Analysis of Reportable Segments
Micron Technology Inc. operates in 4 segments: Cloud Memory Business Unit (CMBU); Core Data Center Business Unit (CDBU); Mobile and Client Business Unit (MCBU); and Automotive and Embedded Business Unit (AEBU).
Segment Profit Margin
Micron Technology Inc., profit margin by reportable segment
| Sep 3, 2026 | Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | |
|---|---|---|---|---|---|---|
| Cloud Memory Business Unit (CMBU) | 72.47% | 45.32% | 6.43% | -41.03% | — | — |
| Core Data Center Business Unit (CDBU) | 78.58% | 30.16% | 5.12% | -26.51% | — | — |
| Mobile and Client Business Unit (MCBU) | 79.80% | 16.70% | -0.01% | -43.13% | — | — |
| Automotive and Embedded Business Unit (AEBU) | 70.61% | 11.72% | 9.33% | 16.43% | — | — |
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).
A comprehensive analysis of segment profit margins reveals a sharp cyclical recovery starting from a low point in 2023, with all business units projected to reach substantial profitability by 2026.
- Cloud Memory Business Unit (CMBU)
- A significant turnaround is observed, moving from a deficit of -41.03% in 2023 to a projected margin of 72.47% by 2026. The most rapid expansion occurs between 2024 and 2025, during which margins increase by approximately 38.89 percentage points.
- Core Data Center Business Unit (CDBU)
- The margin profile follows a strong recovery trajectory, rebounding from -26.51% in 2023 to 78.58% by 2026. This segment exhibits a consistent and accelerating growth rate over the analyzed period.
- Mobile and Client Business Unit (MCBU)
- This unit experienced the deepest margin contraction in 2023 at -43.13%. While the initial recovery was gradual, reaching a near-break-even point of -0.01% in 2024, it is projected to undergo the most aggressive growth between 2025 and 2026, peaking at 79.80%.
- Automotive and Embedded Business Unit (AEBU)
- Unlike the other segments, this unit maintained positive margins throughout the entire period, acting as a relative stabilizer during the 2023 downturn. Following a moderate decline to 9.33% in 2024, margins are projected to surge to 70.61% by 2026.
The overall trend indicates a transition from a period of severe operational headwinds in 2023 to a high-margin environment. By 2026, a convergence is observed across all business units, with margins clustering between 70% and 80%, suggesting a systemic improvement in pricing power or operational efficiency across the entire product portfolio.
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Segment Profit Margin: Cloud Memory Business Unit (CMBU)
Micron Technology Inc.; Cloud Memory Business Unit (CMBU); segment profit margin calculation
| Sep 3, 2026 | Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | 31,225) | 6,129) | 244) | (768) | —) | —) |
| Revenue | 43,085) | 13,524) | 3,792) | 1,872) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 72.47% | 45.32% | 6.43% | -41.03% | — | — |
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).
1 2026 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenue
= 100 × 31,225 ÷ 43,085 = 72.47%
The Cloud Memory Business Unit (CMBU) has experienced a period of aggressive financial expansion and margin recovery between 2023 and 2026. The segment transitioned from a significant operating loss to a state of high profitability, characterized by exponential growth in both top-line revenue and bottom-line operating income.
- Revenue Growth Trajectory
- Revenue increased consistently over the analyzed period, rising from 1,872 million US dollars in 2023 to 43,085 million US dollars by 2026. This represents a substantial scaling of operations, with the most significant acceleration occurring between 2024 and 2026.
- Operating Income Recovery
- The segment shifted from an operating loss of 768 million US dollars in 2023 to an operating income of 31,225 million US dollars in 2026. The recovery began in 2024 as the unit achieved a positive operating result of 244 million US dollars, followed by rapid growth in subsequent years.
- Segment Profit Margin Expansion
- Profit margins underwent a dramatic transformation, moving from -41.03% in 2023 to 72.47% in 2026. The margin improved to 6.43% in 2024 and further expanded to 45.32% in 2025, indicating a significant increase in operational efficiency and pricing power as the segment scaled.
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Segment Profit Margin: Core Data Center Business Unit (CDBU)
Micron Technology Inc.; Core Data Center Business Unit (CDBU); segment profit margin calculation
| Sep 3, 2026 | Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | 29,539) | 2,180) | 255) | (563) | —) | —) |
| Revenue | 37,592) | 7,229) | 4,984) | 2,124) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 78.58% | 30.16% | 5.12% | -26.51% | — | — |
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).
1 2026 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenue
= 100 × 29,539 ÷ 37,592 = 78.58%
The Core Data Center Business Unit (CDBU) has demonstrated a trajectory of exponential growth and rapid margin expansion over the four-year period ending September 2026. The segment transitioned from a position of operational loss to achieving exceptional profitability, characterized by a surge in both top-line revenue and bottom-line operating income.
- Revenue Growth Trends
- Revenue experienced a consistent and accelerating upward trend, rising from US$ 2,124 million in 2023 to US$ 37,592 million by 2026. The most significant increase occurred between 2025 and 2026, where revenue expanded by more than fivefold, indicating a massive scaling of the business unit's market reach or product demand.
- Operating Income Recovery and Acceleration
- A complete operational turnaround is observed, moving from an operating loss of US$ 563 million in 2023 to an operating profit of US$ 29,539 million in 2026. The transition to profitability began in 2024, followed by an aggressive escalation in earnings that outpaced the rate of revenue growth.
- Segment Profit Margin Expansion
- The segment profit margin reflects a dramatic improvement in operational efficiency and pricing power. Starting at -26.51% in 2023, the margin shifted to 5.12% in 2024, climbed to 30.16% in 2025, and reached a peak of 78.58% in 2026. This progression suggests a transition from an initial investment or loss-heavy phase to a highly optimized, high-margin operational model.
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Segment Profit Margin: Mobile and Client Business Unit (MCBU)
Micron Technology Inc.; Mobile and Client Business Unit (MCBU); segment profit margin calculation
| Sep 3, 2026 | Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | 29,208) | 1,981) | (1) | (3,189) | —) | —) |
| Revenue | 36,601) | 11,859) | 11,667) | 7,394) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 79.80% | 16.70% | -0.01% | -43.13% | — | — |
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).
1 2026 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenue
= 100 × 29,208 ÷ 36,601 = 79.80%
The Mobile and Client Business Unit (MCBU) demonstrated a significant financial turnaround and aggressive growth trajectory between 2023 and 2026. The segment transitioned from a state of substantial operating losses to a period of exceptional profitability, characterized by an exponential increase in both top-line revenue and bottom-line operating income.
- Revenue Growth Trends
- Revenue exhibited a consistent upward trend, rising from 7,394 million US dollars in 2023 to 11,667 million US dollars in 2024, and reaching 11,859 million US dollars in 2025. A period of rapid acceleration followed, with revenue surging to 36,601 million US dollars by 2026, representing a substantial expansion in market scale or pricing power.
- Operating Income Recovery
- The operating income shifted from a deep deficit of 3,189 million US dollars in 2023 to a near break-even position of negative 1 million US dollars in 2024. This recovery progressed into positive territory with 1,981 million US dollars in 2025, culminating in a sharp increase to 29,208 million US dollars in 2026.
- Segment Profit Margin Expansion
- Profit margins underwent a dramatic correction and expansion. The initial margin of -43.13% in 2023 improved to -0.01% in 2024, indicating a successful stabilization of costs relative to revenue. Subsequent growth led to a margin of 16.70% in 2025 and an extraordinary peak of 79.80% in 2026, reflecting highly efficient operations and significantly enhanced profitability per unit of revenue.
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Segment Profit Margin: Automotive and Embedded Business Unit (AEBU)
Micron Technology Inc.; Automotive and Embedded Business Unit (AEBU); segment profit margin calculation
| Sep 3, 2026 | Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | 11,217) | 557) | 432) | 680) | —) | —) |
| Revenue | 15,886) | 4,753) | 4,631) | 4,139) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 70.61% | 11.72% | 9.33% | 16.43% | — | — |
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).
1 2026 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenue
= 100 × 11,217 ÷ 15,886 = 70.61%
The Automotive and Embedded Business Unit (AEBU) exhibited a period of initial volatility and moderate growth followed by an exponential increase in both scale and profitability between 2023 and 2026.
- Revenue Trajectory
- Revenue demonstrated steady growth from 2023 to 2025, rising from US$ 4,139 million to US$ 4,753 million. This gradual increase was followed by a massive surge in 2026, where revenue climbed to US$ 15,886 million, indicating a significant expansion in market demand or volume.
- Operating Income Performance
- Operating income experienced a contraction in 2024, falling to US$ 432 million from US$ 680 million in 2023. A modest recovery was observed in 2025, with income rising to US$ 557 million, before an unprecedented increase to US$ 11,217 million in 2026.
- Segment Profit Margin Volatility
- The profit margin declined from 16.43% in 2023 to 9.33% in 2024, reflecting a period of compressed profitability. Although a slight improvement to 11.72% occurred in 2025, the margin escalated sharply to 70.61% in 2026. This suggests a radical shift in the operational cost structure or the introduction of exceptionally high-margin products during the final analyzed period.
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Revenue
Micron Technology Inc., revenue by reportable segment
US$ in millions
| Sep 3, 2026 | Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | |
|---|---|---|---|---|---|---|
| Cloud Memory Business Unit (CMBU) | 43,085) | 13,524) | 3,792) | 1,872) | —) | —) |
| Core Data Center Business Unit (CDBU) | 37,592) | 7,229) | 4,984) | 2,124) | —) | —) |
| Mobile and Client Business Unit (MCBU) | 36,601) | 11,859) | 11,667) | 7,394) | —) | —) |
| Automotive and Embedded Business Unit (AEBU) | 15,886) | 4,753) | 4,631) | 4,139) | —) | —) |
| All Other | 24) | 13) | 37) | 11) | —) | —) |
| Total | 133,188) | 37,378) | 25,111) | 15,540) | —) | —) |
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).
Total revenue exhibits an exponential growth trajectory, increasing from 15,540 million US dollars in 2023 to 133,188 million US dollars by 2026. The most significant acceleration occurs between 2025 and 2026, where total revenue expands by approximately 256% within a single fiscal year.
- Cloud Memory Business Unit (CMBU)
- This segment demonstrates the most aggressive growth profile of all reportable segments. Revenue increased from 1,872 million US dollars in 2023 to 43,085 million US dollars in 2026. This unit transitioned from a minor contributor in 2023 to the largest single source of revenue by 2026.
- Core Data Center Business Unit (CDBU)
- Revenue for this unit grew from 2,124 million US dollars in 2023 to 7,229 million US dollars in 2025, followed by a sharp escalation to 37,592 million US dollars in 2026. This indicates a highly concentrated surge in demand for data center solutions in the final period.
- Mobile and Client Business Unit (MCBU)
- As the largest revenue contributor in 2023 at 7,394 million US dollars, this segment experienced moderate growth through 2025 before rising substantially to 36,601 million US dollars in 2026.
- Automotive and Embedded Business Unit (AEBU)
- This segment remained the most stable between 2023 and 2025, with revenue moving from 4,139 million US dollars to 4,753 million US dollars. Like other segments, it experienced a significant jump in 2026, reaching 15,886 million US dollars.
- All Other
- Revenue from other sources remained immaterial throughout the period, fluctuating between 11 million and 37 million US dollars, and contributing negligibly to the total revenue mix.
The revenue composition undergoes a fundamental shift over the analyzed period. The reliance on the Mobile and Client Business Unit, which dominated the 2023 revenue share, is replaced by a diversified but cloud-centric growth model. By 2026, the Cloud Memory and Core Data Center units combined represent the vast majority of total revenue, signaling a strategic pivot or market shift toward high-capacity infrastructure and cloud computing memory requirements.
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Operating income (loss)
Micron Technology Inc., operating income (loss) by reportable segment
US$ in millions
| Sep 3, 2026 | Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | |
|---|---|---|---|---|---|---|
| Cloud Memory Business Unit (CMBU) | 31,225) | 6,129) | 244) | (768) | —) | —) |
| Core Data Center Business Unit (CDBU) | 29,539) | 2,180) | 255) | (563) | —) | —) |
| Mobile and Client Business Unit (MCBU) | 29,208) | 1,981) | (1) | (3,189) | —) | —) |
| Automotive and Embedded Business Unit (AEBU) | 11,217) | 557) | 432) | 680) | —) | —) |
| All Other | 2) | (1) | 18) | 8) | —) | —) |
| Unallocated | (1,851) | (1,076) | 356) | (1,913) | —) | —) |
| Total | 99,340) | 9,770) | 1,304) | (5,745) | —) | —) |
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 total operating income demonstrates a significant turnaround, evolving from a loss of US$ 5,745 million in 2023 to a substantial gain of US$ 99,340 million by 2026. This trajectory indicates a rapid recovery phase starting in 2024, followed by an exponential expansion in profitability across nearly all business units.
- Cloud Memory and Core Data Center Business Units
- Both segments exhibit nearly identical growth patterns. The Cloud Memory Business Unit (CMBU) transitioned from a loss of US$ 768 million in 2023 to US$ 31,225 million in 2026. Similarly, the Core Data Center Business Unit (CDBU) moved from a loss of US$ 563 million in 2023 to US$ 29,539 million in 2026, suggesting a high correlation in demand drivers for cloud and data center infrastructure.
- Mobile and Client Business Unit (MCBU)
- This unit experienced the most severe volatility, recording the largest segment loss of US$ 3,189 million in 2023. It demonstrated a stark reversal, reaching a near-breakeven state of -US$ 1 million in 2024 before surging to US$ 29,208 million by 2026.
- Automotive and Embedded Business Unit (AEBU)
- The AEBU remained the only consistently profitable segment during the 2023 downturn, reporting US$ 680 million. While growth remained relatively stable through 2025, a significant spike occurred in 2026, with operating income increasing to US$ 11,217 million.
- Unallocated and Other Items
- Unallocated costs consistently acted as a drag on total operating income, with losses of US$ 1,913 million in 2023 and US$ 1,851 million in 2026. The "All Other" category remained negligible throughout the period, contributing minimally to the overall financial result.
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