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Micron Technology (MU) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Oct 9, 2026 · Micron Technology (MU) Q4 FY26 earnings results →

Q4 FY26 Revenue up 379% year over year to $54.2B · 70¢ of every $1 of revenue kept as net profit · operating margin 80.7%

Micron Technology made $54.2B in Q4 FY26 (+379% Y/Y): DRAM $39.8B, NAND $14.1B, Other (primarily NOR) $356M. Operating margin 80.7%, net earnings $37.7B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Oct 9, 2026.

Revenue$54.2B
Year over year+379%
Operating margin80.7%
Net earnings$37.7B
Operating cash flow$44.0B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Micron Technology Q4 FY26 revenue breakdown: Sankey diagram of revenue (DRAM, NAND, Other (primarily NOR)), costs, profit and cash flow
Micron Technology Q4 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $54.2B in Q4 FY26, up 379% year over year and up 31% from the previous quarter. DRAM was the largest line at 73% of revenue.

Gross margin was 86.8%, up 42.1 points from Q4 FY25. Operating profit was $43.8B, a 80.7% margin (up 48.4 points year over year). Of the extra revenue versus Q4 FY25, 93% reached operating profit, above the 32% margin then. Operating expenses grew 135% against revenue growth of 379%. The fastest-growing cost line was Other operating costs (+1244%). Net earnings were $37.7B, up 1078% year over year. The effective tax rate was 14.9%.

Operating cash flow was $44.0B (up 667% year over year), 117% of net earnings. Non-cash charges added back $2.6B of depreciation and amortization and $0.38B of share-based compensation. Working capital and other items added $3.3B. Capital expenditures of $11.1B left free cash flow of $32.9B.

Quarterly history

Micron Technology revenue by quarterMicron Technology revenue by quarter$8.1BQ2 FY25$9.3BQ3 FY25$11.3BQ4 FY25$13.6BQ1 FY26$23.9BQ2 FY26$41.5BQ3 FY26$54.2BQ4 FY26
Micron Technology net earnings by quarterMicron Technology net earnings by quarter$1.6BQ2 FY25$1.9BQ3 FY25$3.2BQ4 FY25$5.2BQ1 FY26$13.8BQ2 FY26$28.2BQ3 FY26$37.7BQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KOct 9, 2026$54.2B+379%80.7%$37.7B$44.0B
Q3 FY2610-QJun 25, 2026$41.5B+346%80.4%$28.2B$25.4B
Q2 FY2610-QMar 19, 2026$23.9B+196%67.6%$13.8B$11.9B
Q1 FY2610-QDec 18, 2025$13.6B+57%45.0%$5.2B$8.4B
Q4 FY2510-KOct 3, 2025$11.3B+46%32.3%$3.2B$5.7B
Q3 FY2510-QJun 26, 2025$9.3B+37%23.3%$1.9B$4.6B
Q2 FY2510-QMar 21, 2025$8.1B+38%22.0%$1.6B$3.9B

Charts

Micron Technology: revenue growth, year over year and quarter over quarterMicron Technology: revenue growth, year over year and quarter over quarterY/YQ/Q+38%Q2 FY25+37%+15%Q3 FY25+46%+22%Q4 FY25+57%+21%Q1 FY26+196%+75%Q2 FY26+346%+74%Q3 FY26+379%+31%Q4 FY26
Latest (Q4 FY26): Y/Y +379%, Q/Q +31%.
Micron Technology: where the cash came from (+) and went (−), FY26Micron Technology: where the cash came from (+) and went (−), FY26Operating cash flow$89.7BOther investing−$30.9BCapital spending−$30.7BCash drawn (+) / kept (−)−$28.7BOther financing$12.3BNet borrowing (+) / repaid (−)−$9.3BTaxes on employees’ shares−$1.1BBuybacks−$650MDividends−$610MExchange rates$81.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Micron Technology: profit against cash, quarter by quarterMicron Technology: profit against cash, quarter by quarterNet incomeOperating cash flow$1.9B$3.2BQ1 FY25$1.6B$3.9BQ2 FY25$1.9B$4.6BQ3 FY25$3.2B$5.7BQ4 FY25$5.2B$8.4BQ1 FY26$13.8B$11.9BQ2 FY26$28.2B$25.4BQ3 FY26$37.7B$44.0BQ4 FY26
Latest (Q4 FY26): Net income $37.7B, Operating cash flow $44.0B.
Micron Technology: diluted shares by fiscal yearMicron Technology: diluted shares by fiscal year1.14BFY211.12BFY221.09BFY231.12BFY241.12BFY251.14BFY26
+0.2% since FY21: more shares outstanding (issuance, stock pay).
Micron Technology in its industry: growth against margin (80 companies, SIC 3674)Micron Technology in its industry: growth against margin (80 companies, SIC 3674)revenue growth, year over year →↑ operating marginmedian +36%median 11%NVDAAVGOINTCAMDAMATTXNADINXPIMRVLAMKRONMCHPQARMFSLRMPWRNXTSWKSQorvo, Inc.UCTTALABPENGCRUSDIODCRDOVIAVMTSIOSISSMTCKLICARRYICHRSEDGSITMSYNAENPHLSCCIPGPFORMALGMAAOITESLABRMBSMXLPLABSHLSCBRSAOSLSkyWater Technology, LLCWOLFPOWINLSTAMBALASRAXTIINDIMXAMBQFTCIAIPTYGOLPTHMRAMNVTSKOPNBZAIGUERLEDSGSITNVECSODIQUIKPRSOGCTSMOBXALMUASTIIPWRMU (+300%, 81%)
Semiconductors & Related Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · Memory & storage (excluding HBM)

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Micron Technology

We are a global leader in semiconductor memory and storage, powering AI and compute-intensive applications from cloud to edge. With a relentless focus on our customers, technology and product leadership, and manufacturing and operational excellence, our comprehensive portfolio of high-performance DRAM, NAND, and NOR solutions deliver the speed, efficiency, and scale today’s workloads demand, accelerating intelligence to enrich life for all. We manufacture our products at wholly-owned facilities and also utilize subcontractors for certain manufacturing processes. Our global network of manufacturing centers of excellence not only allows us to benefit from scale while streamlining processes and operations, but it also brings together some of the world’s brightest talent to work on the most advanced memory technology.

In its own words, from its 10-K, filed Oct 9, 2026.

Micron Technology against its Semiconductors & Related Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +379% against the peers' median +40%. Operating margin: 80.7% against the peers' median 40.1%.

CompanyQuarterRevenueY/YOp. margin
MU Micron TechnologyQ4 FY26$54.2B+379%80.7%
NVDA NVIDIAQ2 FY27$96.2B+106%66.2%
AVGO BroadcomQ3 FY26$29.6B+86%53.9%
INTC IntelQ3 2026$16.5B+21%15.3%
AMD Advanced Micro DevicesQ3 2026$13.4B+45%21.2%
AMAT Applied MaterialsQ3 FY26$9.1B+25%33.7%
TXN Texas InstrumentsQ3 2026$6.1B+28%47.5%
ADI Analog DevicesQ3 FY26$4.0B+40%40.1%
NXPI NXP Semiconductors N.V.Q3 2026$3.8B+19%32.4%

Source: Micron Technology 10-K on SEC EDGAR · CIK 723125 · Semiconductors & Related Devices

Guidance and outlook

Micron Technology Revenue: guidance against what was reportedMicron Technology Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 FY25$8.1BQ3 FY25$9.3BQ4 FY25$11.3BQ1 FY26$13.6BQ2 FY26$23.9BQ3 FY26$41.5BQ4 FY26$54.2BQ1 FY27
Met or beat 7 of 7 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Micron Technology: what its forward-looking statements are about (10-K filed 2026-10-09)Micron Technology: what its forward-looking statements are about (10-K filed 2026-10-09)Other8Demand6Capital spending3Costs3Deals2Margins1AI1Legal & regulation1Buybacks & dividends1
26 statements; tone +0.27 (−1 all cautious, +1 all confident); 1 hedged.
Micron Technology: outlook statements against the filing beforeMicron Technology: outlook statements against the filing beforeNew14Updated1Dropped3Confident7

13F: who owns MU and who is buying

Largest holders of MU (13F)Largest holders of MU (13F)BlackRock$121.0BVanguard Capital Management LLC$85.0BState Street$57.8BInvesco$41.9BCapital World Investors$34.0BGeode Capital Management, LLC$31.9BFMR LLC$30.8BVanguard Group$30.4BVanguard Portfolio Management LLC$28.5BPrimecap Management$22.2B
Funds' net buying of MU by quarter (13F)Funds' net buying of MU by quarter (13F)−$4.5B2024-09$1.5B2024-12$1.5B2025-03$2.6B2025-06−$961M2025-09$4.8B2025-12−$9.1B2026-03−$14.7B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MU

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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