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How Micron Technology (MU) makes money

Micron Technology (MU) made $54.2B of revenue in the fourth quarter fiscal 2026 (Q4 FY26). DRAM brought in $39.8B (73%); NAND brought in $14.1B (26%); Other (primarily NOR) brought in $356M (1%). Of every dollar of revenue, 87¢ was left as gross profit, 81¢ was left as operating profit, 70¢ was left as net earnings.

Drawing the Sankey…

Micron Technology revenue by segment, Q4 FY26Micron Technology revenue by segment, Q4 FY26DRAM$39.8BNAND$14.1BOther (primarily NOR)$356M
Micron Technology: revenue by line, Q4 FY25 to Q4 FY26Micron Technology: revenue by line, Q4 FY25 to Q4 FY26DRAMNANDOther (primarily NOR)DRAM: $39.8B latest$39.8BNAND: $14.1B latest$14.1BOther (primarily NOR): $356M latestQ4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
NAND went from 20% of revenue in Q4 FY25 to 26% in Q4 FY26, the largest shift in the mix.
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: where each dollar of revenue goesMicron Technology: where each dollar of revenue goesCost of revenue13¢Gross profit87¢Operating expenses6¢Operating profit81¢Income tax12¢Net earnings70¢Operating cash flow81¢Free cash flow61¢

Revenue by segment, Q4 FY26

SegmentRevenueShareQ/QY/Y
DRAM$39.8B73.3%+27%—
NAND$14.1B26.0%+42%—
Other (primarily NOR)$356M0.7%+92%—

Where each dollar of revenue goes

LineQ4 FY26% of revenue
Revenue$54.2B100.0%
Cost of revenue$7.2B13.2%
Gross profit$47.0B86.8%
Operating expenses$3.3B6.1%
Operating profit$43.8B80.7%
Income tax$6.6B12.1%
Net earnings$37.7B69.5%
Operating cash flow$44.0B81.1%
Free cash flow$32.9B60.6%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q4 FY26$54.2B+379%
Q3 FY26$41.5B+346%
Q2 FY26$23.9B+196%
Q1 FY26$13.6B+57%
Q4 FY25$11.3B+46%
Q3 FY25$9.3B+37%
Q2 FY25$8.1B+38%

From Micron Technology's 10-K filed Oct 9, 2026 (on EDGAR).

Questions

How does Micron Technology make money?

Micron Technology (MU) made $54.2B of revenue in the fourth quarter fiscal 2026 (Q4 FY26). DRAM brought in $39.8B (73%); NAND brought in $14.1B (26%); Other (primarily NOR) brought in $356M (1%). Of every dollar of revenue, 87¢ was left as gross profit, 81¢ was left as operating profit, 70¢ was left as net earnings.

What is Micron Technology's biggest business?

DRAM: $39.8B in the fourth quarter fiscal 2026, 73% of revenue.

What is Micron Technology's profit margin?

Net earnings were $37.7B, 69.5% of revenue, in the fourth quarter fiscal 2026; the operating margin was 80.7%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.