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 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019
Revenue	25,111)	15,540)	30,758)	27,705)	21,435)	23,406)
Cost of goods sold	(19,498)	(16,956)	(16,860)	(17,282)	(14,883)	(12,704)
Gross margin	5,613)	(1,416)	13,898)	10,423)	6,552)	10,702)
Research and development	(3,430)	(3,114)	(3,116)	(2,663)	(2,600)	(2,441)
Selling, general, and administrative	(1,129)	(920)	(1,066)	(894)	(881)	(836)
Restructure and asset impairments	(1)	(171)	(48)	(488)	(60)	29)
Patent cross-license agreement gain	200)	—)	—)	—)	—)	—)
Gain (loss) on disposition of property, plant, and equipment	59)	54)	41)	24)	3)	(43)
Goodwill impairment	—)	(101)	—)	—)	—)	—)
Litigation settlement	—)	(68)	—)	—)	—)	—)
Patent license charges	—)	—)	—)	(128)	—)	—)
Other	(8)	(9)	(7)	9)	(11)	(35)
Other operating income (expense), net	251)	(124)	34)	(95)	(8)	(78)
Operating income (loss)	1,304)	(5,745)	9,702)	6,283)	3,003)	7,376)
Interest income	529)	468)	96)	37)	114)	205)
Interest expense	(562)	(388)	(189)	(183)	(194)	(128)
Gain (loss) on investments	—)	(8)	26)	82)	22)	(4)
Gain (loss) on debt repurchases and conversions	—)	—)	(83)	(1)	40)	(396)
Other	(31)	15)	19)	—)	(2)	(5)
Other non-operating income (expense), net	(31)	7)	(38)	81)	60)	(405)
Income (loss) before income tax provision and equity in net income (loss) of equity method investees	1,240)	(5,658)	9,571)	6,218)	2,983)	7,048)
Income tax provision	(451)	(177)	(888)	(394)	(280)	(693)
Equity in net income (loss) of equity method investees	(11)	2)	4)	37)	7)	3)
Net income (loss)	778)	(5,833)	8,687)	5,861)	2,710)	6,358)
Net income attributable to noncontrolling interests	—)	—)	—)	—)	(23)	(45)
Net income (loss) attributable to Micron	778)	(5,833)	8,687)	5,861)	2,687)	6,313)

Based on: 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), 10-K (reporting date: 2019-08-29).

Revenue Trends: Revenue exhibited fluctuations over the six-year period. It decreased from 23,406 million USD in 2019 to 21,435 million USD in 2020, followed by a significant increase reaching 30,758 million USD by 2022. However, 2023 experienced a sharp decline to 15,540 million USD, and revenue rebounded to 25,111 million USD in 2024. This suggests volatility potentially influenced by external market conditions.
Cost of Goods Sold (COGS): COGS consistently increased each year from -12,704 million USD in 2019 to -19,498 million USD in 2024, with a minor decline from 2021 to 2022. The growing COGS alongside fluctuating revenues impacted profitability.
Gross Margin: Gross margin mirrored revenue variations and was positive from 2019 through 2022, peaking at 13,898 million USD in 2022. Notably, 2023 saw a negative gross margin of -1,416 million USD, reflecting a period where costs exceeded revenues significantly. In 2024, the gross margin recovered to 5,613 million USD but remained below prior peaks.
Research and Development (R&D) Expenses: R&D expenses steadily increased over the period, growing from -2,441 million USD in 2019 to -3,430 million USD in 2024, indicating a sustained or increasing investment in innovation and product development regardless of revenue volatility.
Selling, General, and Administrative (SG&A) Expenses: SG&A expenses saw a gradual increase from -836 million USD in 2019 to -1,129 million USD in 2024, with some fluctuations. This trend indicates a moderate growth in overhead costs relative to prior years.
Restructuring and Asset Impairments: This item showed irregular values with impairments notably present in 2021 (-488 million USD) and 2023 (-171 million USD), while other years exhibited lesser or negligible charges. This reflects occasional write-downs or restructuring costs affecting profit.
Non-Recurring Gains and Losses: Several non-operating items were observed: a patent cross-license gain of 200 million USD in 2024, impairments such as the goodwill impairment (-101 million USD) and litigation settlement (-68 million USD) occurring in 2023, and occasional gains on disposition of assets ranging positively from 3 million USD to 59 million USD over the years.
Operating Income (Loss): Operating income fluctuated significantly, peaking at 9,702 million USD in 2022 before plunging to a loss of -5,745 million USD in 2023. The year 2024 saw a partial recovery to 1,304 million USD, signaling operational challenges in 2023 with subsequent improvement.
Interest and Investment Income/Expenses: Interest income showed variability but increased to 529 million USD in 2024 from 205 million USD in 2019. Conversely, interest expense increased steadily from -128 million USD to -562 million USD, reflecting possible greater debt levels or cost increases. Gains and losses on investments and debt repurchases varied irregularly, contributing marginally overall.
Income Before Taxes and Net Income: Income before tax paralleled operating income trends, rising to 9,571 million USD in 2022 before a sharp decline to -5,658 million USD in 2023 and a slight recovery to 1,240 million USD in 2024. The income tax provision fluctuated but remained a significant charge. Net income followed a similar pattern, with strong positive results until 2022, a substantial loss in 2023 matching operational downturns, and a modest net income return in 2024.
Net Income Attributable to Micron: Net income attributable to the parent company closely tracked overall net income trends. Positive earnings through 2022 were replaced by a major loss in 2023 (-5,833 million USD) and a return to profitability with 778 million USD in 2024, indicating a period of financial distress followed by stabilization.

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Micron Technology Inc. (NASDAQ:MU)

Income Statement