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

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

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	54,229)	41,456)	23,860)	13,643)	11,315)	9,301)	8,053)	8,709)	7,750)	6,811)	5,824)	4,726)	4,010)	3,752)	3,693)	4,085)	6,643)	8,642)	7,786)	7,687)	8,274)	7,422)	6,236)	5,773)
Cost of goods sold	(7,182)	(6,400)	(6,105)	(5,997)	(6,261)	(5,793)	(5,090)	(5,361)	(5,013)	(4,979)	(4,745)	(4,761)	(4,445)	(4,420)	(4,899)	(3,192)	(4,021)	(4,607)	(4,110)	(4,122)	(4,362)	(4,296)	(4,587)	(4,037)
Gross margin	47,047)	35,056)	17,755)	7,646)	5,054)	3,508)	2,963)	3,348)	2,737)	1,832)	1,079)	(35)	(435)	(668)	(1,206)	893)	2,622)	4,035)	3,676)	3,565)	3,912)	3,126)	1,649)	1,736)
Research and development	(1,913)	(1,316)	(1,250)	(1,171)	(1,047)	(965)	(898)	(888)	(903)	(850)	(832)	(845)	(719)	(758)	(788)	(849)	(839)	(773)	(792)	(712)	(705)	(670)	(641)	(647)
Selling, general, and administrative	(859)	(407)	(344)	(337)	(314)	(318)	(285)	(288)	(295)	(291)	(280)	(263)	(219)	(219)	(231)	(251)	(280)	(264)	(263)	(259)	(236)	(230)	(214)	(214)
Other operating income (expense), net	(524)	(15)	(26)	(2)	(39)	(56)	(7)	2)	(17)	28)	224)	15)	(99)	(116)	(78)	(2)	18)	6)	(75)	37)	(16)	(427)	(131)	(9)
Operating income (loss)	43,751)	33,318)	16,135)	6,136)	3,654)	2,169)	1,773)	2,174)	1,522)	719)	191)	(1,128)	(1,472)	(1,761)	(2,303)	(209)	1,521)	3,004)	2,546)	2,631)	2,955)	1,799)	663)	866)
Interest income	575)	215)	155)	139)	146)	135)	108)	107)	131)	136)	130)	132)	134)	127)	119)	88)	54)	20)	12)	10)	9)	8)	10)	10)
Interest expense	—)	—)	(32)	(74)	(124)	(123)	(112)	(118)	(136)	(150)	(144)	(132)	(129)	(119)	(89)	(51)	(45)	(44)	(55)	(45)	(47)	(46)	(42)	(48)
Other non-operating income (expense), net	(88)	(321)	(98)	(140)	(45)	(68)	(11)	(11)	(7)	10)	(7)	(27)	9)	—)	2)	(4)	23)	8)	6)	(75)	19)	45)	4)	13)
Income (loss) before income tax (provision) benefit and equity in net income (loss) of equity method investees	44,238)	33,212)	16,160)	6,061)	3,631)	2,113)	1,758)	2,152)	1,510)	715)	170)	(1,155)	(1,458)	(1,753)	(2,271)	(176)	1,553)	2,988)	2,509)	2,521)	2,936)	1,806)	635)	841)
Income tax (provision) benefit	(6,583)	(4,978)	(2,371)	(829)	(429)	(235)	(177)	(283)	(623)	(377)	622)	(73)	24)	(139)	(54)	(8)	(56)	(358)	(255)	(219)	(230)	(65)	(48)	(51)
Equity in net income (loss) of equity method investees	46)	9)	(4)	8)	(1)	7)	2)	1)	—)	(6)	1)	(6)	4)	(4)	13)	(11)	(5)	(4)	9)	4)	14)	(6)	16)	13)
Net income (loss)	37,701)	28,243)	13,785)	5,240)	3,201)	1,885)	1,583)	1,870)	887)	332)	793)	(1,234)	(1,430)	(1,896)	(2,312)	(195)	1,492)	2,626)	2,263)	2,306)	2,720)	1,735)	603)	803)

The financial performance exhibits a cyclical pattern characterized by a period of severe contraction followed by an unprecedented phase of expansion. Revenue experienced a significant decline from a mid-2022 peak of 8.6 billion USD to a trough of 3.6 billion USD by March 2023. This downturn was followed by a consistent recovery, which accelerated sharply starting in February 2026, with revenue surging from 23.8 billion USD to 54.2 billion USD by September 2026.

Profitability and Margin Dynamics: Gross margins underwent extreme volatility, shifting from positive territory into deep negatives during the 2023 fiscal periods, reaching a low of negative 1.2 billion USD in March 2023. However, a structural shift in profitability is evident from February 2024 onward. By the final quarter ending September 2026, gross margin expanded to 47 billion USD, indicating that revenue growth vastly outpaced the increase in cost of goods sold.
Operating Expense Management: Research and development expenditures showed a steady, incremental increase over the analyzed period, rising from approximately 600 million USD to 1.9 billion USD. Selling, general, and administrative expenses remained relatively stable for several years before an uptick to 859 million USD in the final period. The fact that these operating expenses grew at a significantly slower rate than revenue demonstrates substantial operating leverage, which amplified the growth of operating income during the expansion phase.
Operating and Net Income Trends: Operating income mirrored the volatility of revenue, transitioning from a peak of 3.0 billion USD in June 2022 to a loss of 2.3 billion USD in March 2023. The recovery began in February 2024, leading to an exponential increase in profitability. Net income followed a similar trajectory, recovering from losses in 2023 to reach 37.7 billion USD by September 2026.
Taxation and Non-Operating Items: Income tax provisions scaled in proportion to the return to profitability, increasing from tax benefits during the loss-making periods to a provision of 6.5 billion USD in the final quarter. Interest income also showed an upward trend, peaking at 575 million USD, while interest expenses decreased significantly in the latter stages of the analyzed period, reaching zero or negligible levels by mid-2026.

The overall trajectory suggests a transition from a period of industry-wide distress or cyclical downturn into a phase of hyper-growth. The capacity to maintain relatively controlled operating costs while achieving massive revenue gains resulted in a dramatic improvement in both operating and net profit margins.

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Micron Technology Inc. (NASDAQ:MU)

Income StatementQuarterly Data

Income Statement
Quarterly Data