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# Micron Technology (MU) - Current Events ## Filings that contain financial statements Each earnings release below is furnished as Exhibit 99.1 to a Form 8-K (Item 2.02) and contains a consolidated statement of operations, balance sheet and statement of cash flows, plus GAAP to non-GAAP reconciliations. The Form 10-Q for the quarter ended May 28, 2026 remains the primary source for the full interim financial statements and notes. - Form 8-K filed June 24, 2026, accession 0000723125-26-000013: third quarter of fiscal 2026 (quarter ended May 28, 2026), with nine-month figures. Income statement, balance sheet, cash flow statement. - Form 8-K filed March 18, 2026, accession 0000723125-26-000004: second quarter of fiscal 2026 (ended February 26, 2026). Income statement, balance sheet, cash flow statement. - Form 8-K filed December 17, 2025, accession 0000723125-25-000044: first quarter of fiscal 2026 (ended November 27, 2025). Income statement, balance sheet, cash flow statement. - Form 8-K filed September 30, 2026, accession 0000723125-26-000018: fourth quarter and full year of fiscal 2026 (ended September 3, 2026). Income statement, balance sheet, cash flow statement. This filing post-dates the third-quarter period. - Form 8-K filed September 23, 2025, accession 0000723125-25-000024: fourth quarter and full year of fiscal 2025 (ended August 28, 2025). Income statement, balance sheet, cash flow statement. - Form 8-K filed June 25, 2025, accession 0000723125-25-000019: third quarter of fiscal 2025 (ended May 29, 2025), the year-ago comparative quarter, with nine-month figures. Income statement, balance sheet, cash flow statement. ## Earnings and guidance - **June 24, 2026 (0000723125-26-000013), fiscal Q3 2026.** Revenue $41.46 billion (vs. $23.86 billion in the prior quarter and $9.30 billion a year earlier). GAAP net income $28.24 billion, $24.67 per diluted share; non-GAAP $25.11 per share. GAAP gross margin 84.6%. Operating cash flow $25.39 billion; net capital expenditures $7.1 billion; adjusted free cash flow $18.3 billion; cash, marketable investments and restricted cash $30.2 billion. The release's headline states that Micron "executes transformational Strategic Customer Agreements", and the CEO calls them "multi-year"; the release gives no terms, counterparties or amounts for them. Third-quarter results included a $325 million loss on debt prepayments. Guidance for fiscal Q4 2026: revenue $50.0 billion plus or minus $1.0 billion, gross margin about 86%, GAAP EPS $30.73 plus or minus $1.00 (non-GAAP $31.00 plus or minus $1.00). The board declared a quarterly dividend of $0.15 per share, payable July 21, 2026 to holders of record July 6, 2026. - **March 18, 2026 (0000723125-26-000004), fiscal Q2 2026.** Revenue $23.86 billion; GAAP net income $13.79 billion, $12.07 per share (non-GAAP $12.20). Operating cash flow $11.90 billion. The board approved a 30% increase in the quarterly dividend, to $0.15 per share from $0.115, payable April 15, 2026. Fiscal Q3 guidance was revenue $33.5 billion plus or minus $750 million, gross margin about 81%, non-GAAP EPS $19.15 plus or minus $0.40; reported Q3 revenue and EPS were above that range. - **December 17, 2025 (0000723125-25-000044), fiscal Q1 2026.** Revenue $13.64 billion; GAAP net income $5.24 billion, $4.60 per share (non-GAAP $4.78). Operating cash flow $8.41 billion; dividend of $0.115 declared. Fiscal Q2 guidance: revenue $18.70 billion plus or minus $400 million, non-GAAP EPS $8.42 plus or minus $0.20. - **September 23, 2025 (0000723125-25-000024), fiscal Q4 and full year 2025.** Q4 revenue $11.32 billion, GAAP EPS $2.83 (non-GAAP $3.03); fiscal 2025 revenue $37.38 billion, GAAP net income $8.54 billion ($7.59 per share). Fiscal Q1 2026 guidance: revenue $12.50 billion plus or minus $300 million, non-GAAP EPS $3.75 plus or minus $0.15. - **August 11, 2025 (0001104659-25-075940), guidance raise.** Micron raised its fiscal Q4 2025 guidance (Item 7.01) from revenue of $10.7 billion plus or minus $300 million to $11.2 billion plus or minus $100 million, non-GAAP gross margin from 42.0% to 44.5%, and non-GAAP EPS from $2.50 to $2.85 plus or minus $0.07, citing improved pricing, particularly in DRAM, and strong execution. - **June 25, 2025 (0000723125-25-000019), fiscal Q3 2025.** Revenue $9.30 billion (vs. $8.05 billion in the prior quarter and $6.81 billion a year earlier); GAAP net income $1.89 billion, $1.68 per diluted share (non-GAAP $1.91). Net capital expenditures $2.66 billion; adjusted free cash flow $1.95 billion; cash, marketable investments and restricted cash $12.22 billion. Fiscal Q4 2025 revenue guidance of $10.7 billion plus or minus $300 million (later raised, see August 11, 2025). Quarterly dividend of $0.115 declared, payable July 22, 2025. ### After the fiscal third quarter - **September 30, 2026 (0000723125-26-000018), fiscal Q4 and full year 2026.** Q4 revenue $54.23 billion, GAAP net income $37.70 billion ($32.87 per share; non-GAAP $33.42). Fiscal 2026 revenue $133.19 billion versus $37.38 billion, GAAP net income $84.97 billion ($74.33 per share). Operating cash flow $43.97 billion for the quarter and $89.68 billion for the year; net capital expenditures $27.37 billion for the year; cash, marketable investments and restricted cash $73.48 billion. Fiscal Q1 2027 guidance: revenue $61.5 billion plus or minus $1.5 billion, non-GAAP gross margin about 86.25%, non-GAAP EPS $38.15 plus or minus $1.00. Quarterly dividend of $0.15 declared, payable October 29, 2026. The release again refers to the Strategic Customer Agreements without giving terms. ## Debt: cash tender offers for senior notes - **March 25, 2026 (0001104659-26-034174).** Micron commenced cash tender offers for any and all of six series of senior notes totalling $5.4 billion: 5.300% due 2031 ($1.0 billion), 5.650% due 2032 ($500 million), two 5.875% series due 2033 ($750 million and $900 million), 5.800% due 2035 ($1.0 billion) and 6.050% due 2035 ($1.25 billion). - **March 31 and April 1, 2026 (0001104659-26-038249).** Pricing was announced March 31 (consideration of $1,048.11 to $1,079.93 per $1,000 principal depending on series). On April 1, Micron reported the offers expired March 31 with $4.315 billion principal validly tendered, plus a further $140 million subject to guaranteed delivery procedures, and said it expected to accept all validly tendered notes with payment on April 3, 2026. The Form 10-Q for the quarter ended May 28, 2026 (accession 0000723125-26-000015, Note 9, Debt Activity) records the settlement: the 2031 Notes, 5.650% 2032 Notes, 2033 A and B Notes and 2035 A and B Notes were prepaid on April 3, 2026, with principal decreases of $738 million, $429 million, $574 million, $685 million, $864 million and $1,030 million (about $4.32 billion in total) and a decrease in cash of about $4.61 billion. ## Capital investment and government funding - **June 12, 2025 (0001104659-25-058741).** Micron and the Trump Administration announced expanded U.S. investment plans of approximately $200 billion ($150 billion in domestic memory manufacturing and $50 billion in R&D), including a second leading-edge Idaho fab, expansion of the Manassas, Virginia fab, and U.S. advanced HBM packaging. Micron cited up to $6.4 billion in CHIPS Act direct funding, including a finalized $275 million award for Virginia. On June 11, 2025 its subsidiaries amended their December 9, 2024 CHIPS direct funding agreements, and Micron entered into an amended and restated guarantee and equity contribution agreement with the Department of Commerce. - **March 2026 (Form 10-Q for the quarter ended May 28, 2026, accession 0000723125-26-000015, Note 7 and MD&A Liquidity; no Form 8-K was filed).** Micron completed the acquisition of a wafer fabrication facility in Tongluo, Miaoli County, Taiwan, from Powerchip Semiconductor Manufacturing Corporation for total cash consideration of $1.8 billion. ## Management, board and governance - **August 26, 2026 (0001104659-26-101067).** Manish Bhatia, previously Executive Vice President, Global Operations, was appointed President and Chief Operating Officer, and Dr. Scott DeBoer, previously Executive Vice President and Chief Technology and Products Officer, was appointed President and Chief Technology and Products Officer, both effective immediately. Sumit Sadana moved from Executive Vice President and Chief Business Officer to Senior Advisor to the CEO. - **June 9, 2026 (0001104659-26-071845).** Dr. Alexis Black Bjorlin was appointed to the board and to its Governance and Sustainability Committee, bringing the board to nine directors, eight of them independent. - **January 21, 2026 (0001104659-26-005366).** Stockholders approved at the January 15, 2026 annual meeting an amendment to the charter eliminating certain officers' personal liability for monetary damages for breach of the duty of care; it became effective January 21, 2026. The filing also reports the director election results. - **October 21, 2025 (0001104659-25-101237).** Directors Richard M. Beyer and Mary Pat McCarthy (Audit Committee chair) notified the board on October 15, 2025 that they would retire at the January 15, 2026 annual meeting, leaving eight directors at that point. - **July 18, 2025 (0001104659-25-069019).** The board approved amended and restated bylaws effective July 17, 2025. ## Not found in these filings Apart from the Tongluo, Taiwan fab purchase above, which is disclosed only in the Form 10-Q, no acquisition or divestiture appears in the Form 8-Ks covered here, and no going-concern or covenant matter, impairment, restructuring or stock split appears in them. The terms of the Strategic Customer Agreements are not described in the earnings releases.