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Micron Technology Inc Financials

MU
Source SEC Filings (10-K/10-Q) Data as of May 28, 2026 Currency USD FYE August

This page shows Micron Technology Inc (MU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MU FY2025

Micron’s profit rebound is real, but cash generation still gets absorbed by a fabrication-heavy reinvestment cycle before reaching shareholders in force.

After the loss year, operating cash flow recovered sharply to $17.5B but free cash flow reached only $1.7B. That gap exists because capital spending climbed to $15.9B, so the recovery is restoring earnings much faster than it is creating spare cash that can accumulate internally.

The move from a -9.1% gross margin to 39.8% mattered more than the sales rebound: it shows how strongly profit changes once fixed costs are better absorbed. R&D still ran at $3.8B, so the recovery was not created by stripping out core technical spend.

The balance sheet looks liquid enough to support that spending cycle despite heavy annual reinvestment: current ratio stayed above 2x and cash rose to $9.6B. Long-term debt still sat near $11.5B, so the latest recovery did not require a fresh borrowing surge.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 58 / 100
Financial Health Score 58/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Micron Technology Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
47

Micron Technology Inc has an operating margin of 26.1%, meaning the company retains $26 of operating profit per $100 of revenue. This results in a moderate score of 47/100, indicating healthy but not exceptional operating efficiency. This is up from 5.2% the prior year.

Growth
95

Micron Technology Inc's revenue surged 48.9% year-over-year to $37.4B, reflecting rapid business expansion. This strong growth earns a score of 95/100.

Leverage
72

Micron Technology Inc carries a low D/E ratio of 0.21, meaning only $0.21 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 72/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
70

With a current ratio of 2.52, Micron Technology Inc holds $2.52 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 70/100.

Cash Flow
19

Micron Technology Inc's free cash flow margin of 4.5% results in a low score of 19/100. Capital expenditures of $15.9B absorb a large share of operating cash flow.

Returns
44

Micron Technology Inc's ROE of 15.8% shows moderate profitability relative to equity, earning a score of 44/100. This is up from 1.7% the prior year.

Altman Z-Score Safe
23.71

Micron Technology Inc scores 23.71, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.0T) relative to total liabilities ($28.6B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong
7/9

Micron Technology Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
2.05x

For every $1 of reported earnings, Micron Technology Inc generates $2.05 in operating cash flow ($17.5B OCF vs $8.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
20.5x

Micron Technology Inc earns $20.5 in operating income for every $1 of interest expense ($9.8B vs $477.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$37.4B
YoY+48.9%
5Y CAGR+11.8%
10Y CAGR+8.7%

Micron Technology Inc generated $37.4B in revenue in fiscal year 2025. This represents an increase of 48.9% from the prior year.

EBITDA
$18.1B
YoY+99.5%
5Y CAGR+15.9%
10Y CAGR+12.1%

Micron Technology Inc's EBITDA was $18.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 99.5% from the prior year.

Net Income
$8.5B
YoY+997.6%
5Y CAGR+26.0%
10Y CAGR+11.4%

Micron Technology Inc reported $8.5B in net income in fiscal year 2025. This represents an increase of 997.6% from the prior year.

EPS (Diluted)
$7.59
YoY+984.3%
5Y CAGR+26.2%
10Y CAGR+11.9%

Micron Technology Inc earned $7.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 984.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.7B
YoY+1278.5%
5Y CAGR+82.2%
10Y CAGR+3.5%

Micron Technology Inc generated $1.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1278.5% from the prior year.

Cash & Debt
$9.6B
YoY+36.9%
5Y CAGR+4.8%
10Y CAGR+15.5%

Micron Technology Inc held $9.6B in cash against $14.0B in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.46
YoY+0.0%

Micron Technology Inc paid $0.46 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding
1.12B
YoY+1.2%
5Y CAGR+0.2%
10Y CAGR+0.3%

Micron Technology Inc had 1.12B shares outstanding in fiscal year 2025. This represents an increase of 1.2% from the prior year.

Margins & Returns

Gross Margin
39.8%
YoY+17.4pp
5Y CAGR+9.2pp
10Y CAGR+7.6pp

Micron Technology Inc's gross margin was 39.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 17.4 percentage points from the prior year.

Operating Margin
26.1%
YoY+21.0pp
5Y CAGR+12.1pp
10Y CAGR+7.6pp

Micron Technology Inc's operating margin was 26.1% in fiscal year 2025, reflecting core business profitability. This is up 21.0 percentage points from the prior year.

Net Margin
22.8%
YoY+19.7pp
5Y CAGR+10.3pp
10Y CAGR+4.9pp

Micron Technology Inc's net profit margin was 22.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 19.7 percentage points from the prior year.

Return on Equity
15.8%
YoY+14.0pp
5Y CAGR+8.9pp
10Y CAGR-7.8pp

Micron Technology Inc's ROE was 15.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 14.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$3.8B
YoY+10.7%
5Y CAGR+7.9%
10Y CAGR+9.4%

Micron Technology Inc invested $3.8B in research and development in fiscal year 2025. This represents an increase of 10.7% from the prior year.

Share Buybacks
$0
YoY-100.0%

Micron Technology Inc spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures
$15.9B
YoY+89.1%
5Y CAGR+14.0%
10Y CAGR+14.7%

Micron Technology Inc invested $15.9B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 89.1% from the prior year.

MU Income Statement

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Revenue $41.5B+73.7% $23.9B+74.9% $13.6B+20.6% $11.3B+21.7% $9.3B+15.5% $8.1B-7.5% $8.7B+12.4% $7.8B
Cost of Revenue $6.4B+4.8% $6.1B+1.8% $6.0B-4.2% $6.3B+8.1% $5.8B+13.8% $5.1B-5.1% $5.4B+6.9% $5.0B
Gross Profit $35.1B+97.4% $17.8B+132.2% $7.6B+51.3% $5.1B+44.1% $3.5B+18.4% $3.0B-11.5% $3.3B+22.3% $2.7B
R&D Expenses $1.3B+5.3% $1.3B+6.7% $1.2B+11.8% $1.0B+8.5% $965.0M+7.5% $898.0M+1.1% $888.0M-1.7% $903.0M
SG&A Expenses $407.0M+18.3% $344.0M+2.1% $337.0M+7.3% $314.0M-1.3% $318.0M+11.6% $285.0M-1.0% $288.0M-2.4% $295.0M
Operating Income $33.3B+106.5% $16.1B+163.0% $6.1B+67.9% $3.7B+68.5% $2.2B+22.3% $1.8B-18.4% $2.2B+42.8% $1.5B
Interest Expense $0-100.0% $32.0M-56.8% $74.0M-40.3% $124.0M+0.8% $123.0M+9.8% $112.0M-5.1% $118.0M-13.2% $136.0M
Income Tax $5.0B+110.0% $2.4B+186.0% $829.0M+93.2% $429.0M+82.6% $235.0M+32.8% $177.0M-37.5% $283.0M-54.6% $623.0M
Net Income $28.2B+104.9% $13.8B+163.1% $5.2B+63.7% $3.2B+69.8% $1.9B+19.1% $1.6B-15.3% $1.9B+110.8% $887.0M
EPS (Diluted) $24.67+104.4% $12.07+162.4% $4.60 N/A $1.68+19.1% $1.41-15.6% $1.67 N/A

MU Balance Sheet

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Total Assets $134.1B+32.1% $101.5B+18.1% $86.0B+3.8% $82.8B+5.6% $78.4B+7.3% $73.1B+2.2% $71.5B+2.9% $69.4B
Current Assets $66.7B+61.1% $41.4B+39.6% $29.7B+2.9% $28.8B+3.3% $27.9B+13.1% $24.7B+0.8% $24.5B+0.5% $24.4B
Cash & Equivalents $25.0B+79.7% $13.9B+42.9% $9.7B+0.9% $9.6B-5.1% $10.2B+34.6% $7.6B+12.8% $6.7B-4.9% $7.0B
Inventory $8.6B+3.6% $8.3B+0.8% $8.2B-1.8% $8.4B-4.3% $8.7B-3.1% $9.0B+3.5% $8.7B-1.9% $8.9B
Accounts Receivable $26.9B+74.8% $15.4B+92.1% $8.0B+11.8% $7.2B+30.4% $5.5B+7.9% $5.1B-18.5% $6.3B+15.3% $5.4B
Goodwill $1.1B0.0% $1.1B0.0% $1.1B0.0% $1.1B0.0% $1.1B0.0% $1.1B0.0% $1.1B0.0% $1.1B
Total Liabilities $33.4B+14.9% $29.1B+6.9% $27.2B-5.1% $28.6B+3.6% $27.6B+13.2% $24.4B-1.0% $24.7B+1.6% $24.3B
Current Liabilities $19.5B+36.3% $14.3B+18.5% $12.1B+5.3% $11.5B+13.0% $10.1B+28.7% $7.9B-12.6% $9.0B-2.5% $9.2B
Long-Term Debt $5.1B-46.2% $9.6B-14.6% $11.2B-20.2% $14.0B-6.6% $15.0B+8.3% $13.9B+4.5% $13.3B+2.2% $13.0B
Total Equity $100.7B+39.0% $72.5B+23.2% $58.8B+8.6% $54.2B+6.7% $50.7B+4.3% $48.6B+3.9% $46.8B+3.7% $45.1B
Retained Earnings $94.7B+41.7% $66.8B+25.3% $53.3B+9.8% $48.6B+6.6% $45.6B+3.9% $43.8B+3.3% $42.4B+3.8% $40.9B

MU Cash Flow Statement

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Operating Cash Flow $25.4B+113.3% $11.9B+41.5% $8.4B+46.8% $5.7B+24.3% $4.6B+16.9% $3.9B+21.5% $3.2B-4.7% $3.4B
Capital Expenditures $7.8B+22.5% $6.4B+18.5% $5.4B-4.8% $5.7B+92.6% $2.9B-27.5% $4.1B+26.5% $3.2B+2.8% $3.1B
Free Cash Flow $17.6B+218.4% $5.5B+82.5% $3.0B+4097.2% $72.0M-95.7% $1.7B+1578.8% -$113.0M-397.4% $38.0M-86.7% $285.0M
Investing Cash Flow -$9.6B-73.2% -$5.5B-20.3% -$4.6B+11.6% -$5.2B-100.8% -$2.6B+17.9% -$3.2B-0.1% -$3.1B+12.5% -$3.6B
Financing Cash Flow -$4.7B-118.5% -$2.2B+42.1% -$3.7B-252.0% -$1.1B-297.0% $540.0M+462.5% $96.0M+122.7% -$422.0M+11.0% -$474.0M
Dividends Paid $171.0M+29.5% $132.0M-1.5% $134.0M+3.1% $130.0M-0.8% $131.0M+0.8% $130.0M-0.8% $131.0M+1.6% $129.0M
Share Buybacks $0-100.0% $350.0M+16.7% $300.0M $0 $0 $0 $0-100.0% $300.0M

MU Financial Ratios

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Gross Margin 84.6%+10.2pp 74.4%+18.4pp 56.0%+11.4pp 44.7%+7.0pp 37.7%+0.9pp 36.8%-1.7pp 38.4%+3.1pp 35.3%
Operating Margin 80.4%+12.7pp 67.6%+22.6pp 45.0%+12.7pp 32.3%+9.0pp 23.3%+1.3pp 22.0%-2.9pp 25.0%+5.3pp 19.6%
Net Margin 68.1%+10.4pp 57.8%+19.4pp 38.4%+10.1pp 28.3%+8.0pp 20.3%+0.6pp 19.7%-1.8pp 21.5%+10.0pp 11.5%
Return on Equity 28.0%+9.0pp 19.0%+10.1pp 8.9%+3.0pp 5.9%+2.2pp 3.7%+0.5pp 3.3%-0.8pp 4.0%+2.0pp 2.0%
Return on Assets 21.1%+7.5pp 13.6%+7.5pp 6.1%+2.2pp 3.9%+1.5pp 2.4%+0.2pp 2.2%-0.5pp 2.6%+1.3pp 1.3%
Current Ratio 3.42+0.5 2.90+0.4 2.46-0.1 2.52-0.2 2.75-0.4 3.13+0.4 2.72+0.1 2.64
Debt-to-Equity 0.05-0.1 0.13-0.0 0.15-0.1 0.21-0.0 0.240.0 0.240.0 0.240.0 0.25
FCF Margin 42.4%+19.2pp 23.1%+1.0pp 22.1%+21.5pp 0.6%-17.3pp 18.0%+19.4pp -1.4%-1.8pp 0.4%-3.2pp 3.7%

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Frequently Asked Questions

Micron Technology Inc (MU) reported $37.4B in total revenue for fiscal year 2025. This represents a 48.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Micron Technology Inc (MU) revenue grew by 48.9% year-over-year, from $25.1B to $37.4B in fiscal year 2025.

Yes, Micron Technology Inc (MU) reported a net income of $8.5B in fiscal year 2025, with a net profit margin of 22.8%.

Micron Technology Inc (MU) reported diluted earnings per share of $7.59 for fiscal year 2025. This represents a 984.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Micron Technology Inc (MU) had EBITDA of $18.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Micron Technology Inc (MU) had $9.6B in cash and equivalents against $14.0B in long-term debt.

Micron Technology Inc (MU) had a gross margin of 39.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Micron Technology Inc (MU) had an operating margin of 26.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Micron Technology Inc (MU) had a net profit margin of 22.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Micron Technology Inc (MU) paid $0.46 per share in dividends during fiscal year 2025.

Micron Technology Inc (MU) has a return on equity of 15.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Micron Technology Inc (MU) generated $1.7B in free cash flow during fiscal year 2025. This represents a 1278.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Micron Technology Inc (MU) generated $17.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Micron Technology Inc (MU) had $82.8B in total assets as of fiscal year 2025, including both current and long-term assets.

Micron Technology Inc (MU) invested $15.9B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Micron Technology Inc (MU) invested $3.8B in research and development during fiscal year 2025.

Micron Technology Inc (MU) had 1.12B shares outstanding as of fiscal year 2025.

Micron Technology Inc (MU) had a current ratio of 2.52 as of fiscal year 2025, which is generally considered healthy.

Micron Technology Inc (MU) had a debt-to-equity ratio of 0.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Micron Technology Inc (MU) had a return on assets of 10.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Micron Technology Inc (MU) has an Altman Z-Score of 23.71, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Micron Technology Inc (MU) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Micron Technology Inc (MU) has an earnings quality ratio of 2.05x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Micron Technology Inc (MU) has an interest coverage ratio of 20.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Micron Technology Inc (MU) scores 58 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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