Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Micron Technology Inc., consolidated income statement

US$ in millions

12 months ended:	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020
Revenue	37,378)	25,111)	15,540)	30,758)	27,705)	21,435)
Cost of goods sold	(22,505)	(19,498)	(16,956)	(16,860)	(17,282)	(14,883)
Gross margin	14,873)	5,613)	(1,416)	13,898)	10,423)	6,552)
Research and development	(3,798)	(3,430)	(3,114)	(3,116)	(2,663)	(2,600)
Selling, general, and administrative	(1,205)	(1,129)	(920)	(1,066)	(894)	(881)
Employee severance	(30)	(1)	(163)	—)	—)	—)
Asset impairments and other asset-related costs	(9)	—)	(14)	—)	—)	—)
Other	—)	—)	6)	(48)	(488)	(60)
Restructure and asset impairments	(39)	(1)	(171)	(48)	(488)	(60)
Patent license charges	(57)	—)	—)	—)	(128)	—)
Goodwill impairment	—)	—)	(101)	—)	—)	—)
Litigation settlement	—)	—)	(68)	—)	—)	—)
Patent cross-license agreement gain	—)	200)	—)	—)	—)	—)
Other	(4)	51)	45)	34)	33)	(8)
Other operating income (expense), net	(61)	251)	(124)	34)	(95)	(8)
Operating income (loss)	9,770)	1,304)	(5,745)	9,702)	6,283)	3,003)
Interest income	496)	529)	468)	96)	37)	114)
Interest expense	(477)	(562)	(388)	(189)	(183)	(194)
Gain (loss) from changes in currency exchange rates	(72)	(13)	10)	—)	—)	—)
Loss on debt prepayments	(59)	(1)	—)	—)	—)	—)
Gain (loss) on debt repurchases and conversions	—)	—)	—)	(83)	(1)	40)
Other	(4)	(17)	(3)	45)	82)	20)
Other non-operating income (expense), net	(135)	(31)	7)	(38)	81)	60)
Income (loss) before income tax provision and equity in net income (loss) of equity method investees	9,654)	1,240)	(5,658)	9,571)	6,218)	2,983)
Income tax provision	(1,124)	(451)	(177)	(888)	(394)	(280)
Equity in net income (loss) of equity method investees	9)	(11)	2)	4)	37)	7)
Net income (loss)	8,539)	778)	(5,833)	8,687)	5,861)	2,710)
Net income attributable to noncontrolling interests	—)	—)	—)	—)	—)	(23)
Net income (loss) attributable to Micron	8,539)	778)	(5,833)	8,687)	5,861)	2,687)

Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03).

The financial data reveals several significant trends over the analyzed periods. Revenue demonstrates an overall upward trajectory with fluctuations, increasing from approximately $21.4 billion in 2020 to $37.4 billion by 2025, despite a notable dip in 2023 to about $15.5 billion. This decline in 2023 is mirrored in the cost of goods sold, which also reached a seasonal low with approximately $16.95 billion in 2023, followed by an increase to $22.5 billion in 2025.

Gross margin figures show volatility, peaking at nearly $13.9 billion in 2022, then turning negative at about -$1.4 billion in 2023, before recovering to $14.9 billion in 2025. This pattern indicates a significant margin compression in 2023, correlating with the revenue downturn, and a strong recovery thereafter.

Research and development expenses consistently increased, rising from $2.6 billion in 2020 to $3.8 billion in 2025, reflecting sustained investment in innovation and product development. Selling, general, and administrative expenses also show an upward trend but at a slower rate, moving from $881 million in 2020 to $1.2 billion in 2025, with some fluctuations aligning with revenue changes.

Employee severance and asset impairment-related costs appear sporadically, with notable severance costs in 2023 and smaller amounts in subsequent years, and minor asset impairments recorded in limited periods. These expenses suggest occasional restructuring or operational adjustments.

The category of restructuring and asset impairments shows peaks in 2021, 2023, and 2025, implying intermittent strategic or operational challenges. Other operating income (expense), net, varies significantly across years with some gains in 2024 but losses in 2023 and 2025, contributing to net operating volatility.

Operating income follows the overall revenue and margin trends. It peaks in 2022 at nearly $9.7 billion, declines sharply to a loss of about $5.7 billion in 2023, and recovers to $9.8 billion in 2025, reflecting operational challenges followed by recovery.

Interest income remains relatively steady but shows an increase in 2023 and beyond, whereas interest expense grows particularly in 2023 and 2024, which may indicate increased borrowing or higher interest rates. Currency exchange rate impacts fluctuate with a small gain in 2023 but losses in subsequent years. Debt-related losses are mainly present in the later years, implying possible debt restructuring or repayments.

Other non-operating income (expense) presents mixed results with losses peaking in 2025, adding to overall earnings variability. Income before taxes follows the operating income pattern, peaking in 2022, with a substantial loss in 2023, and recovery in 2025.

Income tax provision increases over time, consistent with rising pre-tax income except in 2023 where the tax expense remained relatively moderate despite losses. Equity in net income of equity method investees fluctuates around zero, having minimal impact on income trends.

Net income mirrors operating and pre-tax income trends closely: it grew from $2.7 billion in 2020 to $8.7 billion in 2022, plummeted to a loss of $5.8 billion in 2023, then recovered to $8.5 billion in 2025. This pattern highlights the company’s significant exposure to cyclical fluctuations and operational disruptions during 2023, with a strong rebound in subsequent years.

Revenue and Gross Margin: Revenue steadily increased overall with a sharp decline in 2023, mirrored by a gross margin that turned negative before recovering.
Operating Expenses: Research and development expenses steadily grew, while selling, general, and administrative costs increased moderately with some year-to-year variation.
Special Charges and Impairments: Intermittent employee severance, restructuring, and asset impairments indicate periodic operational adjustments.
Operating Income and Net Income: Both peaked in 2022, experienced a considerable downturn in 2023, then rebounded strongly by 2025.
Interest and Other Non-Operating Items: Interest expense rose notably in 2023 and 2024, offset partially by increased interest income; other non-operating items added volatility to net earnings.
Tax and Equity Income: Income tax provision increased consistently except in the loss year of 2023; equity income from investees had minimal influence.

In summary, the financials indicate a period of strong growth and profitability until 2022, followed by a significant operational and financial setback in 2023 impacting margins and income, with a subsequent recovery phase extending into 2025. The company maintained investment in research and development throughout, suggesting a focus on long-term innovation despite short-term challenges.

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Micron Technology Inc. (NASDAQ:MU)

Income Statement