DRAM
High-bandwidth memory (HBM), DDR, low-power LPDDR and graphics GDDR memory for data centers, PCs, phones and vehicles.
Stock research
Micron Technology, Inc. (MU) Stock Research
Micron is one of the few global producers of DRAM and NAND memory, components essential to computers, phones, and AI servers.
For the fiscal year ended August 28, 2025, Micron Technology, Inc. reported revenue of $37.4B and net income of $8.5B, with operating cash flow of $17.5B. Source: Form 10-K filed October 3, 2025
Reviewed · SEC data as of
- Revenue
- $37.4B
- FY ending 2025-08-28
- Net income
- $8.5B
- FY ending 2025-08-28
- Diluted EPS
- $7.59
- Net margin
- 22.8%
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
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How Micron Technology makes money
Demand for high-bandwidth memory used in AI accelerators has become a major growth driver.
NAND
Solid-state drives, managed NAND and multi-chip packages that combine LPDDR and NAND, sold under the Micron and Crucial brands.
Business units
Since the fourth quarter of fiscal 2025, Micron reports four units: Cloud Memory (hyperscalers, plus HBM for all data-center customers), Core Data Center, Mobile and Client, and Automotive and Embedded.
- Exchange
- NASDAQ: MU
- Sector
- Information Technology
- SEC industry
- Semiconductors & Related Devices (SIC 3674)
- Fiscal year end
- September 3
- Headquarters
- Boise, Idaho
- Founded
- 1978
MU key financials
Reported figures from Micron Technology, Inc.'s filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $37.4B | 2024-08-30 – 2025-08-28 | SEC filing |
| Net income | $8.5B | 2024-08-30 – 2025-08-28 | SEC filing |
| Operating cash flow | $17.5B | 2024-08-30 – 2025-08-28 | SEC filing |
| Diluted EPS | $7.59 | 2024-08-30 – 2025-08-28 | SEC filing |
| Net margin | 22.8% | 2024-08-30 – 2025-08-28 | SEC filing |
| Shares outstanding | 1.13B | As of 2025-12-10 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price. Shares outstanding multiplied by the share price gives market capitalization.
What investors should watch in MU
For Micron Technology, Inc., the most important recurring operating and market variables are:
- ◆DRAM pricing and bit supply, which account for most of Micron's revenue
- ◆High-bandwidth memory (HBM) qualification and share at AI accelerator customers
- ◆NAND pricing and data-center SSD demand
- ◆Capital expenditure and the timing of new fab capacity
- ◆Industry supply discipline and customer inventory cycles
Key questions for the MU thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
How dependent is Micron on DRAM?
The fiscal 2025 10-K reports DRAM revenue of $28.58 billion and NAND revenue of $8.50 billion. With DRAM the larger line by far, DRAM pricing and bit shipments explain most of the change in results; track both in each quarterly report.
Where does the AI memory exposure show up?
The Cloud Memory Business Unit serves large hyperscale customers and carries HBM for all data-center customers. Its revenue and margin are the cleanest filing-level view of AI memory demand, separate from phones, PCs and embedded markets.
How cyclical are memory earnings?
Memory prices move with industry capacity additions and customer inventory, and Micron reported a net loss in fiscal 2023 before returning to profit. Compare recent margins with the full cycle in past 10-K filings before annualizing a strong year.
Does MU's reported profit turn into cash?
Operating cash flow was $17.5B, 2.05 times net income of $8.5B, for the fiscal year ended August 28, 2025.
Cash from operations exceeded reported earnings. Non-cash charges such as depreciation, amortization and stock-based compensation usually explain the gap; the cash-flow statement shows which.
How much of MU's revenue is left as profit?
Net income was 22.8% of revenue for the fiscal year ended August 28, 2025, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
When does Micron Technology, Inc.'s fiscal year end?
The SEC lists Micron Technology, Inc.'s fiscal year end as September 3, not December 31. The latest annual figures here run from August 30, 2024 to August 28, 2025. Its reporting year ends on a nearby date rather than a fixed calendar day.
Annual results cover a different 12 months from calendar-year peers. Align periods before comparing growth or margins across companies.
Members-only research
Our members-only research on MU
MU · Sep 9, 2026
The HBM Capacity TradeA retrospective case study of Micron’s HBM capacity thesis as the evidence stood on December 18, 2025, with timing, valuation and later results kept separate.
Sep 22, 2026
Meta jumped 11%. What must happen next to justify the price?A member research report on Meta’s AI rally: Muse, subscription economics, the cash-flow burden, legal costs and the earnings assumptions behind the new price.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchMU primary sources
- Latest annual report: Form 10-K filed October 3, 2025
- Latest quarterly report: Form 10-Q filed June 25, 2026
- Micron investor relations
- Micron filings at the SEC
How we source and review company pages: research methodology.
Congressional trading in MU
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| Dan Newhouse | 2026-07-10 | Purchase | Spouse | $1,001 - $15,000 | Filing #20034998 |
| Michael Rulli | 2026-06-25 | Purchase | Self | $1,001 - $15,000 | Filing #20035147 |
| Sheldon Whitehouse | 2026-06-25 | Purchase | Self | $1,001 - $15,000 | Filing #5d9b1b8e-2ae1-442b-860c-e79b8a701dc6 |
| Gilbert Cisneros | 2026-06-05 | Sale | Self | $1,001 - $15,000 | Filing #20034906 |
| Josh Gottheimer | 2026-05-21 | Purchase | Joint | $1,001 - $15,000 | Filing #20034693 |
| Gilbert Cisneros | 2026-05-15 | Sale | Self | $1,001 - $15,000 | Filing #20034713 |
| John Fetterman | 2026-03-30 | Purchase | Unknown | $1,001 - $15,000 | Filing #8d93e30a-19a8-43a9-93d8-e95d629b1039 |
| Alan Armstrong | 2026-03-27 | Purchase | Self | $15,001 - $50,000 | Filing #fda235b3-bad7-4637-8fa1-053f354d929c |
| Gilbert Cisneros | 2026-03-25 | Purchase | Self | $1,001 - $15,000 | Filing #20034285 |
| Dwight Evans | 2026-03-24 | Sale | Self | $15,001 - $50,000 | Filing #20034379 |
All verified MU congressional disclosures
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare MU with similar companies
Micron Technology peers
NVIDIA Corporation (NVDA)Semiconductors & Related DevicesBroadcom Inc. (AVGO)Semiconductors & Related DevicesAdvanced Micro Devices, Inc. (AMD)Semiconductors & Related DevicesIntel Corporation (INTC)Semiconductors & Related DevicesTexas Instruments Incorporated (TXN)Semiconductors & Related DevicesApplied Materials, Inc. (AMAT)Semiconductors & Related Devices
Research that covers Micron Technology
MU — frequently asked questions
What does Micron Technology, Inc. do?
Micron is one of the few global producers of DRAM and NAND memory, components essential to computers, phones, and AI servers. Its filings describe these business lines: DRAM, NAND, Business units.
What were MU's latest reported annual revenue and net income?
For the fiscal year ended August 28, 2025, Micron Technology, Inc. reported revenue of $37.4B and net income of $8.5B, with operating cash flow of $17.5B. The figures come from Micron Technology, Inc.'s SEC XBRL filings.
When does Micron Technology, Inc.'s fiscal year end?
The SEC lists Micron Technology, Inc.'s fiscal year end as September 3.
Do members of Congress trade MU?
The current verified House and Senate snapshot contains 31 transaction rows for MU, each linked to the original filing.
Where is Micron Technology, Inc. headquartered?
Micron Technology, Inc. is headquartered in Boise, Idaho and was founded in 1978.
Is MU a good investment?
This page does not rate MU as a buy or sell. It sets out what Micron Technology, Inc. reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the MU numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
Members-only research
MU · Sep 9, 2026
The HBM Capacity TradeSep 22, 2026
Meta jumped 11%. What must happen next to justify the price?Sep 9, 2026
Seagate: More Terabytes, Better Economics
$39/mo or $249/yr · cancel future renewals anytime · sources included