Common-Size Income Statement
Quarterly Data
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Micron Technology Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Micron Technology Inc., common-size consolidated income statement (quarterly data)
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.