Micron Technology Inc

Company facts

Industry

Semiconductors & Related Devices

Headquarters

Boise, Idaho

Most recent report

10-K, filed Oct 9, 2026

Incorporated

Delaware

Filings on record

1,003+ filings

On EDGAR

CIK 723125

Fiscal year ends

September

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 6 of 27 sections worth reading, with 10 positive, 20 notable, and 8 negative flags.

• Business (Item 1)

  Massive revenue growth, tech milestones, and competitive risks demand attention.
  Positive

  • DRAM revenue grew 252% to $100.68B in FY2026 from $28.58B in FY2025.
  • NAND revenue grew 274% to $31.79B in FY2026 from $8.50B in FY2025.
  • CMBU revenue tripled to $43.09B in FY2026 from $13.52B in FY2025, driven by HBM and DDR5.
  • CDBU revenue surged to $37.59B in FY2026 from $7.23B in FY2025, led by data center SSDs and DDR5.
  • MCBU revenue grew to $36.60B in FY2026 from $11.86B in FY2025, driven by mobile LPDDR and client SSDs.
  • AEBU revenue grew to $15.89B in FY2026 from $4.75B in FY2025, led by automotive and industrial memory.
  Notable

  • Began volume production of HBM4 36GB 12-high in FY2026 and sampled HBM4 48GB 16-high to key customers.
  • Exited Crucial consumer retail brand in December 2025; ongoing components business supplies DRAM and NAND to channel partners.
  • Top ten customers accounted for about half of revenue in each of the last three years.
  • Over 62,000 patents granted; ~15,500 active U.S. patents and 8,000 active foreign patents as of September 2026.
  • Announced Micron Research Labs with ~$10B planned investment over a decade to advance memory and semiconductor tech.
  • Manish Bhatia named President and COO in August 2026; Scott DeBoer named President and Chief Technology and Products Officer.
  Negative

  • Chinese government provides significant financial support to competitors CXMT and YMTC, threatening oversupply and pricing.

• Risk Factors (Item 1A)

  Dense with quantified company-specific risks: customer concentration, CAC ban, Taiwan dependency, debt, buyback.
  Notable

  • CHIPS Act direct funding agreements for Idaho, New York, Virginia fabs are subject to conditions and may not be received.
  • Board authorized increase in share repurchases to $35.16B from Dec 9, 2026. $2.16B remains from prior $10B authorization.
  Negative

  • CAC determined Chinese critical info infrastructure operators may not purchase Micron products, impacting revenue.
  • Majority of 2026 DRAM production from Taiwan facilities. Any loss of output could be material.
  • Over half of 2026 revenue from top 10 customers; 60% from data center end market. High concentration risk.
  • 60% of 2026 revenue from data center end market. Disruption in data center build-outs could severely impact revenue.
  • Labor disputes: union organizing, collective bargaining, potential strike actions could disrupt manufacturing output.
  • Debt of $5.18B as of Sep 3, 2026, plus $2.00B revolver. Debt obligations could restrict cash flow and flexibility.

• Properties (Item 2)

  Company-specific expansion plans, CHIPS Act funding, facility timelines and costs.
  Notable

  • First DRAM output from Boise projected mid-cal 2027; second Idaho fab output late cal 2028.
  • Up to $6.4B in CHIPS Act grants secured, plus 35% investment tax credit (as of June 2025).
  • Acquired a wafer fab in Taiwan from Powerchip for $1.8 billion in March 2026.

• Market for the Stock (Item 5)

  Major $35.16B buyback authorization increase and new $0.15 dividend disclosed.
  Positive

  • Board authorized $35.16B total repurchase program, with $33.2B adjusted free cash flow in Q4 2026 supporting it.
  Notable

  • Quarterly dividend of $0.15 declared, payable October 29, 2026; company expects to continue dividends.
  • Repurchases restricted by CHIPS Act agreements; limited timing and amount conditions apply.
  • No common stock repurchased in Q4 2026, with $2.16 billion still available from the prior authorization.

• Management's Discussion (Item 7)

  MD&A with FY2026 results, liquidity, and capex specifics for Micron.
  Positive

  • Revenue $133.2B in FY2026, up 256% from FY2025 due to AI-fueled DRAM/NAND ASP and volume increases.
  • Gross margin improved to 81% in FY2026 from 40% in FY2025, driven by higher ASPs and cost reductions.
  • Cash and marketable investments totaled $73.45B at Sep 2026, up from $11.94B at Aug 2025.
  Notable

  • Received $12.75B in cash deposits in FY2026 from strategic customer agreements (take-or-pay, multi-year).
  • Capex expected at $11.5B in Q1 FY2027, $25B in first six months FY2027, with higher spending in second half.

• Financial Statements (Item 8)

  Financials show massive revenue growth, debt paydown, and customer prepayments; German court order a real risk.
  Notable

  • Repaid $8.77B in debt principal in FY2026, incurring a $510M loss on extinguishment.
  • Stock buyback authorization increased to $35.16B, effective Dec 9, 2026.
  • Government incentives reduced property, plant, and equipment by $10.93B, $6.43B in FY2026 alone.
  • Singapore tax incentives net benefit of $2.21B after OECD Pillar Two top-up taxes in FY2026.
  Negative

  • German court ordered Micron to stop selling certain 3D NAND products in Germany; appeal filed.

What changed: FY2026 vs. FY2025

About 12% of MU's FY2026 10-K is new information. 106 paragraphs were added, 322 changed, and 203 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 112
• Risk Factors (Item 1A) 97
• Business (Item 1) 67
• Management's Discussion (Item 7) 56
• Properties (Item 2) 15
• Form 10-K Summary (Item 16) 12
• Market for the Stock (Item 5) 9
• Cybersecurity (Item 1C) 4
• Market Risk (Item 7A) 3
• Other Information (Item 9B) 2
• Exhibits (Item 15) 1