Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Micron Technology Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020
Net income (loss)	8,539)	778)	(5,833)	8,687)	5,861)	2,710)
Depreciation expense and amortization of intangible assets	8,352)	7,780)	7,756)	7,116)	6,214)	5,650)
Stock-based compensation	972)	833)	596)	514)	378)	328)
Provision to write down inventories to net realizable value	—)	—)	1,831)	—)	—)	—)
Goodwill impairment	—)	—)	101)	—)	—)	—)
Receivables	(1,776)	(3,581)	2,763)	190)	(1,446)	(723)
Inventories	520)	(488)	(3,555)	(2,179)	866)	(489)
Accounts payable and accrued expenses	862)	1,915)	(1,302)	334)	210)	725)
Other current liabilities	(272)	989)	(817)	400)	—)	—)
Change in operating assets and liabilities	(666)	(1,165)	(2,911)	(1,255)	(370)	(487)
Other	328)	281)	19)	119)	385)	105)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	8,986)	7,729)	7,392)	6,494)	6,607)	5,596)
Net cash provided by operating activities	17,525)	8,507)	1,559)	15,181)	12,468)	8,306)
Expenditures for property, plant, and equipment	(15,857)	(8,386)	(7,676)	(12,067)	(10,030)	(8,223)
Purchases of available-for-sale securities	(1,890)	(1,999)	(723)	(1,770)	(3,163)	(1,857)
Proceeds from government incentives	2,005)	315)	710)	115)	495)	262)
Proceeds from maturities and sales of available-for-sale securities	1,698)	1,794)	1,591)	1,615)	2,106)	2,272)
Proceeds from sale of Lehi, Utah fab	—)	—)	—)	888)	—)	—)
Other	(43)	(33)	(93)	(366)	3)	(43)
Net cash used for investing activities	(14,087)	(8,309)	(6,191)	(11,585)	(10,589)	(7,589)
Repayments of debt	(4,619)	(1,897)	(761)	(2,032)	(1,520)	(4,366)
Payments of dividends to shareholders	(522)	(513)	(504)	(461)	—)	—)
Repurchases of common stock, repurchase program	—)	(300)	(425)	(2,432)	(1,200)	(176)
Payments on equipment purchase contracts	—)	(149)	(138)	(141)	(295)	(63)
Proceeds from issuance of debt	4,430)	999)	6,716)	2,000)	1,188)	5,000)
Acquisition of noncontrolling interest in IMFT	—)	—)	—)	—)	—)	(744)
Other	(139)	18)	95)	86)	46)	32)
Net cash provided by (used for) financing activities	(850)	(1,842)	4,983)	(2,980)	(1,781)	(317)
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash	6)	40)	(34)	(106)	41)	11)
Net increase (decrease) in cash, cash equivalents, and restricted cash	2,594)	(1,604)	317)	510)	139)	411)
Cash, cash equivalents, and restricted cash at beginning of period	7,052)	8,656)	8,339)	7,829)	7,690)	7,279)
Cash, cash equivalents, and restricted cash at end of period	9,646)	7,052)	8,656)	8,339)	7,829)	7,690)

Based on: 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), 10-K (reporting date: 2020-09-03).

Net Income (Loss): The net income demonstrated substantial volatility over the observed periods. Starting at $2.71 billion, it more than doubled to $5.86 billion the following year, then increased further to $8.69 billion. However, there was a significant loss of $5.83 billion in the subsequent year, followed by recovery to positive earnings of $778 million and later $8.54 billion, indicating substantial fluctuations likely due to operational or market challenges and recoveries.
Depreciation Expense and Amortization: There was a steady upward trend in depreciation and amortization, rising consistently from $5.65 billion to $8.35 billion over the periods. This suggests ongoing investment in fixed and intangible assets or possibly changes in the asset base or accounting policies affecting these expenses.
Stock-Based Compensation: This expense showed a continuous increase, more than doubling from $328 million to $972 million, indicating a growing use of equity incentives which may reflect efforts to attract or retain employees or align management incentives with company performance.
Inventory and Related Provisions: Inventory levels showed erratic changes, with an initial increase followed by sizeable decreases and a slight recovery by the last period. The recognition of an inventory write-down provision appearing midway through the timeline indicates valuation adjustments due to changing market conditions or obsolescence. This is a notable risk factor influencing profitability and cash flow.
Working Capital Components: Receivables and accounts payable exhibited considerable fluctuations, with receivables swinging from negative to positive and back, while payables shifted from increasing liabilities to reductions and then recovery. These swings suggest variability in collections, payments, and possibly changes in credit terms or sales volumes, affecting operational liquidity.
Operating Cash Flow: Net cash provided by operating activities increased substantially in the early years, reaching a peak before a sharp decline corresponding with the period of net loss. Subsequent recovery in this cash flow indicates improvements in operational efficiency or earnings quality, culminating in a strong cash generation in the final period analyzed.
Investing Activities: Cash used for investing activities was consistently negative, reflecting ongoing capital expenditures primarily in property, plant, and equipment. The magnitude of expenditures generally grew, particularly in the last period, highlighting aggressive investment in growth or capacity expansion. Proceeds from sales and government incentives tempered some outflows but did not offset the high capital spending fully.
Financing Activities: Net cash flow from financing activities varied, initially showing net cash use, including debt repayments and share repurchases. However, the data reflects a spike in financing inflows in one period likely to support investments or operational needs, followed by renewed cash outflows. Debt issuance fluctuated, indicating active management of capital structure. Share repurchases decreased over time, and dividends were introduced and steadily paid, signifying a shift towards shareholder returns.
Liquidity and Cash Position: Cash balances generally increased in the earlier periods, declined notably in the penultimate period coinciding with operational losses, and then surged again in the final period. The company maintained a significant cash reserve despite fluctuations, reflecting prudent liquidity management amid variable earnings and capital expenditures.
Overall Financial Trends: The company experienced considerable earnings and cash flow volatility, with significant investments in fixed assets and increased stock-based compensation costs. The working capital elements showed irregular patterns, possibly reflecting external market influences or operational adjustments. The financing strategy demonstrated flexibility in managing debt and shareholder returns. The balancing of cash flows from operations with investments and financing highlighted the company’s efforts to sustain growth while navigating challenging periods.

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Micron Technology Inc. (NASDAQ:MU)

Cash Flow Statement