Recommended Free Tools
Micron’s revenue is highly cyclical: shifts in DRAM and NAND supply and demand can move memory prices sharply, while the company’s large fixed manufacturing costs can amplify those changes in gross margin and earnings. In its FY2026 Form 10-K, Micron reported revenue of $25.111 billion in FY2024, $37.378 billion in FY2025 and $133.188 billion in FY2026; gross margin rose from 22.4% to 39.8% to 80.7% over the same years. Those company-reported results show how powerful a favorable memory market can be, not what investors should assume Micron will earn in a less favorable one.
To assess the cycle, investors should separate price from bit shipments, then examine product mix, supply additions, utilization, costs, capital spending, customer commitments and cash flow. AI-related demand is supporting current conditions, but it does not eliminate the possibility that supply catches up or demand slows.
As an Amazon Associate I earn from qualifying purchases.
Why Micron’s revenue is cyclical
Micron sells memory and storage products, including DRAM and NAND. The amount customers are willing to buy and the supply manufacturers can deliver affect the average selling price (ASP) for each product. When demand outpaces available supply, prices and shipments can rise. If manufacturers add supply faster than demand grows, or demand weakens, prices can fall—even if customers continue to buy memory.
That price exposure matters because manufacturing capacity is expensive and takes time to build or change. A factory’s costs do not necessarily decline as quickly as selling prices. When utilization falls, fewer bits may absorb those costs, increasing cost per bit. Conversely, high volumes and favorable prices can spread manufacturing costs across more sales and increase gross margin. This operating leverage helps explain why revenue can move substantially while gross margin changes even more dramatically.
#1 Best Overall
- Compact & Portable Design: This Small Excel, Word, PowerPoint, & Windows Cheat Sheet Mouse Pad measures 11.8" x 9.8", offering a portable mouse pad. Its compact size fits in bags or laptop cases, suitable for professionals, students, or travelers.
- Multi-Software Shortcut Guide: Featuring essential shortcut keys for Excel, Word, PowerPoint, & Windows, this small mouse pad provides a quick reference for frequently used shortcuts, offering a reference designed to support workflow efficiency
- Smooth & Precise Surface: The finely-textured surface ensures precise mouse control, allowing for smooth and accurate movement during work or gaming sessions.
- Durable & Non-Slip Design: This Multi-Software Shortcut Mouse Pad features stitched edges to reduce fraying. The non-slip rubber base helps keep it securely in place, and the water-resistant fabric allows for easier maintenance.
- Clear Print Quality: Displays high-resolution printing intended to remain legible through regular use and cleaning
Micron’s FY2026 Form 10-K describes annual DRAM and NAND ASP changes ranging from approximately a 200% increase to a 50% decrease over the five fiscal years covered by that filing. The range is a historical description of a particular five-year window, not a forecast or a fixed annual pattern. The filing also warns that greater supply or slower demand can pressure prices, and that selling prices have at times been below manufacturing costs.
What Micron’s recent results show—and what they do not
The figures below are reported by Micron in its FY2026 Form 10-K. They illustrate an unusually strong rebound in revenue and profitability; they are not normalized earnings or a prediction that the same level will continue.
| Fiscal year | Revenue | Gross margin | Context |
|---|---|---|---|
| FY2024 | $25.111 billion | 22.4% | Reported company result |
| FY2025 | $37.378 billion | 39.8% | Reported company result |
| FY2026 | $133.188 billion | 80.7% | Reported company result; revenue grew 256% year over year |
Micron attributed FY2026’s revenue growth in large part to higher DRAM and NAND sales. Its DRAM sales rose 252%, with average selling prices increasing approximately 180% and bit shipments increasing in the mid-20% range. That split is important: the period’s DRAM growth reflected both more bits shipped and a very large price increase. Investors should not treat the resulting revenue growth as a recurring baseline if prices or supply conditions change.
The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Rank #2
- [MULTIFUNCTIONAL]You'll get 2 pieces computer monitor memo boards that you can stick on the left and right edges of your monitor, and they're the perfect office desk organizers and accessories. Computer monitor side panels desktop organizer are suitable for home work or office,bringing convenience. Desktop memo is used to organize meeting memos, important messages, business cards, planning notes.Paste on the message board to keep track of important things and to-do items to prevent forgetting.
- [🌟HIGHLY QUALITY] The material of computer screen side note holder is transparent acrylic. Durable, simple, stylish, light weight, easy to use, not easy to fall off or break. This cute office supplies for women desk can be used for a long time. This computer desk accessories is waterproof and dirt resistance, and look simple and stylish. The transparent acrylic sticky note holder as cubicle accessories is easy to notice the context of your sticky notes.
- [📋Easy to use] Office must haves cool office gadgets for desk ready to tear, easy to install and remove, not easy to leave traces. You only need to peel off the protective film on the surface of the computer side board memo, wipe off the dust on the edge of the computer monitor, and then stick the desk essentials for women office on the right or left side of the tape, and you're done. A perfect gift for your colleagues, friends or classmates and family members or relatives
- [🏢MULTI-SCENE USE] This desk supplies computer memo board can be applied to home and office, clear your office decor for women, suitable for most computer monitors, screens and cabinets, you can put it where you think, this cute office decor serve as a reminder. Stick on the computer side. It’s a good office gadgets can remind work improve office productivity. Pasted cabinets, dressers, refrigerators, walls, etc as cubicle accessories. To make life more orderly.
- [💌NOTE] The adhesive force of the computer sticky note holder is very strong. It can not be directly pasted on the computer screen. It should pasted on the black edge of the screen. Narrow edge not recommended!!! If you are not satisfied with your purchase, or if the product is damaged or broken in transit, please let us know immediately. We will promptly solve your problem.
Fiscal-year comparisons also need a calendar qualification. Micron’s fiscal year ends on the Thursday closest to August 31 and may contain 52 or 53 weeks. FY2026 had 53 weeks, while FY2025 had 52, so the annual revenue comparison includes a difference in period length. Weekly run rates and the length of individual quarters can help put reported growth in context.
Separate price growth from shipment growth
DRAM and NAND ASPs
ASP is the clearest direct indicator of revenue per bit and a key influence on gross margin. Compare price changes with shipment growth: revenue can still rise when prices fall if bit shipments grow enough, but falling prices can overwhelm volume gains. Micron’s historical ASP ranges also depend on the filing’s lookback period. Its FY2025 Form 10-K described annual DRAM ASP changes over that filing’s five-year window as ranging from a low-teens increase to a high-40% decrease, and NAND changes from a low-30% increase to a low-50% decrease. Those FY2025 ranges use a different five-year window from the FY2026 figures and should not be combined into one historical range.
Bit shipments
Shipment growth indicates whether customers are receiving more product, rather than paying more for each bit. Follow DRAM and NAND separately where possible: a consolidated revenue increase can conceal different price, volume and demand patterns in the two product categories. Micron’s FY2026 DRAM figures demonstrate why a single revenue growth rate is incomplete: price and bit shipments both contributed, but by very different magnitudes.
Rank #3
- Stay Organized with Ease: Our To Do List Notepad provides multiple sections with plenty of space to jot down all of your important tasks.A versatile office supply perfect for daily task management, helping you keep track of everything that needs to be done and prioritize effectively.
- Achieve Your Productivity Goals: Begin each day on a positive note, reminding you of your potential, strength, and the significance of staying focused on your goals. Our Daily Checklist Notepad is the ultimate tool to streamline your daily planning and elevate your productivity. With a clear and concise overview of your tasks, you can effortlessly prioritize what truly matters and make consistent strides towards achieving your goals.
- Reliable and Stylish: Our to do list planner combines functionality with durability. With a transparent PP cover, the inner pages are well-protected from dirt and wear. Additionally, the back cover is crafted with thick paperboard, offering a stable surface for your writing needs. Each notepad includes 52 pages of high-quality, 100gsm paper, which is thick and non-bleeding, resulting in a smooth and enjoyable writing experience.
- Versatile Use: This daily checklist notepad, suitable for teacher supplies and a wide range of applications, proves invaluable in various settings including work, school, and home. Whether you need to organize your daily tasks, plan a project, or create a grocery list, this notepad serves as the ideal tool. Its compact size ensures easy portability, allowing you to conveniently carry it with you throughout your day.
- Perfect Present for Anyone: Our Daily To-Do List Notepad is the perfect present for those who value organization and productivity. With its stylish design and versatility, this office desk accessory is also a practical addition to school supplies. Suitable for students, professionals, and homemakers alike, it helps keep tasks and priorities in check effortlessly.
Follow the changing product and customer mix
Memory demand is not uniform across end markets. AI-related cloud and data-center requirements can affect demand for high-bandwidth memory (HBM), server DRAM and storage, while mobile and client devices, automotive and embedded products have different demand patterns. Micron said AI-driven demand growth in data centers outpaced the industry’s ability to increase memory and storage supply, improving pricing and margins and requiring supply-allocation decisions. This is the company’s account of market conditions in its FY2026 filing, not an independent industry forecast.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Micron reported the following FY2026 business-unit revenue. The mix reflects conditions and allocation in that fiscal year; it should not be assumed to persist.
| Business unit | FY2026 revenue |
|---|---|
| Cloud Memory | $43.09 billion |
| Core Data Center | $37.59 billion |
| Mobile and Client | $43.09 billion |
| Automotive and Embedded | $9.41 billion |
Use business-unit revenue and margins to see whether growth is broad or concentrated, then consider the product and customer exposures behind each unit. A shift toward a fast-growing market can lift consolidated results, but it can also make headline figures more dependent on that market’s demand, product transitions and allocation needs.
Rank #4
- 【Adjustable & Ergonomic】：This laptop stand can be adjusted to a comfortable height and angle according to your actual needs, letting you fix posture and reduce your neck fatigue, back pain and eye strain. Very comfortable for working in home, office and outdoor.
- 【Sturdy & Protective】 ：Made of sturdy metal, it can support up to 17.6 lbs (8kg) weight on top; With 2 rubber mats on the hook and anti-skid silicone pads on top & bottom, it can secure your laptop in place and maximum protect your device from scratches and sliding. Moreover, smooth edges will never hurt your hands.
- 【Heat Dissipation】 ：The top of the laptop stand is designed with multiple ventilation holes. The open design offers greater ventilation and more airflow to cool your laptop during operation other than it just lays flat on the table.
- 【Portable & Foldable】：The foldable design allows you to easily slip it in your backpack. Ideal for people who travel for business a lot.
- 【Broad Compatibility】：Our desktop book stand is compatible with all laptops from 10-15.6 inches, such as MacBook Air/ Pro, Google Pixelbook, Dell XPS, HP, ASUS, Lenovo ThinkPad, Acer, Chromebook and Microsoft Surface, etc.Be your ideal companion in Home, Office & Outdoor.
Assess contracts without treating them as a cycle hedge
Micron describes strategic customer agreements with take-or-pay volume commitments over multi-year terms. Pricing is fixed or periodically negotiated, and most agreements have minimum and maximum price bands. The company says these arrangements improve visibility and stability. They can make some contracted volumes and prices more predictable, but investors still need to understand their scope and terms before judging how much protection they provide.
- What share of expected revenue and production is covered by agreements?
- How long do volume commitments last, and when can the parties renegotiate?
- How do price floors and ceilings work, and how often can the bands reset?
- Could customer concentration, product transitions or allocation changes affect deliveries?
Do not assume all output or revenue is covered. The filings’ description of agreements does not by itself establish what proportion of total sales is protected from market price changes.
Watch supply, utilization and the cost base
New manufacturing capacity and technology investment influence future supply, but capacity arrives with a lag. Investment decisions made during a shortage can contribute to a later increase in supply, particularly if demand growth slows at the same time. Track management’s capacity and technology plans alongside demand commentary rather than viewing either in isolation.
Best Value
- Twin-Ball Design : Hiacry gel pen features a double ball conical tip that reduces writing resistance and provides a stable and smooth writing experience. 0.7mm quick drying black ink ensures no jumping, leakage or seepage.
- Quick-Dry Long Lasting Ink：0.7mm black ink can slide effortlessly, dry immediately, & is not easily dirty. It has a high-capacity reservoir (up to 1300 meters), which is very suitable for left-handed & right-handed users.
- Sleek Design for Journaling & Planning: Engineered with a low center of gravity and precision tip for steady ink flow, these journaling pens excel at note-taking, sketching, planning, and more. They combine stylish pens with top-tier performance.
- Rolling Ball Design：The pocket clip with roll ball design can be easily attached to notebook pockets and binders, in addition, the fidget on the pen clip is also a small toy for your daily thinking to relieve stress.
- Comfortable Non-Slip Grip：The ergonomic pen barrel has a soft rubberized coating for a comfortable, non-slip grip, so you won't get fatigued even after long hours of writing.
Utilization and per-bit costs help show how the supply environment is affecting profitability. If ASPs decline, ask whether manufacturing cost reductions are keeping pace. If utilization falls, fixed costs spread over fewer bits can push unit costs higher. Gross margin combines these effects with pricing and mix, so it is a useful outcome measure but does not identify the cause on its own.
Capital spending also affects cash generation and future capacity. Micron reported FY2026 net capital expenditures of $27.37 billion and adjusted free cash flow of $62.31 billion. Adjusted free cash flow is a company-reported adjusted, non-GAAP measure; it should be read using Micron’s definition and reconciled with the company’s reported financial statements rather than treated as interchangeable with an unadjusted cash-flow measure.
Use guidance as a near-term reference, not a cycle forecast
In its September 30, 2026 earnings release, Micron gave FY2027 first-quarter revenue guidance of $61.5 billion, plus or minus $1.5 billion, and non-GAAP gross margin guidance of approximately 86.25%. These are management’s estimates for one quarter, not a full-cycle earnings forecast. Compare successive quarterly outlooks with reported results to see whether prices, shipments, costs and mix are tracking the company’s expectations.
Quick wins for a faster PC:
Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →A single strong quarter or high margin does not establish a permanent earnings level. For cycle analysis, the direction of revisions and the underlying assumptions are more useful than simply extending a current-quarter figure across future quarters.
A practical monitoring framework
| Indicator | What it tells you | How to interpret it |
|---|---|---|
| DRAM and NAND ASPs | Revenue per bit and a major influence on gross margin | Compare price changes with bit growth; price declines may outweigh shipment gains. |
| Bit shipments | Whether growth comes from more product shipped | Separate shipment growth from price increases and review DRAM and NAND individually. |
| Supply additions and industry balance | Whether shortages could ease or turn into oversupply | Read capacity and technology plans alongside demand and utilization commentary. |
| Gross margin and per-bit costs | The combined effect of pricing, mix and manufacturing efficiency | Check whether cost reductions offset ASP declines and whether lower utilization is raising unit costs. |
| Business-unit mix | Which markets are contributing to consolidated results | Look at unit revenue and margins as well as underlying product and customer exposure. |
| Customer commitments | How much contracted volume and pricing may improve visibility | Examine covered volume, duration, price bands and concentration; do not infer that all sales are contracted. |
| Capex, utilization and free cash flow | How investment and capacity affect supply and cash generation | Compare spending and cash generation with pricing and demand conditions across periods. |
| Guidance versus actual results | Whether current expectations are changing or being met | Compare successive quarterly outlooks with realized results; one quarter does not establish a durable level. |
How to interpret the current setup
Micron’s FY2026 filing describes a supportive demand environment in which AI-related data-center demand was growing faster than the industry could expand memory and storage supply. That backdrop helped pricing and margins, according to the company. The same filing cautions that increased supply in 2026 or slower demand could weaken ASPs. The two statements belong together: strong demand is a current support, while supply response and demand durability remain central cycle risks.
For an investor, the useful question is not simply whether Micron is growing. It is whether the growth is coming from more bits, higher prices, a favorable market mix, or some combination—and whether capacity, costs and customer commitments are likely to sustain those conditions. Reviewing those drivers separately makes it easier to distinguish a lasting change in demand from a favorable point in a volatile memory cycle.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
Free tools Windows power users keep installed
One-click scans. No signup required.
