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Micron makes money by manufacturing memory and storage products and selling them to data-center, mobile, client-computing, automotive, industrial, and consumer customers. DRAM—including HBM—provides fast, temporary working memory; NAND flash stores data persistently. Micron sells these technologies in several forms, from chips and modules to managed NAND and finished SSDs.
What Micron sells—and what each technology does
DRAM is working memory
Dynamic random-access memory (DRAM) holds data that a processor needs to access quickly. It is volatile: its contents are lost when power is removed. Micron sells DRAM for data centers, PCs and other client devices, graphics, mobile products, automotive systems, and industrial applications.
HBM is a high-bandwidth form of DRAM
High-bandwidth memory (HBM) is DRAM arranged in vertically stacked dies, designed to move data at high bandwidth with efficient communication. That makes it relevant to data-center workloads, including AI computing. HBM is part of the DRAM business, not a separate customer-market unit in Micron’s reporting.
NAND flash is persistent storage
NAND flash retains data without power and can be rewritten. Micron sells it as components and managed NAND, as well as in finished solid-state drives (SSDs). Some storage products combine NAND with a controller and firmware; the company also sells modules, multi-chip packages, and wafers.
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How much revenue comes from DRAM and NAND?
Micron’s FY2025 filing reported the following revenue by product technology. These are fiscal-year figures, not the latest FY2026 annual split:
| Product technology | FY2023 revenue | FY2024 revenue | FY2025 revenue |
|---|---|---|---|
| DRAM | $10.98 billion | $17.60 billion | $28.58 billion |
| NAND | $4.21 billion | $7.23 billion | $8.50 billion |
In its FY2026 investor presentation, Micron said DRAM revenue surpassed $100 billion for the year. The FY2026 materials cited here do not provide an exact annual HBM revenue figure or a complete annual DRAM-and-NAND split. The FY2025 values above should not be carried forward as FY2026 figures.
What does Micron sell to data centers?
Micron supplies data-center customers with memory and storage products. That includes HBM for data-center customers, as well as other DRAM products and data-center storage such as SSDs. Its FY2026 reporting shows the scale of the customer markets, but those totals do not reveal exactly how much revenue came from any one technology.
Customer-market business units in Q4 FY2026
Micron reported these business-unit revenues for the quarter ended September 3, 2026:
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| Business unit | Q4 FY2026 revenue | Customer focus |
|---|---|---|
| Cloud Memory | $16.283 billion | Large hyperscale cloud customers and HBM for data-center customers |
| Core Data Center | $18.002 billion | OEM data-center memory and data-center storage |
| Mobile and Client | $13.114 billion | Mobile and client memory and storage |
| Automotive and Embedded | $6.824 billion | Automotive, industrial, and consumer memory and storage |
The four rounded business-unit figures total about $54.2 billion; consolidated Q4 revenue was $54.229 billion. These are customer-market categories, not a DRAM/HBM/NAND breakdown. For example, Cloud Memory is not synonymous with HBM, and Core Data Center is not synonymous with NAND.
Data-center SSDs are a significant NAND outlet
Micron said Q4 FY2026 data-center SSD revenue was nearly $10 billion and more than two-thirds of the company’s NAND revenue for that quarter. This is a quarterly data-center SSD figure and a share of quarterly NAND revenue—not an annual NAND total.
What Micron’s latest results say about its financial scale
Micron reported $133.188 billion in revenue, $84.969 billion in GAAP net income, and an 80.7% GAAP gross margin for FY2026. The fiscal year ended September 3, 2026, and the results were released September 30, 2026. For comparison, FY2025 revenue was $37.378 billion and gross margin was 39.8%.
Revenue measures sales, gross margin reflects what remains after cost of goods sold, and net income is the profit after the other reported expenses and items. The FY2026 results therefore show not just higher sales, but also a much higher reported gross margin. They describe one fiscal year, not a guaranteed ongoing level of revenue or profitability.
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Why Micron’s revenue and margins can change sharply
Memory makers’ results are affected by both sales volume and prices. Micron’s FY2025 filing also points to product mix and manufacturing costs: higher-margin products, including HBM, and lower manufacturing costs helped DRAM margins. Supply-demand balance and manufacturing yields and costs can therefore matter alongside how many bits Micron ships.
In its September 30, 2026 investor presentation, Micron described tighter supply-demand conditions expected in 2027–2028. That is management’s outlook as of that date, not a realized result or certainty. CEO Sanjay Mehrotra also said the company expected an even stronger FY2027 after its record FY2026; that statement is a company forecast, not an independently established outcome.
How to interpret Micron’s HBM business
HBM matters because it is a high-bandwidth DRAM product serving data-center demand, and its mix can influence profitability. Micron said HBM revenue grew faster than total company revenue during Q4 FY2026 and that it had agreements for the vast majority of its calendar 2027 HBM bit supply. Those statements indicate momentum and customer commitments, but they do not disclose an exact HBM revenue amount or establish what share of total company sales HBM represents.
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