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

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.

Download chart

Micron Technology Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Sep 3, 2026	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021
Net income (loss)	84,969)	8,539)	778)	(5,833)	8,687)	5,861)
Depreciation expense and amortization of intangible assets	9,503)	8,352)	7,780)	7,756)	7,116)	6,214)
Stock-based compensation	1,333)	972)	833)	596)	514)	378)
Provision to write down inventories to net realizable value	—)	—)	—)	1,831)	—)	—)
Goodwill impairment	—)	—)	—)	101)	—)	—)
Receivables	(25,206)	(1,776)	(3,581)	2,763)	190)	(1,446)
Inventories	(2,017)	520)	(488)	(3,555)	(2,179)	866)
Accounts payable and accrued expenses	8,707)	862)	1,915)	(1,302)	334)	210)
Other current liabilities	3,141)	(272)	989)	(817)	400)	—)
Other noncurrent liabilities	9,633)	381)	76)	—)	—)	—)
Change in operating assets and liabilities	(5,742)	(285)	(1,089)	(2,911)	(1,255)	(370)
Other	(388)	(53)	205)	19)	119)	385)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	4,706)	8,986)	7,729)	7,392)	6,494)	6,607)
Net cash provided by operating activities	89,675)	17,525)	8,507)	1,559)	15,181)	12,468)
Purchases of available-for-sale securities	(34,871)	(1,890)	(1,999)	(723)	(1,770)	(3,163)
Expenditures for property, plant, and equipment	(30,712)	(15,857)	(8,386)	(7,676)	(12,067)	(10,030)
Purchases of non-marketable equity securities	(1,046)	(34)	(10)	—)	—)	—)
Proceeds from government incentives	3,316)	2,005)	315)	710)	115)	495)
Proceeds from maturities and sales of available-for-sale securities	1,988)	1,698)	1,794)	1,591)	1,615)	2,106)
Proceeds from sale of Lehi, Utah fab	—)	—)	—)	—)	888)	—)
Other	(316)	(9)	(23)	(93)	(366)	3)
Net cash used for investing activities	(61,641)	(14,087)	(8,309)	(6,191)	(11,585)	(10,589)
Proceeds from customer contract liability deposits	12,747)	—)	—)	—)	—)	—)
Proceeds from issuance of debt	—)	4,430)	999)	6,716)	2,000)	1,188)
Repayments of debt	(10,043)	(4,619)	(1,897)	(761)	(2,032)	(1,520)
Repurchases of common stock, withholdings on employee equity awards	(1,127)	(340)	(233)	—)	—)	—)
Repurchases of common stock, repurchase program	(650)	—)	(300)	(425)	(2,432)	(1,200)
Payments of dividends to shareholders	(610)	(522)	(513)	(504)	(461)	—)
Other	313)	201)	102)	(43)	(55)	(249)
Net cash provided by (used for) financing activities	630)	(850)	(1,842)	4,983)	(2,980)	(1,781)
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash	81)	6)	40)	(34)	(106)	41)
Net increase (decrease) in cash, cash equivalents, and restricted cash	28,745)	2,594)	(1,604)	317)	510)	139)
Cash, cash equivalents, and restricted cash at beginning of period	9,646)	7,052)	8,656)	8,339)	7,829)	7,690)
Cash, cash equivalents, and restricted cash at end of period	38,391)	9,646)	7,052)	8,656)	8,339)	7,829)

Based on: 10-K (reporting date: 2026-09-03), 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).

The operational cash flow exhibits significant volatility, mirroring the cyclical nature of the semiconductor industry. A sharp contraction occurred in 2023, where net income fell to a loss of $5.8 billion and net cash provided by operating activities dropped to $1.5 billion. This was followed by a recovery phase in 2024 and 2025, culminating in an exponential increase in 2026, with net income reaching $84.9 billion and operating cash flow surging to $89.6 billion.

Capital Investment and Asset Expansion: A consistent trend of aggressive capital expenditure is observed. Expenditures for property, plant, and equipment increased from $10.0 billion in 2021 to $30.7 billion in 2026. This sustained investment indicates a strategic focus on expanding production capacity. Total net cash used for investing activities peaked in 2026 at $61.6 billion, further amplified by a significant $34.8 billion allocation toward available-for-sale securities.
Working Capital Management: Working capital dynamics demonstrate substantial swings, particularly regarding receivables and inventories. In 2026, a significant cash outflow of $25.2 billion was recorded for receivables, suggesting a massive increase in sales volume that has not yet been converted to cash. Inventory levels remained volatile, showing a pattern of reduction between 2022 and 2024 before increasing again in the final period.
Financing and Liquidity Position: Financing activities were primarily characterized by debt repayments and shareholder returns, including dividends and stock repurchases. However, 2026 marked a shift with a net financing inflow of $630 million, largely driven by $12.7 billion in proceeds from customer contract liability deposits. This, combined with the surge in operating cash, resulted in a dramatic increase in the year-end cash position, which rose from $7.8 billion in 2021 to $38.3 billion in 2026.
Non-Cash Adjustments: Depreciation and amortization expenses showed a steady upward trend, rising from $6.2 billion in 2021 to $9.5 billion in 2026, consistent with the increase in property and equipment investments. Stock-based compensation also increased gradually over the period, growing from $378 million to $1.3 billion by 2026.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?