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Get filing alertsRevenue rose 256.3% to $133.19B, and net income increased 895.1% to $84.97B, as the company benefited from strong demand growth, driven in large part by the continued advancement of AI.
Filed October 9, 2026 · Period ending September 3, 2026 · Compared to 10-K Oct 3, 2025 · ~1 min read
Key Financials
SEC XBRL| Metric | PriorAug 28, 2025 | CurrentSep 3, 2026 | Δ |
|---|---|---|---|
| Revenue | $37.4B | $133.2B | ▲ +256.3% |
| Net income | $8.54B | $85.0B | ▲ +895.1% |
| Diluted EPS | $7.59 | $74.33 | ▲ +879.3% |
| Operating income | $9.77B | $99.3B | ▲ +916.8% |
| Cash & equivalents | $9.64B | $38.4B | ▲ +297.9% |
| Long-term debt | $14.0B | $4.69B | ▼ -66.6% |
| Total assets | $82.8B | $195.9B | ▲ +136.6% |
As reported in XBRL by the filer · 10-K vs 10-K. Income figures cover the fiscal year; cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →
Key Changes
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Revenue rose 256.3% to $133.19B, and net income increased 895.1% to $84.97B, with diluted EPS of $74.33.
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high
Gross margin increased to $107.50B from $14.87B.
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Micron entered strategic customer agreements with take-or-pay commitments, receiving $12.75B in customer deposits, which are scheduled to be repaid between 2029 and 2031.
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On October 8, 2026, the Board authorized an increase in the maximum amount of discretionary repurchases to $35.16 billion.
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Cash and investments totaled $73.45B at year-end, up from $11.94B, providing ample liquidity.
Summary
Micron delivered exceptional fiscal 2026 results, with revenue increasing 256.3% to $133.19B and net income reaching $84.97B, up from $8.54B in the prior year. The company attributes the increase to increases in sales of both DRAM and NAND products. Gross margin increased to $107.50B from $14.87B.
A key development was the execution of strategic customer agreements, which are take-or-pay contracts with binding volume commitments and price bands. These agreements provide greater visibility and stability, and Micron received $12.75B in customer deposits, which are scheduled to be repaid between 2029 and 2031. The company also announced an increase in its share repurchase authorization to $35.16 billion on October 8, 2026.
The company's cash and investments position of $73.45B provides ample liquidity to fund these initiatives and support future growth.
Section-by-Section Diff
MD&A
Micron entered into strategic customer agreements with take-or-pay commitments and substantial customer deposits, transforming its business model.
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In the third and fourth quarters of 2026, we entered into, and expect to continue to enter into, strategic customer agreements. These agreements provide customers with contracted supply assurance and greater pricing visibility, and provide us with greater visibility and improved stability in our business performance.
The current MD&A adds a new section describing strategic customer agreements, which are take-or-pay contracts with binding volume commitments and price bands.
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In connection with these strategic customer agreements, we received cash deposits of $12.75 billion in 2026. Nearly all of the deposits are scheduled to be repaid between 2029 and 2031.
The current filing discloses substantial cash deposits received from customers under strategic agreements, a new source of liquidity not present in the prior year. These deposits are scheduled to be repaid between 2029 and 2031.
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Certain strategic customer agreements also include terms requiring our customers to maintain letters of credit with third-party financial institutions. Our right to access such letters of credit is contingent upon the occurrence of specified events of default or breach by our customers.
The current MD&A discloses that strategic customer agreements require customers to maintain letters of credit, providing additional contractual protection in the event of customer default.
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We estimate capital expenditures for property, plant, and equipment, net of proceeds from government incentives, to be approximately $4.5 billion in first quarter of 2026.
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We estimate capital expenditures for property, plant, and equipment, net of proceeds from government incentives, to be approximately $11.5 billion in the first quarter of 2027, approximately $25 billion in the first six months of 2027, and higher in the second half of 2027.
Capital expenditure guidance increased significantly, from approximately $4.5 billion for the first quarter of 2026 to $11.5 billion for the first quarter of 2027 and $25 billion for the first half of 2027.
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Our Board of Directors has authorized the discretionary repurchase of up to $10 billion of our outstanding common stock through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans.
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on October 8, 2026 our Board of Directors authorized an increase in the maximum amount of discretionary repurchases of our outstanding common stock to be made from December 9, 2026 to $35.16 billion.
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In August 2026, we announced the establishment of Micron Research Labs, a long-horizon research institution headquartered in Boise, Idaho, supported by a planned investment of approximately $10 billion over the next decade to advance memory, compute and semiconductor manufacturing technologies.
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In March 2026, we completed the acquisition of a wafer fabrication facility in Tongluo, Miaoli County, Taiwan, from Powerchip Semiconductor Manufacturing Corporation for cash consideration of $1.8 billion.
Micron acquired a wafer fabrication facility in Taiwan for $1.8 billion, expanding its manufacturing footprint and expected to support product shipments beginning in mid-calendar 2027.
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In 2023, China’s Cyberspace Administration (the “CAC”) conducted a cybersecurity review of our products sold in China and decided that our products presented a cybersecurity risk. The CAC determined that critical information infrastructure operators in China may not purchase Micron products.
The current MD&A omits the discussion of the China CAC cybersecurity review and its impact on Micron's business in China, which was present in the prior year's MD&A.
Risk Factors
Micron updated its risk factors to reflect new trade investigations, increased share repurchase authorization, and changes in debt and revenue metrics.
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On April 14, 2025, the U.S. Bureau of Industry and Security announced the initiation of investigations into the industry on the effects on U.S. national security of imports of semiconductors under Section 232 of the Trade Expansion Act of 1962.
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On February 20, 2026, the administration announced they would initiate new trade investigations under Section 301 of the Trade Act of 1974.
The current filing adds a new Section 301 trade investigation announced on February 20, 2026, which could result in additional tariffs or trade restrictions, while the baseline only mentioned the Section 232 investigation.
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Although our Board of Directors has authorized share repurchases of up to $10 billion of our outstanding common stock, the authorization does not obligate us to repurchase any common stock.
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On October 8, 2026, our Board of Directors authorized an increase in the maximum amount of discretionary repurchases of our outstanding common stock to be made from December 9, 2026 to $35.16 billion.
The current filing discloses a new Board authorization on October 8, 2026, increasing the maximum discretionary repurchase amount to $35.16 billion, a significant expansion from the previous $10 billion authorization.
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As of August 28, 2025, we had debt with a carrying value of $14.58 billion and may incur additional debt, including under our $3.50 billion Revolving Credit Facility.
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As of September 3, 2026, we had debt with a carrying value of $5.18 billion and may incur additional debt, including under our $2.00 billion Revolving Credit Facility.
The debt carrying value decreased from $14.58 billion to $5.18 billion, and the revolving credit facility was reduced from $3.50 billion to $2.00 billion, indicating significant deleveraging.
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approximately 80% of our revenue in 2025 was from products shipped to customer locations outside the United States
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approximately 70% of our revenue in 2026 was from products shipped to customer locations outside the United States
The percentage of revenue from products shipped outside the U.S. decreased from 80% to 70%, reflecting a shift in geographic revenue mix.
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In the past five years, annual percentage changes in DRAM average selling prices have ranged from plus low 40% 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.
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Over the past five fiscal years, annual percentage changes in DRAM and NAND average selling prices have ranged from an increase of approximately 200% to a decrease of approximately 50%.
The current filing combines DRAM and NAND price changes into a single range of +200% to -50%, whereas the baseline provided separate ranges for DRAM and NAND, indicating a broader volatility range.
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Although AI is a relatively new demand driver for our products, it is evolving rapidly, and the expected timing and amount of investments related to AI can change significantly.
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AI currently is, and is expected to continue to be, a significant demand driver for our products. However, AI is evolving rapidly, and the expected timing and amount of demand related to AI can change significantly and may be impacted by many factors.
The current filing emphasizes AI as a significant and continuing demand driver, whereas the baseline described it as relatively new, reflecting increased reliance on AI demand.
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Additionally, our customers have from time to time overstated their expected demand requirements, possibly to procure additional supply, and may do so in the future.
The current filing adds a new risk that customers may overstate demand requirements, which could exacerbate forecasting and supply allocation issues.
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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.
The current filing adds a new risk that constrained supply or elevated pricing could lead to legal disputes or regulatory focus, which was not mentioned in the baseline.
Legal Proceedings
The legal proceedings section now refers to Note 11 instead of Note 14 for contingencies.
Show 1 minor / wording change
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Note 14. Contingencies
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Note 11. Contingencies
The cross-reference to the financial statement note discussing contingencies changed from Note 14 to Note 11, reflecting a renumbering of notes in the financial statements.
Notes
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As of September 3, 2026, the transaction price allocated to our remaining performance obligations was approximately $134 billion, of which $13 billion has been recognized as contract liabilities. Contract liabilities primarily consisted of customer deposits associated with strategic customer agreements. Nearly all of the deposits are scheduled to be repaid between 2029 and 2031.
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As of August 28, 2025, we had approximately $1.58 billion of financial lease liabilities and right-of-use assets under these arrangements.
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The table below presents the effects of prepayment activities in 2026:
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In December 2023, the FASB issued ASU 2023-09 (ASC Topic 740), Improvements to Income Tax Disclosures. This ASU requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. This ASU will be effective for our annual reporting for 2026 on a prospective basis, with retrospective application permitted.
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In 2026, we adopted ASU 2023-09, Improvements to Income Tax Disclosure, on a prospective basis. The table below reconciles our tax (provision) benefit based on the U.S. federal statutory rate to our effective rate for the year ended September 3, 2026:
Micron adopted ASU 2023-09, resulting in disaggregated income tax disclosures including a new rate reconciliation table and cash taxes paid by jurisdiction, replacing the prior year's less detailed presentation.
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We initiated a strategic reorganization of our business units to a market segment-focused business unit structure, with AI growth opportunities in every business unit. We completed the reorganization of our operations and organizational structure and began to manage operations under our new segment structure effective in the fourth quarter of 2025.
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We have the following four business units, which are our reportable segments:
The segment note now presents the four business units as established segments without the prior year's discussion of the reorganization, reflecting the completed transition to the new structure.
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For non-marketable investments, we recognized net losses in other non-operating income (expense) of $10 million, $32 million, and $7 million in 2025, 2024, and 2023, respectively. Our non-marketable equity investments are recorded at fair value on a non-recurring basis and classified as Level 3.
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Our non-marketable investments were primarily held in AI and technology companies. Gains and losses related to our non-marketable investments were not material for any period presented. Our non-marketable equity investments are carried at cost less impairment, if any, adjusted for qualifying observable price changes.
The note now states that non-marketable investments are primarily in AI and technology companies and are carried at cost less impairment, adjusted for observable price changes, whereas the prior year disclosed net losses and Level 3 fair value classification.
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We have finance and operating leases through which we obtain the right to use facilities, land, and equipment that support our business operations.
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Our operating leases are also not material.
The current notes state that operating leases are not material, whereas the prior year included detailed lease disclosures including lease cost components and supplemental cash flow information.
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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 ASU will be effective for the first quarter of 2029, with early adoption permitted.
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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 current notes discuss a new ASU on government grants, while the prior year discussed an ASU on internal-use software, reflecting updates to recently issued accounting standards.
Controls
Only the fiscal year dates and quarter references were updated; no material changes to controls and procedures.
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During the fourth quarter of 2025, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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During the fourth quarter of 2026, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
The company updated the fiscal year reference from 2025 to 2026 in the statement that no changes occurred during the fourth quarter. This is a routine annual update and does not indicate any change in the effectiveness of controls.
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management concluded that our internal control over financial reporting was effective as of August 28, 2025.
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management concluded that our internal control over financial reporting was effective as of September 3, 2026.
The date of management's assessment of internal control effectiveness was updated to the current fiscal year end, September 3, 2026, from the prior year's August 28, 2025. This is a routine annual update.
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 and Comprehensive Income
(In millions, except per share amounts)
| Description | Year ended September 3, 2026 | Year ended August 28, 2025 | Year ended August 29, 2024 |
|---|---|---|---|
| Revenue | 133,188 | 37,378 | 25,111 |
| Cost of goods sold | 25,684 | 22,505 | 19,498 |
| Gross margin | 107,504 | 14,873 | 5,613 |
| Research and development | 5,650 | 3,798 | 3,430 |
| Selling, general, and administrative | 1,947 | 1,205 | 1,129 |
| Other operating (income) expense, net | 567 | 100 | (250) |
| Operating income | 99,340 | 9,770 | 1,304 |
| Interest income | 1,084 | 496 | 529 |
| Interest expense | (106) | (477) | (562) |
| Other non-operating income (expense), net | (647) | (135) | (31) |
| 99,671 | 9,654 | 1,240 | |
| Income tax (provision) benefit | (14,761) | (1,124) | (451) |
| Equity in net income (loss) of equity method investees | 59 | 9 | (11) |
| Net income | 84,969 | 8,539 | 778 |
| Other comprehensive income (loss), net of tax | (41) | 102 | 178 |
| Total comprehensive income | 84,928 | 8,641 | 956 |
| Earnings per share | |||
| Basic | 75.38 | 7.65 | 0.70 |
| Diluted | 74.33 | 7.59 | 0.70 |
| Number of shares used in per share calculations | |||
| Basic | 1,127 | 1,116 | 1,105 |
| Diluted | 1,143 | 1,125 | 1,118 |
Consolidated Balance Sheets
(In millions, except par value amounts)
| Description | September 3, 2026 | August 28, 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 38,364 | 9,642 |
| Short-term investments | 5,070 | 665 |
| Receivables | 36,197 | 9,265 |
| Inventories | 10,372 | 8,355 |
| Other current assets | 1,067 | 914 |
| Total current assets | 91,070 | 28,841 |
| Long-term marketable investments | 30,019 | 1,629 |
| Property, plant, and equipment | 63,310 | 46,590 |
| Goodwill | 1,150 | 1,150 |
| Other noncurrent assets | 10,339 | 4,588 |
| Total assets | 195,888 | 82,798 |
| Liabilities and equity | ||
| Accounts payable and accrued expenses | 22,605 | 9,649 |
| Current debt | 491 | 560 |
| Other current liabilities | 4,386 | 1,245 |
| Total current liabilities | 27,482 | 11,454 |
| Long-term debt | 4,688 | 14,017 |
| Noncurrent unearned government incentives | 786 | 1,018 |
| Noncurrent customer contract liabilities | 12,895 | 142 |
| Other noncurrent liabilities | 11,659 | 2,002 |
| Total liabilities | 57,510 | 28,633 |
| Commitments and contingencies | ||
| Shareholders’ equity | ||
| Common stock, $0.10 par value, 3,000 shares authorized, 1,277 shares issued and 1,131 outstanding (1,266 shares issued and 1,122 outstanding as of August 28, 2025) | 128 | 127 |
| Additional capital | 14,974 | 13,339 |
| Retained earnings | 131,851 | 48,583 |
| Treasury stock, 146 shares held (144 shares as of August 28, 2025) | (8,502) | (7,852) |
| Accumulated other comprehensive income (loss) | (73) | (32) |
| Total equity | 138,378 | 54,165 |
| Total liabilities and equity | 195,888 | 82,798 |
Consolidated Statements of Cash Flows
(In millions)
| Description | Year ended September 3, 2026 | Year ended August 28, 2025 | Year ended August 29, 2024 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income | 84,969 | 8,539 | 778 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation expense and amortization of intangible assets | 9,503 | 8,352 | 7,780 |
| Stock-based compensation | 1,333 | 972 | 833 |
| Change in operating assets and liabilities: | |||
| Receivables | (25,206) | (1,776) | (3,581) |
| Inventories | (2,017) | 520 | (488) |
| Accounts payable and accrued expenses | 8,707 | 862 | 1,915 |
| Other current liabilities | 3,141 | (272) | 989 |
| Other noncurrent liabilities | 9,633 | 381 | 76 |
| Other | (388) | (53) | 205 |
| Net cash provided by operating activities | 89,675 | 17,525 | 8,507 |
| Cash flows from investing activities | |||
| Purchases of available-for-sale securities | (34,871) | (1,890) | (1,999) |
| Expenditures for property, plant, and equipment | (30,712) | (15,857) | (8,386) |
| Purchases of non-marketable equity securities | (1,046) | (34) | (10) |
| Proceeds from government incentives | 3,316 | 2,005 | 315 |
| Proceeds from maturities and sales of available-for-sale securities | 1,988 | 1,698 | 1,794 |
| Other | (316) | (9) | (23) |
| Net cash used for investing activities | (61,641) | (14,087) | (8,309) |
| Cash flows from financing activities | |||
| Proceeds from customer contract liability deposits | 12,747 | — | — |
| Proceeds from issuance of debt | — | 4,430 | 999 |
| Repayments of debt | (10,043) | (4,619) | (1,897) |
| Repurchases of common stock withholdings on employee equity awards | (1,127) | (340) | (233) |
| Repurchases of common stock repurchase program | (650) | — | (300) |
| Payments of dividends to shareholders | (610) | (522) | (513) |
| Other | 313 | 201 | 102 |
| Net cash provided by (used for) financing activities | 630 | (850) | (1,842) |
| Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 81 | 6 | 40 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 28,745 | 2,594 | (1,604) |
| Cash, cash equivalents, and restricted cash at beginning of period | 9,646 | 7,052 | 8,656 |
| Cash, cash equivalents, and restricted cash at end of period | 38,391 | 9,646 | 7,052 |
| Supplemental disclosures | |||
| Income taxes paid, net | (1,254) | (583) | (338) |
| Interest paid, net of amounts capitalized | (197) | (418) | (503) |
| Non-cash acquisitions of finance lease right-of-use assets | 143 | 1,298 | 905 |
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 · Oct 9, 2026 · How we verify