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- Ymtc Multi-jurisdiction Patent Litigation (unchanged) — YMTC filed 19-patent infringement suits across U.S., UK, and Germany on Oct 6, 2025, all seeking injunctions against Micron's NAND and DRAM products—a coordinated global escalation.
- AI Demand Forecasting Uncertainty (worsened) — Risk Factors now explicitly state Micron is incurring costs in anticipation of AI demand that may not materialize or be sustained, and that high prices may reduce demand or drive customers to alternatives.
- Constrained Supply and Regulatory Risk (unchanged) — New disclosure warns that insufficient customer allocations or elevated pricing may lead to legal disputes or government/regulatory focus when memory is viewed as a critical input to industries.
- New York Fab Environmental Challenge (unchanged) — Community groups filed a Jan 2026 petition seeking to void all permits for Micron's planned four-fab construction in Clay, NY, which could delay or halt the major U.S. expansion.
revenue $41.5B, net income $28.2B. Micron Q3 FY26: Revenue +346% YoY on 52-vs-53-week calendar; debt retired, YMTC sues globally
Filed June 25, 2026 · Period ending May 28, 2026 · Compared to 10-Q Jun 26, 2025 · ~2 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 → · paraphrased
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 → · paraphrased
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 → · paraphrased
In the third quarter of 2025, shares withheld as payment upon the vesting of restricted stock consisted of the following: Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under publicly announced plans or programs (in millions) February 28, 2025 – March 27, 2025 — $ — — March 28, 2025 – April 24, 2025 38,763 70.20 — April 25, 2025 – May 29, 2025 — — — 38,763 — $2,806
Current filing · verify on EDGAR → · paraphrased
In the third quarter of 2026, shares withheld as payment upon the vesting of restricted stock consisted of the following: Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under publicly announced plans or programs (in millions) February 27, 2026 – March 26, 2026 — $ — — March 27, 2026 – April 23, 2026 912 465.66 — April 24, 2026 – May 28, 2026 — — — 912 $ 465.66 — $ 2,156
Key Changes
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high
Revenue rose 345.7% YoY to $41.5B, but the prior period was a 53-week fiscal year vs 52 weeks in the current period—the filing attributes the change to the calendar difference before demand factors.
XBRL Key Financials / Fiscal Calendar view on EDGAR → -
high
Micron prepaid $8.5B in debt principal across twelve instruments during the first nine months of FY26, reducing total debt from $14.6B to $5.7B and incurring $500M in losses on the early retirements.
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high
YMTC filed coordinated patent suits on Oct 6, 2025 across U.S., UK, and Germany asserting 19 patents against Micron's NAND and DRAM products, all seeking injunctions and damages—a major escalation beyond prior disputes.
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high
Risk Factors now warn that AI demand is difficult to forecast, Micron is incurring costs for demand that may not materialize, and sustained high prices may drive customers to alternative solutions or reduce memory content.
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medium
New disclosure: constrained supply when demand exceeds capacity may strain customer relationships, disrupt downstream markets, and lead to legal disputes or government/regulatory focus when memory is viewed as a critical input.
Summary
Micron's Q3 FY26 10-Q reports revenue of $41.5B, up 345.7% from $9.3B in the prior-year quarter, but the filing attributes the change first to a calendar difference: the prior period was a 53-week fiscal year vs 52 weeks in the current period. Operating income rose from $2.2B to $33.3B.
The company executed a major deleveraging, prepaying $8.5B in debt principal across twelve instruments during the first nine months of FY26, reducing total debt from $14.6B to $5.7B and incurring $500M in losses on the early retirements. Micron also acquired a Taiwan fab from Powerchip for $1.8B in March 2026 and finalized two Singapore government incentive arrangements for manufacturing and R&D expansion.
Litigation escalated sharply: YMTC filed coordinated patent suits on October 6, 2025 across U.S., UK, and Germany asserting 19 patents against Micron's NAND and DRAM products, all seeking injunctions and damages. Community groups challenged the environmental review for Micron's planned four-fab construction in Clay, NY, seeking to void all permits. Securities class action and derivative suits filed in 2025 were dismissed in early 2026, removing that overhang. Risk Factors now warn that AI demand is difficult to forecast, Micron is incurring costs for demand that may not materialize or be sustained, and sustained high prices may drive customers to alternative solutions. New disclosure states that constrained supply when demand exceeds capacity may strain customer relationships, disrupt downstream markets, and lead to legal disputes or government/regulatory focus when memory is viewed as a critical input. Watch next quarter for updates on the YMTC litigation, the New York fab permitting challenge, and whether AI-driven HBM demand holds or softens as the company ramps leading-edge capacity. Quarterly results not summarized above: net income of $28.2B against $1.89B a year earlier, and diluted EPS of $24.67 against $1.68 a year earlier.
Section-by-Section Diff
Legal Proceedings
New YMTC multi-jurisdiction patent suits added; securities class action and derivative suits dismissed; Netlist appeals ongoing.
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. Specifically, YMTC filed the following complaints: A patent infringement complaint against Micron, MSP, and MTEC in E.D. Tex. alleging that seven patents are infringed by certain of our 3D NAND products and one patent is infringed by certain of our LPDRAM products; a patent infringement complaint in the London Chancery Division of the English High Court against Micron and Micron Europe Limited (“MEL”) alleging that three patents are infringed by certain of our NAND and DRAM products; three complaints against Micron and various combinations of subsidiaries, including MEL, MSP, MSG, and Micron Semiconductor France SAS in the Unified Patent Court in Dusseldorf, Germany, alleging that three patents are infringed by certain of our 3D NAND and LPDRAM products; and five complaints against Micron, MEL, and MSG in Munich Regional Court in Munich, Germany, alleging that five patents are infringed by certain of our 3D NAND products. Each of the complaints filed against us by YMTC on October 6, 2025, seeks an injunction, attorneys’ fees, damages, and costs.
YMTC filed a coordinated wave of patent infringement complaints across multiple jurisdictions (U.S., UK, Germany) on October 6, 2025, asserting 19 patents against Micron's NAND and DRAM products. All complaints seek injunctions, damages, attorneys' fees, and costs. This represents a significant escalation in the YMTC litigation beyond the earlier U.S. and China cases.
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 complaint seeks an injunction, damages, attorneys’ fees and costs.
Nextech filed a new patent infringement complaint in March 2026 asserting six U.S. patents against Micron's DRAM, NAND, and SSD products, seeking injunction, damages, attorneys' fees, and costs. This adds another plaintiff to Micron's patent litigation portfolio.
Added in current filing · verify on EDGAR →
On January 9, 2025, a putative class action complaint was filed against Micron and certain officers in the U.S. District Court for the Southern District of Florida for alleged violations of the Securities Exchange Act of 1934. On April 3, 2025, the case was transferred to the United States District Court for the District of Idaho (“D. Idaho”), and on May 23, 2025, an amended complaint was filed in D. Idaho. The amended complaint alleged that defendants made materially false or misleading statements regarding industry supply and demand dynamics and the demand for Micron's products. On February 3, 2026, the court dismissed the amended complaint but granted plaintiffs leave to file a further amended complaint. On April 3, 2026, the plaintiffs voluntarily dismissed the case.
The securities class action alleging false statements about supply/demand dynamics was voluntarily dismissed by plaintiffs on April 3, 2026, after the court had dismissed the amended complaint in February 2026. The case is now closed.
Added in current filing · verify on EDGAR →
On February 20 and 21, 2025, two shareholder derivative complaints were filed against certain directors and officers of Micron, allegedly on behalf of and for the benefit of Micron, in D. Idaho. The complaints alleged violations of the Securities Exchange Act of 1934, breach of fiduciary duty, unjust enrichment, insider trading, abuse of control, and waste of corporate assets and were based on substantially the same statements asserted in the securities class action. On April 28, 2025, the complaints were consolidated and on May 14, 2025, the consolidated action was stayed. 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.
Two sets of shareholder derivative suits (Idaho and Delaware) alleging breach of fiduciary duty, insider trading, and other claims based on the same underlying facts as the securities class action have been dismissed. The Idaho consolidated action was dismissed following the securities class action dismissal, and the Delaware action was dismissed on April 24, 2026.
Added in current filing · verify on EDGAR →
On June 7, 2025, YMTC filed a complaint against Micron and DCI Group AZ, LLC in the U.S. District Court for the District of Columbia. The complaint alleges that the defendants engaged in false advertising, product disparagement, and unfair competition regarding YMTC’s 3D NAND flash products in violation of the Lanham Act. The complaint seeks injunctive relief, damages, disgorgement of profits, attorneys’ fees, and costs.
YMTC filed a Lanham Act complaint in June 2025 alleging false advertising, product disparagement, and unfair competition related to YMTC's 3D NAND products. This is a separate legal theory from the patent infringement suits, targeting Micron's competitive communications and marketing practices.
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 petition challenges certain aspects of OCIDA’s environmental review of the Company’s planned construction of up to four fabs in Clay, New York, and seeks a judgment to annul, vacate, and void all permits, approvals, and findings issued by the named government entities related to the project. The petition further seeks costs and attorneys’ fees.
Community groups filed a petition in January 2026 challenging the environmental review of Micron's planned four-fab construction project in Clay, New York, seeking to void all permits and approvals. This could delay or complicate the company's major U.S. manufacturing expansion plans.
Added in current filing · verify on EDGAR →
In rulings issued on March 7, 2024 and November 7, 2024, the Federal Patent Court in Germany declared both patents invalid. Netlist appealed those rulings. 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.
The German appeals court affirmed the invalidity of the first Netlist patent on May 21, 2026. The second patent's appeal remains pending. This is a favorable development for Micron, reducing the scope of potential German injunction risk.
Added in current filing · verify on EDGAR →
On January 23, 2023, BeSang Inc. filed a patent infringement complaint against Micron in E.D. Tex. The complaint alleges that one U.S. patent is infringed by certain of our 3D NAND and SSD products. The complaint seeks an injunction, damages, attorneys’ fees, and costs. On September 17, 2025, the District Court issued a judgment that the accused products do not infringe the asserted patent. On October 17, 2025, BeSang filed a notice of appeal of the District Court’s judgment.
The District Court ruled on September 17, 2025, that Micron's 3D NAND and SSD products do not infringe BeSang's asserted patent. BeSang appealed on October 17, 2025. This is a favorable trial-court outcome for Micron, though the appeal remains pending.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On May 19, 2025, Netlist filed a complaint against Micron, MSP, and MTEC in E.D. Tex. alleging that one U.S. patent is infringed by our HBM products. On July 8, 2025, Netlist amended the complaint to allege that one additional U.S. patent is infringed by certain of our DIMMs. On March 6, 2026, the E.D. Tex. transferred the case to the United States District Court for the District of Delaware (“D. Del.”) pursuant to a motion by Micron to dismiss or transfer for improper venue. On July 28, 2025, Netlist filed an additional complaint against Micron, MSP, and MTEC in E.D. Tex. alleging that one U.S. patent is infringed by certain of our DIMMs. On April 1, 2026, the E.D. Tex. transferred the additional case to D. Del.
Two Netlist patent cases filed in E.D. Tex. in May and July 2025 were transferred to Delaware in March and April 2026 following Micron's venue challenge. Venue transfers can affect litigation timing and strategy but do not resolve the underlying infringement claims.
Other
Buyback authorization declined $650M to $2.16B; no Q3 program repurchases in either period; tax-withholding shares fell to 912 from 38,763.
Previous filing · verify on EDGAR → · paraphrased
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 → · paraphrased
as of May 28, 2026, $2.16 billion of the authorization remained available for the repurchase of our common stock.
Remaining buyback authorization declined from $2.81 billion to $2.16 billion, a $650 million reduction. Per the filing context, this reflects $650M in program repurchases during the fiscal year-to-date (not in Q3 itself, where no shares were repurchased under the authorization in either period). The decline does NOT reflect tax-withholding shares, which are a separate cash flow.
Show 1 minor / wording change
Previous filing · verify on EDGAR → · paraphrased
In the third quarter of 2025, shares withheld as payment upon the vesting of restricted stock consisted of the following: Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under publicly announced plans or programs (in millions) February 28, 2025 – March 27, 2025 — $ — — March 28, 2025 – April 24, 2025 38,763 70.20 — April 25, 2025 – May 29, 2025 — — — 38,763 — $2,806
Current filing · verify on EDGAR → · paraphrased
In the third quarter of 2026, shares withheld as payment upon the vesting of restricted stock consisted of the following: Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under publicly announced plans or programs (in millions) February 27, 2026 – March 26, 2026 — $ — — March 27, 2026 – April 23, 2026 912 465.66 — April 24, 2026 – May 28, 2026 — — — 912 $ 465.66 — $ 2,156
Shares withheld for tax on vesting restricted stock fell sharply from 38,763 shares (avg $70.20) in Q3 2025 to 912 shares (avg $465.66) in Q3 2026. The higher per-share price in 2026 reflects the stock's appreciation, but the much lower share count indicates fewer or smaller equity-award vestings in the current quarter.
Notes
Substantial debt prepayment ($8.5B principal retired), new accounting standards adopted, expanded litigation with YMTC and Netlist, and Taiwan fab acquisition.
Added in current filing · verify on EDGAR →
The table below presents the effects of debt prepayment activity in the first nine months of 2026: Transaction Date Decrease in Principal | Decrease in Carrying Value | Decrease in Cash | Prepayments | 2028 Notes October 24, 2025 $ (542) $ (541) $ (562) 2029 B Notes | October 24, 2025 | (1,159) (1,168) (1,276) 2029 Term Loan A October 27, 2025 (984) (982) (984) 2051 Notes January 23, 2026 (10) (10) (7) 2029 A Notes February 20, 2026 (700) (698) (726) 2030 Notes February 23, 2026 (796) (794) (816) 2031 Notes April 3, 2026 (738) (734) (773) 2032 Notes April 3, 2026 (429) (426) (456) 2033 A Notes April 3, 2026 (574) (571) (616) 2033 B Notes April 3, 2026 (685) (679) (734) 2035 A Notes April 3, 2026 (864) (857) (921) 2035 B Notes April 3, 2026 (1,030) (1,022) (1,114) $ (8,511) $ (8,482) $ (8,985) In connection with these prepayments, we recognized losses in other non-operating income (expense) of $323 million and $500 million for the third quarter and first nine months of 2026, respectively.
Micron prepaid $8.5 billion in principal across twelve debt instruments during the first nine months of fiscal 2026, reducing total debt from $500M to $5.7 billion. The prepayments incurred $500 million in losses (premiums and unamortized issuance costs). This represents a major deleveraging action, improving the balance sheet but consuming nearly $9 billion in cash.
Added in current filing · verify on EDGAR →
On May 6, 2026, we reduced our borrowing capacity under the Revolving Credit Facility from $3.50 billion to $2.00 billion.
Micron voluntarily reduced its revolving credit facility from $3.5 billion to $2.0 billion in May 2026. This follows the debt prepayments and reflects management's view that a smaller backstop is sufficient given improved liquidity and operating cash flow.
Added in current filing · verify on EDGAR →
In September 2025, the FASB issued ASU 2025-06 (ASC Topic 350), Targeted Improvements to the Accounting for Internal-Use Software. This ASU makes targeted improvements to the accounting for internal-use software and will be effective for the first quarter of 2029, with early adoption permitted. This ASU provides for adoption on a prospective basis, with retrospective or modified retrospective application permitted. We are evaluating the timing and effects of our adoption of this new guidance on our financial statements. In December 2025, the FASB issued ASU 2025-10 (ASC Topic 832), Accounting for Government Grants Received by Business Entities. This ASU establishes the accounting and presentation for government grants received by a business entity. The ASU will be effective for the first quarter of 2030, with early adoption permitted. This ASU provides for adoption either on a modified prospective, modified retrospective, or retrospective basis. We are evaluating the timing and effects of our adoption of this new guidance on our financial statements.
Two new FASB standards were issued in fiscal 2025 and 2026: ASU 2025-06 on internal-use software (effective Q1 FY2029) and ASU 2025-10 on government grants (effective Q1 FY2030). Both will require expanded disclosures; the government-grants standard is particularly relevant given Micron's CHIPS Act and Singapore incentive arrangements.
Added in current filing · verify on EDGAR →
On November 19, 2025, we finalized an incentive arrangement for the expansion of our Singapore manufacturing facilities, followed by a second arrangement on April 17, 2026, for the expansion of our Singapore R&D. Under both arrangements, we will receive government support for qualified capital spending and labor costs. The incentive arrangements may be subject to reduction, recapture, or termination if certain conditions are not met. Terms and conditions are subject to the confidentiality provisions of the incentive arrangements.
Micron finalized two Singapore government incentive arrangements in November 2025 and April 2026, covering manufacturing expansion and R&D expansion. The arrangements provide support for qualified capital and labor costs, subject to performance conditions and confidentiality.
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.
Micron acquired a wafer fab in Taiwan from Powerchip for $1.8 billion in cash in March 2026. This expands Micron's manufacturing footprint in Taiwan and adds capacity, though the filing does not detail the fab's technology node or production timeline.
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. Specifically, YMTC filed the following complaints: A patent infringement complaint against Micron, MSP, and MTEC in E.D. Tex. alleging that seven patents are infringed by certain of our 3D NAND products and one patent is infringed by certain of our LPDRAM products; a patent infringement complaint in the London Chancery Division of the English High Court against Micron and Micron Europe Limited (“MEL”) alleging that three patents are infringed by certain of our NAND and DRAM products; three complaints against Micron and various combinations of subsidiaries, including MEL, MSP, MSG, and Micron Semiconductor France SAS in the Unified Patent Court in Dusseldorf, Germany, alleging that three patents are infringed by certain of our 3D NAND and LPDRAM products; and five complaints against Micron, MEL, and MSG in Munich Regional Court in Munich, Germany, alleging that five patents are infringed by certain of our 3D NAND products. Each of the complaints filed against us by YMTC on October 6, 2025, seeks an injunction, attorneys’ fees, damages, and costs.
YMTC filed a coordinated wave of patent infringement complaints against Micron on October 6, 2025, across multiple jurisdictions: U.S. (E.D. Tex.), UK (London), and Germany (Unified Patent Court and Munich). The complaints target Micron's 3D NAND and LPDRAM products and seek injunctions, damages, and costs. This represents a significant escalation in the YMTC-Micron IP dispute.
Added in current filing · verify on EDGAR →
On May 19, 2025, Netlist filed a complaint against Micron, MSP, and MTEC in E.D. Tex. alleging that one U.S. patent is infringed by our HBM products. On July 8, 2025, Netlist amended the complaint to allege that one additional U.S. patent is infringed by certain of our DIMMs. On March 6, 2026, the E.D. Tex. transferred the case to the United States District Court for the District of Delaware (“D. Del.”) pursuant to a motion by Micron to dismiss or transfer for improper venue. On July 28, 2025, Netlist filed an additional complaint against Micron, MSP, and MTEC in E.D. Tex. alleging that one U.S. patent is infringed by certain of our DIMMs. On April 1, 2026, the E.D. Tex. transferred the additional case to D. Del. These complaints seek damages, attorneys’ fees, and other equitable relief.
Netlist filed two new patent complaints in 2025 targeting Micron's HBM and DIMM products. Both cases were transferred from E.D. Tex. to Delaware in early 2026 following Micron's venue challenges. The litigation continues to expand Netlist's IP assertions against Micron's product portfolio.
Added in current filing · verify on EDGAR →
On June 30, 2025, Advanced Memory Technologies, LLC (“AMT”) filed a patent infringement complaint against Micron in W.D. Tex. alleging that four U.S. patents are infringed by certain of our DRAM and NAND products. On November 4, 2025, AMT amended the complaint to allege that a fifth patent is infringed by certain of our DRAM products. The complaint seeks an injunction, damages, attorneys’ fees, and costs. 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 complaint seeks an injunction, damages, attorneys’ fees and costs.
Two new patent plaintiffs—Advanced Memory Technologies (June 2025) and Nextech Semiconductor (March 2026)—filed complaints in W.D. Tex. asserting infringement of multiple patents by Micron's DRAM, NAND, and SSD products. Both seek injunctions and damages.
Added in current filing · verify on EDGAR →
On January 9, 2025, a putative class action complaint was filed against Micron and certain officers in the U.S. District Court for the Southern District of Florida for alleged violations of the Securities Exchange Act of 1934. On April 3, 2025, the case was transferred to the United States District Court for the District of Idaho (“D. Idaho”), and on May 23, 2025, an amended complaint was filed in D. Idaho. The amended complaint alleged that defendants made materially false or misleading statements regarding industry supply and demand dynamics and the demand for Micron's products. On February 3, 2026, the court dismissed the amended complaint but granted plaintiffs leave to file a further amended complaint. On April 3, 2026, the plaintiffs voluntarily dismissed the case.
The securities class action filed in January 2025 was voluntarily dismissed by plaintiffs on April 3, 2026, following the court's dismissal of the amended complaint in February 2026. The litigation is now closed.
Added in current filing · verify on EDGAR →
On February 20 and 21, 2025, two shareholder derivative complaints were filed against certain directors and officers of Micron, allegedly on behalf of and for the benefit of Micron, in D. Idaho. The complaints alleged violations of the Securities Exchange Act of 1934, breach of fiduciary duty, unjust enrichment, insider trading, abuse of control, and waste of corporate assets and were based on substantially the same statements asserted in the securities class action. On April 28, 2025, the complaints were consolidated and on May 14, 2025, the consolidated action was stayed. 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.
All shareholder derivative actions filed in 2025—two in Idaho (consolidated and dismissed following the securities class action dismissal) and one in Delaware (dismissed April 2026)—have been resolved in Micron's favor.
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 petition challenges certain aspects of OCIDA’s environmental review of the Company’s planned construction of up to four fabs in Clay, New York, and seeks a judgment to annul, vacate, and void all permits, approvals, and findings issued by the named government entities related to the project. The petition further seeks costs and attorneys’ fees.
A community group and labor organization filed a petition in New York state court in January 2026 challenging the environmental review for Micron's planned four-fab construction in Clay, New York. The petition seeks to void all permits and approvals for the project, which could delay or halt construction.
Added in current filing · verify on EDGAR →
In addition to the amounts included in the table above, we had $185 million and $194 million of non-marketable equity investments without a readily determinable fair value that were included in other noncurrent assets as of May 28, 2026 and August 28, 2025, respectively. Our non-marketable equity investments are recorded at cost minus impairment, if any, adjusted for qualifying observable price changes. Subsequent to May 28, 2026, we purchased non-marketable equity securities in a leading AI company.
Micron disclosed that it purchased non-marketable equity securities in a "leading AI company" after the May 28, 2026 quarter-end. The investment amount and company name are not disclosed, but the timing and description suggest a strategic investment in the AI ecosystem.
Risk Factors
MU updated risk factors to reflect operational execution challenges, AI demand uncertainty, and expanded strategic-investment language.
Previous filing · verify on EDGAR →
In the past five years, annual percentage changes in DRAM average selling prices have ranged from plus low-teen percentage range to a minus high-40% range. In the past five years, annual percentage changes in NAND average selling prices have ranged from plus low-30% to a minus low-50% range.
Current filing · verify on EDGAR →
Over the past five fiscal years, annual percentages changes in DRAM average selling prices have ranged from an increase in the low 40% range to a decrease in the high 40% range. DRAM average selling prices increased approximately 140% for the first nine months of 2026 compared to the first nine months of 2025. In the past five fiscal years, annual percentage changes in NAND average selling prices have ranged from an increase in the low 30% range to a decrease in the low 50% range. NAND average selling prices increased approximately 130% for the first nine months of 2026 compared to the first nine months of 2025.
MU updated its ASP volatility disclosure to reflect the current period's strong pricing environment (DRAM +140%, NAND +130% YoY for the first nine months of fiscal 2026) and revised the historical range for DRAM increases from "plus low-teen" to "low 40%" range. The update provides more precise historical context and incorporates the recent sharp price recovery, signaling that the company has experienced wider swings in DRAM pricing than previously disclosed.
Added in 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. To remain competitive, we must continuously develop and implement new products and technologies and decrease manufacturing costs in spite of inflationary pressures and regulatory uncertainty. As we streamline our production and shift capacity to leading-edge nodes, we face execution risks that could impact our ability to meet customer demand and maintain market coverage.
MU added new language describing execution risks from compressed transition timelines and capacity shifts to leading-edge nodes. The disclosure highlights that streamlining production and shifting to advanced nodes introduces risks to meeting customer demand and maintaining market coverage. This is a new operational-risk dimension not present in the baseline, reflecting the company's current multi-fab ramp and technology-transition environment.
Added in current filing · verify on EDGAR →
There can be no assurance we will be able to do the following: •timely identify and address technology inflections and market changes; •accurately forecast demand and inventory levels of our customers or distributors; •timely ramp production as we transition our operations footprint to new fabrication facilities; •maintain operational flexibility in response to unforeseen changes in customer demand; and •maintain supply scalability during downturns in the semiconductor markets in which we compete as we streamline our product portfolio to drive further fabrication efficiencies.
MU added a new bullet-point list of execution risks, including the inability to accurately forecast customer/distributor demand, maintain operational flexibility, and maintain supply scalability during downturns as the company streamlines its product portfolio. This language was not present in the baseline and reflects heightened concern about demand-supply mismatches and the operational challenges of running a leaner, more focused product portfolio during market volatility.
Previous filing · verify on EDGAR →
Recent technologies, such as generative AI models have emerged, and while they have driven increased demand for HBM and other advanced products in the data center and other markets, the long-term trajectory is unknown and associated demand may fluctuate.
Current filing · verify on EDGAR →
Although AI is a relatively new demand driver for our products, it is evolving rapidly, and the expected timing and amount of demand related to AI can change significantly. As a result, it may be difficult to accurately forecast such demand, and we have incurred and expect to continue to incur costs in anticipation of demand that ultimately may not materialize or may not be sustained. Additionally, periods of sustained higher prices for memory and storage products may reduce demand or result in our customers modifying product designs to reduce memory and storage content or seeking alternative technologies and solutions.
MU expanded its AI-demand risk disclosure to emphasize that AI demand is difficult to forecast, that the company is incurring costs in anticipation of demand that may not materialize or be sustained, and that sustained high prices may reduce demand or drive customers to alternative solutions. The baseline acknowledged AI demand uncertainty but did not explicitly state that MU is incurring costs for demand that may not materialize, nor did it discuss the risk of demand destruction from high prices.
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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. Due to the higher performance and more complex manufacturing process, HBM requires a higher number of wafers to produce the same number of bits as conventional DRAM in the same technology node. This could lead to declines in average selling prices for our DRAM products and could materially affect our business.
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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.
MU reframed the HBM-to-conventional-DRAM conversion risk. The baseline focused on the risk of HBM oversupply leading to conversion and supply-demand imbalances. The current version focuses on the risk that weakening HBM demand triggers capacity shifts to conventional DRAM, resulting in oversupply and pricing pressure. The current language is more direct about the demand-side trigger (HBM demand weakening) and the resulting pricing impact, whereas the baseline emphasized the wafer-intensity difference and the mechanics of conversion.
Added in current filing · verify on EDGAR →
Conversely, as the demand for DRAM, HBM, or any of our other products has increased and may continue to increase, we may be unable to increase supply sufficiently to meet such demand. Our ability to meet demand is influenced by numerous factors, including changes in product development cycles, cleanroom capacity, ramping technologies, and evolving customer requirements. When demand exceeds our supply, we have been and may be unable to scale supply sufficiently, requiring us to make decisions about manufacturing priorities, as well as customer and market supply allocations. Periods of constrained supply, insufficient customer supply allocations, or elevated pricing for memory and storage products may strain long-term customer relationships, result in disruptions to downstream markets and supply chains and, where such products are viewed as critical inputs to certain industries, lead to legal or other disputes or government and regulatory focus.
MU added new disclosure about the risks of constrained supply when demand exceeds capacity. The company states it has been unable to scale supply sufficiently, requiring manufacturing-priority and customer-allocation decisions. The disclosure warns that constrained supply, insufficient allocations, or elevated pricing may strain customer relationships, disrupt downstream markets, and lead to legal disputes or government/regulatory focus. This is a new risk dimension not present in the baseline, reflecting the company's experience in the current tight-supply environment and the potential for regulatory or legal scrutiny when memory is viewed as a critical input.
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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.
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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.
MU updated its international revenue disclosure to reflect fiscal 2025 data. The percentage of revenue from customers headquartered outside the U.S. declined from "nearly half" (approximately 50%) in fiscal 2024 to "approximately $6.1 billion one-third" (approximately 33%) in fiscal 2025, while the percentage of revenue from products shipped to customer locations outside the U.S. remained stable at approximately 80%. The shift suggests a higher proportion of revenue is now from U.S.-headquartered customers, though the majority of shipments still go to non-U.S. locations.
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In addition, the U.S. government has in the past and continues to restrict American firms, including us, from selling products and software to certain of our customers and may in the future impose similar restrictions on one or more of our significant customers. These restrictions may not prohibit our competitors from selling similar products to our customers, which may result in our loss of sales and market share. Even as such restrictions are lifted, financial or other penalties or continuing export restrictions imposed with respect to our customers could have a continuing negative impact on our future revenue and results of operations, and we may not be able to recover any customers or market share we lose, or make such recoveries at acceptable average selling prices, while complying with such restrictions.
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In addition, the U.S. government has in the past and continues to restrict American firms, including us, from selling products and software to certain of our customers and may in the future impose similar restrictions on one or more of our significant customers. We may not be able to fully prevent the unauthorized resale, diversion, or misuse of our products by third parties. These restrictions may not prohibit our competitors from selling similar products to our customers, which may result in a loss of sales and market share. Even as such restrictions are lifted, financial or other penalties or continuing export restrictions imposed with respect to our customers could have a continuing negative impact on our future revenue and results of operations, and we may not be able to recover any customers or market share we lose, or make such recoveries at acceptable average selling prices, while complying with such restrictions.
MU added a sentence acknowledging the risk that it may not be able to fully prevent unauthorized resale, diversion, or misuse of its products by third parties. This addition reflects heightened concern about compliance with export restrictions and the potential for products to reach restricted end-users through indirect channels, which could expose the company to penalties or further restrictions.
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In addition, some governments may provide, or have provided and may continue to provide, significant assistance, financial or otherwise, to some of our competitors or to new entrants and may intervene in support of national industries and/or competitors. As a result, we face the threat of increasing competition and oversupply due to significant investment in the semiconductor industry by the Chinese government and various state-owned or affiliated entities, such as YMTC and CXMT.
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In addition, governments have provided, and may continue to provide, significant assistance, financial or otherwise, to some of our competitors or to new entrants and may intervene in support of national industries and/or competitors. As a result, we face the threat of increasing competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC.
MU changed "some governments may provide" to "governments have provided, and may continue to provide" (present perfect tense), making the statement more definitive that government support to competitors is an ongoing reality rather than a hypothetical. The company also explicitly stated "DRAM and NAND oversupply" (previously just "oversupply"), clarifying the specific product categories at risk from government-supported capacity additions.
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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.
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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.
MU added language noting that some competitors "may operate in jurisdictions with lower labor and compliance costs," highlighting a cost-structure disadvantage the company faces relative to competitors in lower-cost regions. This addition was not present in the baseline and reflects heightened awareness of jurisdictional cost differences as a competitive factor.
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We and our competitors generally seek to increase supply to address growing market demands, improve yields, and reduce die size, which could result in significant increases in worldwide supply and downward pressure on prices. Increases in worldwide supply of semiconductor memory and storage also result from fabrication capacity expansions, either by way of new facilities, increased capacity utilization, or reallocation of other semiconductor production to semiconductor memory and storage production. Our competitors may increase capital expenditures resulting in future increases in worldwide supply. We, and some of our competitors, have plans to ramp, or are constructing or ramping, production at new fabrication facilities.
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We intend to advance our process technology to increase bit output per wafer, improve yields, and increase wafer supply. In addition, our competitors may increase capital expenditures resulting in future increases in worldwide supply. We, and some of our competitors, have plans to construct new fabrication facilities and/or ramp production at existing fabrication facilities.
MU streamlined its capacity-expansion disclosure, removing the detailed description of how supply increases occur (new facilities, increased utilization, reallocation) and the explicit statement that supply increases "could result in significant increases in worldwide supply and downward pressure on prices." The current version is more neutral, stating the company's intent to advance process technology and noting that competitors may increase capex, without emphasizing the downward pricing pressure. This is a tone shift that de-emphasizes the oversupply risk relative to the baseline.
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Due to the higher performance and more complex manufacturing process, HBM requires a higher number of wafers to produce the same number of bits as conventional DRAM in the same technology node.
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Due to the higher performance and more complex manufacturing process, HBM requires a higher number of wafers and more cleanroom space to produce the same number of bits as conventional DRAM in the same technology node.
MU added "and more cleanroom space" to the description of HBM's resource requirements. This addition highlights that HBM production consumes not only more wafers but also more physical fab space per bit, which is a constraint on the company's ability to scale HBM output within existing facilities. The baseline did not mention cleanroom space as a limiting factor.
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government actions or civil unrest preventing the flow of products and materials, including delays in shipping and obtaining products and materials, cancellation of orders, or loss or damage of products;
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government actions, civil unrest, or international conflicts preventing the flow of products and materials, including delays in shipping and obtaining products and materials, cancellation of orders, or loss or damage of products;
MU added "or international conflicts" to the list of factors that could prevent the flow of products and materials. This addition reflects heightened geopolitical risk and the potential for international conflicts (e.g., trade wars, military conflicts) to disrupt supply chains. The baseline mentioned government actions and civil unrest but did not explicitly call out international conflicts as a separate risk factor.
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compliance with U.S. and international laws involving international operations, including the Foreign Corrupt Practices Act of 1977, as amended, sanctions and anti-corruption laws, export and import laws, and similar rules and regulations;
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compliance with U.S. and international laws involving international operations, including the Foreign Corrupt Practices Act of 1977, as amended, sanctions and anti-corruption laws, export and import laws, intellectual property, cybersecurity and data privacy laws, and similar rules and regulations;
MU added "intellectual property, cybersecurity and data privacy laws" to the list of international compliance risks. This addition reflects the growing complexity of cross-border data and IP regulations and the company's increased focus on these areas as sources of compliance risk in international operations.
Added in current filing · verify on EDGAR →
We may not be able to fully prevent the unauthorized resale, diversion, or misuse of our products by third parties.
MU added a sentence acknowledging the risk that it may not be able to fully prevent unauthorized resale, diversion, or misuse of its products by third parties. This is a new disclosure not present in the baseline, reflecting heightened concern about compliance with export restrictions and the potential for products to reach restricted end-users through indirect channels.
Added in current filing · view on EDGAR → · paraphrased
System-level solutions requires a longer development cycle, as compared to discrete products, to design, test, and qualify, which may increase our costs. Some of our system-level solutions are increasingly dependent on sophisticated firmware that may require significant customization to meet customer specifications, which increases our costs and time to market. Additionally, we may need to update our controller and hardware design, as well as our firmware or develop new firmware as a result of new product introductions or changes in customer specifications and/or industry standards, which increases our costs. System complexities and extended warranties for system-level products could also increase our warranty costs. Our failure to cost-effectively manufacture system-level solutions and/or controller, hardware design, and firmware in a timely manner may result in reduced demand for our system-level products and could have a material adverse effect on our business, results of operations, or financial condition.
MU added a new paragraph describing the cost and complexity risks of system-level solutions, including longer development cycles, sophisticated firmware customization, controller/hardware design updates, and extended warranties. This is a new risk disclosure not present in the baseline, reflecting the company's increased focus on system-level products and the associated operational and cost challenges.
Added in current filing · verify on EDGAR →
our compliance with regulatory requirements, including defending against related third-party claims;
MU added a bullet point noting the risk of litigation arising from compliance with regulatory requirements, including defending against related third-party claims. This is a new disclosure not present in the baseline, reflecting the company's increased exposure to regulatory compliance disputes and related litigation.
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alleged violations of laws or regulations relating to antitrust/competition requirements;
MU added a bullet point noting the risk of litigation arising from alleged violations of antitrust/competition laws. This is a new disclosure not present in the baseline, reflecting the company's increased exposure to antitrust scrutiny and related litigation.
Added in current filing · verify on EDGAR →
fluctuations in stock price; and
MU added a bullet point noting the risk of litigation arising from fluctuations in stock price (typically securities class actions). This is a new disclosure not present in the baseline, reflecting the company's increased exposure to shareholder litigation related to stock price volatility.
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Acquisitions and/or alliances involve numerous risks.
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Acquisitions and/or strategic transactions, including strategic investments, involve numerous risks.
MU changed the risk-factor heading from "Acquisitions and/or alliances" to "Acquisitions and/or strategic transactions, including strategic investments." The body of the risk factor was also updated to replace "alliances" with "strategic transactions" and to add a new paragraph about strategic investments. This change broadens the scope of the risk factor to include strategic investments (minority equity stakes) in addition to acquisitions and joint ventures.
Added in current filing · verify on EDGAR →
In addition, we have made, and may continue to make, strategic investments in companies within our ecosystem to further our strategic objectives. These investments subject us to losses on all or part of our investment, earnings volatility, and potential illiquidity of our investments.
MU added a new paragraph describing the risks of strategic investments (minority equity stakes) in companies within its ecosystem. The disclosure notes that these investments subject the company to losses, earnings volatility, and illiquidity. This is a new risk disclosure not present in the baseline, reflecting the company's increased use of strategic investments as a tool to advance its strategic objectives.
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In connection with any restructure initiatives, we could incur restructure charges, loss of production output, loss of key personnel, disruptions in our operations, difficulties in the timely delivery of products, and loss of customers and local market share, which could have a material adverse effect on our business, results of operations, or financial condition.
Current filing · verify on EDGAR →
In connection with any restructure initiatives, we could incur restructure charges, loss of production output or sufficient customer demand to maintain scale, loss of key personnel, disruptions in our operations, difficulties in the timely delivery of products, and loss of customers and local market share, which could have a material adverse effect on our business, results of operations, or financial condition.
MU added "or sufficient customer demand to maintain scale" after "loss of production output" in the restructure risk disclosure. This addition highlights the risk that restructure initiatives could result in insufficient customer demand to maintain scale, which is a distinct risk from simply losing production output. The addition reflects the company's concern that streamlining operations could leave it unable to maintain scale in certain product lines or markets.
Show 5 minor / wording changes
Previous filing · verify on EDGAR →
We are developing new products, including system-level memory and storage products and solutions, which complement our traditional products or leverage their underlying design or process technology. We have invested and expect to continue to invest in new semiconductor product and system-level solution development. We are increasingly differentiating our products and solutions to meet the specific demands of our customers, which increases our reliance on our customers’ ability to accurately forecast the needs and preferences of their customers. Recent technologies, such as generative AI models have emerged, and while they have driven increased demand for HBM and other advanced products in the data center and other markets, the long-term trajectory is unknown and associated demand may fluctuate.
Current filing · verify on EDGAR →
We are developing new products, including system-level memory and storage products and solutions, which complement our traditional products or leverage their underlying design or process technology. We have invested and expect to continue to invest in new semiconductor product and system-level solution development. We are increasingly differentiating our products and solutions to meet the specific demands of our customers, which increases our reliance on our customers’ ability to accurately forecast the needs and preferences of their customers.
MU moved the AI-demand discussion out of this paragraph and into a separate, expanded risk disclosure (covered in a prior change). The current version retains the language about increased reliance on customer forecasting but no longer immediately follows it with the AI-demand uncertainty example. This is a structural reorganization rather than a substantive change in risk, but it reflects the company's decision to treat AI demand as a distinct, more prominent risk factor.
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For example, in 2023, we recorded aggregate charges of $1.83 billion to write down the carrying value of our inventories to their estimated net realizable value.
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Consequently, we may incur charges in connection with obsolete or excess inventories, or we may not fully recover our costs, which would reduce our gross margins.
The inventory write-down example risk factor language was retained and updated (reorganized/edited, not rescinded).
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While the risks of our construction projects are covered by insurance and contractual indemnities from our contractors, we may not have insurance coverage or rights to indemnity for all risks. Further, there can be no assurance that we are adequately insured to protect against all claims and potential liabilities, and we may elect to self-insure with respect to certain matters.
Current filing · verify on EDGAR →
While the risks of our construction projects are covered by insurance and contractual indemnities from our contractors, we may not have insurance coverage or rights to indemnity for all risks. Additionally, while we maintain insurance coverage for certain claims and liabilities, there can be no assurance that we are adequately insured to protect against all claims and potential liabilities, and we may elect to self-insure with respect to certain matters.
MU expanded the insurance disclosure to clarify that it maintains insurance coverage for certain claims and liabilities (not just construction risks), and that there is no assurance it is adequately insured for all claims. The baseline used "Further" to introduce the general insurance statement; the current version uses "Additionally" and adds "while we maintain insurance coverage for certain claims and liabilities" to provide more context. This is a clarification rather than a substantive change in risk.
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cease manufacturing, having made, selling, offering for sale, importing, marketing, or using products and/or manufacturing processes in certain jurisdictions.
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cease manufacturing, selling, offering for sale, importing, marketing, or using products and/or manufacturing processes in certain jurisdictions.
MU removed "having made" from the list of activities that could be restricted as a result of IP infringement claims. This is a minor wording change that does not materially alter the risk disclosure.
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acquisitions and/or alliances; and
Current filing · verify on EDGAR →
acquisitions and/or strategic transactions and investments; and
MU updated the risk-factor summary to replace "alliances" with "strategic transactions and investments," consistent with the expanded risk-factor heading and body text. This change broadens the scope to include strategic investments in addition to acquisitions and joint ventures.
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