Micron Technology (MU) FY2018 results: revenue $30.4 billion, up 49.5% on the year
Micron Technology Inc. (MU) reported revenue of $30.4 billion for fiscal 2018, the year ended 30 August 2018, up 49.5% on the year before. Net income was $14.1 billion, up 177.8%, and diluted earnings per share $11.51. The figures are the company's own, from the 10-K it filed with the SEC on 17 October 2019.
Revenue
$30.4 billion
+49.5% on the year
FY2011FY2018
Operating margin
49.3%
28.9% a year earlier
FY2011FY2018
Net income
$14.1 billion
+177.8% on the year
FY2011FY2018
Diluted EPS
$11.51
+161.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
30,391
20,322
12,399
+49.5%
Cost of revenue
12,500
11,886
9,894
+5.2%
Gross profit
17,891
8,436
2,505
+112.1%
Gross margin
58.9%
41.5%
20.2%
Research and development
2,141
1,824
1,617
+17.4%
Selling, general and administrative
813
743
659
+9.4%
Operating income
14,994
5,868
168
+155.5%
Operating margin
49.3%
28.9%
1.4%
Interest expense
342
601
437
-43.1%
Pre-tax income
14,307
5,196
-281
+175.3%
Income tax
168
114
19.0
+47.4%
Effective tax rate
1.2%
2.2%
n/a
Net income
14,135
5,089
-276
+177.8%
Net margin
46.5%
25.0%
-2.2%
Diluted EPS
$11.51
$4.41
-$0.27
+161.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
17,400
8,153
3,168
+113.4%
Capital expenditure
8,879
4,734
5,817
+87.6%
Free cash flow
8,521
3,419
-2,649
+149.2%
Free cash flow margin
28.0%
16.8%
-21.4%
Cash from investing
-8,216
-7,537
-3,044
Cash from financing
-7,776
349
1,745
Depreciation and amortisation
4,759
3,861
2,980
+23.3%
Share-based compensation
198
215
191
-7.9%
Buybacks
71.0
36.0
148
+97.2%
Diluted shares, weighted
1,229m
1,154m
1,036m
+6.5%
Shares outstanding at period end
1,161m
1,112m
1,094m
+4.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
32,294
18,621
12,080
+73.4%
Non-controlling interest
870
849
848
+2.5%
Redeemable equity
3.0
21.0
0.0
-85.7%
Debt
4,636
11,134
9,910
-58.4%
Other liabilities
5,573
4,711
4,702
+18.3%
Total liabilities and equity
43,376
35,336
27,540
+22.8%
Fixed assets
23,672
19,431
14,686
+21.8%
Goodwill
1,228
1,228
104
0.0%
Intangible assets
331
387
464
-14.5%
Investments
769
936
672
-17.8%
Cash and equivalents
6,506
5,109
4,140
+27.3%
Receivables
5,056
3,490
1,765
+44.9%
Inventory
3,595
3,123
2,889
+15.1%
Other assets
2,219
1,632
2,820
+36.0%
Total assets
43,376
35,336
27,540
+22.8%
10-K for the year ended 30 August 2018, filed 17 October 2019: the filing.