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Micron Technology Inc. (NASDAQ:MU)

Common-Size Income Statement
Quarterly Data

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

Microsoft Excel
3 months ended: Sep 3, 2026 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
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
Cost of goods sold -13.24 -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
Gross margin 86.76% 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%
Research and development -3.53 -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
Selling, general, and administrative -1.58 -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
Other operating income (expense), net -0.97 -0.04 -0.11 -0.01 -0.34 -0.60 -0.09 0.02 -0.22 0.41 3.85 0.32 -2.47 -3.09 -2.11 -0.05 0.27 0.07 -0.96 0.48 -0.19 -5.75 -2.10 -0.16
Operating income (loss) 80.68% 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%
Interest income 1.06 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
Interest expense 0.00 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
Other non-operating income (expense), net -0.16 -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
Income (loss) before income tax (provision) benefit and equity in net income (loss) of equity method investees 81.58% 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%
Income tax (provision) benefit -12.14 -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
Equity in net income (loss) of equity method investees 0.08 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
Net income (loss) 69.52% 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%

Based on: 10-K (reporting date: 2026-09-03), 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).

The financial performance exhibits a profound cyclical trajectory, characterized by an initial period of stability, a severe contraction in profitability, and a subsequent phase of aggressive margin expansion. This pattern is most evident in the dramatic fluctuations of the gross margin and operating income relative to total revenue.

Gross Margin and Cost of Goods Sold
A significant volatility cycle is observed in the cost structure. Gross margins remained relatively healthy between 26% and 47% from December 2020 through September 2022. However, a sharp deterioration occurred starting in December 2022, with gross margins plummeting to a nadir of -32.66% in March 2023, coinciding with cost of goods sold reaching 132.66% of revenue. A steady recovery began in early 2024, with margins returning to positive territory in February 2024 (18.53%) and accelerating rapidly to reach 86.76% by September 2026. This suggests a transition from a period of severe pricing pressure or inventory write-downs to a period of exceptional pricing power or production efficiency.
Operating Expense Management
Research and development (R&D) and selling, general, and administrative (SG&A) expenses showed an inverse relationship with revenue trends. As a percentage of revenue, R&D spending peaked during the downturn in March 2023 at -21.34%, indicating that R&D costs remained relatively fixed despite falling revenues. As revenue recovered and expanded in the later periods, R&D as a percentage of revenue decreased significantly, ending at -3.53% in September 2026. Similarly, SG&A expenses peaked at -6.26% in March 2023 before declining to -1.58% by September 2026, reflecting improved operational leverage as the company scaled.
Operating and Net Profitability
Operating income mirrored the volatility of the gross margin, swinging from a peak of 35.71% in September 2021 to a deep deficit of -62.36% in March 2023. The return to profitability was achieved in February 2024 (3.28%) and entered a phase of hyper-growth, reaching an operating margin of 80.68% by September 2026. Net income followed a nearly identical path, recovering from a low of -62.60% in March 2023 to end the period at 69.52% of revenue, demonstrating an extraordinary increase in bottom-line efficiency.
Non-Operating Items and Taxation
Interest income as a percentage of revenue peaked during the period of lowest profitability, reaching 3.38% in June 2023, suggesting a higher reliance on cash reserves or higher interest rate environments during the downturn. Tax provisions remained negligible or provided benefits during the loss-making quarters but became a significant drag as profitability surged, with the income tax provision reaching -12.14% of revenue by September 2026, consistent with the return to high taxable earnings.

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