Micron Technology, Inc.

The grade, in three tenses

Headline 7.4 out of ten, 9 of 9 metrics filed: past 5.9 out of ten, present 7.9 out of ten, future 8.2 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.7 out of ten. +23.2% a year over 10 filed years; profitable in 9 of 10. 57th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 3.8 out of ten. Share count grew 1.5% a year. 2% of cash flow returned. Insiders: 335 sales, 3 purchases. 38th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 7.5 out of ten. ROE 61%: 61¢ of profit per shareholder dollar. Leverage 29%: owes 29¢ per asset dollar. 75th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 9.6 out of ten. top 4% of 97 in its family; net margin 63.8%. 96th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 6.2 out of ten. top 38% of 66 in its family for leadership; chief executive since 2017. 62nd percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.7 out of ten. top 33% of 94 in its family for room to expand. 67th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 9.3 out of ten. top 7% of 93 in its family for growth drivers. 93rd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 9.3 out of ten. top 7% of 88 in its family for expectations against reality. 93rd percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-10-09 for the period ended 2026-09-03 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-06-25 for the period ended 2026-05-28 (on EDGAR). Newest results release: Form 8-K filed 2026-09-30 (on EDGAR). Newest filing: Form 10-K, 2026-10-09. Filings on record since 1994. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2025-10-03; a newer annual report (Form 10-K, filed 2026-10-09) is on file; this read is of the one before it, until it is read again.

The people

Sanjay Mehrotra has run Micron as president and chief executive since May 2017 and has also chaired the board since January 2025. He co-founded SanDisk as a start-up in 1988 and was its chief executive from January 2011 until its sale to Western Digital in 2016; the proxy credits him with more than 70 patents, several of them foundational to high-capacity flash memory. Much of his senior team comes from the same lineage: Sumit Sadana, chief business officer since June 2017, who runs all the business units, from SanDisk; Manish Bhatia, head of global operations since October 2017, from Western Digital and SanDisk; Michael Cordano, head of worldwide sales since January 2025, formerly president and chief operating officer of Western Digital; and Michael Ray, chief legal officer since January 2024, who held the same post at Western Digital. [1, 2, 3, 4, 5, 6, 7, 8]

Two long-serving insiders run technology and people. Scott DeBoer joined in February 1995 and has been chief technology and products officer since October 2024; the proxy credits him with more than 120 patents, many used in today's DRAM processes. April Arnzen joined in December 1996 and became chief people officer in October 2020. Mark Murphy has been chief financial officer since April 2022, after serving as Qorvo's finance chief from June 2016, and he signed the quarterly report of June 2026 in that role; Scott Allen, who came from NetApp, has been chief accounting officer since October 2020. [9, 10, 11, 12, 13, 14]

The board has been led since January 2025 by Mehrotra as chairman and Lynn A. Dugle, former chairman and chief executive of Engility Holdings, as lead independent director. Its members include Robert H. Swan, Intel's chief executive from February 2019 to February 2021, and T. Mark Liu, who held leadership posts including executive chairman at TSMC and was appointed in March 2025. Richard Beyer and Mary Pat McCarthy gave notice in October 2025 that they would retire from the board at the annual meeting of January 2026. [15, 16, 17, 18, 19, 20, 21]

As of August 28, 2025, Micron had about 53,000 employees, located mainly in Asia, North America and Europe. Its headquarters are in Boise, Idaho, and its research and development centers are in Boise; San Jose, California; India; Japan; Taiwan; Singapore; China; Italy; Mexico; Germany; Malaysia; and other US sites. [22, 23, 24]

How it operates

Micron makes memory chips, in its own factories. Its main product is DRAM, the fast working memory in servers, PCs, phones and cars, which loses its contents when the power goes off; the second is NAND flash, which keeps data without power and goes into solid-state drives and phones; it also makes NOR chips that hold start-up code. It sells them as components, modules, solid-state drives, managed NAND, multi-chip packages and whole wafers, under the Micron and Crucial brands and through private labels. Its fastest-growing product is HBM, high-bandwidth memory: DRAM chips stacked in 3D and connected through the silicon, built for the heavy data traffic of AI and high-performance computing. [25, 26, 27, 28, 29, 30, 31]

Since a reorganization in the fourth quarter of fiscal 2025 it reports four business units. The Cloud Memory Business Unit, serving large hyperscale cloud customers and selling HBM to every data center customer, brought in 13.52 billion dollars in fiscal 2025. The Mobile and Client Business Unit, for phones and PCs, including Crucial products sold to consumers, brought in 11.86 billion. The Core Data Center Business Unit, for mid-sized clouds, enterprises and server makers and all data center storage, 7.23 billion. The Automotive and Embedded Business Unit, for cars, industry and consumer devices, 4.75 billion. [32, 33, 34, 35, 36, 37, 38, 39, 40, 41]

About half of revenue came from the ten largest customers in each of the last three years, and about half from the data center market. In fiscal 2025 one customer, mostly within the cloud memory unit, took 17%; in 2023 no single customer reached a tenth of revenue. By the location of customers' headquarters, the United States accounted for 64.5% of revenue, Taiwan 15.2% and China 7.1%, yet about 80% of revenue came from products shipped to customer locations outside the United States. Customers have generally avoided long-term fixed-price contracts: its long-term agreements have left price and quantity to be renegotiated periodically. [42, 43, 44, 45, 46, 47, 48]

Its chips are made on 300mm wafers in its own fabs, which generally run around the clock: wafer fabrication in Taiwan, Singapore, Japan and the United States, and assembly and test in Taiwan, Singapore, Malaysia, China and India. A majority of its DRAM output in fiscal 2025 came from its fabs in Taiwan. It relies on outside makers for controllers, analog chips and other components, on outsourced foundries and assembly and test providers for some steps, and on a limited number of suppliers, sometimes a single source, for some materials; China is a predominant producer of the rare earths and metals it uses. [49, 50, 51, 52, 53, 54]

The specifics

Its edge rests on process technology: each new generation packs more bits on a wafer and lowers the cost of each bit. In fiscal 2025 it began shipping its 1-gamma DRAM node, its first to use EUV lithography, while most DRAM bits came from the 1-beta node and most NAND bits from its G8 and G9 nodes. In HBM, 12-high stacks of HBM3E made up most shipments by the fourth quarter, and it sent samples of HBM4 to multiple key customers; the annual report says HBM4 is on schedule for volume production in calendar 2026. It has been granted over 60,000 patents, owned about 15,000 active US and 7,500 active foreign patents, and sells or licenses technology from time to time. [55, 56, 57, 58, 59, 60, 61, 62]

It names its rivals: Samsung Electronics, SK hynix, Kioxia, Sandisk, and two Chinese makers, ChangXin Memory Technologies (CXMT) and Yangtze Memory Technologies (YMTC), whose backing by the Chinese government and state-linked investors it sees as a threat of oversupply. Since May 2023 China's Cyberspace Administration has barred operators of critical information infrastructure in China from buying Micron products, which has cut into its revenue from companies headquartered in mainland China and Hong Kong, particularly in data center and networking. [63, 64, 65, 66]

It is building new fabs at home with public money: CHIPS Act grants of up to 6.4 billion dollars for fabs in Boise, Idaho, and Clay, New York, and to modernize its plant in Manassas, Virginia, plus a 35% investment tax credit. By its June 2026 quarterly report, the first Boise fab was projected to give its first DRAM wafers in mid-calendar 2027, construction of a second Idaho fab was planned for 2026, and the first New York fab had broken ground in January 2026. Abroad, it bought a fab in Tongluo, Taiwan, from Powerchip for 1.8 billion dollars in March 2026 and is building an HBM packaging plant in Singapore. [67, 68, 69, 70, 71, 72, 73, 74, 75]

What drives growth, line by line

DRAM Products. 28.6 billion dollars, 76.5% of fiscal 2025 revenue, up 62.3%. The filing credits average selling prices up in the low 40% range and bit shipments up by a mid-teen percentage, as AI demand outran industry supply and Micron shifted part of its DRAM supply to data center and hyperscale cloud customers, with emphasis on HBM. The cloud memory unit, where HBM is sold, grew 257% to 13.52 billion dollars, while the mobile and client unit grew only 2% because its supply was held back for higher-value segments. [48, 76, 77, 78, 79, 38, 80]

NAND Products. 8.5 billion dollars, 22.7% of revenue, up 17.7%, mainly on a high-teen percentage rise in bit shipments as demand grew. NAND's gross margin improved on lower manufacturing costs, and the company says it is keeping NAND supply growth and new nodes in line with its projections of demand. [48, 81, 82, 83]

Other Product Sales. The smallest line, at 297.0 million dollars, 0.8% of revenue, up 5.7% on the year. [48]

Together the lines lifted revenue 48.9% to 37.4 billion dollars, after a loss in 2023, and gross margin rose to 40% from 22% on higher DRAM prices, a richer mix including HBM, and lower manufacturing costs; operating income reached 9.8 billion dollars. [84, 85, 86]

The quarterly report for the three months to May 28, 2026 shows the rise steepening: revenue of 41,456 million dollars in that quarter alone, more than in all of fiscal 2025, up 346% on a year earlier as DRAM average selling prices rose in the low 260% range, and a gross margin of 85%. The company says AI demand in the data center is growing faster than it and the industry can add supply. [87, 88, 89, 90, 91, 92, 84]

What comes next, in the company's own words: it is signing multi-year strategic customer agreements on take-or-pay terms, with binding volumes and, in most, fixed prices or a floor and ceiling, and expects 22 billion dollars of cash deposits and related commitments from those concluded so far; it estimates capital spending of about 27 billion dollars in fiscal 2026. [93, 94, 95]

What the desk infers (inferred, not filed)

• The customer that took 17% of fiscal 2025 revenue most likely buys HBM for AI computing, which ties a large part of Micron's fastest-growing unit to one buyer's AI plans. Because: One customer took 17% of revenue in fiscal 2025, primarily within the Cloud Memory Business Unit; in 2024 the largest customer took 10%, spread across three units. [44] That unit serves large hyperscale cloud customers and sells HBM to all data center customers, and it grew 257% on AI demand for HBM, high-capacity modules and low-power server DRAM. [33, 79] The unit brought in 13.52 billion dollars, about a third of revenue, so a customer at 17% of the total would be a large share of it. [38, 44] HBM is built for AI and high-performance computing, and HBM4 samples went to multiple key customers to power next-generation AI platforms. [31, 60] Confidence 55 of 100. Wrong if: A filing, or the customer's own disclosure, showing that its purchases from Micron were mainly standard server memory rather than HBM.
• Micron's profits are set far more by the price of memory than by how much it ships, and the new multi-year take-or-pay agreements with price floors are its answer to that swing. Because: In fiscal 2025 DRAM sales rose 62% on average selling prices up in the low 40% range, with bit shipments up only a mid-teen percentage. [76] In the quarter to May 2026, DRAM sales rose 67% on the prior quarter on prices up in the low 60% range, with bit shipments up by a low single-digit percentage. [96, 87] Operating income swung from a loss of 5.7 billion dollars in fiscal 2023 to a profit of 9.8 billion in fiscal 2025. [84] Customers had long avoided fixed-price contracts; the new strategic agreements carry binding volumes and, in most, fixed prices or a floor and ceiling. [47, 93] Confidence 80 of 100. Wrong if: A period in which Micron's revenue rises sharply mainly on higher bit shipments while average selling prices hold flat, or strategic agreements that prove to carry no binding volumes or price floors.
• Most of the memory that Micron's American customers buy is delivered to their locations outside the United States, so the country counts for far more of its customers than of its shipments. Because: Customers headquartered outside the United States accounted for about a third of fiscal 2025 revenue, yet about 80% of revenue came from products shipped to customer locations outside the United States. [46] Customers headquartered in the United States accounted for 64.5% of revenue. [48, 45] The shipments abroad beyond what foreign-headquartered customers bought can only have gone to American customers' locations outside the United States. [46] Confidence 80 of 100. Wrong if: A filing showing that most revenue from US-headquartered customers was shipped to locations inside the United States.

Sources

1. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Mr. Mehrotra, 67, joined us in May 2017 as our President, Chief Executive Officer, and Director. Mr. Mehrotra has served as Chairman of our Board of Directors since January 2025. Mr. Mehrotra co-founded and led SanDisk Corporation as a start-up in 1988 until its eventual sale in May 2016, serving as its President and Chief Executive Officer from January 2011 to May 2016”
2. Micron Technology, Inc., Form DEF 14A filed 2025-11-25: “Mr. Mehrotra, our Chairman, President and Chief Executive Officer, has earned more than 70 patents during his 45 years in the semiconductor industry, several of which were foundational to enabling high-capacity flash memory. Mr. Mehrotra co-founded SanDisk in 1988 and led its growth ahead of its sale to Western Digital in 2016.”
3. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Mr. Sadana, 56, joined us in June 2017 as our Executive Vice President and Chief Business Officer. From April 2010 to May 2016, Mr. Sadana served in various roles at SanDisk Corporation, including Executive Vice President, Chief Strategy Officer, and General Manager, Enterprise Solutions, until it was acquired by Western Digital in May 2016.”
4. Micron Technology, Inc., Form DEF 14A filed 2025-11-25: “He is responsible for the Company’s P&L and leads all the Company’s business units, strategy and corporate business development, global communications and marketing, as well as Micron Ventures”
5. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Mr. Bhatia, 53, joined us in October 2017 as our Executive Vice President, Global Operations. From May 2016 to October 2017, Mr. Bhatia served as the Executive Vice President of Silicon Operations at Western Digital Corporation. From March 2010 to May 2016, Mr. Bhatia held several executive roles at SanDisk Corporation”
6. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Mr. Cordano, 61, joined us in January 2025 as our Executive Vice President, Worldwide Sales. Mr. Cordano served as Partner at Prime Impact Capital from September 2020 to December 2024 and as Co-Chief Executive Officer of Prime Impact Acquisition I from July 2020 to October 2023. Prior to that, from October 2015 to August 2020, Mr. Cordano served as the President and Chief Operating Officer of Western Digital Corporation.”
7. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Mr. Ray, 58, joined us in January 2024 as our Senior Vice President, Chief Legal Officer and Corporate Secretary. From September 2000 to January 2024, Mr. Ray served as the Chief Legal Officer of Western Digital Corporation”
8. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
9. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Dr. DeBoer, 59, joined us in February 1995 and has served in various leadership positions since that time. Dr. DeBoer was named Executive Vice President, Technology Development in June 2017, named Executive Vice President, Technology & Products in September 2019, and named Executive Vice President, Chief Technology and Products Officer in October 2024.”
10. Micron Technology, Inc., Form DEF 14A filed 2025-11-25: “Dr. DeBoer has earned more than 120 patents, many of which are instrumental in today’s DRAM processes and process integration.”
11. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Ms. Arnzen, 54, joined us in December 1996 and has served in various leadership positions since that time. Ms. Arnzen was named Senior Vice President, Human Resources in June 2017, named Chief People Officer in October 2020, and named Executive Vice President in October 2023.”
12. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Mr. Murphy, 58, joined us in April 2022 as Executive Vice President and Chief Financial Officer. From June 2016 to April 2022, Mr. Murphy served as the Chief Financial Officer of Qorvo, Inc.”
13. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “Date June 24, 2026 By: /s/ Mark Murphy Mark Murphy Executive Vice President and Chief Financial Officer”
14. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Mr. Allen, 57, joined us in September 2020 as Corporate Vice President of Accounting. Mr. Allen was named Corporate Vice President and Chief Accounting Officer in October 2020. From August 2016 to September 2020, Mr. Allen held several executive roles at NetApp, Inc.”
15. Micron Technology, Inc., Form DEF 14A filed 2025-11-25: “Our Board is currently led by Sanjay Mehrotra, as our Chairman, President and Chief Executive Officer, and Lynn A. Dugle, as our Lead Independent Director. Mr. Mehrotra and Ms. Dugle each assumed their role in January 2025.”
16. Micron Technology, Inc., Form DEF 14A filed 2025-11-25: “Micron’s Lead Independent Director; Former Chairman, Chief Executive Officer, and President of Engility Holdings Inc.”
17. Micron Technology, Inc., Form DEF 14A filed 2025-11-25: “Prior to that, Mr. Swan served at Intel Corporation, a semiconductor manufacturing company, as Chief Executive Officer from February 2019 to February 2021”
18. Micron Technology, Inc., Form DEF 14A filed 2025-11-25: “Mr. Liu’s experience holding operations leadership positions, including Executive Chairman, in Taiwan Semiconductor Manufacturing Company Limited”
19. Micron Technology, Inc., Form DEF 14A filed 2025-11-25: “except for Mr. Liu and Ms. Simons, who were appointed to the Board in March 2025.”
20. Micron Technology, Inc., Form DEF 14A filed 2025-11-25: “In October 2025, Mr. Beyer and Ms. McCarthy provided notice that they would retire from the Board and would not seek re-election at the Annual Meeting.”
21. Micron Technology, Inc., Form DEF 14A filed 2025-11-25: “will be held virtually on January 15, 2026, at 10:00 a.m., Mountain Standard Time”
22. Micron Technology, Inc., Form 10-K filed 2025-10-03: “As of August 28, 2025, we had approximately 53,000 employees located primarily in Asia, North America, and Europe.”
23. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Our R&D centers are located in Boise, Idaho; San Jose, California; India; Japan; Taiwan; Singapore; China; Italy; Mexico; Germany; Malaysia; and other sites in the United States.”
24. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Our corporate headquarters are located in Boise, Idaho.”
25. Micron Technology, Inc., Form 10-K filed 2025-10-03: “DRAM products lose content when power is turned off (“volatile”) and are most commonly used in the data center, client PC, graphics, industrial, mobile, and automotive markets.”
26. Micron Technology, Inc., Form 10-K filed 2025-10-03: “NAND products are non-volatile, re-writeable semiconductor storage devices that provide high-capacity, low-cost storage with a variety of performance characteristics. NAND is used in SSDs for the data center, client PC, consumer, and automotive markets, and in removable storage markets. Managed NAND is used in smartphones and other mobile devices”
27. Micron Technology, Inc., Form 10-K filed 2025-10-03: “NOR is most commonly used for reliable code storage (e.g., boot, application, operating system, and execute-in-place code in an embedded system)”
28. Micron Technology, Inc., Form 10-K filed 2025-10-03: “We sell our products through our business units into various markets in numerous forms, including components, modules, SSDs, managed NAND, multi-chip packages, and wafers.”
29. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Our semiconductor memory and storage products are offered under our Micron and Crucial brand names and through private labels.”
30. Micron Technology, Inc., Form 10-K filed 2025-10-03: “We manufacture our products at wholly-owned facilities and also utilize subcontractors for certain manufacturing processes.”
31. Micron Technology, Inc., Form 10-K filed 2025-10-03: “High-Bandwidth Memory (“HBM”): A 3D stacked DRAM architecture that utilizes through-silicon via (“TSV”) connections for more efficient communication giving it the ability to achieve a higher bandwidth while consuming less power compared to other memory types. This makes it ideal for applications that require high data throughput and energy efficiency, such as AI applications and high-performance computing.”
32. Micron Technology, Inc., Form 10-K filed 2025-10-03: “In the fourth quarter of 2025, we reorganized our business units.”
33. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Cloud Memory Business Unit (“CMBU”): Focused on memory solutions for large hyperscale cloud customers, and HBM for all data center customers.”
34. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Core Data Center Business Unit (“CDBU”): Focused on memory solutions for mid-tier cloud, enterprise, and OEM data center customers and storage solutions for all data center customers.”
35. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Mobile and Client Business Unit (“MCBU”): Focused on memory and storage solutions for the mobile and client segments.”
36. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Automotive and Embedded Business Unit (“AEBU”): Focused on memory and storage solutions for the automotive, industrial, and consumer segments.”
37. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Additionally, MCBU sales include our Crucial-branded SSDs and DRAM sold to the consumer market”
38. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Total reported CMBU revenue was $13.52 billion in 2025, $3.79 billion in 2024, and $1.87 billion in 2023.”
39. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Total reported CDBU revenue was $7.23 billion in 2025, $4.98 billion in 2024, and $2.12 billion in 2023.”
40. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Total reported MCBU revenue was $11.86 billion in 2025, $11.67 billion in 2024, and $7.39 billion in 2023.”
41. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Total reported AEBU revenue was $4.75 billion in 2025, $4.63 billion in 2024, and $4.14 billion in 2023.”
42. Micron Technology, Inc., Form 10-K filed 2025-10-03: “In each of the last three years, approximately one-half of our total revenue was from our top ten customers.”
43. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Among our end markets, approximately one-half of our total revenue was concentrated in the data center end market.”
44. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Revenue from one customer was 17% (primarily included in the CMBU segment) of total revenue for 2025. Revenue from one customer was 10% (primarily included in the MCBU, AEBU, and CMBU segments) of total revenue for 2024. No customer accounted for 10% or more of total revenue in 2023.”
45. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Revenue based on the geographic location of our customers’ headquarters was as follows”
46. Micron Technology, Inc., Form 10-K filed 2025-10-03: “In 2025, approximately one-third of our revenue was from sales to customers who have headquarters located outside the United States, while approximately 80% of our revenue in 2025 was from products shipped to customer locations outside the United States.”
47. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Due to volatile industry conditions, our customers are generally reluctant to enter into long-term, fixed-price purchase contracts. We typically enter into long-term agreements with our customers with acknowledgment that pricing, quantity, and other terms will be periodically negotiated to reflect market conditions and our customers’ demand for our products.”
48. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
49. Micron Technology, Inc., Form 10-K filed 2025-10-03: “We manufacture our products within our own facilities located in Taiwan, Singapore, Japan, the United States, Malaysia, China, and India and also utilize subcontractors to perform certain manufacturing processes. Our products are manufactured on 300mm wafers in facilities that generally operate 24 hours per day, seven days per week.”
50. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Taiwan R&D, wafer fabrication, component assembly and test, module assembly and test Singapore R&D, wafer fabrication, component assembly and test, module assembly and test United States R&D, wafer fabrication, reticle manufacturing Japan R&D, wafer fabrication Malaysia Component assembly and test, module assembly and test China Component assembly and test, module assembly and test India Component assembly and test, module assembly and test”
51. Micron Technology, Inc., Form 10-K filed 2025-10-03: “A majority of our DRAM production output in 2025 was from our fabrication facilities in Taiwan, and any loss of output could have a material adverse effect on us.”
52. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Our manufacturing processes are also dependent on our relationships with third-party manufacturers of controllers, analog integrated circuits, and other components used in some of our products and with outsourced semiconductor foundries, assembly and test providers, contract manufacturers”
53. Micron Technology, Inc., Form 10-K filed 2025-10-03: “However, only a limited number of suppliers are capable of delivering certain materials, components, and services that meet our standards and, in some cases, materials, components, or services are provided by a single or sole source”
54. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Although these rare earth and other materials are generally available from multiple suppliers, China is a predominant producer of these materials.”
55. Micron Technology, Inc., Form 10-K filed 2025-10-03: “We continue to make significant investments to develop proprietary product and process technology, which generally increases bit density per wafer and reduces per-bit manufacturing costs of each generation of product.”
56. Micron Technology, Inc., Form 10-K filed 2025-10-03: “In 2025, we began shipping the industry’s first 1γ (1-gamma) production node, which is our first DRAM node incorporating EUV lithography and offers further improvements in power efficiency, performance, and bit density compared to our prior DRAM node products. The majority of our DRAM bit production in 2025 was on our leading-edge 1ß (1-beta) node.”
57. Micron Technology, Inc., Form 10-K filed 2025-10-03: “The majority of our NAND bit production in 2025 was on leading-edge Micron G8 and G9 NAND nodes.”
58. Micron Technology, Inc., Form 10-K filed 2025-10-03: “In the fourth quarter of 2025, HBM3E 12-high represented the majority of our HBM shipments.”
59. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Our HBM4 technology is advancing and remains on schedule for volume production in calendar 2026.”
60. Micron Technology, Inc., Form 10-K filed 2025-10-03: “In 2025, we delivered samples of HBM4 36GB 12-high to multiple key customers to power next-generation AI platforms.”
61. Micron Technology, Inc., Form 10-K filed 2025-10-03: “As of August 28, 2025, we have been granted over 60,000 patents and we owned approximately 15,000 active U.S. patents and 7,500 active foreign patents.”
62. Micron Technology, Inc., Form 10-K filed 2025-10-03: “From time to time, we sell and/or license our technology to other parties”
63. Micron Technology, Inc., Form 10-K filed 2025-10-03: “We face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation; Sandisk Corporation; ChangXin Memory Technologies, Inc. (“CXMT”); and Yangtze Memory Technologies Co., Ltd. (“YMTC”).”
64. Micron Technology, Inc., Form 10-K filed 2025-10-03: “As a result, we face the threat of increasing competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC.”
65. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Following the May 2023 decision of its cybersecurity review of our products sold in China, the CAC determined that critical information infrastructure operators in China may not purchase Micron products, impacting our revenue with companies headquartered in mainland China and Hong Kong, including direct sales as well as indirect sales through distributors.”
66. Micron Technology, Inc., Form 10-K filed 2025-10-03: “The CAC decision has impacted our business, particularly in the domestic data center and networking markets in China, and we have been working to mitigate that impact.”
67. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “The grants under the funding agreements represent total CHIPS Act grants of up to $6.4 billion in connection with our U.S. manufacturing expansion and modernization projects.”
68. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “On December 9, 2024, we entered into direct funding agreements with the U.S. Department of Commerce for up to $6.1 billion in direct funding pursuant to the CHIPS Act for a planned fab in Boise, Idaho, and two planned fabs in Clay, New York.”
69. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “On June 11, 2025, we also entered into a direct funding agreement with the U.S. Department of Commerce for up to $275 million in direct funding to expand and modernize our fab in Manassas, Virginia.”
70. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “In addition to the CHIPS Act direct funding, we receive a 35% investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act.”
71. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “Construction of the fab began in October 2023, with first DRAM wafer output projected in mid-calendar 2027.”
72. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “We plan to begin construction of the second Idaho fab in 2026, and expect initial wafer output by late calendar 2028.”
73. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “In January 2026, we broke ground on our first New York fab, which will provide supply in 2030 and beyond.”
74. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “In March 2026, we completed the acquisition of a wafer fabrication facility in Tongluo, Miaoli County, Taiwan, from Powerchip Semiconductor Manufacturing Corporation for cash consideration of $1.8 billion.”
75. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “Singapore: We broke ground in January 2025 on an HBM advanced packaging facility to meaningfully expand our total advanced packaging capacity beginning in the first half of calendar 2027.”
76. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Sales of DRAM products increased 62% primarily due to a low-40% range increase in average selling prices and a mid-teen percentage increase in bit shipments.”
77. Micron Technology, Inc., Form 10-K filed 2025-10-03: “AI-driven demand is accelerating and is outpacing industry supply.”
78. Micron Technology, Inc., Form 10-K filed 2025-10-03: “During 2025, we shifted a portion of our DRAM supply to the data center and hyperscale cloud markets to meet the strong demand fueled by AI, with emphasis on HBM products, resulting in a revenue mix weighted more prominently toward segments experiencing higher growth.”
79. Micron Technology, Inc., Form 10-K filed 2025-10-03: “CMBU revenue increased 257% primarily due to increases in DRAM bit shipments and average selling prices driven by accelerating AI demand in cloud server markets for HBM, high-capacity dual in-line memory modules (“DIMMS”), and low-power server DRAM.”
80. Micron Technology, Inc., Form 10-K filed 2025-10-03: “MCBU revenue increased 2% primarily due to increases in DRAM and NAND revenue. Increases in MCBU DRAM sales due to higher average selling prices were partially offset by decreases in bit shipments as MCBU product supply was constrained to meet demand from higher-value segments.”
81. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Sales of NAND products increased 18% primarily due to a high-teen percentage increase in bit shipments.”
82. Micron Technology, Inc., Form 10-K filed 2025-10-03: “In 2025, NAND revenue increased from 2024 on higher bit shipments due to demand growth. The 2025 NAND gross margin percentage increased from 2024 due to cost reductions.”
83. Micron Technology, Inc., Form 10-K filed 2025-10-03: “We continue to prudently manage our NAND business to ensure we align our supply growth and technology node cadence with our projections of the demand environment.”
84. The record on this page: the filed annual figures (EDGAR's company facts)
85. Micron Technology, Inc., Form 10-K filed 2025-10-03: “Our consolidated gross margin percentage improved to 40% for 2025 from 22% for 2024 as a result of improvements in margins for both DRAM and NAND products.”
86. Micron Technology, Inc., Form 10-K filed 2025-10-03: “DRAM margins improved primarily due to increases in average selling prices, an increased mix of higher-margin products, including HBM, and manufacturing cost reductions driven by improvements in product and process technology.”
87. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “For the quarterly period ended May 28, 2026”
88. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “Revenue $ 41,456 100 % $ 23,860 100 % $ 9,301 100 % $ 78,959 100 % $ 26,063 100”
89. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “Total revenue for the third quarter of 2026 increased 346% as compared to the third quarter of 2025, primarily due to increases in sales of both DRAM and NAND products.”
90. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “Sales of DRAM products increased 343%, primarily due to a low-260% range increase in average selling prices and a low-20% range increase in bit shipments.”
91. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “Our consolidated gross margin percentage increased to 85% for the third quarter of 2026 from 74% for the second quarter of 2026 as a result of improvements in margins for both DRAM and NAND products.”
92. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “The AI-driven growth in the data center has accelerated demand for memory and storage at a rate greater than our ability and the industry’s ability to increase supply.”
93. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “Strategic customer agreements are structured as take-or-pay agreements, with binding commitments for specific volumes over the multi-year contract terms. Pricing for most agreements is either fixed, or is subject to minimum and maximum pricing.”
94. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “In connection with these strategic customer agreements, we expect to receive cash deposits and related financial commitments of $22 billion for agreements concluded to date.”
95. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “We estimate capital expenditures for property, plant, and equipment, net of proceeds from government incentives, to be approximately $27 billion in 2026.”
96. Micron Technology, Inc., Form 10-Q filed 2026-06-25: “Sales of DRAM products increased 67%, primarily due to a low-60% range increase in average selling prices and a low-single-digit percentage range increase in bit shipments.”

Where the revenue comes from

Product and service lines in fiscal 2025: DRAM Products 77%, NAND Products 23%, Other Product Sales 1%. By geography: United States 65%, Taiwan 15%, China 7%, Other Asia Pacific 5%, Hong Kong 3%, Japan 2%. As tagged in its annual report (Form 10-K, filed 2025-10-03).

Who runs it

Mehrotra, Sanjay (President and CEO); Murphy, Mark J. (EVP & Chief Financial Officer); Sadana, Sumit (EVP and Chief Business Officer); Allen, Scott R. (CVP, Chief Accounting Officer); Arnzen, April S (EVP and Chief People Officer); Ray, Michael Charles (SVP, Chief Legal Officer); Cordano, Michael D (EVP, Worldwide Sales); Bhatia, Manish H (EVP, Global Operations); Deboer, Scott J (EVP, CTO and Products Officer); Bjorlin, Alexis (director); and 9 more. 19 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-02.

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