Selected Financial Data
since 2005
Income Statement
Micron Technology Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Sep 3, 2026 | 133,188) | 99,340) | 84,969) |
| Aug 28, 2025 | 37,378) | 9,770) | 8,539) |
| Aug 29, 2024 | 25,111) | 1,304) | 778) |
| Aug 31, 2023 | 15,540) | (5,745) | (5,833) |
| Sep 1, 2022 | 30,758) | 9,702) | 8,687) |
| Sep 2, 2021 | 27,705) | 6,283) | 5,861) |
| Sep 3, 2020 | 21,435) | 3,003) | 2,687) |
| Aug 29, 2019 | 23,406) | 7,376) | 6,313) |
| Aug 30, 2018 | 30,391) | 14,994) | 14,135) |
| Aug 31, 2017 | 20,322) | 5,868) | 5,089) |
| Sep 1, 2016 | 12,399) | 168) | (276) |
| Sep 3, 2015 | 16,192) | 2,998) | 2,899) |
| Aug 28, 2014 | 16,358) | 3,087) | 3,045) |
| Aug 29, 2013 | 9,073) | 236) | 1,190) |
| Aug 30, 2012 | 8,234) | (618) | (1,032) |
| Sep 1, 2011 | 8,788) | 755) | 167) |
| Sep 2, 2010 | 8,482) | 1,589) | 1,850) |
| Sep 3, 2009 | 4,803) | (1,675) | (1,835) |
| Aug 28, 2008 | 5,841) | (1,595) | (1,619) |
| Aug 30, 2007 | 5,688) | (280) | (320) |
| Aug 31, 2006 | 5,272) | 350) | 408) |
| Sep 1, 2005 | 4,880) | 218) | 188) |
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), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01), 10-K (reporting date: 2015-09-03), 10-K (reporting date: 2014-08-28), 10-K (reporting date: 2013-08-29), 10-K (reporting date: 2012-08-30), 10-K (reporting date: 2011-09-01), 10-K (reporting date: 2010-09-02), 10-K (reporting date: 2009-09-03), 10-K (reporting date: 2008-08-28), 10-K (reporting date: 2007-08-30), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-09-01).
The financial performance over the analyzed period is characterized by significant cyclicality and an aggressive growth trajectory in the most recent years. Revenue and profitability exhibit volatile swings, alternating between periods of substantial expansion and sharp contractions, which is indicative of the capital-intensive and price-sensitive nature of the industry.
- Revenue Trends
- Revenue remained relatively stable between 2005 and 2013, fluctuating primarily between US$ 4.8 billion and US$ 9 billion. A period of accelerated growth began in 2014, with revenue scaling to a peak of US$ 30.39 billion in 2018. After a period of volatility and a notable decline to US$ 15.54 billion in 2023, the trend reversed sharply. Revenue grew to US$ 25.11 billion in 2024, US$ 37.38 billion in 2025, and experienced an exponential increase to US$ 133.19 billion by 2026.
- Operating Income and Profitability
- Operating income demonstrates extreme variance, reflecting a pattern of boom-and-bust cycles. Significant operating losses were recorded during the 2007-2009 period and again in 2012 and 2023, with the 2023 loss reaching US$ 5.75 billion. These downturns are contrasted by periods of high profitability, most notably in 2018, where operating income reached US$ 14.99 billion. The final period in 2026 shows a dramatic surge in operating income to US$ 99.34 billion.
- Net Income Volatility
- Net income closely mirrors the fluctuations seen in operating income. The company experienced substantial net losses during the financial crisis (peaking at a US$ 1.84 billion loss in 2009) and a significant net loss of US$ 5.83 billion in 2023. Recovery phases have been rapid, with net income climbing from US$ 778 million in 2024 to US$ 8.54 billion in 2025, culminating in a record net income of US$ 84.97 billion in 2026.
- Margin Analysis and Correlation
- A strong positive correlation exists between revenue growth and bottom-line profitability, although the degree of operating leverage is high. The transition from 2023 to 2026 indicates a massive expansion in profit margins. In 2026, the net income margin reached approximately 63.8%, a significant increase compared to the historical average and the negative margins observed during the cyclical troughs of 2009 and 2023.
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Balance Sheet: Assets
Micron Technology Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Sep 3, 2026 | 91,070) | 195,888) |
| Aug 28, 2025 | 28,841) | 82,798) |
| Aug 29, 2024 | 24,372) | 69,416) |
| Aug 31, 2023 | 21,244) | 64,254) |
| Sep 1, 2022 | 21,781) | 66,283) |
| Sep 2, 2021 | 19,907) | 58,849) |
| Sep 3, 2020 | 17,965) | 53,678) |
| Aug 29, 2019 | 16,503) | 48,887) |
| Aug 30, 2018 | 16,039) | 43,376) |
| Aug 31, 2017 | 12,457) | 35,336) |
| Sep 1, 2016 | 9,495) | 27,540) |
| Sep 3, 2015 | 8,596) | 24,143) |
| Aug 28, 2014 | 10,245) | 22,498) |
| Aug 29, 2013 | 8,911) | 19,118) |
| Aug 30, 2012 | 5,758) | 14,328) |
| Sep 1, 2011 | 5,832) | 14,752) |
| Sep 2, 2010 | 6,333) | 14,693) |
| Sep 3, 2009 | 3,344) | 11,455) |
| Aug 28, 2008 | 3,779) | 13,430) |
| Aug 30, 2007 | 5,234) | 14,818) |
| Aug 31, 2006 | 5,101) | 12,221) |
| Sep 1, 2005 | 2,926) | 8,006) |
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), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01), 10-K (reporting date: 2015-09-03), 10-K (reporting date: 2014-08-28), 10-K (reporting date: 2013-08-29), 10-K (reporting date: 2012-08-30), 10-K (reporting date: 2011-09-01), 10-K (reporting date: 2010-09-02), 10-K (reporting date: 2009-09-03), 10-K (reporting date: 2008-08-28), 10-K (reporting date: 2007-08-30), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-09-01).
The asset base exhibits a long-term trajectory of substantial expansion, characterized by initial cyclical volatility followed by a sustained growth phase and an extraordinary acceleration in the final recorded period.
- Total Asset Evolution
- Between 2005 and 2007, total assets grew from US$ 8,006 million to US$ 14,818 million. A subsequent contraction is observed during the 2008-2009 period, with assets declining to US$ 11,455 million. From 2010 through 2022, a consistent upward trend is evident, with total assets reaching US$ 66,283 million. The most significant expansion occurs between 2024 and 2026, where total assets surge from US$ 69,416 million to US$ 195,888 million, representing a massive increase in the scale of the balance sheet.
- Current Asset Dynamics
- Current assets followed a growth pattern largely correlated with total assets. Following a peak in 2007, current assets retreated to US$ 3,344 million by 2009. A steady recovery followed, leading to a value of US$ 21,781 million by 2022. Similar to the total asset trend, there is an exponential increase in the final interval, with current assets jumping from US$ 28,841 million in 2025 to US$ 91,070 million in 2026.
- Balance Sheet Structural Shifts
- The ratio of current assets to total assets indicates shifts in capital allocation. Between 2015 and 2022, total assets expanded at a more rapid pace than current assets, suggesting a heavy investment in non-current assets, such as property, plant, and equipment. However, the 2026 data reveals a synchronized leap in both categories, with current assets comprising approximately 46.5% of total assets, returning the asset composition to levels seen in the 2013-2014 period.
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Balance Sheet: Liabilities and Stockholders’ Equity
Micron Technology Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Shareholders’ equity | |
|---|---|---|---|---|
| Sep 3, 2026 | 27,482) | 57,510) | 5,179) | 138,378) |
| Aug 28, 2025 | 11,454) | 28,633) | 14,577) | 54,165) |
| Aug 29, 2024 | 9,248) | 24,285) | 13,397) | 45,131) |
| Aug 31, 2023 | 4,765) | 20,134) | 13,330) | 44,120) |
| Sep 1, 2022 | 7,539) | 16,376) | 6,906) | 49,907) |
| Sep 2, 2021 | 6,424) | 14,916) | 6,776) | 43,933) |
| Sep 3, 2020 | 6,635) | 14,682) | 6,643) | 38,996) |
| Aug 29, 2019 | 6,390) | 12,019) | 5,851) | 35,881) |
| Aug 30, 2018 | 5,754) | 10,112) | 4,636) | 32,294) |
| Aug 31, 2017 | 5,334) | 15,845) | 11,134) | 18,621) |
| Sep 1, 2016 | 4,835) | 14,612) | 9,910) | 12,080) |
| Sep 3, 2015 | 3,905) | 10,855) | 7,341) | 12,302) |
| Aug 28, 2014 | 4,811) | 10,868) | 6,593) | 10,771) |
| Aug 29, 2013 | 4,125) | 9,112) | 6,037) | 9,142) |
| Aug 30, 2012 | 2,243) | 5,911) | 3,262) | 7,700) |
| Sep 1, 2011 | 2,480) | 4,900) | 2,001) | 8,470) |
| Sep 2, 2010 | 2,702) | 4,877) | 2,360) | 8,020) |
| Sep 3, 2009 | 1,892) | 4,815) | 3,098) | 4,654) |
| Aug 28, 2008 | 1,598) | 4,387) | 2,726) | 6,178) |
| Aug 30, 2007 | 2,026) | 4,459) | 2,410) | 7,752) |
| Aug 31, 2006 | 1,661) | 2,539) | 571) | 8,114) |
| Sep 1, 2005 | 979) | 2,160) | 1,167) | 5,847) |
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), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01), 10-K (reporting date: 2015-09-03), 10-K (reporting date: 2014-08-28), 10-K (reporting date: 2013-08-29), 10-K (reporting date: 2012-08-30), 10-K (reporting date: 2011-09-01), 10-K (reporting date: 2010-09-02), 10-K (reporting date: 2009-09-03), 10-K (reporting date: 2008-08-28), 10-K (reporting date: 2007-08-30), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-09-01).
The long-term financial trajectory indicates a substantial expansion of the balance sheet, characterized by a significant increase in shareholders' equity and a general upward trend in total liabilities. While liabilities have grown in absolute terms over the twenty-one-year period, the growth in equity has outpaced this increase, suggesting a strengthening of the overall solvency position.
- Liabilities and Short-term Obligations
- Current liabilities exhibited a steady increase from 979 million USD in 2005 to 9,248 million USD by 2023, followed by a sharp escalation to 27,482 million USD by 2026. Total liabilities followed a similar upward trajectory, rising from 2,160 million USD in 2005 to 57,510 million USD in 2026. A notable period of stability occurred between 2008 and 2012, after which liabilities began to climb more aggressively.
- Debt Management Trends
- Total debt patterns show significant fluctuations rather than a linear trend. Debt increased from 1,167 million USD in 2005 to a peak of 11,134 million USD in 2017, followed by a sharp reduction to 4,636 million USD in 2018. After another period of growth peaking at 14,577 million USD in 2025, a substantial decrease to 5,179 million USD is observed in 2026, indicating a strategic deleveraging of the balance sheet in the final recorded year.
- Shareholders' Equity Expansion
- Shareholders' equity demonstrates the most aggressive growth of all analyzed metrics. Starting at 5,847 million USD in 2005, equity grew moderately until 2016, after which it entered a phase of rapid acceleration. Equity rose from 12,080 million USD in 2015 to 45,131 million USD by 2023, culminating in a massive increase to 138,378 million USD by 2026. This suggests significant accumulation of retained earnings or substantial capital infusions.
- Capital Structure Shift
- The relationship between debt and equity has shifted markedly. In the earlier years of the analysis, debt represented a more significant portion of the total capital structure. However, the exponential growth in shareholders' equity relative to total debt—particularly after 2017—indicates a transition toward a more equity-heavy capital structure, which significantly reduces financial leverage and lowers the overall risk profile.
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Cash Flow Statement
Micron Technology Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used for investing activities | Net cash provided by (used for) financing activities |
|---|---|---|---|
| Sep 3, 2026 | 89,675) | (61,641) | 630) |
| Aug 28, 2025 | 17,525) | (14,087) | (850) |
| Aug 29, 2024 | 8,507) | (8,309) | (1,842) |
| Aug 31, 2023 | 1,559) | (6,191) | 4,983) |
| Sep 1, 2022 | 15,181) | (11,585) | (2,980) |
| Sep 2, 2021 | 12,468) | (10,589) | (1,781) |
| Sep 3, 2020 | 8,306) | (7,589) | (317) |
| Aug 29, 2019 | 13,189) | (10,085) | (2,438) |
| Aug 30, 2018 | 17,400) | (8,216) | (7,776) |
| Aug 31, 2017 | 8,153) | (7,537) | 349) |
| Sep 1, 2016 | 3,168) | (3,068) | 1,745) |
| Sep 3, 2015 | 5,208) | (6,232) | (718) |
| Aug 28, 2014 | 5,699) | (2,453) | (1,948) |
| Aug 29, 2013 | 1,811) | (1,712) | 322) |
| Aug 30, 2012 | 2,114) | (2,312) | 497) |
| Sep 1, 2011 | 2,484) | (2,201) | (1,036) |
| Sep 2, 2010 | 3,096) | (448) | (1,220) |
| Sep 3, 2009 | 1,206) | (674) | (290) |
| Aug 28, 2008 | 1,018) | (2,092) | 125) |
| Aug 30, 2007 | 937) | (2,391) | 2,215) |
| Aug 31, 2006 | 2,019) | (1,756) | 644) |
| Sep 1, 2005 | 1,238) | (1,084) | (116) |
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), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01), 10-K (reporting date: 2015-09-03), 10-K (reporting date: 2014-08-28), 10-K (reporting date: 2013-08-29), 10-K (reporting date: 2012-08-30), 10-K (reporting date: 2011-09-01), 10-K (reporting date: 2010-09-02), 10-K (reporting date: 2009-09-03), 10-K (reporting date: 2008-08-28), 10-K (reporting date: 2007-08-30), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-09-01).
The cash flow profile demonstrates a strong cyclical pattern characterized by periods of moderate stability followed by aggressive expansion and sharp contractions. There is a consistent correlation between operational inflows and investment outflows, indicative of a capital-intensive industry requiring continuous technological upgrades and capacity expansion.
- Operating Cash Flow Dynamics
- Net cash provided by operating activities remained relatively stable between 2005 and 2013, generally ranging from approximately 900 million to 3 billion US dollars. A significant growth phase began in 2014, with a peak of 17.4 billion US dollars observed in 2018. A severe contraction occurred in 2023, where operating cash flow fell to 1.559 billion US dollars, before rebounding to 8.507 billion US dollars in 2024 and escalating to 89.675 billion US dollars by 2026.
- Investment Trends and Capital Intensity
- Investing activities have consistently resulted in net cash outflows across the entire observed period. From 2005 to 2013, outflows typically fluctuated between 448 million and 2.391 billion US dollars. Starting in 2014, capital expenditure intensified, with annual outflows frequently exceeding 7 billion US dollars and peaking at 11.585 billion US dollars in 2022. A temporary reduction to 6.191 billion US dollars in 2023 was followed by a dramatic increase, reaching 61.641 billion US dollars in 2026.
- Financing Activity and Capital Structure
- Financing cash flows exhibit high volatility, shifting between net inflows and outflows. Notable periods of net borrowing or equity issuance are evident in 2007 and 2023, with the latter reflecting a 4.983 billion US dollar inflow during a period of depressed operating cash flow. Conversely, significant outflows occurred in 2018 (7.776 billion US dollars) and 2022 (2.980 billion US dollars), suggesting periods of debt repayment or shareholder returns.
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Per Share Data
Micron Technology Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Sep 3, 2026 | 75.38 | 74.33 | 0.53 |
| Aug 28, 2025 | 7.65 | 7.59 | 0.46 |
| Aug 29, 2024 | 0.70 | 0.70 | 0.46 |
| Aug 31, 2023 | -5.34 | -5.34 | 0.46 |
| Sep 1, 2022 | 7.81 | 7.75 | 0.32 |
| Sep 2, 2021 | 5.23 | 5.14 | 0.10 |
| Sep 3, 2020 | 2.42 | 2.37 | 0.00 |
| Aug 29, 2019 | 5.67 | 5.51 | 0.00 |
| Aug 30, 2018 | 12.27 | 11.51 | 0.00 |
| Aug 31, 2017 | 4.67 | 4.41 | 0.00 |
| Sep 1, 2016 | -0.27 | -0.27 | 0.00 |
| Sep 3, 2015 | 2.71 | 2.47 | 0.00 |
| Aug 28, 2014 | 2.87 | 2.54 | 0.00 |
| Aug 29, 2013 | 1.16 | 1.13 | 0.00 |
| Aug 30, 2012 | -1.04 | -1.04 | 0.00 |
| Sep 1, 2011 | 0.17 | 0.17 | 0.00 |
| Sep 2, 2010 | 2.09 | 1.85 | 0.00 |
| Sep 3, 2009 | -2.29 | -2.29 | 0.00 |
| Aug 28, 2008 | -2.10 | -2.10 | 0.00 |
| Aug 30, 2007 | -0.42 | -0.42 | 0.00 |
| Aug 31, 2006 | 0.59 | 0.57 | 0.00 |
| Sep 1, 2005 | 0.29 | 0.29 | 0.00 |
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), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01), 10-K (reporting date: 2015-09-03), 10-K (reporting date: 2014-08-28), 10-K (reporting date: 2013-08-29), 10-K (reporting date: 2012-08-30), 10-K (reporting date: 2011-09-01), 10-K (reporting date: 2010-09-02), 10-K (reporting date: 2009-09-03), 10-K (reporting date: 2008-08-28), 10-K (reporting date: 2007-08-30), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-09-01).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial data reveals a highly cyclical earnings pattern characterized by periods of extreme volatility, significant losses followed by rapid recoveries, and a recent shift toward consistent shareholder distributions.
- Earnings Per Share (EPS) Volatility and Cyclicality
- Basic and diluted earnings exhibit a recurring cycle of expansion and contraction. A significant downturn occurred between 2007 and 2009, with Basic EPS reaching a trough of -2.29 USD. This was followed by a recovery in 2010, though instability persisted through 2012. A period of sustained growth emerged between 2013 and 2015, peaking at 2.87 USD before a brief dip in 2016.
- The most pronounced growth phase occurred between 2017 and 2018, where Basic EPS surged to a peak of 12.27 USD. Subsequent years showed a downward trend until 2022, followed by a severe contraction in 2023, resulting in a loss of -5.34 USD per share. However, the most recent projections indicate an exponential recovery, with Basic EPS rising to 0.70 USD in 2024, 7.65 USD in 2025, and a projected 75.38 USD by 2026.
- Dividend Distribution Trends
- For the majority of the observed period from 2005 to 2020, no dividends were distributed. The initiation of dividend payments began in 2021 at 0.10 USD per share. Since the inception of this policy, there has been a steady upward trajectory, increasing to 0.32 USD in 2022 and stabilizing at 0.46 USD from 2023 through 2025, before a projected increase to 0.53 USD in 2026.
- Dilution Analysis
- Diluted earnings per share consistently track the movement of basic earnings per share, though they typically remain slightly lower, reflecting the impact of dilutive securities. The variance between basic and diluted figures is most apparent during high-growth periods, such as 2018 and the projected 2026 figures, indicating a consistent dilution effect across the company's operational cycles.
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