investors.micron.com\/risk-factor<\/a>. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.<\/p>\n (1)GAAP represents U.S. Generally Accepted Accounting Principles.(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron\u2019s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)\u00a02nd Qtr.1st Qtr.2nd Qtr.Six Months Ended\u00a0February 26,
2026November 27,
2025February 27,
2025February 26,
2026February 27,
2025\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Revenue$23,860\u00a0$13,643\u00a0$8,053\u00a0$37,503\u00a0$16,762\u00a0Cost of goods sold\u00a06,105\u00a0\u00a05,997\u00a0\u00a05,090\u00a0\u00a012,102\u00a0\u00a010,451\u00a0Gross margin\u00a017,755\u00a0\u00a07,646\u00a0\u00a02,963\u00a0\u00a025,401\u00a0\u00a06,311\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Research and development\u00a01,250\u00a0\u00a01,171\u00a0\u00a0898\u00a0\u00a02,421\u00a0\u00a01,786\u00a0Selling, general, and administrative\u00a0344\u00a0\u00a0337\u00a0\u00a0285\u00a0\u00a0681\u00a0\u00a0573\u00a0Other operating (income) expense, net\u00a026\u00a0\u00a02\u00a0\u00a07\u00a0\u00a028\u00a0\u00a05\u00a0Operating income\u00a016,135\u00a0\u00a06,136\u00a0\u00a01,773\u00a0\u00a022,271\u00a0\u00a03,947\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Interest income\u00a0155\u00a0\u00a0139\u00a0\u00a0108\u00a0\u00a0294\u00a0\u00a0215\u00a0Interest expense\u00a0(32)\u00a0(74)\u00a0(112)\u00a0(106)\u00a0(230)Other non-operating income (expense), net\u00a0(98)\u00a0(140)\u00a0(11)\u00a0(238)\u00a0(22)\u00a0\u00a016,160\u00a0\u00a06,061\u00a0\u00a01,758\u00a0\u00a022,221\u00a0\u00a03,910\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Income tax (provision) benefit\u00a0(2,371)\u00a0(829)\u00a0(177)\u00a0(3,200)\u00a0(460)Equity in net income (loss) of equity method investees\u00a0(4)\u00a08\u00a0\u00a02\u00a0\u00a04\u00a0\u00a03\u00a0Net income$13,785\u00a0$5,240\u00a0$1,583\u00a0$19,025\u00a0$3,453\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Earnings per share\u00a0\u00a0\u00a0\u00a0\u00a0Basic$12.25\u00a0$4.66\u00a0$1.42\u00a0$16.91\u00a0$3.10\u00a0Diluted\u00a012.07\u00a0\u00a04.60\u00a0\u00a01.41\u00a0\u00a016.68\u00a0\u00a03.08\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Number of shares used in per share calculations\u00a0\u00a0\u00a0\u00a0\u00a0Basic\u00a01,126\u00a0\u00a01,125\u00a0\u00a01,115\u00a0\u00a01,125\u00a0\u00a01,113\u00a0Diluted\u00a01,142\u00a0\u00a01,138\u00a0\u00a01,123\u00a0\u00a01,140\u00a0\u00a01,123\u00a0 MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)As ofFebruary 26,
2026November 27,
2025August 28,
2025\u00a0\u00a0\u00a0\u00a0Assets\u00a0\u00a0\u00a0Cash and equivalents$13,908\u00a0$9,731\u00a0$9,642\u00a0Short-term investments\u00a0681\u00a0\u00a0587\u00a0\u00a0665\u00a0Receivables\u00a017,314\u00a0\u00a010,184\u00a0\u00a09,265\u00a0Inventories\u00a08,267\u00a0\u00a08,205\u00a0\u00a08,355\u00a0Other current assets\u00a01,243\u00a0\u00a0958\u00a0\u00a0914\u00a0Total current assets\u00a041,413\u00a0\u00a029,665\u00a0\u00a028,841\u00a0Long-term marketable investments\u00a02,038\u00a0\u00a01,697\u00a0\u00a01,629\u00a0Property, plant, and equipment\u00a051,408\u00a0\u00a048,477\u00a0\u00a046,590\u00a0Operating lease right-of-use assets\u00a0684\u00a0\u00a0700\u00a0\u00a0736\u00a0Intangible assets\u00a0468\u00a0\u00a0465\u00a0\u00a0453\u00a0Deferred tax assets\u00a0680\u00a0\u00a0641\u00a0\u00a0616\u00a0Goodwill\u00a01,150\u00a0\u00a01,150\u00a0\u00a01,150\u00a0Other noncurrent assets\u00a03,668\u00a0\u00a03,176\u00a0\u00a02,783\u00a0Total assets$101,509\u00a0$85,971\u00a0$82,798\u00a0\u00a0\u00a0\u00a0\u00a0Liabilities and equity\u00a0\u00a0\u00a0Accounts payable and accrued expenses$10,997\u00a0$9,796\u00a0$9,649\u00a0Current debt\u00a0585\u00a0\u00a0569\u00a0\u00a0560\u00a0Other current liabilities\u00a02,714\u00a0\u00a01,695\u00a0\u00a01,245\u00a0Total current liabilities\u00a014,296\u00a0\u00a012,060\u00a0\u00a011,454\u00a0Long-term debt\u00a09,557\u00a0\u00a011,187\u00a0\u00a014,017\u00a0Noncurrent operating lease liabilities\u00a0656\u00a0\u00a0669\u00a0\u00a0701\u00a0Noncurrent unearned government incentives\u00a01,002\u00a0\u00a01,148\u00a0\u00a01,018\u00a0Other noncurrent liabilities\u00a03,539\u00a0\u00a02,101\u00a0\u00a01,443\u00a0Total liabilities\u00a029,050\u00a0\u00a027,165\u00a0\u00a028,633\u00a0\u00a0\u00a0\u00a0\u00a0Commitments and contingencies\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Shareholders\u2019 equity\u00a0\u00a0\u00a0Common stock\u00a0127\u00a0\u00a0127\u00a0\u00a0127\u00a0Additional capital\u00a014,092\u00a0\u00a013,610\u00a0\u00a013,339\u00a0Retained earnings\u00a066,824\u00a0\u00a053,344\u00a0\u00a048,583\u00a0Treasury stock\u00a0(8,502)\u00a0(8,152)\u00a0(7,852)Accumulated other comprehensive income (loss)\u00a0(82)\u00a0(123)\u00a0(32)Total equity\u00a072,459\u00a0\u00a058,806\u00a0\u00a054,165\u00a0Total liabilities and equity$101,509\u00a0$85,971\u00a0$82,798\u00a0 MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)Six Months EndedFebruary 26,
2026February 27,
2025\u00a0\u00a0\u00a0Cash flows from operating activities\u00a0\u00a0Net income$19,025\u00a0$3,453\u00a0Adjustments to reconcile net income to net cash provided by operating activities:\u00a0\u00a0Depreciation expense and amortization of intangible assets\u00a04,498\u00a0\u00a04,109\u00a0Stock-based compensation\u00a0599\u00a0\u00a0469\u00a0Change in operating assets and liabilities:\u00a0\u00a0Receivables\u00a0(8,298)\u00a0338\u00a0Inventories\u00a088\u00a0\u00a0(132)Accounts payable and accrued expenses\u00a0928\u00a0\u00a0(714)Other current liabilities\u00a01,469\u00a0\u00a0(321)Other noncurrent liabilities\u00a02,106\u00a0\u00a0195\u00a0Other\u00a0(101)\u00a0(211)Net cash provided by operating activities\u00a020,314\u00a0\u00a07,186\u00a0\u00a0\u00a0\u00a0Cash flows from investing activities\u00a0\u00a0Expenditures for property, plant, and equipment\u00a0(11,776)\u00a0(7,261)Purchases of available-for-sale securities\u00a0(1,120)\u00a0(816)Proceeds from government incentives\u00a02,256\u00a0\u00a01,028\u00a0Proceeds from maturities and sales of available-for-sale securities\u00a0701\u00a0\u00a0874\u00a0Other\u00a0(180)\u00a0(125)Net cash used for investing activities\u00a0(10,119)\u00a0(6,300)\u00a0\u00a0\u00a0Cash flows from financing activities\u00a0\u00a0Repayments of debt\u00a0(4,626)\u00a0(2,626)Repurchases of common stock – repurchase program\u00a0(650)\u00a0\u2014\u00a0Repurchases of common stock – withholdings on employee equity awards\u00a0(545)\u00a0(252)Payments of dividends to shareholders\u00a0(266)\u00a0(261)Proceeds from issuance of debt\u00a0\u2014\u00a0\u00a02,682\u00a0Other\u00a0175\u00a0\u00a0131\u00a0Net cash used for financing activities\u00a0(5,912)\u00a0(326)\u00a0\u00a0\u00a0Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash\u00a05\u00a0\u00a0(49)\u00a0\u00a0\u00a0Net increase in cash, cash equivalents, and restricted cash\u00a04,288\u00a0\u00a0511\u00a0Cash, cash equivalents, and restricted cash at beginning of period\u00a09,646\u00a0\u00a07,052\u00a0Cash, cash equivalents, and restricted cash at end of period$13,934\u00a0$7,563\u00a0 MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)\u00a02nd Qtr.1st Qtr.2nd Qtr.\u00a0February 26,
2026November 27,
2025February 27,
2025\u00a0\u00a0\u00a0\u00a0GAAP gross margin$17,755\u00a0$7,646\u00a0$2,963\u00a0Stock-based compensation\u00a0121\u00a0\u00a0107\u00a0\u00a089\u00a0Other\u00a0\u2014\u00a0\u00a0\u2014\u00a0\u00a01\u00a0Non-GAAP gross margin$17,876\u00a0$7,753\u00a0$3,053\u00a0\u00a0\u00a0\u00a0\u00a0GAAP operating expenses$1,620\u00a0$1,510\u00a0$1,190\u00a0Stock-based compensation\u00a0(176)\u00a0(173)\u00a0(144)Other\u00a0(23)\u00a0(3)\u00a0\u2014\u00a0Non-GAAP operating expenses$1,421\u00a0$1,334\u00a0$1,046\u00a0\u00a0\u00a0\u00a0\u00a0GAAP operating income$16,135\u00a0$6,136\u00a0$1,773\u00a0Stock-based compensation\u00a0297\u00a0\u00a0280\u00a0\u00a0233\u00a0Other\u00a023\u00a0\u00a03\u00a0\u00a01\u00a0Non-GAAP operating income$16,455\u00a0$6,419\u00a0$2,007\u00a0\u00a0\u00a0\u00a0\u00a0GAAP net income$13,785\u00a0$5,240\u00a0$1,583\u00a0Stock-based compensation\u00a0297\u00a0\u00a0280\u00a0\u00a0233\u00a0Loss on debt prepayments\u00a047\u00a0\u00a0130\u00a0\u00a04\u00a0Other\u00a025\u00a0\u00a0(20)\u00a0\u2014\u00a0Estimated tax effects of above and other tax adjustments\u00a0(133)\u00a0(148)\u00a0(37)Non-GAAP net income$14,021\u00a0$5,482\u00a0$1,783\u00a0\u00a0\u00a0\u00a0\u00a0GAAP weighted-average common shares outstanding – Diluted\u00a01,142\u00a0\u00a01,138\u00a0\u00a01,123\u00a0Adjustment for stock-based compensation\u00a07\u00a0\u00a010\u00a0\u00a020\u00a0Non-GAAP weighted-average common shares outstanding – Diluted\u00a01,149\u00a0\u00a01,148\u00a0\u00a01,143\u00a0\u00a0\u00a0\u00a0\u00a0GAAP diluted earnings per share$12.07\u00a0$4.60\u00a0$1.41\u00a0Effects of the above adjustments\u00a00.13\u00a0\u00a00.18\u00a0\u00a00.15\u00a0Non-GAAP diluted earnings per share$12.20\u00a0$4.78\u00a0$1.56\u00a0 RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
\u00a02nd Qtr.1st Qtr.2nd Qtr.\u00a0February 26,
2026November 27,
2025February 27,
2025\u00a0\u00a0\u00a0\u00a0GAAP net cash provided by operating activities$11,903\u00a0$8,411\u00a0$3,942\u00a0\u00a0\u00a0\u00a0\u00a0Expenditures for property, plant, and equipment\u00a0(6,387)\u00a0(5,389)\u00a0(4,055)Proceeds from sales of property, plant, and equipment\u00a05\u00a0\u00a06\u00a0\u00a07\u00a0Proceeds from government incentives\u00a01,378\u00a0\u00a0878\u00a0\u00a0963\u00a0Investments in capital expenditures, net\u00a0(5,004)\u00a0(4,505)\u00a0(3,085)Adjusted free cash flow$6,899\u00a0$3,906\u00a0$857\u00a0 <\/p>\n
The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings:<\/p>\n
Stock-based compensation;Gains and losses from debt prepayments;Restructure and asset impairments; andThe estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax (provision) benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately. <\/p>\n
Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.<\/p>\n
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOKFQ3-26GAAP Outlook\u00a0Adjustments\u00a0Non-GAAP Outlook\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Revenue$33.5 billion \u00b1 $750 million\u00a0\u2014\u00a0\u00a0\u00a0$33.5 billion \u00b1 $750 millionGross marginApproximately 81%\u00a0\u2014\u00a0A\u00a0Approximately 81%Operating expensesApproximately $1.60 billion\u00a0$200 million\u00a0B\u00a0Approximately $1.40 billionDiluted earnings per share(1)$18.90 \u00b1 $0.40\u00a0$0.25\u00a0A, B, C\u00a0$19.15 \u00b1 $0.40 Non-GAAP Adjustments
(in millions)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0AStock-based compensation \u2013 cost of goods sold\u00a0$141\u00a0BStock-based compensation \u2013 research and development\u00a0\u00a0132\u00a0BStock-based compensation \u2013 sales, general, and administrative\u00a0\u00a068\u00a0CTax effects of the above items and other tax adjustments\u00a0\u00a0(52)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0$289\u00a0 (1)GAAP earnings per share based on approximately 1.14\u00a0billion diluted shares and non-GAAP earnings per share based on approximately 1.15\u00a0billion diluted shares. <\/p>\n
The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.<\/p>\n
![\"\"](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/03\/Micron-Technology-Inc-.png\")
<\/p>\n
Contacts:<\/p>\n
Satya Kumar
\nInvestor Relations
\nsatyakumar@micron.com
\n(408) 450-6199<\/p>\n
Mark Plungy
\nMedia Relations
\nmplungy@micron.com
\n(408) 203-2910<\/p>\n","protected":false},"excerpt":{"rendered":"Record results and outlook reflect strategic value of memory in AI era BOISE, Idaho, March 18, 2026 (GLOBE…\n","protected":false},"author":2,"featured_media":545548,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48],"class_list":{"0":"post-545547","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-ca","10":"tag-canada"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/545547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=545547"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/545547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/545548"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=545547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=545547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=545547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}