Contacts: Satya Kumar Mark Plungy
Contacts: Satya Kumar Mark Plungy Investor Relations Media Relations satyakumar@micron.com mplungy@micron.com (408) 450-6199 (408) 203-2910
AI-driven demand and strong operational execution position Micron for a record fiscal 2027
September 30, 2026 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2026, which ended September 3, 2026.
• Revenue of $54.23 billion versus $41.46 billion for the prior quarter and $11.32 billion for the same period last year
• Operating cash flow of $43.97 billion versus $25.39 billion for the prior quarter and $5.73 billion for the same period last year
• Operating cash flow of $89.68 billion versus $17.53 billion for the prior year
“Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027,” said Sanjay Mehrotra, Chairman and CEO of Micron Technology. “AI is becoming Super Intelligence (SI), and memory enhances this intelligence and the competitiveness of our customers’ platforms. We are increasing our investments in technology, products and manufacturing to help drive SI forward with our customers, and our Strategic Customer Agreements provide added confidence in the durability of Micron’s financial performance.”
Investments in capital expenditures, net (2) were $10.77 billion for the fourth quarter of 2026 and $27.37 billion for the full year of 2026. Adjusted free cash flow (2) was $33.20 billion for the fourth quarter of 2026 and $62.31 billion for the full year of 2026. Micron ended the year with cash, marketable investments, and restricted cash of $73.48 billion. On September 30, 2026, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on October 29, 2026, to shareholders of record as of the close of business on October 14, 2026.
FQ1-27 GAAP(1)Outl… Non-GAAP(2)… $61.5 $61.5 billion Revenue billion ± ± $1.5 $1.5 billion billion Gross Approximate… Approximately margin 85.95% 86.25% Operating Approximate… Approximately expenses $2.31 $2.06 billion billion Diluted $37.84 ± $38.15 ± earnings $1.00 $1.00 per share
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com .
• We began sampling the industry's first 512GB ultra dense high-capacity DDR5 RDIMM modules capable of speeds up to 9,200 MT/s.
• We have completed multiple customer qualifications of our 1-gamma based, 8,800 MT/s high-speed server RDIMM modules.
• Our industry leading server LPDDR SOCAMM portfolio revenue more than doubled sequentially in the fourth quarter of 2026.
• Our 7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSD high-performance products are now shipping to market-leading customers for KV-cache applications.
• We have secured design wins with every Tier 1 OEM customer for AI workstation product.
• We began sampling 1-gamma based LPDDR6 products to multiple physical AI markets.
Micron will host a conference call on Wednesday, September 30, 2026 at 2:30 p.m. Mountain Time to discuss its fourth-quarter and full-year financial results and provide forward-looking guidance for its first quarter. A live webcast of the call will be available online at investors.micron.com . A webcast replay will be available for one year after the call.
We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology).
Micron Technology, Inc. is a global leader in semiconductor memory and storage, powering AI and compute-intensive applications from cloud to edge. With a relentless focus on our customers, technology and product leadership, and manufacturing and operational excellence, Micron’s comprehensive portfolio of high-performance DRAM, NAND and NOR solutions deliver the speed, efficiency, and scale today’s workloads demand, accelerating intelligence to enrich life for all. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com .
© 2026 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners. 3
This press release contains forward-looking statements regarding our industry, our strategic position, our customers, including customer demand, our investments and the goals for such investments, our business opportunity, our products and technology, and our financial and operating performance, including our guidance for the first quarter. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk- factor . 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.
(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’s use of non- GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. 4
September 3, August 28, For the year ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash flows from operating activities Net income $ 84,969 $ 8,539 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense and amortization of 9,503 8,352 intangible assets Stock-based 1,333 972 compensation Change in operating assets and liabilities: Receivables -25,206 -1,776 Inventories -2,017 520 Accounts payable and 8,707 862 accrued expenses Other current 3,141 -272 liabilities Other noncurrent 9,633 381 liabilities Other -388 -53 Net cash provided by operating 89,675 17,525 activities Cash flows from investing activities Purchases of available-for-sale -34,871 -1,890 securities Expenditures for property, plant, and -30,712 -15,857 equipment Purchases of non-marketable equity -1,046 -34 securities Proceeds from 3,316 2,005 government incentives Proceeds from maturities and sales of 1,988 1,698 available-for-sale securities Other -316 -9 Net cash used for -61,641 -14,087 investing activities Cash flows from financing activities Proceeds from customer contract 12,747 — liability deposits Proceeds from issuance — 4,430 of debt Repayments of debt -10,043 -4,619 Repurchases of common stock - -1,127 -340 withholdings on employee equity awards Repurchases of common stock - repurchase -650 — program Payments of dividends -610 -522 to shareholders Other 313 201 Net cash provided by (used for) 630 -850 financing activities Effect of changes in currency exchange rates on cash, cash 81 6 equivalents, and restricted cash Net increase in cash, cash equivalents, 28,745 2,594 and restricted cash Cash, cash equivalents, and restricted 9,646 7,052 cash at beginning of period Cash, cash equivalents, and $ 38,391 $ 9,646 restricted cash at end of period
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:
• The 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.
Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income. 9
Non-GAAP Adjustments (in millions) ────────────────────────────────────────────────────────────────────────────── A Stock-based compensation – cost of goods $ 174 sold B Stock-based compensation – research and 166 development B Stock-based compensation – selling, 87 general, and administrative C Tax effects of the above items and other -65 tax adjustments $ 362
(1) GAAP earnings per share and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.
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. 10
Full text with the tables
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contacts: Satya Kumar Mark Plungy
Investor Relations Media Relations
satyakumar@micron.com mplungy@micron.com
(408) 450-6199 (408) 203-2910
MICRON TECHNOLOGY, INC. REPORTS RECORD FISCAL
FOURTH-QUARTER AND FULL-YEAR 2026 RESULTS
AI-driven demand and strong operational execution position Micron for a record
fiscal 2027
BOISE, Idaho,
September 30, 2026 – Micron Technology, Inc. (Nasdaq: MU) today announced
results for its fourth quarter and full year of fiscal 2026, which ended
September 3, 2026.
Fiscal Q4 2026 Highlights
• Revenue of $54.23 billion versus $41.46 billion for the prior quarter and
$11.32 billion for the same period last year
• GAAP net income of $37.70 billion, or $32.87 per diluted share
• Non-GAAP net income of $38.40 billion, or $33.42 per diluted share
• Operating cash flow of $43.97 billion versus $25.39 billion for the prior
quarter and $5.73 billion for the same period last year
Fiscal 2026 Highlights
• Revenue of $133.19 billion versus $37.38 billion for the prior year
• GAAP net income of $84.97 billion, or $74.33 per diluted share
• Non-GAAP net income of $86.76 billion, or $75.52 per diluted share
• Operating cash flow of $89.68 billion versus $17.53 billion for the prior year
“Micron delivered record fiscal 2026 results, and we expect an even stronger
fiscal 2027,” said Sanjay Mehrotra, Chairman and CEO of Micron Technology. “AI
is becoming Super Intelligence (SI), and memory enhances this intelligence and
the competitiveness of our customers’ platforms. We are increasing our
investments in technology, products and manufacturing to help drive SI forward
with our customers, and our Strategic Customer Agreements provide added
confidence in the durability of Micron’s financial performance.”
…
…
…
…
…
…
…
…
… G… No…
… F… F… F… FQ… FQ…
──────────────────────────────────────────────────────────────────────────────
… $ 5… $ 4… $ 1… $ 5… $ 4… $ 11…
… 4… 3… 5… 4… 3… 5,…
…
…
… 8… % 8… % 4… % 8… % 8… % 45… %
…
… 3… 1… 1… 2… 1… 1,…
…
… 4… 3… 3… 4… 3… 3,…
…
…
… 8… % 8… % 3… % 8… % 8… % 35… %
…
… 3… 2… 3… 3… 2… 3,…
…
…
… 3… 2… 2… 3… 2… 3.…
…
…
1
Ann…
Fin…
Res…
(in
mil…
exc…
per
sha…
amo… GAAP… Non-…
FY-… FY-25 FY-26 FY-25
──────────────────────────────────────────────────────────────────────────────
Rev… $ 133,… $ 37,3… $ 133,1… $ 37,3…
Gro… 107,… 14,8… 108,0… 15,2…
mar…
Per…
of 80.7 % 39.8 % 81.1 % 40.9 %
rev…
Ope… 8,164 5,103 6,841 4,440
exp…
Ope… 99,3… 9,770 101,1… 10,8…
inc…
Per…
of 74.6 % 26.1 % 76.0 % 29.0 %
rev…
Net 84,9… 8,539 86,758 9,470
inc…
Dil…
ear… 74.33 7.59 75.52 8.29
per
sha…
Investments in capital expenditures, net (2) were $10.77 billion for the fourth
quarter of 2026 and $27.37 billion for the full year of 2026. Adjusted free cash
flow (2) was $33.20 billion for the fourth quarter of 2026 and $62.31 billion
for the full year of 2026. Micron ended the year with cash, marketable
investments, and restricted cash of $73.48 billion. On September 30, 2026,
Micron’s Board of Directors declared a quarterly dividend of $0.15 per share,
payable in cash on October 29, 2026, to shareholders of record as of the close
of business on October 14, 2026.
Quarterly Business
Unit Financial
Results
Cloud Memory
Business Unit FQ4-26 FQ3-26 FQ4-25
──────────────────────────────────────────────────────────────────────────────
Revenue $ 16,283 $ 13,769 $ 4,543
Gross margin 83 % 83 % 59 %
Operating margin 76 % 78 % 48 %
Core Data Center
Business Unit
Revenue $ 18,002 $ 11,524 $ 1,577
Gross margin 90 % 87 % 41 %
Operating margin 85 % 83 % 25 %
Mobile and Client
Business Unit
Revenue $ 13,114 $ 11,521 $ 3,760
Gross margin 90 % 87 % 36 %
Operating margin 88 % 86 % 29 %
Automotive and
Embedded Business
Unit
Revenue $ 6,824 $ 4,634 $ 1,434
Gross margin 84 % 79 % 31 %
Operating margin 79 % 75 % 20 %
2
Business Outlook
The following table presents Micron’s guidance for the first quarter of 2027:
FQ1-27 GAAP(1)Outl… Non-GAAP(2)…
$61.5 $61.5 billion
Revenue billion ± ± $1.5
$1.5 billion billion
Gross Approximate… Approximately
margin 85.95% 86.25%
Operating Approximate… Approximately
expenses $2.31 $2.06 billion
billion
Diluted $37.84 ± $38.15 ±
earnings $1.00 $1.00
per share
Further information regarding Micron’s business outlook is included in the
prepared remarks and slides, which have been posted at investors.micron.com .
Product Highlights
• We began sampling the industry's first 512GB ultra dense high-capacity DDR5
RDIMM modules capable of speeds up to 9,200 MT/s.
• We have completed multiple customer qualifications of our 1-gamma based, 8,800
MT/s high-speed server RDIMM modules.
• Our industry leading server LPDDR SOCAMM portfolio revenue more than doubled
sequentially in the fourth quarter of 2026.
• Our 7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSD high-performance products are now
shipping to market-leading customers for KV-cache applications.
• Our 6600 ION SSD achieved a strong volume ramp in the fourth quarter of 2026.
• We are now shipping 6-channel 1-gamma LPDDR5X for flagship mobile devices.
• We have secured design wins with every Tier 1 OEM customer for AI workstation
product.
• Our 4600 SSD secured additional qualifications with leading PC OEMs.
• We began sampling 1-gamma based LPDDR6 products to multiple physical AI
markets.
Investor Webcast
Micron will host a conference call on Wednesday, September 30, 2026 at 2:30 p.m.
Mountain Time to discuss its fourth-quarter and full-year financial results and
provide forward-looking guidance for its first quarter. A live webcast of the
call will be available online at investors.micron.com . A webcast replay will be
available for one year after the call.
We encourage you to visit our website at micron.com throughout the quarter for
the most current information on the company, including information on financial
conferences that we may be attending. You can also follow us on LinkedIn, X
(@MicronTech) and YouTube (@MicronTechnology).
About Micron Technology, Inc.
Micron Technology, Inc. is a global leader in semiconductor memory and storage,
powering AI and compute-intensive applications from cloud to edge. With a
relentless focus on our customers, technology and product leadership, and
manufacturing and operational excellence, Micron’s comprehensive portfolio of
high-performance DRAM, NAND and NOR solutions deliver the speed, efficiency, and
scale today’s workloads demand, accelerating intelligence to enrich life for
all. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com
.
© 2026 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and
all other Micron trademarks are the property of Micron Technology, Inc. All
other trademarks are the property of their respective owners.
3
Forward-Looking Statements
This press release contains forward-looking statements regarding our industry,
our strategic position, our customers, including customer demand, our
investments and the goals for such investments, our business opportunity, our
products and technology, and our financial and operating performance, including
our guidance for the first quarter. These forward-looking statements are subject
to a number of risks and uncertainties that could cause actual results to differ
materially. Please refer to the documents we file with the Securities and
Exchange Commission, including our most recent Form 10-K and Form 10-Q. These
documents contain and identify important factors that could cause our actual
results to differ materially from those contained in these forward-looking
statements. These certain factors can be found at investors.micron.com/risk-
factor . 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.
(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’s use of non-
GAAP measures and reconciliations between GAAP and non-GAAP measures are
included within this press release.
4
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
Sept… May Augu… Sept… Aug…
4th 3, 3rd 28, 4th 28, Year 3, 28,
Qtr. 2026 Qtr. 2026 Qtr. 2025 End… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Rev… $ 54,2… $ 41,4… $ 11,3… $ 133,… $ 37,…
Cost
of 7,182 6,400 6,261 25,6… 22,…
goo…
sold
Gro… 47,0… 35,0… 5,054 107,… 14,…
mar…
Res…
and 1,913 1,316 1,047 5,650 3,7…
dev…
Sel…
gen… 859 407 314 1,947 1,2…
and
adm…
Oth…
ope…
(in… 524 15 39 567 100
exp…
net
Ope… 43,7… 33,3… 3,654 99,3… 9,7…
inc…
Int… 575 215 146 1,084 496
inc…
Int… — — -124 -106 -477
exp…
Oth…
non…
inc… -88 -321 -45 -647 -135
(ex…
net
44,2… 33,2… 3,631 99,6… 9,6…
Inc…
tax -6,5… -4,9… -429 -14,… -1,…
(pr…
ben…
Equ…
in
net
inc…
(lo… 46 9 -1 59 9
of
equ…
met…
inv…
Net $ 37,7… $ 28,2… $ 3,201 $ 84,9… $ 8,5…
inc…
Ear…
per
sha…
Bas… $ 33.36 $ 25.03 $ 2.86 $ 75.38 $ 7.65
Dil… 32.87 24.67 2.83 74.33 7.59
Num…
of
sha…
used
in
per
sha…
cal…
Bas… 1,130 1,128 1,120 1,127 1,1…
Dil… 1,147 1,145 1,131 1,143 1,1…
5
MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
September 3, May 28, August 28,
As of 2026 2026 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Cash and equivalents $ 38,364 $ 24,995 $ 9,642
Short-term 5,070 1,027 665
investments
Receivables 36,197 31,025 9,265
Inventories 10,372 8,567 8,355
Other current assets 1,067 1,123 914
Total current assets 91,070 66,737 28,841
Long-term marketable 30,019 4,106 1,629
investments
Property, plant, and 63,310 56,426 46,590
equipment
Goodwill 1,150 1,150 1,150
Other noncurrent 10,339 5,693 4,588
assets
Total assets $ 195,888 $ 134,112 $ 82,798
Liabilities and
equity
Accounts payable and $ 22,605 $ 15,521 $ 9,649
accrued expenses
Current debt 491 582 560
Other current 4,386 3,385 1,245
liabilities
Total current 27,482 19,488 11,454
liabilities
Long-term debt 4,688 5,140 14,017
Noncurrent unearned
government 786 1,020 1,018
incentives
Noncurrent customer 12,895 568 142
contract liabilities
Other noncurrent 11,659 7,172 2,002
liabilities
Total liabilities 57,510 33,388 28,633
Commitments and
contingencies
Shareholders’ equity
Common stock 128 128 127
Additional capital 14,974 14,442 13,339
Retained earnings 131,851 94,682 48,583
Treasury stock -8,502 -8,502 -7,852
Accumulated other
comprehensive income -73 -26 -32
(loss)
Total equity 138,378 100,724 54,165
Total liabilities and $ 195,888 $ 134,112 $ 82,798
equity
6
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
September 3, August 28,
For the year ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash flows from
operating activities
Net income $ 84,969 $ 8,539
Adjustments to
reconcile net income
to
net cash provided by
operating
activities:
Depreciation expense
and amortization of 9,503 8,352
intangible assets
Stock-based 1,333 972
compensation
Change in operating
assets and
liabilities:
Receivables -25,206 -1,776
Inventories -2,017 520
Accounts payable and 8,707 862
accrued expenses
Other current 3,141 -272
liabilities
Other noncurrent 9,633 381
liabilities
Other -388 -53
Net cash provided by
operating 89,675 17,525
activities
Cash flows from
investing activities
Purchases of
available-for-sale -34,871 -1,890
securities
Expenditures for
property, plant, and -30,712 -15,857
equipment
Purchases of
non-marketable equity -1,046 -34
securities
Proceeds from 3,316 2,005
government incentives
Proceeds from
maturities and sales
of 1,988 1,698
available-for-sale
securities
Other -316 -9
Net cash used for -61,641 -14,087
investing activities
Cash flows from
financing activities
Proceeds from customer
contract 12,747 —
liability deposits
Proceeds from issuance — 4,430
of debt
Repayments of debt -10,043 -4,619
Repurchases of common
stock - -1,127 -340
withholdings on
employee equity awards
Repurchases of common
stock - repurchase -650 —
program
Payments of dividends -610 -522
to shareholders
Other 313 201
Net cash provided by
(used for) 630 -850
financing activities
Effect of changes in
currency exchange
rates on cash, cash 81 6
equivalents, and
restricted cash
Net increase in cash,
cash equivalents, 28,745 2,594
and restricted cash
Cash, cash
equivalents, and
restricted 9,646 7,052
cash at beginning of
period
Cash, cash
equivalents, and $ 38,391 $ 9,646
restricted
cash at end of period
7
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)
Sept… May Augu… Sept… Aug…
4th 3, 3rd 28, 4th 28, Year 3, 28,
Qtr. 2026 Qtr. 2026 Qtr. 2025 End… 2026 2025
──────────────────────────────────────────────────────────────────────────────
GAAP
gro… $ 47,0… $ 35,0… $ 5,054 $ 107,… $ 14,…
mar…
Sto… 157 143 115 528 409
com…
Oth… — — — — 4
Non…
gro… $ 47,2… $ 35,1… $ 5,169 $ 108,… $ 15,…
mar…
GAAP
ope… $ 3,296 $ 1,738 $ 1,400 $ 8,164 $ 5,1…
exp…
Sto… -207 -198 -147 -754 -566
com…
Pat…
lic… -500 — — -500 -57
cha…
Oth… -21 -22 -39 -69 -40
Non…
ope… $ 2,568 $ 1,518 $ 1,214 $ 6,841 $ 4,4…
exp…
GAAP
ope… $ 43,7… $ 33,3… $ 3,654 $ 99,3… $ 9,7…
inc…
Sto… 364 341 262 1,282 975
com…
Pat…
lic… 500 — — 500 57
cha…
Oth… 21 22 39 69 44
Non…
ope… $ 44,6… $ 33,6… $ 3,955 $ 101,… $ 10,…
inc…
GAAP
net $ 37,7… $ 28,2… $ 3,201 $ 84,9… $ 8,5…
inc…
Sto… 364 341 262 1,282 975
com…
Pat…
lic… 500 — — 500 57
cha…
Loss
on 9 325 9 511 59
debt
pre…
Oth… 22 23 39 50 40
Est…
tax
eff…
of
abo… -198 -75 -42 -554 -200
and
oth…
tax
adj…
Non…
net $ 38,3… $ 28,8… $ 3,469 $ 86,7… $ 9,4…
inc…
GAAP
wei…
com…
sha… 1,147 1,145 1,131 1,143 1,1…
out…
-
Dil…
Adj…
for 2 4 14 6 18
sto…
com…
Non…
wei…
com…
sha… 1,149 1,149 1,145 1,149 1,1…
out…
-
Dil…
GAAP
dil…
ear… $ 32.87 $ 24.67 $ 2.83 $ 74.33 $ 7.59
per
sha…
Eff…
of
the 0.55 0.44 0.20 1.19 0.70
abo…
adj…
Non…
dil…
ear… $ 33.42 $ 25.11 $ 3.03 $ 75.52 $ 8.29
per
sha…
8
RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
Sept… May Augu… Sept… Aug…
4th 3, 3rd 28, 4th 28, Year 3, 28,
Qtr. 2026 Qtr. 2026 Qtr. 2025 End… 2026 2025
──────────────────────────────────────────────────────────────────────────────
GAAP
net
cash
pro… $ 43,9… $ 25,3… $ 5,730 $ 89,6… $ 17,…
by
ope…
act…
Exp…
for
pro… -11,… -7,8… -5,6… -30,… -15…
pla…
and
equ…
Pro…
from
sal…
of 9 9 20 29 48
pro…
pla…
and
equ…
Pro…
from 327 733 711 3,316 2,0…
gov…
inc…
Inv…
in
cap… -10,… -7,0… -4,9… -27,… -13…
exp…
net
Adj…
free $ 33,1… $ 18,3… $ 803 $ 62,3… $ 3,7…
cash
flow
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:
• Stock-based compensation;
• Gains and losses from settlements;
• Gains and losses from debt prepayments;
• Restructure and asset impairments; and
• The 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.
Non-GAAP diluted shares are adjusted for the impact of additional shares
resulting from the exclusion of stock-based compensation from non-GAAP income.
9
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
FQ1-… GAAP Adjus… Non-…
Outlo… Outl…
$61.5 $61.5
Reve… billi… — billi…
± $1.5 ± $1.5
billi… billi…
Gross Appro… 0.30 % A Appro…
marg… 85.95% 86.25%
Oper… Appro… $253 Appro…
expe… $2.31 milli… B $2.06
billi… billi…
Dilu… $37.84 $38.15
earn… ± $0.31 A, B, ±
per $1.00 C $1.00
shar…
Non-GAAP Adjustments
(in millions)
──────────────────────────────────────────────────────────────────────────────
A Stock-based compensation – cost of goods $ 174
sold
B Stock-based compensation – research and 166
development
B Stock-based compensation – selling, 87
general, and administrative
C Tax effects of the above items and other -65
tax adjustments
$ 362
(1) GAAP earnings per share and non-GAAP earnings per share based on
approximately 1.15 billion diluted shares.
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.
10