Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Micron Technology Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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 capital structure demonstrates a period of significant fluctuation in leverage and equity composition between 2020 and 2026. Total liabilities remained relatively stable at approximately 24% to 25% of total liabilities and equity through 2022, before increasing to a peak of 35.27% in February 2025. A subsequent reduction is observed, with total liabilities returning to 29.36% by September 2026.
- Long-Term Debt Trends
- A pronounced cycle of debt accumulation and repayment is evident. Long-term debt grew from a baseline of approximately 11% to a peak of 20.36% in February 2024. Following this peak, a consistent and aggressive reduction occurred, with long-term debt falling to 2.39% by September 2026, indicating a strategic shift toward deleveraging.
- Current Liability Composition
- Current liabilities exhibited a gradual upward trend over the analyzed period. While they hovered around 10% between 2020 and 2022, they rose to a peak of 14.53% in May 2026. This increase is primarily driven by accounts payable and accrued expenses, which rose from 9.04% in 2020 to 11.54% in September 2026, suggesting a higher reliance on trade credit or short-term operational obligations.
- Equity and Retained Earnings
- Shareholders' equity showed an inverse relationship with total liabilities. Equity peaked at 75.54% in June 2021, declined to a low of 64.73% in February 2025, and recovered to 70.64% by September 2026. Retained earnings followed a similar pattern, peaking at 71.32% in September 2022 before dipping to 58.11% in February 2025 and rebounding to 67.31% by the end of the period.
- Treasury Stock and Capital Adjustments
- The proportion of treasury stock increased significantly in magnitude from -6.51% in December 2020 to a peak of -11.84% in November 2023, indicating a period of intensive share repurchases. This trend reversed after late 2023, with the treasury stock balance reducing to -4.34% by September 2026.
- Noncurrent Liability Shifts
- A notable shift in the composition of noncurrent liabilities occurred toward the end of the period. While long-term debt decreased, other noncurrent liabilities rose sharply from 2.02% in 2020 to 12.53% in September 2026. This suggests a transition from traditional debt financing to other forms of long-term obligations.
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