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Micron Technology cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$32.9B in Q4 FY26

Operating cash flow$44.0B
Capital spending−$11.1B
Free cash flow+$32.9B
Cash / net income1.2×
Cash conversion cycle133 days

Analysis

In Q4 FY26, Micron Technology generated $44.0B of operating cash flow and spent $11.1B on capital projects, leaving free cash flow of $32.9B.

Operating cash flow was $44.0B against net income of $37.7B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: payables +$5.4B, receivables −$5.3B, depreciation & amortization +$2.6B.

Its cash conversion cycle was 133 days (receivables 53 + inventory 129 − payables 49).

Free cash flow

Micron Technology: free cash flow by quarterMicron Technology: free cash flow by quarter$38.0MQ1 FY25−$113MQ2 FY25$1.7BQ3 FY25$72.0MQ4 FY25$3.0BQ1 FY26$5.5BQ2 FY26$17.6BQ3 FY26$32.9BQ4 FY26
Operating cash flow less capital spending.
Micron Technology: operating cash flow against capital spendingMicron Technology: operating cash flow against capital spendingOperating cash flowCapital spending$3.2B$3.2BQ1 FY25$3.9B$4.1BQ2 FY25$4.6B$2.9BQ3 FY25$5.7B$5.7BQ4 FY25$8.4B$5.4BQ1 FY26$11.9B$6.4BQ2 FY26$25.4B$7.8BQ3 FY26$44.0B$11.1BQ4 FY26
Latest (Q4 FY26): Operating cash flow $44.0B, Capital spending $11.1B.

Capital allocation, year by year

Micron Technology: where the cash came from (up) and went (down), by fiscal yearMicron Technology: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY22: Operating cash flow $15.2BFY22: Net borrowing −$135MFY22: Capital spending −$12.1BFY22: Buybacks −$2.4BFY22: Dividends −$461M$15.2BFY22FY23: Operating cash flow $1.6BFY23: Net borrowing $5.8BFY23: Capital spending −$7.7BFY23: Buybacks −$425MFY23: Dividends −$504M$7.4BFY23FY24: Operating cash flow $8.5BFY24: Net borrowing −$898MFY24: Capital spending −$8.4BFY24: Buybacks −$300MFY24: Dividends −$513M$8.5BFY24FY25: Operating cash flow $17.5BFY25: Net borrowing −$189MFY25: Capital spending −$15.9BFY25: Dividends −$522M$17.5BFY25FY26: Operating cash flow $89.7BFY26: Net borrowing −$9.3BFY26: Capital spending −$30.7BFY26: Buybacks −$650MFY26: Dividends −$610M$89.7BFY26
Over these 5 years operating cash flow totalled $132.4B; the largest uses were capital spending ($74.7B) and net borrowing ($10.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$43.4B
Debt$2.8B
Net cash$40.6B

Micron Technology funds itself: free cash flow was — over the last twelve months, and $43.4B of cash and investments stands against $2.8B of debt.

Where the cash came from and went

Micron Technology: sources (+) and uses (−) of cash, Q4 FY26Micron Technology: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$44.0BOther investing−$30.8BCash drawn (+) / kept (−)−$13.4BOther financing$12.1BCapital spending−$11.1BTaxes on employees’ shares−$365MNet borrowing (+) / repaid (−)−$270MDividends−$173MExchange rates$73.0M

From profit to cash

Micron Technology: net income to operating cash flow, Q4 FY26Micron Technology: net income to operating cash flow, Q4 FY26Net income$37.7BDepreciation & amortization$2.6BStock-based pay$379MReceivables−$5.3BInventory−$1.8BPayables$5.4BOther liabilities$1.0BOperating cash flow$44.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY265312949133
Q3 FY264612050116
Q2 FY264512349118
Q1 FY265112648128
Q4 FY255112443132
Q3 FY255213940151
Q2 FY256415844179
Q1 FY256114945166

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 FY26$44.0B−$11.1B—−$173M−$270M−$13.4B$32.9B
Q3 FY26$25.4B−$7.8B—−$171M−$4.8B−$11.1B$17.6B
Q2 FY26$11.9B−$6.4B−$350M−$132M−$1.7B−$4.2B$5.5B
Q1 FY26$8.4B−$5.4B−$300M−$134M−$2.9B−$86.0M$3.0B
Q4 FY25$5.7B−$5.7B—−$130M−$1.0B$523M$72.0M
Q3 FY25$4.6B−$2.9B—−$131M$770M−$2.6B$1.7B
Q2 FY25$3.9B−$4.1B—−$130M−$2.6B−$866M−$113M
Q1 FY25$3.2B−$3.2B—−$131M−$84.0M$355M$38.0M

Micron Technology: income statement and cash flow

Micron Technology, Q4 FY26: revenue $54.2B (+379% year over year), operating margin 80.7%. The chart follows the revenue to costs, profit and cash.

Micron Technology: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.