Micron Technology Inc. (NASDAQ:MU)

Total revenue exhibits a volatile cyclical pattern, characterized by a sharp contraction in 2023 followed by a period of aggressive expansion. After declining from a peak of 30,758 million USD in 2022 to 15,540 million USD in 2023, revenues rebounded steadily through 2025, culminating in a substantial increase to 133,188 million USD by 2026.

DRAM Segment Performance

DRAM serves as the primary revenue driver. The segment experienced a severe decline of approximately 51% between 2022 and 2023, falling to 10,978 million USD. A subsequent recovery period saw values rise to 28,578 million USD by 2025, followed by an exponential increase to 100,679 million USD in 2026, indicating a massive surge in demand or pricing power.

NAND Segment Performance

The NAND segment mirrored the trajectory of the DRAM segment, with revenue dropping from 7,811 million USD in 2022 to 4,206 million USD in 2023. Following this trough, the segment recovered to 8,503 million USD by 2025 and experienced a sharp acceleration in 2026, reaching 31,785 million USD.

Other Revenue Streams

Revenue from other sources, primarily NOR, remains a marginal component of the total revenue mix. This segment showed a consistent downward trend from 659 million USD in 2021 to a low of 281 million USD in 2024, before returning to growth and reaching 724 million USD in 2026.

Revenue Composition and Growth Dynamics

The overall revenue growth is overwhelmingly driven by the memory segments, specifically DRAM and NAND. The transition from 2025 to 2026 is marked by an extraordinary increase in total revenue, growing by approximately 256%, which suggests a significant shift in market conditions or product adoption during that period.