Micron Technology (MU) FY2016 results: revenue $12.4 billion, down 23.4% on the year
Micron Technology Inc. (MU) reported revenue of $12.4 billion for fiscal 2016, the year ended 1 September 2016, down 23.4% on the year before. Net income was -$276 million, and diluted earnings per share $-0.27. The figures are the company's own, from the 10-K it filed with the SEC on 28 October 2016.
Revenue
$12.4 billion
-23.4% on the year
FY2009FY2016
Operating margin
1.4%
18.5% a year earlier
FY2009FY2016
Net income
-$276 million
FY2009FY2016
Diluted EPS
-$0.27
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
12,399
16,192
16,358
-23.4%
Cost of revenue
9,894
10,977
10,921
-9.9%
Gross profit
2,505
5,215
5,437
-52.0%
Gross margin
20.2%
32.2%
33.2%
Research and development
1,617
1,540
1,371
+5.0%
Selling, general and administrative
659
719
707
-8.3%
Operating income
168
2,998
3,087
-94.4%
Operating margin
1.4%
18.5%
18.9%
Interest expense
437
371
352
+17.8%
Pre-tax income
-281
2,609
2,733
Income tax
19.0
157
128
-87.9%
Effective tax rate
n/a
6.0%
4.7%
Net income
-276
2,899
3,045
Net margin
-2.2%
17.9%
18.6%
Diluted EPS
-$0.27
$2.47
$2.54
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
3,168
5,208
5,699
-39.2%
Capital expenditure
5,817
4,021
3,107
+44.7%
Free cash flow
-2,649
1,187
2,592
Free cash flow margin
-21.4%
7.3%
15.8%
Cash from investing
-3,044
-6,216
n/a
Cash from financing
1,745
-718
n/a
Depreciation and amortisation
2,980
2,805
2,270
+6.2%
Share-based compensation
191
168
115
+13.7%
Buybacks
148
884
76.0
-83.3%
Diluted shares, weighted
1,036m
1,170m
1,198m
-11.5%
Shares outstanding at period end
1,094m
1,084m
1,073m
+0.9%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
12,080
12,302
10,771
-1.8%
Non-controlling interest
848
937
802
-9.5%
Redeemable equity
0.0
49.0
n/a
Debt
9,910
7,341
6,511
+35.0%
Other liabilities
4,702
3,514
4,332
+33.8%
Total liabilities and equity
27,540
24,143
22,416
+14.1%
Fixed assets
14,686
10,554
8,682
+39.2%
Goodwill
104
n/a
n/a
Intangible assets
464
449
468
+3.3%
Investments
672
3,347
1,203
-79.9%
Cash and equivalents
4,140
2,287
4,150
+81.0%
Receivables
1,765
2,188
2,524
-19.3%
Inventory
2,889
2,340
2,455
+23.5%
Other assets
2,820
2,978
2,934
-5.3%
Total assets
27,540
24,143
22,416
+14.1%
10-K for the year ended 1 September 2016, filed 28 October 2016: the filing.