Micron Technology (MU) FY2019 results: revenue $23.4 billion, down 23.0% on the year
Micron Technology Inc. (MU) reported revenue of $23.4 billion for fiscal 2019, the year ended 29 August 2019, down 23.0% on the year before. Net income was $6.3 billion, down 55.3%, and diluted earnings per share $5.51. The figures are the company's own, from the 10-K it filed with the SEC on 17 October 2019.
Revenue
$23.4 billion
-23.0% on the year
FY2012FY2019
Operating margin
31.5%
49.3% a year earlier
FY2012FY2019
Net income
$6.3 billion
-55.3% on the year
FY2012FY2019
Diluted EPS
$5.51
-52.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
23,406
30,391
20,322
-23.0%
Cost of revenue
12,704
12,500
11,886
+1.6%
Gross profit
10,702
17,891
8,436
-40.2%
Gross margin
45.7%
58.9%
41.5%
Research and development
2,441
2,141
1,824
+14.0%
Selling, general and administrative
836
813
743
+2.8%
Operating income
7,376
14,994
5,868
-50.8%
Operating margin
31.5%
49.3%
28.9%
Interest expense
128
342
601
-62.6%
Pre-tax income
7,048
14,307
5,196
-50.7%
Income tax
693
168
114
+312.5%
Effective tax rate
9.8%
1.2%
2.2%
Net income
6,313
14,135
5,089
-55.3%
Net margin
27.0%
46.5%
25.0%
Diluted EPS
$5.51
$11.51
$4.41
-52.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
13,189
17,400
8,153
-24.2%
Capital expenditure
9,780
8,879
4,734
+10.1%
Free cash flow
3,409
8,521
3,419
-60.0%
Free cash flow margin
14.6%
28.0%
16.8%
Cash from investing
-10,085
-8,216
-7,537
Cash from financing
-2,438
-7,776
349
Depreciation and amortisation
5,424
4,759
3,861
+14.0%
Share-based compensation
243
198
215
+22.7%
Buybacks
2,729
71.0
36.0
+3,743.7%
Diluted shares, weighted
1,143m
1,229m
1,154m
-7.0%
Shares outstanding at period end
1,106m
1,161m
1,112m
-4.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
35,881
32,294
18,621
+11.1%
Non-controlling interest
889
870
849
+2.2%
Redeemable equity
0.0
3.0
21.0
Debt
5,851
4,636
11,134
+26.2%
Operating lease liabilities
0.0
n/a
n/a
Finance lease liabilities
368
n/a
n/a
Other liabilities
5,898
5,573
4,711
+5.8%
Total liabilities and equity
48,887
43,376
35,336
+12.7%
Fixed assets
28,240
23,672
19,431
+19.3%
Goodwill
1,228
1,228
1,228
0.0%
Intangible assets
340
331
387
+2.7%
Investments
1,967
769
936
+155.8%
Cash and equivalents
7,152
6,506
5,109
+9.9%
Receivables
2,778
5,056
3,490
-45.1%
Inventory
5,118
3,595
3,123
+42.4%
Other assets
2,064
2,219
1,632
-7.0%
Total assets
48,887
43,376
35,336
+12.7%
10-K for the year ended 29 August 2019, filed 17 October 2019: the filing.