Micron Technology (MU) FY2021 results: revenue $27.7 billion, up 29.3% on the year
Micron Technology Inc. (MU) reported revenue of $27.7 billion for fiscal 2021, the year ended 2 September 2021, up 29.3% on the year before. Net income was $5.9 billion, up 118.1%, and diluted earnings per share $5.14. The figures are the company's own, from the 10-K it filed with the SEC on 8 October 2021.
Revenue
$27.7 billion
+29.3% on the year
FY2014FY2021
Operating margin
22.7%
14.0% a year earlier
FY2014FY2021
Net income
$5.9 billion
+118.1% on the year
FY2014FY2021
Diluted EPS
$5.14
+116.9% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
27,705
21,435
23,406
+29.3%
Cost of revenue
17,282
14,883
12,704
+16.1%
Gross profit
10,423
6,552
10,702
+59.1%
Gross margin
37.6%
30.6%
45.7%
Research and development
2,663
2,600
2,441
+2.4%
Selling, general and administrative
894
881
836
+1.5%
Operating income
6,283
3,003
7,376
+109.2%
Operating margin
22.7%
14.0%
31.5%
Interest expense
183
194
128
-5.7%
Pre-tax income
6,218
2,983
7,048
+108.4%
Income tax
394
280
693
+40.7%
Effective tax rate
6.3%
9.4%
9.8%
Net income
5,861
2,687
6,313
+118.1%
Net margin
21.2%
12.5%
27.0%
Diluted EPS
$5.14
$2.37
$5.51
+116.9%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
12,468
8,306
13,189
+50.1%
Capital expenditure
10,030
8,223
9,780
+22.0%
Free cash flow
2,438
83.0
3,409
+2,837.3%
Free cash flow margin
8.8%
0.4%
14.6%
Cash from investing
-10,589
-7,589
-10,085
Cash from financing
-1,781
-317
-2,438
Depreciation and amortisation
6,214
5,650
5,424
+10.0%
Share-based compensation
378
328
243
+15.2%
Buybacks
1,200
176
2,729
+581.8%
Dividends paid
0.0
0.0
n/a
Dividend per share
$0.10
n/a
n/a
Diluted shares, weighted
1,141m
1,131m
1,143m
+0.9%
Shares outstanding at period end
1,119m
1,113m
1,106m
+0.5%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
43,933
38,996
35,881
+12.7%
Non-controlling interest
n/a
0.0
889
Redeemable equity
n/a
n/a
0.0
Debt
6,776
6,643
5,851
+2.0%
Operating lease liabilities
504
533
0.0
-5.4%
Finance lease liabilities
649
410
368
+58.3%
Other liabilities
6,987
7,096
5,898
-1.5%
Total liabilities and equity
58,849
53,678
48,887
+9.6%
Fixed assets
n/a
n/a
28,240
Goodwill
1,228
1,228
1,228
0.0%
Intangible assets
349
334
340
+4.5%
Investments
2,635
1,566
1,967
+68.3%
Cash and equivalents
7,763
7,624
7,152
+1.8%
Receivables
4,920
3,494
2,778
+40.8%
Inventory
4,487
5,373
5,118
-16.5%
Other assets
37,467
34,059
2,064
+10.0%
Total assets
58,849
53,678
48,887
+9.6%
10-K for the year ended 2 September 2021, filed 8 October 2021: the filing.