Micron Technology ended fiscal 2026 with revenue of $133.188 billion, up from $37.378 billion in fiscal 2025 and $25.111 billion in fiscal 2024. Net income surged to $84.969 billion in 2026, compared with $8.539 billion in 2025 and $778 million in 2024.
The revenue jump was driven by both major product lines. DRAM sales rose 252% in 2026, powered by an approximate 180% increase in average selling prices and a mid-20% range increase in bit shipments. NAND sales rose 274%, reflecting an approximate 200% increase in average selling prices and a mid-20% range increase in bit shipments. In 2025, DRAM revenue had already climbed 62% and NAND revenue 18% from 2024.
Gross margin widened sharply. Micron reported gross margin of $107.504 billion, or 81% of revenue, in 2026, versus $14.873 billion, or 40%, in 2025 and $5.613 billion, or 22%, in 2024. The company said the 2026 margin expansion came from higher average selling prices, favorable mix, and manufacturing cost reductions.
Operating income reached $99.340 billion in 2026, up from $9.770 billion in 2025 and $1.304 billion in 2024. Research and development expense increased to $5.650 billion from $3.798 billion a year earlier, while SG&A rose to $1.947 billion from $1.205 billion. Other operating income and expense, net, was a $567 million expense in 2026, compared with $100 million expense in 2025.
By business unit, 2026 revenue was led by: CMBU: $43.085 billion, up from $13.524 billion CDBU: $37.592 billion, up from $7.229 billion MCBU: $36.601 billion, up from $11.859 billion AEBU: $15.886 billion, up from $4.753 billion
Operating income by unit in 2026 was: CMBU: $31.225 billion CDBU: $29.539 billion MCBU: $29.208 billion AEBU: $11.217 billion
The company said 2026 operating income for each business unit was higher than 2025, mainly because of higher average selling prices; CMBU, CDBU, and AEBU also benefited from higher bit shipments.
Micron’s tax provision was $14.761 billion in 2026, up from $1.124 billion in 2025 and $451 million in 2024. Income before taxes was $99.671 billion in 2026, and the effective tax rate was 14.8%, versus 11.6% in 2025 and 36.4% in 2024. The company said Singapore’s Pillar Two implementation largely offset its Singapore tax incentive arrangements.
Interest income, net, improved to $978 million in 2026 from $19 million in 2025, helped by higher cash and investment balances and lower debt balances. Other non-operating expense, net, was $647 million in 2026, compared with $135 million in 2025.
Cash and marketable investments totaled $73.45 billion at September 3, 2026, up from $11.94 billion a year earlier. Micron said $5.12 billion of that total was held by foreign subsidiaries.
The company said AI-driven demand has outpaced industry supply, forcing supply allocation decisions across customers and end markets. In the third and fourth quarters of 2026, Micron entered into strategic customer agreements structured as take-or-pay contracts with binding multi-year volume commitments. Pricing on most of those agreements is subject to minimum and maximum bands. As a result of these announcements, the company's shares have moved -4.79% on the market, and are now trading at a price of $1035.84. For the full picture, make sure to review MICRON TECHNOLOGY INC's 10-K report.
