Micron

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all.

10-K, Oct 3, 2025

Voices · third-party opinions, not SEC data

Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.

What do investors say about Micron?

Michael BurryInvestorSep 28, 2026Skeptical

Our summary: Burry said he is moving his AI-bust timelines up and swapped his Micron short into June puts around a $500 strike to add leverage.

“Fundamentally, I am moving timelines up”

Substack post, via CNBC ›

Details ⓘ

Speaker: Michael Burry, Cassandra Unchained
Role: Investor
Source: CNBC
Format: Newsletter
Date: Sep 28, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Sep 28, 2026; the view may have changed.

Jim CramerInvestorAug 17, 2026Invests

Our summary: Cramer said AI demand and supply discipline have changed the memory industry and that Micron could double again absent a data-center slowdown.

“I think Micron can double again before the boom comes to an end”

CNBC article ›

Details ⓘ

Speaker: Jim Cramer, CNBC Investing Club
Role: Investor
Source: CNBC
Format: News article
Date: Aug 17, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Aug 17, 2026; the view may have changed.

William de GaleInvestorMay 25, 2026Skeptical

Our summary: De Gale warned memory remains a boom-and-bust industry and that claims the cycle is gone typically come just before a downturn.

“In the long run it's a pretty dreadful industry”

CNBC article ›

Details ⓘ

Speaker: William de Gale, BlueBox Asset Management
Role: Investor
Source: CNBC
Format: News article
Date: May 25, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on May 25, 2026; the view may have changed.

All 3 Voices on Micron ›

Business

How does Micron make money?

DRAM is 76.5% of revenue.

DRAM76.5%

NAND22.7%

What is left of every $100?

Of every $100 in revenue, $23 is net income.

Revenue$100

Gross profit$40

Operating income$26

Net income$23

Free cash flow$4

Where do customers sit?

The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).

In the company’s words ›

“With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands.”

“Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience.”

“We manufacture our products at wholly-owned facilities and also utilize subcontractors for certain manufacturing processes.”

Item 1 · Business · 10-K · 0000723125-25-000028 · filed Oct 3, 2025

Where did the growth actually come from?

DRAM drove 85% of Micron’s growth.

Revenue FY2018$30.4B

DRAM+$6.0B

NAND+$2.0B

Not allocated−$959M

Revenue FY2025$37.4B

Thesis

Why do people invest?

3 reasons in the company’s own words.

Revenue +49%

“Total revenue for 2025 increased 49% as compared to 2024 primarily due to increases in sales of both DRAM and NAND products.”
Item 7 · MD&A · 10-K · 0000723125-25-000028 · filed Oct 3, 2025
Number check (revenue): stated 49% matches stored growth (+48.9%, ±10%)

Revenue: $37.4B FY2025 · +48.9% vs FY2024 · KPIs
Position (in the company’s words)

“The majority of our DRAM bit production in 2025 was on our leading-edge 1ß (1-beta) node.”
Item 1 · Business · 10-K · 0000723125-25-000028 · filed Oct 3, 2025
R&D +11%

“R&D expenses for 2025 increased 11% as compared to 2024 primarily due to increases in employee compensation, depreciation expense, and higher volumes of development and pre-qualification wafers.”
Item 7 · MD&A · 10-K · 0000723125-25-000028 · filed Oct 3, 2025
Number check (R&D expense): stated 11% matches stored growth (+10.7%, ±10%)

R&D expense: $3.8B FY2025 · +10.7% vs FY2024 · Profitability charts

Dependencies

How much revenue hangs on one customer?

One Micron customer: $6.4B.

Customer A$6.4B

Customers, suppliers, stakes and mentions ›

Only what filings state. Anonymous customers stay anonymous.

Largest customers (Micron annual report)

Customer A17% not named · FY2025 · share of total revenue

“Revenue from one customer was 17% (primarily included in the CMBU segment) of total revenue for 2025.”

10-K · 0000723125-26-000023 · filed Oct 9, 2026 · basis: filing text, verified verbatim

Suppliers named by Micron

No supplier among the covered companies is named in the filings.

Micron holds stakes in

No stake in a covered company found in SEC filings.

Others name Micron

1 competitor mention (e.g. Sandisk) · 2 other mentions (e.g. Fortinet, Lam Research) · 1 supplier mention (e.g. NVIDIA) in covered companies’ filings. Mentions, not confirmed relationships.

Risks

What could go wrong?

4 of 36 risk factors, one per theme.

Customer concentration
“A significant portion of our revenue is concentrated with certain customers and end markets.”
Item 1A · Risk Factors · 10-K · 0000723125-25-000028 · filed Oct 3, 2025
Supply chain and manufacturing
“If our manufacturing process is disrupted by operational issues, natural disasters, or other events, our business, results of operations, or financial condition could be materially adversely affected.”
Item 1A · Risk Factors · 10-K · 0000723125-25-000028 · filed Oct 3, 2025
Competition
“The semiconductor memory and storage markets are highly competitive.”
Item 1A · Risk Factors · 10-K · 0000723125-25-000028 · filed Oct 3, 2025
Trade, government policy and geopolitics
“We face geopolitical and other risks associated with our international operations that could materially adversely affect our business, results of operations, or financial condition.”
Item 1A · Risk Factors · 10-K · 0000723125-25-000028 · filed Oct 3, 2025

Who’s invested

Who owns more than 5%?

Vanguard Capital Management LLC holds 7.47%.

Vanguard Capital Management LLC7.47%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
BlackRock Inc.7.8% (then)
13G/A · filed Feb 13, 2024 · older than 18 months, current position unknown
Primecap Management Co/Ca/5.03% (then)
13G/A · as of Dec 31, 2019 · filed Feb 12, 2020 · older than 18 months, current position unknown

13F holders and insider trades ›

Largest institutional holders, 13F, quarter ending Jun 30, 2026

BlackRock, Inc.11.9%
104.8M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC8.4%
73.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.7%
50.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.4.1%
36.3M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Capital World Investors3.3%
29.5M shares · 13F filed Aug 12, 2026 · share of 13F-reported

3,891 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.

Insiders, last 12 months (Form 4, open market)

3 purchases · 313 sales · $374M sold

Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026

All metrics

All metrics · 36 SEC metrics, FY2016–FY2025

Income statement 10

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of revenue

D&A

Gross profit

Income taxes

Interest expense

Net income

Operating income

Research and development

Revenue

SG&A

Balance sheet 9

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents

Current liabilities

Equity

Equity incl. NCI

Long-term debt

Short-term debt (balance sheet line)

Total assets

Total debt calc.

Total liabilities & equity

Cash flow 7

Metric	FY2016	FY2017	FY2018	FY2019
Buybacks

Capex

Dividends	not reported	not reported	not reported	not reported

Free cash flow calc.

Interest paid

Operating cash flow

Stock-based compensation

Per share & shares 4

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EPS basic

EPS diluted

Wtd. shares basic

Wtd. shares diluted

Segments 2

Metric	FY2016	FY2017
Revenue DRAM	not reported	not reported

Revenue NAND	not reported	not reported

Other 4

Metric	FY2023	FY2024	FY2025
NCI income	not reported	not reported	not reported

Other income (incl. interest) calc.

Pretax income

Total liabilities

Micron

Source and method

What do investors say about Micron?

Business

DRAM is 76.5% of revenue. i

Source and method

Of every $100 in revenue, $23 is net income. i

Source and method

The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).

DRAM drove 85% of Micron’s growth.

Thesis

3 reasons in the company’s own words. i

Source and method

KPIs

Revenue grew 49% to $37.4B.

Revenue grew 346% YoY to $41.5B.

Per share, revenue grew 21.2%.

26.1% operating margin, up from 5.2%.

39.8% gross margin, up from 22.4%.

Operating income grew 649% to $9.8B.

Net income grew 998% to $8.5B.

R&D grew 11% to $3.8B.

SG&A grew 6.7% to $1.2B.

EPS diluted grew 984% to $7.59.

80.4% operating margin, up from 23.3%.

84.6% gross margin, up from 37.7%.

Operating income grew 1436% YoY to $33.3B.

Net income grew 1398% YoY to $28.2B.

R&D grew 36% YoY to $1.3B.

SG&A grew 28% YoY to $407M.

EPS diluted grew 1368% YoY to $24.67.

Keeps $4 of every $100 as free cash.

Operating cash flow grew 106% to $17.5B.

Capex grew 89% to $15.9B.

Buybacks: $0 in FY2025.

Dividends grew 1.8% to $522M.

Stock-based compensation grew 17% to $972M.

Free cash flow grew 951% YoY to $17.6B.

Operating cash flow grew 451% YoY to $25.4B.

Capex grew 166% YoY to $7.8B.

Buybacks: $0 in FY2026 Q3.

Dividends grew 31% YoY to $171M.

Stock-based compensation grew 30% YoY to $341M.

$9.6B cash vs $14.6B debt.

Total debt grew 8.8% to $14.6B.

Interest expense fell 15% to $477M.

Total assets grew 19% to $82.8B.

Equity grew 20% to $54.2B.

Cash grew 146% YoY to $25.0B.

Total debt fell 63% YoY to $5.7B.

Interest expense: $0 in FY2026 Q3.

Total assets grew 71% YoY to $134.1B.

Equity grew 98% YoY to $100.7B.

DRAM revenue grew 62% to $28.6B.

NAND revenue grew 18% to $8.5B.

DRAM revenue grew 343% YoY to $31.3B.

NAND revenue grew 361% YoY to $9.9B.

Dependencies

One Micron customer: $6.4B.

Risks

4 of 36 risk factors, one per theme. i

Source and method

Who’s invested

Vanguard Capital Management LLC holds 7.47%. i

Source and method

All metrics

Method

DRAM is 76.5% of revenue.

Of every $100 in revenue, $23 is net income.

3 reasons in the company’s own words.

4 of 36 risk factors, one per theme.

Vanguard Capital Management LLC holds 7.47%.