Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2020

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BOISE, Idaho, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2020, which ended Sept. 3, 2020.

Fiscal Q4 2020 highlights

  • Revenue of $6.06 billion versus $5.44 billion for the prior quarter and $4.87 billion for the same period last year
  • GAAP net income of $988 million, or $0.87 per diluted share
  • Non-GAAP net income of $1.23 billion, or $1.08 per diluted share
  • Operating cash flow of $2.27 billion versus $2.02 billion for the prior quarter and $2.23 billion for the same period last year

Fiscal 2020 highlights

  • Revenue of $21.44 billion versus $23.41 billion for the prior year
  • GAAP net income of $2.69 billion, or $2.37 per diluted share
  • Non-GAAP net income of $3.24 billion, or $2.83 per diluted share
  • Operating cash flow of $8.31 billion versus $13.19 billion for the prior year

“Micron delivered solid fiscal fourth quarter revenue and EPS resulting from strong DRAM sales in cloud, PC and gaming consoles and an extraordinary increase in QLC NAND shipments,” said Micron Technology President and CEO Sanjay Mehrotra. “We look forward to improving market conditions throughout calendar 2021, driven by 5G, cloud and automotive growth, and we are excited by the continued momentum in our product portfolio.”

Quarterly Financial Results
(in millions, except per share amounts)GAAP(1) Non-GAAP(2)
FQ4-20FQ3-20FQ4-19 FQ4-20FQ3-20FQ4-19
Revenue$6,056 $5,438 $4,870  $6,056 $5,438 $4,870 
Gross margin2,068 1,763 1,395  2,111 1,804 1,491 
percent of revenue34.1%32.4%28.6% 34.9%33.2%30.6%
Operating expenses911 875 745  809 823 797 
Operating income1,157 888 650  1,302 981 694 
percent of revenue19.1%16.3%13.3% 21.5%18.0%14.3%
Net income attributable to Micron988 803 561  1,229 941 637 
Diluted earnings per share0.87 0.71 0.49  1.08 0.82 0.56 

Annual Financial Results
(in millions, except per share amounts)GAAP(1) Non-GAAP(2)
FY 20FY 19 FY 20FY 19
Revenue$21,435 $23,406  $21,435 $23,406 
Gross margin6,552 10,702  6,718 10,973 
percent of revenue30.6%45.7% 31.3%46.9%
Operating expenses3,549 3,326  3,299 3,172 
Operating income3,003 7,376  3,419 7,801 
percent of revenue14.0%31.5% 16.0%33.3%
Net income attributable to Micron2,687 6,313  3,235 7,314 
Diluted earnings per share2.37 5.51  2.83 6.35 

Investments in capital expenditures, net(2) were $2.16 billion for the fourth quarter of 2020 and $7.95 billion for the full year of 2020, which resulted in adjusted free cash flows(2) of $111 million for the fourth quarter of 2020 and $361 million for the full year of 2020. Micron repurchased approximately 824,000 shares of its common stock for $41 million during the fourth quarter of 2020 and 3.6 million shares of its common stock for $176 million during the full year of 2020 and ended the year with cash, marketable investments, and restricted cash of $9.26 billion, for a net cash(2) position of $2.61 billion.

Business Outlook

The following table presents Micron’s guidance for the first quarter of 2021:

FQ1-21GAAP(1) OutlookNon-GAAP(2) Outlook
Revenue$5.2 billion ± $200 million$5.2 billion ± $200 million
Gross margin26.5% ± 1%27.5% ± 1%
Operating expenses$873 million ± $25 million$825 million ± $25 million
Interest (income) expense, net$37 million$35 million
Diluted earnings per share$0.39 ± $0.07$0.47 ± $0.07

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at

Investor Webcast

Micron will host a conference call on Tuesday, Sept. 29, 2020 at 2:30 p.m. MT to discuss its fourth quarter financial results and provide forward-looking guidance for its first quarter. A live webcast of the call will be available online at A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions. Through our global brands — Micron® and Crucial® — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint™ memory, and NOR, is transforming how the world uses information to enrich life for all. Backed by more than 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking. Our common stock is traded on Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit

Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding the industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

(1)GAAP represents U.S. Generally Accepted Accounting Principles.
(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.

(In millions, except per share amounts)

 4th Qtr.3rd Qtr.4th Qtr.Year Ended
 September 3,
May 28,
August 29,
September 3,
August 29,
Revenue$6,056 $5,438 $4,870 $21,435 $23,406 
Cost of goods sold3,988 3,675 3,475 14,883 12,704 
Gross margin2,068 1,763 1,395 6,552 10,702 
Selling, general, and administrative231 216 212 881 836 
Research and development630 649 623 2,600 2,441 
Other operating (income) expense, net50 10 (90) 68 49 
Operating income1,157 888 650 3,003 7,376 
Interest income13 23 57 114 205 
Interest expense(50) (51) (39) (194) (128) 
Other non-operating income (expense), net5 10 (13) 60 (405) 
 1,125 870 655 2,983 7,048 
Income tax (provision) benefit(136) (68) (71) (280) (693) 
Equity in net income (loss) of equity method investees1 3 2 7 3 
Net income990 805 586 2,710 6,358 
Net income attributable to noncontrolling interests(2) (2) (25) (23) (45) 
Net income attributable to Micron$988 $803 $561 $2,687 $6,313 
Earnings per share     
Basic$0.89 $0.72 $0.51 $2.42 $5.67 
Diluted0.87 0.71 0.49 2.37 5.51 
Number of shares used in per share calculations     
Basic1,111 1,111 1,104 1,110 1,114 
Diluted1,131 1,129 1,128 1,131 1,143 

(In millions)

As ofSeptember 3,
May 28,
August 29,
Cash and equivalents$7,624 $8,267 $7,152 
Short-term investments518 391 803
Micron Technology, Inc.


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Semiconductor and Related Device Manufacturing
United States of America