Micron Technology (MU) FY2020 results: revenue $21.4 billion, down 8.4% on the year
Micron Technology Inc. (MU) reported revenue of $21.4 billion for fiscal 2020, the year ended 3 September 2020, down 8.4% on the year before. Net income was $2.7 billion, down 57.4%, and diluted earnings per share $2.37. The figures are the company's own, from the 10-K it filed with the SEC on 19 October 2020.
Revenue
$21.4 billion
-8.4% on the year
FY2013FY2020
Operating margin
14.0%
31.5% a year earlier
FY2013FY2020
Net income
$2.7 billion
-57.4% on the year
FY2013FY2020
Diluted EPS
$2.37
-57.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
21,435
23,406
30,391
-8.4%
Cost of revenue
14,883
12,704
12,500
+17.2%
Gross profit
6,552
10,702
17,891
-38.8%
Gross margin
30.6%
45.7%
58.9%
Research and development
2,600
2,441
2,141
+6.5%
Selling, general and administrative
881
836
813
+5.4%
Operating income
3,003
7,376
14,994
-59.3%
Operating margin
14.0%
31.5%
49.3%
Interest expense
194
128
342
+51.6%
Pre-tax income
2,983
7,048
14,307
-57.7%
Income tax
280
693
168
-59.6%
Effective tax rate
9.4%
9.8%
1.2%
Net income
2,687
6,313
14,135
-57.4%
Net margin
12.5%
27.0%
46.5%
Diluted EPS
$2.37
$5.51
$11.51
-57.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
8,306
13,189
17,400
-37.0%
Capital expenditure
8,223
9,780
8,879
-15.9%
Free cash flow
83.0
3,409
8,521
-97.6%
Free cash flow margin
0.4%
14.6%
28.0%
Cash from investing
-7,589
-10,085
-8,216
Cash from financing
-317
-2,438
-7,776
Depreciation and amortisation
5,650
5,424
4,759
+4.2%
Share-based compensation
328
243
198
+35.0%
Buybacks
176
2,729
71.0
-93.6%
Dividends paid
0.0
n/a
n/a
Diluted shares, weighted
1,131m
1,143m
1,229m
-1.0%
Shares outstanding at period end
1,113m
1,106m
1,161m
+0.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
38,996
35,881
32,294
+8.7%
Non-controlling interest
0.0
889
870
Redeemable equity
n/a
0.0
3.0
Debt
6,643
5,851
4,636
+13.5%
Operating lease liabilities
533
0.0
n/a
Finance lease liabilities
410
368
n/a
+11.4%
Other liabilities
7,096
5,898
5,573
+20.3%
Total liabilities and equity
53,678
48,887
43,376
+9.8%
Fixed assets
n/a
28,240
23,672
Goodwill
1,228
1,228
1,228
0.0%
Intangible assets
334
340
331
-1.8%
Investments
1,566
1,967
769
-20.4%
Cash and equivalents
7,624
7,152
6,506
+6.6%
Receivables
3,494
2,778
5,056
+25.8%
Inventory
5,373
5,118
3,595
+5.0%
Other assets
34,059
2,064
2,219
+1,550.1%
Total assets
53,678
48,887
43,376
+9.8%
10-K for the year ended 3 September 2020, filed 19 October 2020: the filing.