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.

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

US$ in millions

3 months ended:	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	Sep 3, 2020	May 28, 2020	Feb 27, 2020	Nov 28, 2019
Revenue	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)	6,056)	5,438)	4,797)	5,144)
Cost of goods sold	(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)	(3,988)	(3,675)	(3,442)	(3,778)
Gross margin	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)	2,068)	1,763)	1,355)	1,366)
Research and development	(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)	(630)	(649)	(681)	(640)
Selling, general, and administrative	(344)	(337)	(314)	(318)	(285)	(288)	(295)	(291)	(280)	(263)	(219)	(219)	(231)	(251)	(280)	(264)	(263)	(259)	(236)	(230)	(214)	(214)	(231)	(216)	(223)	(211)
Restructure and asset impairments	—)	—)	(39)	—)	—)	—)	(1)	—)	—)	—)	(4)	(68)	(86)	(13)	(5)	—)	(5)	(38)	(22)	(453)	(5)	(8)	(56)	(4)	—)	—)
Other operating income (expense), net	(26)	(2)	—)	(56)	(7)	2)	(16)	28)	224)	15)	(95)	(48)	8)	11)	23)	6)	(70)	75)	6)	26)	(126)	(1)	6)	(6)	(11)	3)
Operating income (loss)	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)	1,157)	888)	440)	518)
Interest income	155)	139)	146)	135)	108)	107)	131)	136)	130)	132)	134)	127)	119)	88)	54)	20)	12)	10)	9)	8)	10)	10)	13)	23)	34)	44)
Interest expense	(32)	(74)	(124)	(123)	(112)	(118)	(136)	(150)	(144)	(132)	(129)	(119)	(89)	(51)	(45)	(44)	(55)	(45)	(47)	(46)	(42)	(48)	(50)	(51)	(46)	(47)
Other non-operating income (expense), net	(98)	(140)	(45)	(68)	(11)	(11)	(7)	10)	(7)	(27)	9)	—)	2)	(4)	23)	8)	6)	(75)	19)	45)	4)	13)	5)	10)	(1)	46)
Income (loss) before income tax (provision) benefit and equity in net income (loss) of equity method investees	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)	1,125)	870)	427)	561)
Income tax (provision) benefit	(2,371)	(829)	(429)	(235)	(177)	(283)	(623)	(377)	622)	(73)	24)	(139)	(54)	(8)	(56)	(358)	(255)	(219)	(230)	(65)	(48)	(51)	(136)	(68)	(21)	(55)
Equity in net income (loss) of equity method investees	(4)	8)	(1)	7)	2)	1)	—)	(6)	1)	(6)	4)	(4)	13)	(11)	(5)	(4)	9)	4)	14)	(6)	16)	13)	1)	3)	1)	2)
Net income (loss)	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)	990)	805)	407)	508)
Net income attributable to noncontrolling interests	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2)	(2)	(2)	(17)
Net income (loss) attributable to Micron	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)	988)	803)	405)	491)

Micron Technology Inc. experienced significant fluctuations in financial performance over the analyzed period, spanning from November 2019 to May 2025, with a notable surge in revenue and profitability towards the end of the period. Revenue initially demonstrated modest growth, peaking in September 2021, before experiencing a substantial decline through the first half of 2022. A recovery began in late 2022, accelerating dramatically in the latter half of 2023 and continuing into 2024 and 2025, culminating in a peak in August 2025. Gross margin mirrored this trend, with periods of stability followed by sharp declines and subsequent recoveries. Operating income exhibited similar volatility, with a significant loss reported in early 2023 before a strong rebound.

Revenue Trends: Revenue demonstrated a cyclical pattern. Initial growth from 2019 to 2021 was followed by a sharp contraction in 2022, likely due to macroeconomic factors or industry-specific challenges. The period from late 2022 through May 2025 shows a robust recovery, with revenue more than quadrupling from its low point in early 2023. This suggests a strong market demand or successful strategic initiatives during that period.
Profitability Analysis: Gross margin fluctuated considerably, reflecting changes in revenue and cost of goods sold. The significant decline in gross margin during the first half of 2022 coincided with the revenue downturn, indicating potential pricing pressures or increased production costs. The subsequent recovery in gross margin, particularly in 2024 and 2025, suggests improved cost management or a shift towards higher-margin products. Operating income followed a similar pattern, experiencing a substantial loss in early 2023 before returning to profitability and achieving record levels in late 2025.
Expense Management: Research and development expenses remained relatively stable throughout the period, indicating a consistent commitment to innovation. Selling, general, and administrative expenses also exhibited a relatively stable trend, with a slight increase over time. Restructure and asset impairments were infrequent but significant when they occurred, particularly in 2020 and 2023, potentially reflecting strategic adjustments or asset write-downs. Other operating income (expense), net, was volatile, with both positive and negative impacts on operating income.
Net Income Performance: Net income mirrored the trends observed in operating income, with a significant loss in 2023 followed by a substantial recovery. The net income attributable to Micron remained consistent with the overall net income trend. The impact of income tax provisions varied significantly, influencing the final net income figures. The substantial increase in net income in the latter part of the analyzed period suggests a significant improvement in overall financial health.
Interest and Other Non-Operating Items: Interest income remained relatively consistent, providing a modest positive contribution to overall profitability. Interest expense also remained stable, with a slight increase over time. Other non-operating income (expense), net, was volatile, with both positive and negative impacts on net income. These items had a relatively minor impact on overall profitability compared to core operating performance.

In summary, the financial performance of Micron Technology Inc. was characterized by significant cyclicality. A period of growth and stability was followed by a substantial downturn in 2022, but a strong recovery commenced in late 2022 and accelerated through 2025, resulting in record revenue and profitability. Effective expense management and a consistent investment in research and development appear to have contributed to this recovery.

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Micron Technology Inc. (NASDAQ:MU)

Income Statement Quarterly Data

Income Statement
Quarterly Data