Micron Technology (MU) FY2026 results: revenue $133.2 billion, up 256.3% on the year

Micron makes memory and storage semiconductors, selling DRAM, NAND and NOR products under its Micron brand and through private labels. It manufactures in its own facilities in Taiwan, Singapore, Japan, the United States, Malaysia, China and India, on 300mm wafers in plants that generally run around the clock, and also uses subcontractors for certain processes. It runs what it calls manufacturing centers of excellence that bring end-to-end manufacturing together in one location; in Singapore and Taiwan that means fabrication and back-end manufacturing on the same site.

The business is run as four business units. The Cloud Memory Business Unit covers memory for large hyperscale cloud customers plus high-bandwidth memory for all data center customers. The Core Data Center Business Unit covers storage for all data center customers and memory for OEM data center, enterprise and NeoCloud customers, which the filing defines as AI-focused cloud service providers distinct from the traditional hyperscale ones. The Mobile and Client Business Unit covers memory and storage for phones and PCs. The Automotive and Embedded Business Unit covers automotive, industrial and consumer devices.

DRAM

DRAM devices retrieve data at high speed but lose their contents when power is turned off, and they go into data center, client PC, graphics, industrial, mobile and automotive markets. In 2025 Micron began shipping its 1-gamma production node, its first DRAM node using EUV lithography, and the majority of its DRAM bit production in the fourth quarter of 2026 was on that node.

High-bandwidth memory is a 3D stacked DRAM architecture using through-silicon via connections, which the filing says gives higher bandwidth at lower power, suiting AI and high-performance computing. HBM3E 12-high made up the majority of HBM shipments in 2026. In 2026 Micron began volume production of HBM4 36GB 12-high and delivered samples of HBM4 48GB 16-high to multiple key customers, and it says it expects to ramp volume of the next generation, HBM4E, in calendar 2027.

The other DRAM types are DDR, which transfers data twice per clock cycle and is now in its fifth generation as DDR5; low-power DRAM for mobile and other power-conscious uses, which the filing says is being taken up across mobile, PC, automotive and data center; and graphics DRAM for graphics cards, gaming consoles and high-performance computing.

NAND and NOR

NAND devices are non-volatile and re-writable, giving high capacity at low cost. They go into solid state drives for data center, client PC, consumer and automotive markets and into removable storage; managed NAND goes into smartphones and other mobile devices and into consumer, automotive and embedded markets. Volume production of Micron G9 NAND, the ninth-generation 3D NAND node, began in 2024, and the majority of NAND bit production in 2026 was on the G8 and G9 nodes. In 2026 the company began shipping a 245TB data center SSD built with G9 QLC NAND.

NOR devices are non-volatile and re-writable with fast read speeds, used mainly for code storage in automotive, industrial and consumer applications.

How the products reach the market

Products are sold as components, modules, solid state drives, managed NAND, multi-chip packages and wafers, mainly through Micron's own direct sales force and also through distributors, retailers and independent sales representatives. Consumer DRAM modules and SSDs were sold through retail under the Crucial brand until the company announced an exit from that part of the business in December 2025; it still supplies DRAM and NAND components to channel partners. Some contracts are short-term, and the company also has strategic customer agreements structured as take-or-pay, with binding volume commitments over multi-year terms, backed by customer cash deposits and letters of credit. In each of the last three years, approximately one-half of total revenue came from the top ten customers.

Competition

The filing names Samsung Electronics, SK hynix, Kioxia, Sandisk, ChangXin Memory Technologies and Yangtze Memory Technologies as competitors, and says government support for some of them, including by the Chinese government, raises the risk of DRAM and NAND oversupply. It also says the May 2023 decision by China's Cyberspace Administration that critical information infrastructure operators in China may not buy Micron products hurt its ability to compete in China and elsewhere. As of 3 September 2026 it had been granted over 62,000 patents.

From Micron Technology's annual report on Form 10-K for the year ended 3 September 2026. The filing

Written from the 10-K filed 9 October 2026: read the full 10-K.