Stock Analysis on Net
Stock Analysis on Net

Micron Technology Inc. (NASDAQ:MU)

Common-Size Income Statement
Quarterly Data

Micron Technology Inc., common-size consolidated income statement (quarterly data)

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3 months ended: May 28, 2026 Feb 26, 2026 Nov 27, 2025 Aug 28, 2025 May 29, 2025 Feb 27, 2025 Nov 28, 2024 Aug 29, 2024 May 30, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 Jun 1, 2023 Mar 2, 2023 Dec 1, 2022 Sep 1, 2022 Jun 2, 2022 Mar 3, 2022 Dec 2, 2021 Sep 2, 2021 Jun 3, 2021 Mar 4, 2021 Dec 3, 2020 Sep 3, 2020 May 28, 2020 Feb 27, 2020 Nov 28, 2019
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -15.44 -25.59 -43.96 -55.33 -62.28 -63.21 -61.56 -64.68 -73.10 -81.47 -100.74 -110.85 -117.80 -132.66 -78.14 -60.53 -53.31 -52.79 -53.62 -52.72 -57.88 -73.56 -69.93 -65.85 -67.58 -71.75 -73.44
Gross margin 84.56% 74.41% 56.04% 44.67% 37.72% 36.79% 38.44% 35.32% 26.90% 18.53% -0.74% -10.85% -17.80% -32.66% 21.86% 39.47% 46.69% 47.21% 46.38% 47.28% 42.12% 26.44% 30.07% 34.15% 32.42% 28.25% 26.56%
Research and development -3.17 -5.24 -8.58 -9.25 -10.38 -11.15 -10.20 -11.65 -12.48 -14.29 -17.88 -17.93 -20.20 -21.34 -20.78 -12.63 -8.94 -10.17 -9.26 -8.52 -9.03 -10.28 -11.21 -10.40 -11.93 -14.20 -12.44
Selling, general, and administrative -0.98 -1.44 -2.47 -2.78 -3.42 -3.54 -3.31 -3.81 -4.27 -4.81 -5.56 -5.46 -5.84 -6.26 -6.14 -4.21 -3.05 -3.38 -3.37 -2.85 -3.10 -3.43 -3.71 -3.81 -3.97 -4.65 -4.10
Restructure and asset impairments 0.00 0.00 0.00 -0.34 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 -0.10 -1.81 -2.33 -0.32 -0.08 0.00 -0.06 -0.49 -0.27 -6.10 -0.08 -0.14 -0.92 -0.07 0.00 0.00
Other operating income (expense), net -0.04 -0.11 -0.01 0.00 -0.60 -0.09 0.02 -0.21 0.41 3.85 0.32 -2.37 -1.28 0.22 0.27 0.35 0.07 -0.90 0.98 0.07 0.35 -2.02 -0.02 0.10 -0.11 -0.23 0.06
Operating income (loss) 80.37% 67.62% 44.98% 32.29% 23.32% 22.02% 24.96% 19.64% 10.56% 3.28% -23.87% -36.71% -46.93% -62.36% -5.12% 22.90% 34.76% 32.70% 34.23% 35.71% 24.24% 10.63% 15.00% 19.11% 16.33% 9.17% 10.07%
Interest income 0.52 0.65 1.02 1.29 1.45 1.34 1.23 1.69 2.00 2.23 2.79 3.34 3.38 3.22 2.15 0.81 0.23 0.15 0.13 0.11 0.11 0.16 0.17 0.21 0.42 0.71 0.86
Interest expense 0.00 -0.13 -0.54 -1.10 -1.32 -1.39 -1.35 -1.75 -2.20 -2.47 -2.79 -3.22 -3.17 -2.41 -1.25 -0.68 -0.51 -0.71 -0.59 -0.57 -0.62 -0.67 -0.83 -0.83 -0.94 -0.96 -0.91
Other non-operating income (expense), net -0.77 -0.41 -1.03 -0.40 -0.73 -0.14 -0.13 -0.09 0.15 -0.12 -0.57 0.22 0.00 0.05 -0.10 0.35 0.09 0.08 -0.98 0.23 0.61 0.06 0.23 0.08 0.18 -0.02 0.89
Income (loss) before income tax (provision) benefit and equity in net income (loss) of equity method investees 80.11% 67.73% 44.43% 32.09% 22.72% 21.83% 24.71% 19.48% 10.50% 2.92% -24.44% -36.36% -46.72% -61.49% -4.31% 23.38% 34.58% 32.22% 32.80% 35.48% 24.33% 10.18% 14.57% 18.58% 16.00% 8.90% 10.91%
Income tax (provision) benefit -12.01 -9.94 -6.08 -3.79 -2.53 -2.20 -3.25 -8.04 -5.54 10.68 -1.54 0.60 -3.70 -1.46 -0.20 -0.84 -4.14 -3.28 -2.85 -2.78 -0.88 -0.77 -0.88 -2.25 -1.25 -0.44 -1.07
Equity in net income (loss) of equity method investees 0.02 -0.02 0.06 -0.01 0.08 0.02 0.01 0.00 -0.09 0.02 -0.13 0.10 -0.11 0.35 -0.27 -0.08 -0.05 0.12 0.05 0.17 -0.08 0.26 0.23 0.02 0.06 0.02 0.04
Net income (loss) 68.13% 57.77% 38.41% 28.29% 20.27% 19.66% 21.47% 11.45% 4.87% 13.62% -26.11% -35.66% -50.53% -62.60% -4.77% 22.46% 30.39% 29.06% 30.00% 32.87% 23.38% 9.67% 13.91% 16.35% 14.80% 8.48% 9.88%
Net income attributable to noncontrolling interests 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 -0.04 -0.04 -0.33
Net income (loss) attributable to Micron 68.13% 57.77% 38.41% 28.29% 20.27% 19.66% 21.47% 11.45% 4.87% 13.62% -26.11% -35.66% -50.53% -62.60% -4.77% 22.46% 30.39% 29.06% 30.00% 32.87% 23.38% 9.67% 13.91% 16.31% 14.77% 8.44% 9.55%

Based on: 10-Q (reporting date: 2026-05-28), 10-Q (reporting date: 2026-02-26), 10-Q (reporting date: 2025-11-27), 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03), 10-K (reporting date: 2020-09-03), 10-Q (reporting date: 2020-05-28), 10-Q (reporting date: 2020-02-27), 10-Q (reporting date: 2019-11-28).

The financial performance exhibits extreme cyclicality, characterized by a period of stability, a severe contraction in profitability, and a subsequent aggressive expansion. The most significant volatility occurs between late 2022 and early 2024, with a profound trough in the first quarter of 2023.

Gross Profitability and Cost Structure
Gross margins experienced a drastic decline starting in late 2022, reaching a nadir of -32.66% in March 2023, where the cost of goods sold reached 132.66% of revenue. This indicates a period of severe pricing pressure or significant inventory write-downs. Following this trough, a strong recovery trend is evident, with gross margins expanding consistently to reach 84.56% by May 2026, suggesting a shift toward high-value product mixes or a substantial increase in market pricing relative to production costs.
Operating Expense Analysis
Research and development (R&D) expenses as a percentage of revenue spiked during the contraction phase, peaking at 21.34% in March 2023. This pattern suggests that R&D spending remained relatively fixed or increased while revenue collapsed. In the subsequent recovery phase, R&D spending as a percentage of revenue declined sharply, falling to 3.17% by May 2026. Selling, general, and administrative (SG&A) expenses remained more stable, fluctuating between approximately 1% and 6%, demonstrating improved operating leverage as revenue increased.
Operating and Net Income Trends
Operating income mirrors the volatility of the gross margin, swinging from a peak of 35.71% in September 2021 to a loss of 62.36% in March 2023. The recovery trajectory is steep, with operating income ascending to 80.37% by May 2026. Net income follows a near-identical trajectory, recovering from a loss of 62.60% in March 2023 to a profit of 68.13% by May 2026, confirming that the bottom line is primarily driven by gross margin fluctuations.
Non-Operating Items and Taxation
Interest income rose during the downturn, peaking at 3.38% in June 2023, which provided a minor offset to operating losses. Interest expenses also increased during the period of financial stress, peaking at 3.22% in August 2023 before declining. Income tax provisions were highly volatile, with significant tax benefits appearing during the return to profitability before returning to a provision status, reaching -12.01% of revenue by May 2026 as profitability surged.

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