available-for-sale, Noncurrent	$30B	$1.63B	+1,742.8%	$30B	$1.63B	+1,742.8%
Debt, Current	$491M	$560M	-12.3%	$491M	$560M	-12.3%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$522M	$118M	-542.4%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$95M	$46M	+106.5%
Deferred Income Tax Assets, Net	$700M2026-05-28	$483M	+44.9%	$616M2025-08-28	$520M	+18.5%
Deferred Income Tax Expense (Benefit)	–	–	–	-$473M	$164M	-388.4%
Deferred Income Tax Liabilities, Net	$52M2025-08-28	$59M	-11.9%	$52M2025-08-28	$59M	-11.9%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$46M	$0	–
Deferred Tax Assets, Gross	$1.79B	$1.47B	+21.5%	$1.79B	$1.47B	+21.5%
Deferred Tax Assets, Inventory	$119M	$25M	+376.0%	$119M	$25M	+376.0%
Deferred Tax Assets, Net	$929M	$564M	+64.7%	$929M	$564M	+64.7%
Deferred Tax Assets, Net of Valuation Allowance	$1.21B	$839M	+44.1%	$1.21B	$839M	+44.1%
Deferred Tax Assets, Other	$202M	$37M	+445.9%	$202M	$37M	+445.9%
Deferred Tax Assets, Property, Plant and Equipment	$63M	$0	–	$63M	$0	–
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	$529M	$203M	+160.6%	$529M	$203M	+160.6%
Deferred Tax Assets, Valuation Allowance	$581M	$634M	-8.4%	$581M	$634M	-8.4%
Deferred Tax Liabilities, Gross	$280M	$275M	+1.8%	$280M	$275M	+1.8%
Deferred Tax Liabilities, Leasing Arrangements	$108M	$163M	-33.7%	$108M	$163M	-33.7%
Deferred Tax Liabilities, Other	$172M	$112M	+53.6%	$172M	$112M	+53.6%
Deferred Tax Liabilities, Property, Plant and Equipment	$6M2025-08-28	$194M	-96.9%	$6M2025-08-28	$194M	-96.9%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-09-03, 10-Q 2026-05-28, 10-Q 2026-02-26, 10-Q 2025-11-27, 10-K 2025-08-28, 10-Q 2025-05-29, 10-Q 2025-02-27, 10-Q 2024-11-28, 10-K 2024-08-29

Data as of 2026-11-01