Micron Technology Inc. (NASDAQ:MU)

The financial data over the observed quarters reveals significant fluctuations in revenue, profitability, and operational efficiency.

Revenue

Revenue demonstrated a general upward trajectory with some volatility. Starting at $5,144 million in late 2019, it peaked towards the end of 2025 at $11,315 million. There was a notable dip in late 2022 and early 2023, with revenues declining to around $3,693 to $4,085 million before recovering strongly thereafter.

Cost of Goods Sold (COGS)

COGS also increased overall but exhibited a less consistent pattern. While initially fluctuating between approximately $3,442 million and $4,607 million, costs rose sharply from late 2022, reaching $6,261 million by late 2025, indicating pressure on production costs or higher volume of sales.

Gross Margin

Gross margin displayed high volatility. Margins peaked significantly around 2021 at over $3 billion, then sharply declined into negative territory in early 2023, evidencing considerable operational challenges or cost pressures. A recovery phase began in mid-2023, improving steadily to above $5 billion by late 2025, suggesting successful margin management or pricing adjustments.

Research and Development (R&D)

R&D expenditures remained relatively stable, incrementally increasing from approximately $640 million to over $1 billion by 2025. This indicates sustained investment in innovation despite fluctuating operating results.

Selling, General and Administrative Expenses (SG&A)

SG&A costs showed a gradual increase from around $211 million to over $300 million, reflecting slightly rising administrative overheads correlated with business scale expansion.

Restructuring and Asset Impairments

These charges appeared sporadically, with significant impairment of $453 million during mid-2021 and various smaller charges through subsequent periods, highlighting episodic structural or asset valuation adjustments impacting profitability.

Operating Income (Loss)

Operating income experienced wide fluctuations, reaching a zenith near $3 billion in late 2025. However, it fell into losses in early 2023, correlating with the period of negative gross margins and increased impairments, before rebounding strongly thereafter.

Interest Income and Expense

Interest income steadily increased from $44 million to $146 million, while interest expense varied less dramatically, peaking at $144 million in late 2023 and settling near $124 million by 2025, indicating possible changes in cash holdings or debt levels.

Income Before Tax and Net Income

Income before tax reflected the operating income trends, with losses recorded in early 2023 followed by marked recovery. Net income attributable to the company followed similar trends, with a severe downturn into losses during the early 2023 period and a strong recovery thereafter. By the end of the observed timeline, net income reached substantial positive figures, indicating restored profitability.

Income Tax Provision

Tax provisions varied significantly, including a notable benefit recorded in late 2023. The tax expense corresponded generally with pre-tax income but was influenced by exceptional items and losses reported during down periods.

Overall, the data indicate a period of financial instability around early 2023, characterized by negative margins and losses, followed by strong recovery and growth in revenue and earnings through to late 2025. The company appears to have balanced operational challenges with sustained R&D investments and controlled administrative expenses, leading to improved profitability in the latter periods.