Micron Technology (MU) 10-K Summary — Year Ended Aug 31, 2023
Micron Technology reported a significant decline in revenue and a net loss for the fiscal year, reflecting challenging market conditions. The company maintains substantial liquidity through cash, marketable investments, and a revolving credit facility.
Key takeaway
Year ended Aug 31, 2023 · FY2025 10-K
Micron Technology reported a significant decline in revenue and a net loss for the fiscal year, reflecting challenging market conditions. The company maintains substantial liquidity through cash, marketable investments, and a revolving credit facility.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$15.5B
Revenue reported for the fiscal year.
Operating income
-$5.7B
Income from operations reported for the year.
Net income
-$5.8B
Net income reported for the year.
Operating cash flow
$1.6B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 2, 2021 | $27.7B | n/a |
| Sep 1, 2022 | $30.8B | +11.0% |
| Aug 31, 2023 | $15.5B | -49.5% |
Business overview
Micron Technology is a semiconductor company that designs, manufactures, and sells memory and storage products. The company's operations are subject to various risk factors, including market volatility and competitive pressures, as detailed in its filing.
Financial performance
Revenue fell sharply compared to the prior year, leading to negative operating income and a net loss. Operating cash flow remained positive but was reduced from previous levels.
Material risks
The filing identifies risks related to fluctuating product selling prices, which significantly impact cash generation. Additionally, the company faces credit risk on its investments, though it mitigates this through diversification and high-credit-quality counterparties.
Liquidity and capital
Primary liquidity sources include cash from operations and access to capital markets, with a revolving credit facility providing additional flexibility. The company continuously evaluates funding alternatives for capital expenditures and ongoing operations.
What to watch
Monitor changes in product selling prices, as they directly affect cash generation and overall financial performance.