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Get filing alertsRevenue rose 345.7% to $41.46B, with DRAM revenue up 343.0% to $31.33B and NAND revenue up 361.4% to $9.94B.
Filed June 25, 2026 · Period ending May 28, 2026 · Compared to 10-Q Jun 26, 2025 · ~1 min read
Key Financials
SEC XBRL| Metric | PriorMay 29, 2025 | CurrentMay 28, 2026 | Δ |
|---|---|---|---|
| Revenue | $9.30B | $41.5B | ▲ +345.7% |
| Net income | $1.89B | $28.2B | ▲ +1398.3% |
| Diluted EPS | $1.68 | $24.67 | ▲ +1372.1% |
| Operating income | $2.17B | $33.3B | ▲ +1436.1% |
| Cash & equivalents | $10.2B | $25.0B | ▲ +145.9% |
| Long-term debt | $15.0B | $5.14B | ▼ -65.7% |
| Total assets | $78.4B | $134.1B | ▲ +71.1% |
As reported in XBRL by the filer · 10-Q vs 10-Q. Income figures cover the fiscal quarter (not year-to-date); cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →
Key Number Changes
Prior filing · verify on EDGAR →
as of May 29, 2025, $2.81 billion of the authorization remained available for the repurchase of our common stock
Current filing · verify on EDGAR →
as of May 28, 2026, $2.16 billion of the authorization remained available for the repurchase of our common stock
Prior filing · verify on EDGAR →
38,763 70.20
Current filing · view on EDGAR →
912 $ 465.66
Key Changes
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Operating income increased 1436.1% to $33.32B, and net income, which includes a loss on debt extinguishment, was $28.24B, or $24.67 per diluted share, compared with $1.89B, or $1.68 per diluted share, a year earlier.
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high
Operating cash flow for the first nine months was $45.70B, up from $11.80B, and the company invested $19.60B in property, plant, and equipment.
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Cash and investments totaled $30.13B at quarter-end, up from $11.94B at fiscal year-end 2025, and total debt was reduced to $5.72B from $14.58B.
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The company repurchased $650.0M of common stock under its buyback program in the first nine months, leaving $2.16 billion of the authorization remained available.
Summary
Micron's fiscal third quarter revenue increased 345.7% to $41.46B. Operating income rose to $33.32B from $2.17B, and net income, which includes a loss on debt extinguishment, was $28.24B, or $24.67 per diluted share, compared with $1.89B, or $1.68 per diluted share, in the year-ago quarter.
Operating cash flow for the first nine months was $45.70B, up from $11.80B.
Micron ended the quarter with cash and investments of $30.13B, up from $11.94B at the end of fiscal 2025. The company repurchased $650.0M of common stock under its buyback program in the first nine months, and $2.16 billion of the authorization remained available as of May 28, 2026.
Section-by-Section Diff
MD&A
The remaining buyback authorization decreased and shares withheld for taxes fell.
Previous filing · verify on EDGAR →
as of May 29, 2025, $2.81 billion of the authorization remained available for the repurchase of our common stock
Current filing · verify on EDGAR →
as of May 28, 2026, $2.16 billion of the authorization remained available for the repurchase of our common stock
The remaining amount under the repurchase authorization decreased, reflecting repurchases made during the intervening periods.
Show 1 minor / wording change
Previous filing · verify on EDGAR →
38,763 70.20
Current filing · view on EDGAR →
912 $ 465.66
The number of shares withheld for taxes upon vesting of restricted stock decreased, while the average price paid per share increased.
Risk Factors
Micron updated its risk factors to reflect significant increases in DRAM and NAND average selling prices, expanded discussion of AI demand and supply dynamics, and added new risks related to cybersecurity, data privacy, and AI regulations.
Previous filing · verify on EDGAR →
We may not be able to predict or quickly respond to trends in the dynamics of our markets and our customers or changes in customer demand, which could negatively impact our gross margin.
Current filing · verify on EDGAR →
We operate in a dynamic and rapidly evolving industry where the timeframes for product transitions, facility expansions, production ramps, and supply chain shifts are increasingly compressed.
The current filing adds a new paragraph emphasizing compressed timeframes and execution risks, and expands discussion of AI demand uncertainty and its impact on gross margins.
Previous filing · verify on EDGAR →
In 2024, nearly half of our revenue was from sales to customers who have headquarters located outside the United States, while over 80% of our revenue in 2024 was from products shipped to customer locations outside the United States.
Current filing · verify on EDGAR →
In 2025, approximately one-third of our revenue was from sales to customers who have headquarters located outside the United States, while approximately 80% of our revenue in 2025 was from products shipped to customer locations outside the United States.
The percentage of revenue from customers headquartered outside the U.S. decreased from nearly half to approximately one-third, indicating a shift in customer mix.
Previous filing · verify on EDGAR →
If we or our competitors increase HBM supply at a rate that outpaces HBM demand, conversion of HBM capacity to supply other DRAM products could result in significant supply-demand imbalances.
Current filing · verify on EDGAR →
If demand for HBM weakens and suppliers shift capacity from HBM to conventional DRAM, this could result in a significant increase in conventional DRAM supply. An oversupplied DRAM market may lead to downward pressure on pricing, which could adversely impact our financial results.
The current filing reframes the HBM risk to focus on demand weakening and capacity shift to conventional DRAM, with explicit mention of oversupply and pricing pressure.
Previous filing · verify on EDGAR →
New and evolving laws and regulations relating to cybersecurity, data privacy, and AI impose requirements for information confidentiality, integrity, availability, personal and proprietary data collection, storage, use, sharing, deletion, and AI systems to be appropriately transparent, fair, secure, beneficial, and accountable.
Current filing · verify on EDGAR →
New and evolving laws and regulations relating to cybersecurity, data privacy, digital products, and AI impose requirements for information confidentiality, integrity, availability, personal and proprietary data collection, storage, use, sharing, deletion, and AI systems to be appropriately transparent, fair, secure, responsibly deployed, and accountable.
The current filing adds 'digital products' to the scope and changes 'beneficial' to 'responsibly deployed', reflecting evolving regulatory expectations.
Previous filing · verify on EDGAR →
Such claims, investigations, inquiries, and proceedings may include, but are not limited to, allegations of anticompetitive conduct and infringement of intellectual property. See “Part I. Financial Information – Item 1. Financial Statements – Notes to Consolidated Financial Statements – Contingencies.”
Current filing · verify on EDGAR →
Such claims, investigations, inquiries, and proceedings may include, but are not limited to, allegations of anticompetitive conduct, infringement of intellectual property, and claims related to our compliance with securities and other laws. See Part I. Financial Information, Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 10. Contingencies.
The current filing adds claims related to compliance with securities and other laws and updates the cross-reference to Note 10.
Show 2 minor / wording changes
Previous filing · verify on EDGAR →
Some of our competitors are large corporations or conglomerates that may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete.
Current filing · verify on EDGAR →
Some of our competitors are large corporations or conglomerates that may operate in jurisdictions with lower labor and compliance costs and may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete.
The current filing adds that competitors may operate in jurisdictions with lower labor and compliance costs, expanding the competitive risk description.
Previous filing · verify on EDGAR →
Acquisitions and the formation or operation of alliances, such as joint ventures and other partnering arrangements, involve numerous risks
Current filing · verify on EDGAR →
Acquisitions of businesses, enterprises or assets, and strategic transactions, such as joint ventures and other partnering arrangements, involve numerous risks
The current filing broadens the risk factor title and description to include strategic transactions and investments, reflecting a wider range of activities.
Legal Proceedings
Micron's legal proceedings section was updated with new patent infringement lawsuits from YMTC and Nextech, and several existing cases were dismissed or transferred.
Added in current filing · verify on EDGAR →
On October 6, 2025, YMTC filed several patent infringement complaints against Micron and certain of its subsidiaries alleging that the Company’s manufacture, importation, sale, offering for sale, and/or assisting others to sell certain NAND and DRAM products infringe certain patents owned by YMTC.
The current filing discloses multiple new patent infringement complaints filed by YMTC in U.S., UK, and German courts on October 6, 2025, alleging infringement of NAND and DRAM products. These complaints were not present in the prior filing and expand the scope of YMTC's litigation against Micron.
Added in current filing · verify on EDGAR →
On March 6, 2026, Nextech Semiconductor, LLC (“Nextech”) filed a patent infringement complaint against Micron and MSP in W.D. Tex. alleging that six U.S. patents are infringed by certain of our DRAM, NAND, and SSD products.
The current filing adds a new patent infringement lawsuit by Nextech Semiconductor, filed on March 6, 2026, alleging infringement of six patents covering DRAM, NAND, and SSD products. This lawsuit was not disclosed in the prior filing.
Added in current filing · verify on EDGAR →
On January 16, 2026, Neighbors for a Better Micron and Jobs to Move America filed a petition in the Supreme Court of New York against Micron, one of our subsidiaries, Onondaga County Industrial Development Agency (“OCIDA”), and certain other state and local government entities.
The current filing adds a new legal matter: a petition filed on January 16, 2026, challenging the environmental review of Micron's planned construction of up to four fabs in Clay, New York. This matter was not disclosed in the prior filing.
Added in current filing · verify on EDGAR →
On May 21, 2026, the appeals court affirmed the ruling of invalidity of the first patent. The appeal regarding the second patent has not yet been decided.
Added in current filing · verify on EDGAR →
On April 3, 2026, the plaintiffs voluntarily dismissed the case.
Added in current filing · verify on EDGAR →
Following the dismissal of the securities class action, the consolidated action was dismissed. On September 8, 2025, a substantially similar shareholder derivative complaint was filed in D. Del. On April 24, 2026, the action was dismissed.
Notes
Micron's notes disclose significant new litigation, a major acquisition, and expanded government incentive arrangements.
Added in current filing · verify on EDGAR →
On October 6, 2025, YMTC filed several patent infringement complaints against Micron and certain of its subsidiaries alleging that the Company’s manufacture, importation, sale, offering for sale, and/or assisting others to sell certain NAND and DRAM products infringe certain patents owned by YMTC.
The current filing adds multiple new patent infringement complaints filed by YMTC in October 2025 across U.S., UK, and German courts, expanding the scope of litigation beyond the previously disclosed YMTC cases.
Added in current filing · verify on EDGAR →
In March 2026, we completed the acquisition of a wafer fabrication facility in Tongluo, Miaoli County, Taiwan, from Powerchip Semiconductor Manufacturing Corporation for total cash consideration of $1.8 billion.
The current filing discloses a new $1.8 billion acquisition of a wafer fabrication facility in Taiwan, which was not present in the prior period's notes.
Added in current filing · verify on EDGAR →
On September 8, 2025, a substantially similar shareholder derivative complaint was filed in D. Del. On April 24, 2026, the action was dismissed.
The current filing adds a new shareholder derivative complaint filed in Delaware in September 2025, which was subsequently dismissed in April 2026.
Added in current filing · verify on EDGAR →
On January 16, 2026, Neighbors for a Better Micron and Jobs to Move America filed a petition in the Supreme Court of New York against Micron, one of our subsidiaries, Onondaga County Industrial Development Agency (“OCIDA”), and certain other state and local government entities.
The current filing discloses a new petition challenging the environmental review of the planned construction of up to four fabs in Clay, New York, which was not present in the prior period.
Financial Statements
Primary statements as printed on the EDGAR filing (iXBRL face). Companyfacts is used only when a statement is not on the HTML face. Not generated by the model.
Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
| Description | Quarter ended May 28, 2026 | Quarter ended May 29, 2025 | Nine months ended May 28, 2026 | Nine months ended May 29, 2025 |
|---|---|---|---|---|
| Revenue | 41,456 | 9,301 | 78,959 | 26,063 |
| Cost of goods sold | 6,400 | 5,793 | 18,502 | 16,244 |
| Gross margin | 35,056 | 3,508 | 60,457 | 9,819 |
| Research and development | 1,316 | 965 | 3,737 | 2,751 |
| Selling, general, and administrative | 407 | 318 | 1,088 | 891 |
| Other operating (income) expense, net | 15 | 56 | 43 | 61 |
| Operating income | 33,318 | 2,169 | 55,589 | 6,116 |
| Interest income | 215 | 135 | 509 | 350 |
| Interest expense | — | (123) | (106) | (353) |
| Other non-operating income (expense), net | (321) | (68) | (559) | (90) |
| 33,212 | 2,113 | 55,433 | 6,023 | |
| Income tax (provision) benefit | (4,978) | (235) | (8,178) | (695) |
| Equity in net income (loss) of equity method investees | 9 | 7 | 13 | 10 |
| Net income | 28,243 | 1,885 | 47,268 | 5,338 |
| Earnings per share | ||||
| Basic | 25.03 | 1.69 | 41.97 | 4.79 |
| Diluted | 24.67 | 1.68 | 41.40 | 4.75 |
| Number of shares used in per share calculations | ||||
| Basic | 1,128 | 1,118 | 1,126 | 1,114 |
| Diluted | 1,145 | 1,125 | 1,142 | 1,123 |
Consolidated Balance Sheets (Unaudited)
(In millions, except par value amounts)
| Description | May 28, 2026 | August 28, 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 24,995 | 9,642 |
| Short-term investments | 1,027 | 665 |
| Receivables | 31,025 | 9,265 |
| Inventories | 8,567 | 8,355 |
| Other current assets | 1,123 | 914 |
| Total current assets | 66,737 | 28,841 |
| Long-term marketable investments | 4,106 | 1,629 |
| Property, plant, and equipment | 56,426 | 46,590 |
| Operating lease right-of-use assets | 683 | 736 |
| Intangible assets | 473 | 453 |
| Deferred tax assets | 700 | 616 |
| Goodwill | 1,150 | 1,150 |
| Other noncurrent assets | 3,837 | 2,783 |
| Total assets | 134,112 | 82,798 |
| Liabilities and equity | ||
| Accounts payable and accrued expenses | 15,521 | 9,649 |
| Current debt | 582 | 560 |
| Other current liabilities | 3,385 | 1,245 |
| Total current liabilities | 19,488 | 11,454 |
| Long-term debt | 5,140 | 14,017 |
| Noncurrent operating lease liabilities | 654 | 701 |
| Noncurrent unearned government incentives | 1,020 | 1,018 |
| Other noncurrent liabilities | 7,086 | 1,443 |
| Total liabilities | 33,388 | 28,633 |
| Commitments and contingencies | ||
| Shareholders’ equity | ||
| Common stock, $0.10 par value, 3,000 shares authorized, 1,275 shares issued and 1,129 outstanding (1,266 shares issued and 1,122 outstanding as of August 28, 2025) | 128 | 127 |
| Additional capital | 14,442 | 13,339 |
| Retained earnings | 94,682 | 48,583 |
| Treasury stock, 146 shares held (144 shares as of August 28, 2025) | (8,502) | (7,852) |
| Accumulated other comprehensive income (loss) | (26) | (32) |
| Total equity | 100,724 | 54,165 |
| Total liabilities and equity | 134,112 | 82,798 |
Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Description | Nine months ended May 28, 2026 | Nine months ended May 29, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | 47,268 | 5,338 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation expense and amortization of intangible assets | 6,862 | 6,203 |
| Stock-based compensation | 954 | 722 |
| Change in operating assets and liabilities: | ||
| Receivables | (19,953) | (123) |
| Inventories | (212) | 148 |
| Accounts payable and accrued expenses | 3,329 | 38 |
| Other current liabilities | 2,139 | (681) |
| Other noncurrent liabilities | 5,203 | 259 |
| Other | 112 | (109) |
| Net cash provided by operating activities | 45,702 | 11,795 |
| Cash flows from investing activities | ||
| Expenditures for property, plant, and equipment | (19,602) | (10,199) |
| Purchases of available-for-sale securities | (4,072) | (1,203) |
| Proceeds from government incentives | 2,989 | 1,294 |
| Proceeds from maturities and sales of available-for-sale securities | 1,233 | 1,249 |
| Other | (236) | (30) |
| Net cash used for investing activities | (19,688) | (8,889) |
| Cash flows from financing activities | ||
| Repayments of debt | (9,380) | (3,604) |
| Repurchases of common stock withholdings on employee equity awards | (762) | (290) |
| Repurchases of common stock repurchase program | (650) | — |
| Payments of dividends to shareholders | (437) | (392) |
| Proceeds from issuance of debt | — | 4,430 |
| Other | 583 | 70 |
| Net cash provided by (used for) financing activities | (10,646) | 214 |
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 8 | (3) |
| Net increase in cash, cash equivalents, and restricted cash | 15,376 | 3,117 |
| Cash, cash equivalents, and restricted cash at beginning of period | 9,646 | 7,052 |
| Cash, cash equivalents, and restricted cash at end of period | 25,022 | 10,169 |
| Supplemental disclosure | ||
| Non-cash acquisitions of finance lease right-of-use assets | 32 | 1,247 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share amounts); (In millions, except par value amounts); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 23, 2026 · How we verify