Micron Technology Inc

Company facts

Industry

Semiconductors & Related Devices

Headquarters

Boise, Idaho

Most recent report

8-K, filed Aug 26, 2026

Incorporated

Delaware

Filings on record

1,001+ filings

On EDGAR

CIK 723125

Fiscal year ends

September

Filer status

Large accelerated filer

What to read: May 2026 10-Q

SECSift found 4 of 10 sections worth reading, with 3 positive, 13 notable, and 3 negative flags.

• Financial Statements (Item 1)

  Core financials with massive revenue growth, debt paydown, and new strategic contracts.
  Positive

  • Remaining performance obligations now $5B, up from not material, with take-or-pay.
  Notable

  • Post-period: bought non-marketable equity in a leading AI company.
  • Acquired wafer fab in Taiwan for $1.8B cash in March 2026.
  • Debt prepayment of $8.5B principal incurred $500M loss in nine months.
  • Revolver reduced from $3.5B to $2.0B on May 6, 2026, no borrowings.
  • Dividend raised to $0.15/sh in Q3 2026 from $0.115.
  • Consideration payable to customers $3.32B, up from $1.19B.
  • Income taxes payable in noncurrent liabilities $5.79B, up from $648M.

• Management's Discussion (Item 2)

  Extraordinary revenue and margin expansion; strategic agreements transform business model.
  Positive

  • Cash and investments $30.13B as of May 28, 2026, up from $11.94B as of Aug 28, 2025.
  • Expect $22B in cash deposits and commitments from strategic customer agreements, including $18B cash.
  Notable

  • Capex estimated ~$27B in 2026, up from 'above $25B' in prior quarter, reflecting aggressive expansion.
  • Repurchased $650M of common stock (2.5M shares) under $10B authorization; $7.84B used total.

• Risk Factors (Item 1A)

  Key company-specific facts: ASP surges, debt drop, trade probes, customer/data center concentration.
  Notable

  • DRAM ASP up 140%, NAND ASP up 130% in first nine months 2026 vs 2025, highlighting huge cyclicality.
  • CHIPS Act direct funding expanded: Virginia fab added in June 2025, subject to conditions and possible clawbacks.
  • Debt carrying value $5.72B as of May 28, 2026, down from $10.14B as of Feb 26, 2026; revolver cut from $3.50B to $2.00B.
  Negative

  • China CAC ban on Micron products (May 2023) continues to impact revenue inside/outside China; further actions possible.
  • Top 10 customers made >50% of 2025 revenue; data center end market ~50% of revenue, high concentration risk.
  • New Section 232 (Apr 2025) and Section 301 (Feb 2026) trade investigations could lead to tariffs/restrictions on semiconductors.

• Unregistered Sales and Repurchases (Item 2)

  Buybacks stopped entirely this quarter after $350M last quarter.
  Notable

  • No share repurchases in Q3 2026, down from $350 million in Q2 2026, with $2.16B still authorized.

What changed: May 2026 vs. Feb 2026

About 5% of MU's May 2026 10-Q is new information. 26 paragraphs were added, 124 changed, and 47 removed. Below are the most important lines SECSift identified.

• Item 2 62
• Item 1 36
• Item 1A 19
• Item 5 3
• Item 3 1
• Item 4 1