Name: Micron Technology Inc. (NASDAQ:MU) | Income Statement
Creator: Stock Analysis on Net

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.

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Micron Technology Inc., consolidated income statement

US$ in millions

12 months ended:	Sep 3, 2026	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021
Revenue	133,188)	37,378)	25,111)	15,540)	30,758)	27,705)
Cost of goods sold	(25,684)	(22,505)	(19,498)	(16,956)	(16,860)	(17,282)
Gross margin	107,504)	14,873)	5,613)	(1,416)	13,898)	10,423)
Research and development	(5,650)	(3,798)	(3,430)	(3,114)	(3,116)	(2,663)
Selling, general, and administrative	(1,947)	(1,205)	(1,129)	(920)	(1,066)	(894)
Patent license charges	(500)	(57)	—)	—)	—)	(128)
Goodwill impairment	—)	—)	—)	(101)	—)	—)
Litigation settlement	—)	—)	—)	(68)	—)	—)
Patent cross-license agreement gain	—)	—)	200)	—)	—)	—)
Other	(67)	(43)	50)	(126)	(14)	(455)
Other operating income (expense), net	(567)	(100)	250)	(295)	(14)	(583)
Operating income (loss)	99,340)	9,770)	1,304)	(5,745)	9,702)	6,283)
Interest income	1,084)	496)	529)	468)	96)	37)
Interest expense	(106)	(477)	(562)	(388)	(189)	(183)
Other non-operating income (expense), net	(647)	(135)	(31)	7)	(38)	81)
Income (loss) before income tax provision and equity in net income (loss) of equity method investees	99,671)	9,654)	1,240)	(5,658)	9,571)	6,218)
Income tax provision	(14,761)	(1,124)	(451)	(177)	(888)	(394)
Equity in net income (loss) of equity method investees	59)	9)	(11)	2)	4)	37)
Net income (loss)	84,969)	8,539)	778)	(5,833)	8,687)	5,861)

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

The financial performance over the observed period is characterized by significant volatility, a severe cyclical downturn in 2023, and a subsequent phase of exponential growth. Revenue experienced a sharp contraction in 2023, falling to 15.5 billion USD from 30.8 billion USD in the prior year, before rebounding strongly to 133.2 billion USD by 2026. This trajectory indicates a high degree of sensitivity to market cycles, followed by an unprecedented expansion in top-line growth.

Gross Profitability and Cost Structure: Gross margin exhibited extreme fluctuations, transitioning from 13.9 billion USD in 2022 to a deficit of 1.4 billion USD in 2023. This negative margin suggests a period where cost of goods sold exceeded total revenue, likely due to inventory write-downs or severe pricing pressure. However, a significant divergence between revenue and costs is observed in 2026, where revenue surged to 133.2 billion USD while cost of goods sold remained relatively contained at 25.7 billion USD, resulting in a gross margin of 107.5 billion USD.
Operating Expense Management: Research and development spending demonstrates a consistent long-term upward trend, increasing from 2.66 billion USD in 2021 to 5.65 billion USD in 2026, reflecting a sustained commitment to innovation regardless of short-term profitability. Selling, general, and administrative expenses remained comparatively stable, oscillating between 894 million USD and 1.95 billion USD over the six-year period. The relative stability of operating expenses against the massive revenue spike in 2026 indicates significant operating leverage.
Operating and Net Income Trends: Operating income mirrored the volatility of the top line, crashing to a loss of 5.7 billion USD in 2023 before ascending to 99.3 billion USD in 2026. Net income followed a similar pattern, recording a loss of 5.8 billion USD in 2023 and reaching a peak of 85 billion USD in 2026. The tax provision scaled proportionally with earnings, rising to 14.8 billion USD in 2026 to reflect the heightened profitability.
Non-Operating Items and Other Income: Interest income showed a general increase, peaking at 1.1 billion USD in 2026, while interest expenses peaked in 2024 at 562 million USD before declining sharply to 106 million USD in 2026. Other non-operating income and expenses remained a minor factor in overall profitability, although a notable litigation settlement and goodwill impairment contributed to the losses observed in 2023.

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