Leaderboards / L3 HBM & Packaging / #5
Micron Technology
Active product HBM3E DRAM Stack·HBM third entrant (~20% share). US-strategic supplier; CHIPS Act direct beneficiary. HBM3E 12-Hi stack the current product anchor; HBM4 roadmap announced for 2026.
Rank in layer
#5
Confirmed customers
–
Recent engine activity · 90 day window
Customer wins
0
Partnerships
0
Capital events
1
Hiring (60d)
0
Capital events
Funding, earnings filings, and IPO-related signals
earnings
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COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 3, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10658 Micron Technology, Inc. (Exact name of registrant as specified in its charter) Delaware 75-1618004 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 8000 S. Federal Way , Boise , Idaho 83716 -9632 ( 208 ) 368-4000 Address of principal executive offices, including zip code Registrant s telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.10 per share MU Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large Accelerated Filer Accelerated Filer Non-Accelerated Filer Smaller Reporting Company Emerging Growth Company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant s executive officers during the relevant recovery period pursuant to 240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The aggregate market value of the voting and non-voting common equity held by non-affiliates was $ 368.1 billion based on the closing price reported on the Nasdaq Global Select Market on February 26, 2026. Shares of common stock held by each executive officer and director and by each person who owns 5% or more of the outstanding common stock were excluded as they may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes. The number of outstanding shares of the registrant s common stock as of October 2, 2026 was 1,131,423,212 . DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement for the registrant s Fiscal 2026 Annual Meeting of Stockholders, to be filed within 120 days of the end of the fiscal year ended September 3, 2026, are incorporated by reference in Part III hereof. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy Statement is not deemed to be filed as part hereof. Table of Contents Introduction 5 PART I Item 1. Business 7 Item 1A. Risk Factors 23 Item 1B. Unresolved Staff Comments 47 Item 1C. Cybersecurity 47 Item 2 . Properties 49 Item 3. Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 PART II Item 5. Market for Registrant s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 52 Item 6. [Reserved] 54 Item 7. Management s Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 65 Item 8. Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 97 Item 9A. Controls and Procedures 97 Item 9B. Other Information 98 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98 PART III Item 10. Directors, Executive Officers, and Corporate Governance 98 Item 11. Executive Compensation 98 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 98 Item 13. Certain Relationships and Related Transactions, and Director Independence 98 Item 14. Principal Accountant Fees and Services 98 PART IV Item 15. Exhibits and Financial Statement Schedule 98 Item 16. Form 10-K Summary 103 Signatures 104 4 Table of Contents Definitions of Commonly Used Terms As used herein, we, our, us, and similar terms include Micron Technology, Inc. and its consolidated subsidiaries, unless the context indicates otherwise. Abbreviations, acronyms, or terms that are commonly used or found in multiple locations throughout this report and include the following: Term Definition Term Definition 2028 Notes 5.375% Senior Notes due April 2028, repaid October 2025 AI Artificial intelligence 2029 A Notes 5.327% Senior Notes due February 2029, repaid February 2026 CAC China s Cyberspace Administration 2029 B Notes 6.750% Senior Notes due November 2029, repaid October 2025 CHIPS Act U.S. CHIPS and Science Act of 2022 2029 Term Loan A Senior Term Loan A due January 2029, repaid October 2025 DDR Double data rate DRAM 2030 Notes 4.663% Senior Notes due February 2030, repaid February 2026 EBITDA Earnings before interest, taxes, depreciation, and amortization 2031 Notes 5.300% Senior Notes due January 2031, repaid July 2026 EUV Extreme ultraviolet lithography 2032 Green Bonds 2.703% Senior Notes due April 2032 HBM High-bandwidth memory 2032 Notes 5.650% Senior Notes due November 2032 Micron Micron Technology, Inc. (Parent Company) 2033 A Notes 5.875% Senior Notes due February 2033 OEM Original equipment manufacturer 2033 B Notes 5.875% Senior Notes due September 2033 R D Research and development 2035 A Notes 5.800% Senior Notes due January 2035 Revolving Credit Facility $2.0 billion Revolving Credit Facility due March 2030 2035 B Notes 6.050% Senior Notes due November 2035 SOFR Secured Overnight Financing Rate 2041 Notes 3.366% Senior Notes due November 2041 SSD Solid state drive 2051 Notes 3.477% Senior Notes due November 2051 Micron , any associated logos, and all other Micron trademarks are the property of Micron. Other product names or trademarks that are not owned by Micron are for identification purposes only and may be the trademarks of their respective owners. All period references are to our fiscal periods unless otherwise indicated. Our fiscal year is the 52- or 53-week period ending on the Thursday closest to August 31. Fiscal 2026 contained 53 weeks and fiscal 2025 and 2024 each contained 52 weeks. 5 | 2026 10-K Table of Contents Forward-Looking Statements This Annual Report on Form 10-K contains trend information and other forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements may be identified by words such as anticipate, expect, intend, pledge, committed, plan, opportunities, future, believe, target, on track, estimate, continue, likely, may, will, would, should, could, and variations of such words and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Specific forward-looking statements include, but are not limited to, statements regarding expected production ramp of certain products; plans to invest in R D; anticipated technological developments and improvements in our products; potential change and impact in our effective tax rate; expectations related to construction, acquisition, expansion, and ramping of production and their impact on our ability to supply customers of our facilities, including new memory manufacturing fabs in the United States; expectations regarding our strategic customer agreements and their impact on our financial results; estimated capital expenditures; payment of purchase obligations; receipt, timing, and utilization of government incentives and our ability to satisfy conditions attached to these incentives; the payment of future cash dividends; market conditions, including anticipated supply and demand conditions, and profitability in our industry; future demand for our products and factors that may impact such demand, including developments in AI and other technologies; the potential impact of business, economic, political, legal, and regulatory developments upon our global operations, including tariffs and trade regulations; and the sufficiency of our cash and investments. Our actual results could differ materially from our historical results and those discussed in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, those identified in Part I, Item 1A. Risk Factors. 6 Table of Contents PART I ITEM 1. BUSINESS Overview We are 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, our 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. We manufacture our products at wholly-owned facilities and also utilize subcontractors for certain manufacturing processes. Our global network of manufacturing centers of excellence not only allows us to benefit from scale while streamlining processes and operations, but it also brings together some of the world s brightest talent to work on the most advanced memory technology. Centers of excellence bring expertise together in one location, providing an efficient support structure for end-to-end manufacturing, with quicker cycle times, in partnership with teams, such as R D, product development, human resources, procurement, and supply chain. For our locations in Singapore and Taiwan, this is also a combination of bringing fabrication and back-end manufacturing together. We continue to make significant investments to develop proprietary product and process technology, which generally increases bit density per wafer and reduces per-bit manufacturing costs of each generation of product. We continue to introduce new generations of products that offer improved performance characteristics, including higher data transfer rates, higher bandwidth, advanced packaging solutions, lower power consumption, improved read/write reliability, and increased memory density. We face intense competition in the semiconductor memory and storage markets. To remain competitive, we must continuously develop and implement new products and technologies and decrease manufacturing costs in spite of inflationary pressures, changing technologies, rapid market changes, and regulatory uncertainty. Our success is largely dependent on obtaining returns on our R D investments, efficient utilization of our manufacturing infrastructure, development and integration of advanced product and process technologies, market acceptance of our diversified portfolio of semiconductor-based memory and storage solutions, and efficient capital spending. Products, Market, and Sales Product Technologies Our product portfolio of memory and storage solutions, advanced solutions, and storage platforms is based on our high-performance semiconductor memory and storage technologies, including DRAM, NAND, and NOR. We sell our products through our business units into various markets in numerous forms, including components, modules, SSDs, managed NAND, multi-chip packages, and wafers. Many of our system-level solutions combine NAND, a controller, firmware, and in some cases DRAM. DRAM: DRAM products are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval with a variety of performance characteristics. DRAM products lose content when power is turned off ( volatile ) and are most commonly used in the data center, client PC, graphics, industrial, mobile, and automotive markets. In 2025, we began shipping the industry s first 1 (1-gamma) production node, which is our first DRAM node incorporating EUV lithography and offers further improvements in power efficiency, performance, and bit density compared to our prior DRAM node products. Our 1 DRAM node is ramping well and on track to become the highest-volume node in our history. The majority of our DRAM bit production in the fourth quarter of 2026 was on our leading-edge 1 node. 7 | 2026 10-K Table of Contents High-Bandwidth Memory ( HBM ) : A 3D stacked DRAM architecture that utilizes through-silicon via connections for more efficient communication, giving it the ability to achieve a higher bandwidth while consuming less power compared to other memory types. This makes it ideal for applications that require high data throughput and energy efficiency, such as AI applications and high-performance computing. Double Data Rate ( DDR ) : DDR memory transfers data twice per clock cycle, resulting in improved speeds, power efficiency, and storage density. DDR5 is the fifth generation of this technology and offers the critical improvements in bandwidth and power efficiency necessary to meet the growing needs of high-performance computing, AI, and data-intensive applications. Low-Power DRAM ( LPDDR ) : Engineered for mobile devices and applications requiring low power consumption. LPDDR products generally operate at a lower voltage than standard DRAM products and are beneficial to any power-conscious application. The benefits of LPDDR memory are being realized by many market segments, including mobile, PC, automotive, and data center. Graphics DRAM ( GDDR ) : High-performance memory solution designed for graphics cards, gaming consoles, and high-performance computing applications. GDDR memory is optimized for high-bandwidth workloads encountered by graphics processing units, offering faster data rates and efficient data processing capabilities. Total reported DRAM revenue was $100.68 billion in 2026, $28.58 billion in 2025, and $17.60 billion in 2024. NAND: NAND products are non-volatile, re-writable semiconductor storage devices that provide high-capacity, low-cost storage with a variety of performance characteristics. NAND is used in SSDs for the data center, client PC, consumer, and automotive markets, and in removable storage markets. Managed NAND is used in smartphones and other mobile devices, and in the consumer, automotive, and embedded markets. Low-density NAND is ideal for applications like automotive, surveillance, machine-to-machine, automation, printer, and home networking. In 2024, we began volume production of Micron G9 NAND, representative of the industry's ninth-generation 3D NAND node. The majority of our NAND bit production in 2026 was on leading-edge Micron G8 and G9 NAND nodes. Our NAND flash includes triple-level cell ( TLC ) and quad-level cell ( QLC ), each with varying levels of storage density, performance, and endurance. Solid State Drives ( SSDs ) : SSD storage products incorporate NAND, a controller, and firmware to offer significant performance and features over hard disk drives, including smaller form factors, faster read and write speeds, higher reliability, and lower power consumption needed to address the growing demands of data-centric workloads, ever-increasing expectations of client users, and the stringent requirements of automotive and industrial applications. Managed NAND : Managed NAND combines NAND flash with a sophisticated controller and firmware in a single package. This integration allows the memory to manage itself, handling tasks like wear leveling, bad block management, and error correction internally, freeing the host system from these tasks. Products such as embedded MultiMediaCards ( e.MMC ) and universal flash storage ( UFS ) offer solutions that are compact and reliable, making them widely used across the mobile, automotive, and industrial markets. Multi-Chip Packages ( MCPs ) : Designed to provide high-performance, compact, and efficient memory solutions by integrating multiple types of memory, generally LPDDR and NAND, into a single package. MCPs are used in embedded internet of things ( IoT ) applications, automotive systems, mobile devices, and industrial devices where space and power efficiency are critical. Total reported NAND revenue was $31.79 billion in 2026, $8.50 billion in 2025, and $7.23 billion in 2024. NOR: NOR products are non-volatile, re-writable semiconductor memory devices that provide fast read speeds. NOR is most commonly used for reliable code storage (e.g., boot, application, operating system, and execute-in-place code in an embedded system) and for frequently changing small data storage and is ideal for automotive, industrial, and consumer applications. 8 Table of Contents Products by Business Unit and Market Cloud Memory Business Unit ( CMBU ) CMBU is focused on memory solutions for large hyperscale cloud customers, and HBM for all data center customers. In addition to HBM, CMBU sales include DDR, LPDDR, and GDDR. Data Center : CMBU sales to the data center end market are driven by server demand across the cloud market and include our portfolio of HBM, high-capacity dual in-line memory modules ( DIMMs ), and low-power server DRAM solutions. Overall cloud growth continues to be driven by strong demand for generative AI capabilities by enterprises across multiple verticals, sovereign AI, and the shift of both infrastructure and workloads from on-premises to the cloud. Cloud servers supporting AI and data-centric workloads require significantly increasing quantities of DRAM, including HBM, and NAND as the task of turning data into insight becomes increasingly memory-centric. In 2026, HBM3E 12-high represented the majority of our HBM shipments. In 2026, we began volume production of our HBM4 36GB 12-high with increased bandwidth and superior power efficiency enabled by our 1 (1-beta) process node, and we delivered samples of HBM4 48GB 16-high to multiple key customers to power next-generation AI platforms. Our HBM4 uses advanced complementary metal-oxide-semiconductor ( CMOS ) and advanced metallization process technologies on the base logic die and DRAM core dies, which are designed and manufactured in-house. This, along with our unique HBM design, packaging, and test capability, enables our industry-leading performance and low-power leadership. Development of HBM4E, our next-generation HBM product leveraging our 1 DRAM technology node, is well underway, and we expect to ramp volume in calendar 2027. As modern servers pack more processing cores into central processing units ( CPUs ), the memory bandwidth per CPU core has been decreasing. Our DDR5 alleviates this bottleneck by providing higher bandwidth than previous generations, enabling improved performance and scaling. In 2026, we delivered qualification samples of our 256GB DDR5 registered dual in-line memory modules ( RDIMMs ), built on 1 DRAM technology and advanced 3D die stacking. This module provides capacity, speed, and power efficiency, helping data center architects scale AI infrastructure more efficiently. We also began volume production of LPDDR5X in a small outline compression attached memory module form factor designed to enable higher memory capacity, substantially lower power consumption, and faster performance for a variety of AI and general-purpose computing workloads. Total reported CMBU revenue was $43.09 billion in 2026, $13.52 billion in 2025, and $3.79 billion in 2024. CMBU sales to the data center market in 2026 consisted primarily of our DDR5, HBM, and LPDDR5 products. Core Data Center Business Unit ( CDBU ) CDBU is focused on storage solutions for all data center customers, including data center SSDs and NAND components, and memory solutions for OEM data center, enterprise, and NeoCloud customers. NeoCloud customers are AI-focused cloud service providers that are distinct from traditional hyperscale cloud providers. Data Center SSDs and NAND : The rapid proliferation of AI, cloud computing, and big data are fueling demand for high-performance and high-capacity storage in data centers. In 2026, we began volume production of our G9 NAND-based PCIe Gen6 high-performance data center SSDs, which accelerate AI training and inference workloads with faster data transfers and improve energy efficiency. In 2026, we also began shipping our 245TB 6600 ION SSD, built with G9 QLC NAND, with improved rack-scale storage density for data centers and designed to support AI, cloud, enterprise and hyperscale workloads, including next-generation AI data lakes and cloud-scale file and object storage. Data Center DRAM : CDBU sales to OEM data center customers are driven by server and storage demand to support enterprise and NeoCloud customers, and our sales consisted primarily of DDR5 and DDR4. 9 | 2026 10-K Table of Contents Total reported CDBU revenue was $37.59 billion in 2026, $7.23 billion in 2025, and $4.98 billion in 2024. CDBU sales primarily included sales of our DDR5 and DDR4 RDIMMs, data center SSDs, as well as component NAND sales of QLC. Sales to the data center SSD market in 2026 consisted primarily of our 5400, 6550 ION, 6600 ION, 7450, 7500, 7550, 7600, 9550, and 9650 series SSDs. Mobile and Client Business Unit ( MCBU ) MCBU is focused on memory and storage solutions for the mobile and client segments. Additionally, MCBU sales include DRAM sold to the consumer market and component DRAM and NAND (TLC and QLC). The proliferation of AI-ready devices, from smartphones, tablets, AI PCs, and personal AI workstations, continues to increase demand for higher-capacity, higher-bandwidth, and lower-power memory and storage. On-device AI requires data and models to be processed locally, increasing DRAM and storage content needs and making power efficiency, thermal efficiency, battery life, and responsiveness key market requirements. Our LPDDR portfolio, enabled by our advanced technology process nodes, are a critical enabler of AI at the edge across mobile and client devices. Mobile: Consists of memory products sold into the smartphone and other mobile-device markets, specifically LPDDR. MCBU offers a portfolio of LPDDR solutions designed for next-generation smartphones to accelerate AI applications in the mobile market. Our focus is providing memory solutions to the flagship and high-end smartphone segments, leveraging our 1 and 1 technology process nodes. In 2026, we began volume shipments of our 1 16Gb LPDDR5X product to leading smartphone OEMs and sampled our 1 24Gb LPDDR5X product to multiple smartphone customers. We also began shipping qualification samples of our 1 16Gb LPDDR6 product, marking a milestone in next-generation memory technology. Client : Our memory and storage solutions sold into the client PC market support both commercial and consumer PC unit growth. These products primarily consist of DRAM modules, SSDs, packaged DRAM, and packaged NAND. Next-generation PCs include high-performance neural processing chipsets and AI capabilities, which increase memory and storage requirements. Personal AI workstations are also emerging as a new client category, often leveraging 128GB+ of DRAM to provide powerful on-device AI capabilities. Memory is a critical factor in enabling these systems to run larger models and process data locally, resulting in more responsive AI experiences. We are focused on providing solutions to the high-end and mainstream client PC segments for both personal and enterprise use. Our memory and storage products are critical to enabling AI, as data is the foundation for training, retrieval, inference, and enabling exceptional user experiences at the edge. Our client SSDs deliver the speed, power efficiency, security features, and capacity required for AI-enabled PCs and workstations. In 2026, we successfully completed qualification with lead customers on our G9 Gen5 QLC-based NAND client SSD, which is designed to expand capacity and improve responsiveness for mainstream PCs and ultra-thin laptops. Consumer and Components : Our consumer products were sold under the brand name Crucial until an exit of that portion of our business was announced in December 2025. The portfolio consisted of DRAM modules and SSDs that were sold through retail channels. Our ongoing components business supplies DRAM and NAND to channel partners who package and sell DRAM modules and SSDs to other third parties, in addition to electronics manufacturing services companies who deliver fully assembled consumer products. Total reported MCBU revenue was $36.60 billion in 2026, $11.86 billion in 2025, and $11.67 billion in 2024. MCBU sales to the mobile market in 2026 consisted primarily of LPDDR5X and LPDDR4X DRAM and man
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Active in
Products this company is committing to per engine analysis
- CXL Memory Expansion Module/cxl-memory-fabric
- Leo CXL Memory Controller/cxl-memory-fabric
- Micron CZ120 CXL Memory Expansion Module/cxl-memory-fabric
- HBM3E 12-High Stack/hbm-memory
- HBM4 Stack/hbm-memory
- HBM-Integrated AI Inference Memory Architecture (LPDDR5X + HBM Hybrid)/hbm-memory
- HBM3E 12-high 36GB Stack/hbm-memory
- HBM4 12-high 36GB Stack/hbm-memory
Notes
Active in: HBM3E DRAM Stack, HBM4 DRAM Stack
Leaderboard updated 2026-06-26 · Methodology