Micron Technology (MU) 10-K risk factor changes: FY2026 vs FY2025

- our ability to [removed: develop] [added: develop, produce,] and [removed: produce] [added: supply] new and competitive memory and storage technologies and products;

- disruptions to our manufacturing [removed: process] [added: processes] from operational issues, natural disasters, or other events;

- acquisitions and/or strategic [removed: transactions;] [added: transactions] and [added: investments; and]

- protecting our intellectual property and retaining key employees who are knowledgeable [removed: of] [added: about] and develop our intellectual property;

We have experienced significant volatility in our average selling prices and may continue to experience such volatility in the [removed: future.][added: future due to a variety of factors, including imbalances in the supply of and demand for our products, which may be caused by circumstances that are out of our control.]

[removed: In] [added: Over] the past five [added: fiscal] years, annual percentage changes in DRAM [added: and NAND] average selling prices have ranged from [removed: plus low 40%] [added: an increase of approximately 200%] to a [removed: minus high 40% range.][added: decrease of approximately 50%.]

[removed: In] [added: Conversely, in] some prior periods, average selling prices for our products have been below our manufacturing [removed: costs] [added: costs,] and we may experience such circumstances in the future.

[removed: In addition to the impact of] [added: Our gross margins are dependent upon] our average selling prices, [added: as well as] our [removed: gross margins are dependent, in part, upon continuing decreases in] [added: ability to continue decreasing] per gigabit manufacturing [removed: costs] [added: costs, which is primarily] achieved through improvements in our manufacturing processes and product designs.

Factors that may limit our ability to [removed: reduce] [added: control] our per gigabit manufacturing costs at sufficient levels to prevent deterioration of or improve gross margins include, but are not limited to:

- process [removed: complexity] [added: complexity,] including number of mask layers and fabrication steps;

- [added: increases in capital expenditures, including] start-up or other costs associated with capacity expansions;

- higher costs of goods and services due to, among other things, inflationary pressures, [added: labor disputes,] regulatory actions, including tariffs or trade restrictions, increased input costs, or market conditions; and

As a result, lower utilization, lower wafer output, and corresponding increases in our per gigabit manufacturing costs could result in higher inventory carrying costs, and have had, and may [removed: continue to] [added: in the future] have, an adverse effect on our gross margins, business, results of operations, or financial condition.

As we streamline our production and shift capacity to leading-edge [removed: nodes,] [added: nodes and, as] we [added: endeavor to increase our capacity by expanding existing facilities and building new facilities, we] face execution risks that could impact our ability to meet customer demand and maintain market coverage.

In addition, due to the customized nature of certain products we manufacture, we may be unable to sell certain finished goods inventories to alternative customers or manufacture in-process inventory to different specifications, which may result in excess and obsolescence charges [added: or loss of revenue] in future periods.

[removed: Although] [added: However,] AI is [removed: a relatively new demand driver for our products, it is] evolving rapidly, and the expected timing and amount of [removed: investments] [added: demand] related to AI can change [removed: significantly.][added: significantly and may be impacted by many factors.]

As a result, it [removed: may be] [added: is] difficult to accurately forecast such [removed: demand] [added: demand, particularly over the longer term,] and we [removed: may] [added: have incurred and expect to continue to] incur costs in anticipation of demand that ultimately [removed: does] [added: may] not [removed: materialize.][added: materialize or may not be sustained.]

If [removed: such] demand [removed: does materialize,] [added: for our products materializes] but is lower than expected, we may not be able to reduce our costs in response, which would adversely impact our gross margins.

Our inability to [removed: prevent deterioration of or improve gross margins] [added: align supply with demand] could have a material adverse effect on our business, results of operations, or financial condition.

[removed: In 2025,] [added: Further, in 2026,] approximately one-third of our revenue was from sales to customers who have headquarters located outside the United States, while approximately [removed: 80%] [added: 70%] of our revenue in [removed: 2025] [added: 2026] was from products shipped to customer locations outside the United States.

- government [removed: actions or] [added: actions,] civil [removed: unrest] [added: unrest, international conflicts, terrorism and threats of terrorism] preventing the flow of products and materials, including delays in shipping and obtaining products and materials, cancellation of orders, or loss or damage of products;

- issues arising from [removed: cultural or] [added: cultural,] language [removed: differences] [added: or compensation differences,] and labor unrest;

Following the May 2023 decision of its cybersecurity review of our products sold in China, the CAC determined that critical information infrastructure operators in China may not purchase Micron products, impacting our revenue with companies headquartered in mainland China and Hong Kong, including direct [removed: sales] [added: sales,] as well as indirect sales through distributors.

In addition, the U.S. government has in the past and continues to restrict [removed: American] [added: U.S.] firms, including us, from selling products and software to certain of our customers and may in the future impose similar restrictions on one or more of our significant customers.

A majority of our DRAM production output in [removed: 2025] [added: 2026] was from our fabrication facilities in Taiwan, and any loss of output could have a material adverse effect on us.

We intend to advance our process technology to [added: maintain product leadership and] increase bit output per [removed: wafer, improve yields, and increase wafer supply.][added: wafer.]

We, and some of our competitors, have plans to construct new fabrication facilities and/or ramp production at existing fabrication [removed: facilities.][added: facilities to increase supply in response to a significant increase in demand for memory products across the industry.]

[removed: Increases in] [added: If] worldwide [removed: supply of] [added: demand for] semiconductor memory and [removed: storage, if] [added: storage does] not [removed: accompanied by commensurate increases in demand, could lead to declines in] [added: increase or remain stable,] average selling prices for our products [added: could decline materially] and could materially adversely affect our business, results of operations, or financial condition.

Our future success depends on our ability to [removed: develop] [added: develop, produce,] and [removed: produce] [added: supply] new and competitive memory and storage technologies and [removed: products.][added: products in a dynamic market environment.]

We have invested and expect to continue to invest in R&D for new and existing products and process technologies, such as [removed: EUV] [added: advanced] lithography, to continue to deliver advanced product requirements.

We may [added: have increases in R&D expenses or] be unable to recover our investment in R&D or otherwise realize the economic benefits of reducing die size or increasing memory and storage densities.

We are increasingly differentiating our products and solutions to meet the specific demands of our customers, which increases our reliance on our customers’ ability to accurately forecast the needs and preferences of [removed: their customers.][added: the end users.]

It is important that we deliver products in a timely manner that meet customer requirements [removed: at the time] [added: when] our customers are designing and evaluating samples for their products.

In addition, some of our components have long [removed: lead-times,] [added: lead times,] requiring us to place orders up to a year in advance of anticipated demand.

Such long [removed: lead-times] [added: lead times] increase the risk of excess inventory or loss of sales in the event our forecasts vary substantially from actual demand.

There can be no assurance [removed: of the following:][added: that:]

We [removed: have commenced expansion of] [added: continue to expand] our production capacity in the United States and in other regions where we [removed: operate.][added: operate, in large part, to meet expected demand for our products.]

Our construction projects are highly dependent on available sources of [removed: materials,] [added: materials] and specialized equipment, as well as labor, skilled [removed: sub-contractors] [added: sub-contractors,] and other service providers.

Additionally, difficulties in obtaining labor, skilled sub-contractors and other service [removed: providers] [added: providers,] or other resources could result in delays in completion of our construction projects and cost increases, including costs to operate these [removed: facilities.][added: facilities, and could impair our ability to meet customer demand and result in loss of market share to competitors.]

Concurrent semiconductor expansion projects across the industry introduce significant competition for the limited pool of [added: construction talent with requisite expertise and experience in these regions.]

- labor disputes, union activity, work stoppages, or other disruptions at our manufacturing facilities;

23 | 2026 10-K

In recent periods, industry demand has outpaced supply, driving average selling prices higher, but as we and others increase supply, average selling prices may decline, particularly if demand growth slows or declines.

- timely complete facility expansions and transitions of products to new fabrication facilities;

Additionally, our customers have from time to time overstated their expected demand requirements, possibly to procure additional supply, and may do so in the future.

This could exacerbate the foregoing issues and could negatively impact our ability to forecast and to allocate supply appropriately among our customers.

Our industry goes through cycles with demand changes that are not fully aligned to the available supply in the market.

AI currently is, and is expected to continue to be, a significant demand driver for our products.

Additionally, periods of sustained higher prices for memory and storage products may reduce demand or result in our customers modifying product designs to reduce memory and storage content or seeking alternative technologies and solutions.

Further, sustained higher prices for our products may attract new entrants into the memory and storage market, which could have a significant adverse impact on our competitive position.

If demand exceeds our forecast, we may be unable to increase supply sufficiently to meet such demand, which could result in a loss of revenue or damage to customer relationships.

25 | 2026 10-K

- improper use of our intellectual property;

27 | 2026 10-K

Conversely, as demand for DRAM, HBM, or any of our other products increases and may continue to increase, we may be unable to increase supply sufficiently to meet such demand.

Our ability to meet demand is influenced by numerous factors, including changes in product development cycles, cleanroom capacity, ramping new technologies, and evolving customer requirements.

When demand exceeds our supply, we have been and may be unable to scale supply sufficiently, requiring us to make decisions about manufacturing priorities, as well as customer and market supply allocations.

Periods of constrained supply, insufficient customer supply allocations, or elevated pricing for memory and storage products may strain long-term customer relationships, result in disruptions to downstream markets and supply chains and, where such products are viewed as critical inputs to certain industries, lead to legal or other disputes or government and regulatory focus.

If these conditions persist, they could limit or severely restrict our ability to sell our product into certain end markets in the future.

The growth of AI further creates pressure on the semiconductor industry to timely design, manufacture, and deliver semiconductor products and solutions to meet customer demand for computing power and AI infrastructure.

We must also qualify our products with customers through potentially lengthy testing processes with results that are dependent on the quality and capability of the customer systems.

These expansion projects are multi-year projects that require significant lead time and commitment of capital well in advance of achieving any returns.

29 | 2026 10-K

Increasing AI-driven demand may intensify competition for critical materials, manufacturing equipment, advanced packaging capacity, and other key inputs, which could increase costs, extend lead times, or limit availability.

Our direct suppliers may depend upon complex multi-tier supply chains over which we have limited visibility or control.

Disruptions affecting sub-tier suppliers may adversely affect our supply chain even where our direct suppliers remain operational.

31 | 2026 10-K

Growing demand from semiconductor manufacturing, AI-related data centers, and other industrial development may increase competition for utility resources and contribute to power shortages, capacity constraints, prolonged outages, or increased utility costs.

Any such disruption could have a material adverse effect on our business, results of operations, or financial condition.

Particularly with respect to data center build outs, supply constraints or availability issues with respect to any one component have had and may continue to have a broader revenue impact.

For example, our ability to sell certain products has been and could be impeded if components necessary for the finished products are not available from third parties.

In addition, the build-out of data centers by our customers and partners requires significant energy capacity, water, and capital, and any shortage of these and other necessary resources, any stakeholder opposition to data center development, or any delays in the build-out of data centers, could impact our future revenue and financial performance.

In addition, access to capital for our customers could be constrained, which may cause companies to face difficulties securing financing for large-scale infrastructure projects.

These limitations could delay customer and partner deployments or reduce the scale of

33 | 2026 10-K

accelerated computing and AI adoption, which could have a material adverse effect on our business, results of operations, and financial condition.

While we have entered into, and expect to continue to enter into, strategic customer agreements with certain customers with specific contractually enforceable volumes over the multi-year contract terms, the nature of these agreements still subjects us to risk.

Pricing for our contracts is either fixed or periodically negotiated, with the majority of the strategic customer agreements having pricing that is subject to minimum and maximum bands.

In connection with these customer agreements, we have received, and expect to continue to receive, customer deposits and letters of credit.

Any failure to perform our obligations under these arrangements could subject us to contractual damages or other financial consequences.

In the past five years, annual percentage changes in NAND average selling prices have ranged from plus low 30% to a minus low 50% range.

In periods of significant declines in average selling prices for our products, we have experienced adverse effects on our business and results of operations.

23 | 2025 10-K

- theft of intellectual property;

25 | 2025 10-K

Our product demand may also be impacted significantly by the strategic actions of our customers.

27 | 2025 10-K

construction talent with requisite expertise and experience in these regions.

29 | 2025 10-K

31 | 2025 10-K

increase our per gigabit manufacturing costs.

33 | 2025 10-K

35 | 2025 10-K

37 | 2025 10-K

39 | 2025 10-K

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, introducing broad changes to the U.S. tax code, including modifications to corporate and international tax provisions which primarily are effective for us beginning in 2026 and 2027.

The aggregate impact of the OBBBA remains uncertain.

We will continue to monitor future developments, including regulatory guidance and interpretations, which could have a material impact.

On November 27, 2024, Singapore enacted legislation to implement Pillar Two, which will apply to us starting in 2026.

While we are still evaluating the impacts of these legislative changes, we expect our tax rate to be in the mid to high-teens percentage range, starting in 2026.

This includes increasing regulations on a class of chemicals known as per- and polyfluoroalkyl substances (PFAS).

41 | 2025 10-K

As a result of our debt levels, expected debt amortization, prevailing interest rates, general capital market, changes in government borrowing or spending, and other economic conditions, it may be difficult for us to obtain financing on terms acceptable to us or at all.

43 | 2025 10-K

*This discussion should be read in conjunction with the consolidated financial statements and accompanying notes for the year ended [removed: August 28, 2025.][added: September 3, 2026.]

Fiscal [removed: 2025, 2024,] [added: 2026 contained 53 weeks] and [removed: 2023] [added: fiscal 2025 and 2024] each contained 52 weeks.

AI-driven [removed: demand is accelerating] [added: memory] and [added: storage demand growth] is outpacing industry supply.

During 2025, we shifted a portion of our DRAM supply to the data center and hyperscale cloud markets to meet the strong demand fueled by AI, [removed: with emphasis on HBM products,] resulting in a revenue mix weighted more prominently toward segments experiencing higher growth.

The pivot to higher-growth segments, together with our strong execution, robust overall industry DRAM demand, and constrained supply, [removed: has] led to improved profitability across our DRAM portfolio.

| For the year ended | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | |

| Revenue | | | $ | [removed: 37,378] [added: 133,188] | | 100 | | % | $ | [removed: 25,111] [added: 37,378] | | 100 | | % | $ | [removed: 15,540] [added: 25,111] | | 100 | | % |

| Cost of goods sold | | | [removed: 22,505] [added: 25,684] | | | [removed: 60] [added: 19] | | % | [removed: 19,498] [added: 22,505] | | | [removed: 78] [added: 60] | | % | [removed: 16,956] [added: 19,498] | | | [removed: 109] [added: 78] | | % |

| Gross margin | | | [removed: 14,873] [added: 107,504] | | | [removed: 40] [added: 81] | | % | [removed: 5,613] [added: 14,873] | | | [removed: 22] [added: 40] | | % | [removed: (1,416)] [added: 5,613] | | | [removed: (9)] [added: 22] | | % |

| Research and development | | | [removed: 3,798] [added: 5,650] | | | [removed: 10] [added: 4] | | % | [removed: 3,430] [added: 3,798] | | | [removed: 14] [added: 10] | | % | [removed: 3,114] [added: 3,430] | | | [removed: 20] [added: 14] | | % |

| Selling, general, and administrative | | | [removed: 1,205] [added: 1,947] | | | [removed: 3] [added: 1] | | % | [removed: 1,129] [added: 1,205] | | | [removed: 4] [added: 3] | | % | [removed: 920] [added: 1,129] | | | [removed: 6] [added: 4] | | % |

| Other operating (income) expense, net | | | [removed: 61] [added: 567] | | | — | | % | [removed: (251)] [added: 100] | | | [removed: (1)] [added: —] | | % | [removed: 124] [added: (250)] | | | [removed: 1] [added: (1)] | | % |

| Operating income [removed: (loss)] | | | [removed: 9,770] [added: 99,340] | | | [removed: 26] [added: 75] | | % | [removed: 1,304] [added: 9,770] | | | [removed: 5] [added: 26] | | % | [removed: (5,745)] [added: 1,304] | | | [removed: (37)] [added: 5] | | % |

| Interest income (expense), net | | | [removed: 19] [added: 978] | | | [removed: —] [added: 1] | | % | [removed: (33)] [added: 19] | | | — | | % | [removed: 80] [added: (33)] | | | [removed: 1] [added: —] | | % |

| Other non-operating income (expense), net | | | [removed: (135)] [added: (647)] | | | — | | % | [removed: (31)] [added: (135)] | | | — | | % | [removed: 7] [added: (31)] | | | — | | % |

| Income tax (provision) benefit | | | [removed: (1,124)] [added: (14,761)] | | | [removed: (3)] [added: (11)] | | % | [removed: (451)] [added: (1,124)] | | | [removed: (2)] [added: (3)] | | % | [removed: (177)] [added: (451)] | | | [removed: (1)] [added: (2)] | | % |

| Equity in net income (loss) of equity method investees | | | [removed: 9] [added: 59] | | | — | | % | [removed: (11)] [added: 9] | | | — | | % | [removed: 2] [added: (11)] | | | — | | % |

| Net income [removed: (loss)] | | | $ | [removed: 8,539] [added: 84,969] | | [removed: 23] [added: 64] | | % | $ | [removed: 778] [added: 8,539] | | [removed: 3] [added: 23] | | % | $ | [removed: (5,833)] [added: 778] | | [removed: (38)] [added: 3] | | % |

Total Revenue: Total revenue was impacted by the factors described in the section titled “Industry [removed: Conditions”] [added: Conditions—Memory and Storage Demand”] above.

Total revenue for [removed: 2024] [added: 2026] increased [removed: 62%] [added: 256%] as compared to [removed: 2023] [added: 2025] primarily due to increases in sales of both DRAM and NAND products.

- Sales of DRAM products increased [removed: 60%] [added: 252%] primarily due to [removed: a mid-40% range] [added: an approximate 180%] increase in [removed: bit shipments] [added: average selling prices] and a [removed: low-teen percentage] [added: mid-20%] range increase in [removed: average selling prices.][added: bit shipments.]

- Sales of NAND products increased [removed: 72%] [added: 274%] primarily due to [removed: a low-30% range] [added: an approximate 200%] increase in [removed: bit shipments] [added: average selling prices] and a [removed: low-30% percentage] [added: mid-20%] range increase in [removed: average selling prices.][added: bit shipments.]

Consolidated Gross Margin: Our consolidated gross margin has been impacted by the factors described in the section titled “Industry [removed: Conditions” above and the effects of 2023 inventory write-downs on our 2024] [added: Conditions—Memory] and [removed: 2023 gross margin, as detailed in the table below.][added: Storage Demand” above.]

Our consolidated gross margin for 2024 reflected $987 million of benefit due to lower costs from the sale of inventories written down to their net realizable value in [removed: 2023 (as detailed in “Inventory NRV Write-Downs” below).][added: 2023.]

| For the year ended | | | [added: 2026 | | | | | |] 2025 | | | [added: | | |] 2024 | | | [removed: 2023] | | |

| For the year ended | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | |

| CMBU | | | $ | [removed: 13,524] [added: 43,085] | | [removed: 36] [added: 32] | | % | $ | [removed: 3,792] [added: 13,524] | | [removed: 15] [added: 36] | | % | $ | [removed: 1,872] [added: 3,792] | | [removed: 12] [added: 15] | | % |

| CDBU | | | [removed: 7,229] [added: 37,592] | | | [removed: 19] [added: 28] | | % | [removed: 4,984] [added: 7,229] | | | [removed: 20] [added: 19] | | % | [removed: 2,124] [added: 4,984] | | | [removed: 14] [added: 20] | | % |

| MCBU | | | [removed: 11,859] [added: 36,601] | | | [removed: 32] [added: 27] | | % | [removed: 11,667] [added: 11,859] | | | [removed: 46] [added: 32] | | % | [removed: 7,394] [added: 11,667] | | | [removed: 48] [added: 46] | | % |

| AEBU | | | [removed: 4,753] [added: 15,886] | | | [removed: 13] [added: 12] | | % | [removed: 4,631] [added: 4,753] | | | [removed: 18] [added: 13] | | % | [removed: 4,139] [added: 4,631] | | | [removed: 27] [added: 18] | | % |

| All other | | | [removed: 13] [added: 24] | | | — | | % | [removed: 37] [added: 13] | | | — | | % | [removed: 11] [added: 37] | | | — | | % |

| | | | $ | [removed: 37,378] [added: 133,188] | | | | | $ | [removed: 25,111] [added: 37,378] | | | | | $ | [removed: 15,540] [added: 25,111] | | | | |

Changes in revenue for each business unit for [removed: 2024] [added: 2026] as compared to [removed: 2023] [added: 2025] were as follows:

- CMBU revenue increased [removed: 103% driven by] [added: 219% primarily due to] increases in [removed: DRAM bit shipments and] average selling [removed: prices.][added: prices and bit shipments.]

- CDBU revenue increased [removed: 135%] [added: 420%] primarily due to increases in [removed: NAND and DRAM bit shipments and] average selling [removed: prices.][added: prices and bit shipments.]

- [removed: MCBU] [added: AEBU] revenue increased [removed: 58%] [added: 234%] primarily due to increases in [removed: DRAM and NAND bit shipments and] average selling prices [removed: for both mobile] and [removed: client markets.][added: bit shipments.]

- [removed: AEBU] [added: MCBU] revenue increased [removed: 12%] [added: 209%] primarily due to increases in [removed: DRAM bit shipments,] [added: average selling prices,] partially offset by [removed: declines in average selling prices.][added: lower bit shipments as MCBU product supply was redirected to other business units.]

| For the year ended | | | [removed: 2025] [added: 2026] | | | [added: 2025] | | | 2024 | | | [removed: | | | 2023 | | | | | |]

| CMBU | | | $ | [removed: 6,129] [added: 31,225] | | [removed: 45] [added: 72] | | % | $ | [removed: 244] [added: 6,129] | | [removed: 6] [added: 45] | | % | $ | [removed: (768)] [added: 244] | | [removed: (41)] [added: 6] | | % |

| CDBU | | | [removed: 2,180] [added: 29,539] | | | [removed: 30] [added: 79] | | % | [removed: 255] [added: 2,180] | | | [removed: 5] [added: 30] | | % | [removed: (563)] [added: 255] | | | [removed: (27)] [added: 5] | | % |

Memory and Storage Demand

In 2026, we continued to benefit from substantial improvements in pricing and margins, reflecting strong demand growth, driven in large part by the continued advancement of AI.

The AI-driven growth in the data center has accelerated demand for memory and storage at a rate greater than our ability and the industry’s ability to increase supply.

This has led to decisions on supply allocation that may impact certain customers and end markets.

Robust overall DRAM and NAND demand and constrained supply has led to increased pricing and improved the profitability across our portfolio.

Strategic Customer Agreements

The evolving industry landscape, characterized by strong long-term customer demand for memory solutions and structurally constrained supply growth, has elevated the strategic importance of memory to our customers’ product roadmaps.

As customers increasingly seek to secure committed long-term access to advanced memory technology and committed long-term memory supply, we have experienced increased customer engagement in strategic commitments.

In the third and fourth quarters of 2026, we entered into, and expect to continue to enter into, strategic customer agreements.

These agreements provide customers with contracted supply assurance and greater pricing visibility, and provide us with greater visibility and improved stability in our business performance.

Strategic customer agreements are structured as take-or-pay agreements, with binding commitments for specific volumes over the multi-year contract terms.

Pricing for our contracts is either fixed or periodically negotiated, with the majority of the strategic customer agreements having pricing that is subject to minimum and maximum bands.

We expect gross margins from our strategic customer agreements with price bands, even at floor pricing levels, to yield gross margins meaningfully above our peak quarterly margins in any past cycle.

Accordingly, we believe these agreements accelerate the transformation of our business model and will significantly enhance the durability and predictability of our financial performance.

55 | 2026 10-K

Our consolidated gross margin percentage improved to 81% for 2026 from 40% for 2025 as a result of improvements in margins for both DRAM and NAND products.

Margins improved primarily due to increases in average selling prices and also benefited from favorable mix and manufacturing cost reductions due to continued strong execution.

Operating income was higher for each business unit in 2026 as compared to 2025 primarily due to increases in average selling prices.

Operating income for CMBU, CDBU, and AEBU in 2026 also benefitted from higher bit shipments.

57 | 2026 10-K

R&D expenses for 2026 increased 49% as compared to 2025 primarily due to increases in employee compensation, including higher variable compensation expense, and higher volumes of development and pre-qualification wafers, as we ramp R&D investments in support of long-term opportunities in memory and storage.

Selling, General, and Administrative: SG&A expenses for 2026 increased 62% as compared to 2025 primarily due to increases in employee compensation, including higher variable compensation expense, and community investments.

Interest Income (Expense), Net: Interest income (expense) improved in 2026 as compared to 2025 primarily due to an increase in interest income due to higher cash and investments balances and a decrease in interest expense due to lower debt balances.

The change in our effective tax rate for 2026 as compared to 2025 was primarily due to the 15% minimum tax Pillar Two Model Rules (“Pillar Two”).

Singapore enacted legislation to implement Pillar Two, effective for us in 2026, which largely offsets the benefit from our Singapore tax incentive arrangements.

- Note 14.

- Note 17.

Our primary source of liquidity is cash generated from operations.

We also receive significant funding from government assistance and customer deposits associated with strategic customer agreements.

To mitigate interest rate risk, we primarily invest in shorter term securities.

In 2026, we executed strategic customer agreements with a number of customers.

These agreements included binding commitments for specific contractually enforceable volumes over the multi-year contract terms.

Strategic customer agreements often include substantial customer deposits that are returned to the customer if the customer meets the minimum purchase commitments.

If the customer does not meet the minimum purchase commitments, we may retain all or a portion of the deposit.

In connection with these strategic customer agreements, we received cash deposits of $12.75 billion in 2026.

Nearly all of the deposits are scheduled to be repaid between 2029 and 2031.

Certain strategic customer agreements also include terms requiring our customers to maintain letters of credit with third-party financial institutions.

Our right to access such letters of credit is contingent upon the occurrence of specified events of default or breach by our customers.

Letters of credit are not recognized as revenue unless an event of default or breach has occurred.

The aggregate amount of letters of credit issued, or contractually committed to be issued, by third-party financial institutions was $7 billion as of September 3, 2026.

We continue to prudently manage our NAND business to ensure we align our supply growth and technology node cadence with our projections of the demand environment.

Throughout 2024, we experienced substantial improvements in pricing and margins due to improving market conditions as compared to 2023.

Increasing demand growth, driven in part by deployment of AI and mostly normal customer inventories, combined with industry-wide supply discipline, resulted in an industry supply and demand balance that substantially improved from downturn conditions in memory and storage markets during 2023.

In connection with improved market conditions in 2024, we reinstated our bonuses and phased out certain other temporary cost-saving measures that were implemented in 2023.

In 2023, China’s Cyberspace Administration (the “CAC”) conducted a cybersecurity review of our products sold in China and decided that our products presented a cybersecurity risk.

The CAC determined that critical information infrastructure operators in China may not purchase Micron products.

The CAC decision has impacted our business, particularly in the domestic data center and networking markets in China, and we have been working to mitigate that impact.

51 | 2025 10-K

| Restructure and asset impairments | | | 39 | | | — | | % | 1 | | | — | | % | 171 | | | 1 | | % |

These conditions drove substantial improvements in average selling prices throughout 2025 and 2024.

Our consolidated gross margin percentage improved to 22% for 2024 from negative 9% for 2023 as a result of improvements in margins for both DRAM and NAND products, primarily due to increases in average selling prices, manufacturing cost reductions, the effects of charges to write down inventories to their NRV in 2023, and lower costs in 2024 from the sale of inventories written down in 2023 (as detailed in “Inventory NRV Write-Downs” below).

*Inventory NRV Write-Downs:* Our consolidated gross margin was impacted by charges in 2023 to write down inventories to their estimated NRV as a result of declines in average selling prices for both DRAM and NAND.

As charges to write down inventories are recorded in advance of when inventories are sold, costs of goods sold in subsequent periods were lower than they otherwise would be.

The impact of inventory NRV write-downs for each period reflects (1) inventory write-downs in that period, offset by (2) lower costs in that period on the sale of inventory written down in prior periods.

The impacts of inventory NRV write-downs are summarized below:

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | |

| Provision to write down inventory to NRV | | | $ | — | | $ | — | | $ | (1,831) | |

| Lower costs from sale of inventory written down in prior periods | | | — | | | 987 | | | 844 | | |

| | | | $ | — | | $ | 987 | | $ | (987) | |

53 | 2025 10-K

Changes in operating income or loss for each business unit for 2024 as compared to 2023 were as follows:

- CMBU operating income (loss) improved primarily due to higher bit shipments, increases in average selling prices, and manufacturing cost reductions.

- CDBU operating income (loss) improved primarily due to higher NAND and DRAM bit shipments, increases in average selling prices, and manufacturing cost reductions, partially offset by higher R&D expenses.

- MCBU operating income (loss) improved primarily due to increases in average selling prices, higher bit shipments, and manufacturing cost reductions.

- AEBU operating income decreased primarily due to declines in average selling prices, partially offset by manufacturing cost reductions and higher bit shipments.

R&D expenses for 2024 increased 10% as compared to 2023 primarily due to an increase in employee compensation and higher volumes of development and pre-qualification wafers, partially offset by an increase in government incentives.

SG&A expenses for 2024 increased 23% as compared to 2023 primarily due to an increase in employee compensation.

Interest income (expense) deteriorated for 2024 as compared to 2023 primarily due to increases in interest expense as a result of higher interest rates on our debt, partially offset by increases in interest income due to higher interest rates on our cash and investments.

Despite a consolidated pre-tax loss on a worldwide basis in 2023, we had taxes payable in certain geographies due to minimum taxable income reportable in those geographies.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, introducing broad changes to the U.S. tax code, including modifications to corporate and international tax provisions, which primarily are effective for us beginning in 2026 and 2027.

The aggregate impact of the OBBBA remains uncertain.

We will continue to monitor future developments, including regulatory guidance and interpretations, which could have a material impact.

Further changes in the tax laws of foreign jurisdictions could arise as a result of the base erosion and profit-shifting project, including Pillar Two Model Rules (“Pillar Two”), undertaken by the Organisation for Economic Co-operation and Development.

On November 27, 2024, Singapore enacted legislation to implement Pillar Two, which will apply to us starting in 2026.

We continue to monitor for additional guidance and legislative changes related to Pillar Two in the jurisdictions where we operate.

- Note 22.

Restructure and Asset Impairments

- Note 23.

[removed: We are exposed to interest rate risk related to our indebtedness and our investment portfolio, and as a result, the] [added: The] fair value of our debt fluctuates with changes in market interest rates.

As of [removed: August 28, 2025] [added: September 3, 2026] and August [removed: 29, 2024,] [added: 28, 2025,] we had fixed-rate debt with an aggregate carrying value of [removed: $10.55] [added: $2.79] billion and [removed: $8.52] [added: $10.55] billion, respectively.

We estimate that, as of [removed: August 28, 2025] [added: September 3, 2026] and August [removed: 29, 2024,] [added: 28, 2025,] a hypothetical 1% decrease in market interest rates would increase the fair value of our fixed-rate debt by approximately [removed: $660] [added: $200] million and [removed: $520] [added: $660] million, respectively.

We estimate that, as of [removed: August 28, 2025] [added: September 3, 2026] and August [removed: 29, 2024,] [added: 28, 2025,] a hypothetical 1% increase in interest rates would decrease the fair value of our portfolio by approximately [added: $520 million and] $20 [removed: million.][added: million, respectively.]

Based on monetary assets and liabilities and investments in debt instruments denominated in foreign currencies, we estimate that a hypothetical 10% adverse change in exchange rates versus the U.S. dollar would result in losses of approximately [removed: $572 million] [added: $2.91 billion] as of [removed: August 28, 2025,] [added: September 3, 2026,] and [removed: $480] [added: $572] million as of August [removed: 29, 2024.][added: 28, 2025.]

We hedge our exposure to changes in currency exchange rates by utilizing a rolling hedge strategy for our primary currency exposures with currency forward contracts that generally mature within [removed: three months.][added: one year.]

To hedge the exposure of changes in cash flows from changes in currency exchange rates for certain capital expenditures and [removed: manufacturing costs,] [added: expenses,] we may utilize currency forward contracts that generally mature within two years.

Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note [removed: 17.][added: 13.]

We are exposed to interest rate risk related to our indebtedness and our investment portfolio.

65 | 2026 10-K

As of August 28, 2025, we had floating rate debt with an aggregate principal amount of $984 million, and as of August 29, 2024, we had floating-rate debt and fixed-rate debt that was swapped to floating-rate debt with an aggregate principal amount of $2.89 billion.

A hypothetical 1% increase in the interest rates of this debt would result in an increase in annual interest expense of $10 million and $29 million as of August 28, 2025 and August 29, 2024, respectively.

61 | 2025 10-K

We continue to introduce new generations of products that offer improved performance characteristics, including higher data transfer rates, [added: higher bandwidth,] advanced packaging solutions, lower power consumption, improved read/write reliability, and increased memory density.

[removed: - Core Data Center Business Unit (“CDBU”): Focused] [added: CDBU is focused] on [removed: memory] [added: storage] solutions for [removed: mid-tier cloud, enterprise, and OEM] [added: all] data center [removed: customers] [added: customers, including data center SSDs] and [removed: storage] [added: NAND components, and memory] solutions for [removed: all] [added: OEM] data [removed: center] [added: center, enterprise, and NeoCloud] customers.

The majority of our DRAM bit production in [removed: 2025] [added: the fourth quarter of 2026] was on our leading-edge [removed: 1ß (1-beta)] [added: 1γ] node.

*High-Bandwidth Memory (“HBM”):* A 3D stacked DRAM architecture that utilizes through-silicon via [removed: (“TSV”)] connections for more efficient [removed: communication] [added: communication,] giving it the ability to achieve a higher bandwidth while consuming less power compared to other memory types.

*Double Data Rate (“DDR”):* DDR memory transfers data twice per clock [removed: cycle] [added: cycle,] resulting in improved speeds, power efficiency, and storage density.

LPDDR products generally operate at a lower voltage than standard DRAM products and are beneficial to any [removed: power conscious] [added: power-conscious] application.

Total reported DRAM revenue was [removed: $28.58] [added: $100.68] billion in [removed: 2025, $17.60] [added: 2026, $28.58] billion in [removed: 2024,] [added: 2025,] and [removed: $10.98] [added: $17.60] billion in [removed: 2023.][added: 2024.]

NAND: NAND products are non-volatile, [removed: re-writeable] [added: re-writable] semiconductor storage devices that provide high-capacity, low-cost storage with a variety of performance characteristics.

The majority of our NAND bit production in [removed: 2025] [added: 2026] was on leading-edge Micron G8 and G9 NAND nodes.

Total reported NAND revenue was [removed: $8.50] [added: $31.79] billion in [removed: 2025, $7.23] [added: 2026, $8.50] billion in [removed: 2024,] [added: 2025,] and [removed: $4.21] [added: $7.23] billion in [removed: 2023.][added: 2024.]

*Data Center:* CMBU sales to the data center end market are driven by server demand across the cloud market and [removed: includes] [added: 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 [added: 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.

In [removed: 2024,] [added: 2026,] we began volume production of our [removed: 8-high 24GB HBM3E] [added: HBM4 36GB 12-high] with increased bandwidth and superior power efficiency enabled by our [removed: advanced] 1β [added: (1-beta)] process [removed: node.][added: node, and we delivered samples of HBM4 48GB 16-high to multiple key customers to power next-generation AI platforms.]

In [removed: the fourth quarter of 2025,] [added: 2026,] HBM3E 12-high represented the majority of our HBM shipments.

Total reported CMBU revenue was [removed: $13.52] [added: $43.09] billion in [removed: 2025, $3.79] [added: 2026, $13.52] billion in [removed: 2024,] [added: 2025,] and [removed: $1.87] [added: $3.79] billion in [removed: 2023.][added: 2024.]

CMBU sales to the data center market in [removed: 2025] [added: 2026] consisted primarily of our [added: DDR5,] HBM, [removed: DDR5] and [removed: DDR4, LPDDR5, and GDDR6] [added: LPDDR5] products.

*Data Center DRAM:* CDBU sales to OEM data center customers are driven by server and storage demand to support [removed: mid-tier cloud and] enterprise [added: and NeoCloud] customers, and our sales consisted primarily of DDR5 and DDR4.

Total reported CDBU revenue was [removed: $7.23] [added: $37.59] billion in [removed: 2025, $4.98] [added: 2026, $7.23] billion in [removed: 2024,] [added: 2025,] and [removed: $2.12] [added: $4.98] billion in [removed: 2023.][added: 2024.]

[removed: CDBU sales] [added: Sales] to the data center SSD market in [removed: 2025] [added: 2026] consisted primarily of our 5400, [removed: 6500] [added: 6550] ION, [added: 6600 ION,] 7450, 7500, [added: 7550, 7600, 9550,] and [removed: 9550] [added: 9650] series SSDs.

CDBU sales [removed: also] [added: primarily] included sales of our DDR5 and [removed: DRR4 and] [added: DDR4 RDIMMs, data center SSDs, as well as] component NAND sales of [removed: QLC and TLC.][added: QLC.]

Additionally, MCBU sales include [removed: our Crucial-branded SSDs and] DRAM sold to the consumer market and component DRAM and NAND [removed: sales of TLC] [added: (TLC] and [removed: QLC.][added: QLC).]

[removed: *Mobile:*] [added: *Mobile:*] Consists of memory [removed: and storage] products sold into the smartphone and other mobile-device markets, [removed: including discrete NAND, DRAM, and managed NAND products.][added: specifically LPDDR.]

MCBU offers a portfolio of [removed: MCPs and managed NAND, including products which combine e.MMC/UFS] [added: LPDDR] solutions [removed: with LPDDR, along with a suite of unique firmware features] designed for next-generation smartphones [removed: and] to accelerate AI applications in the mobile market.

[removed: We are focused on] [added: Our focus is] providing [added: memory] solutions to the [added: flagship and] high-end smartphone segments, leveraging our 1ß and 1γ technology [removed: nodes for LPDDR5X.][added: process nodes.]

*Client:* Our [removed: products] [added: memory and storage solutions] sold [removed: to] [added: into] the client PC market support both commercial and consumer PC unit growth.

[removed: The next generation] [added: Next-generation] PCs [removed: contain] [added: include] high-performance neural processing [removed: chipsets, as well as AI.][added: chipsets and AI capabilities, which increase memory and storage requirements.]

Total reported MCBU revenue was [removed: $11.86] [added: $36.60] billion in [removed: 2025, $11.67] [added: 2026, $11.86] billion in [removed: 2024,] [added: 2025,] and [removed: $7.39] [added: $11.67] billion in [removed: 2023.][added: 2024.]

MCBU sales to the mobile market in [removed: 2025] [added: 2026] consisted primarily of [removed: LPDDR5] [added: LPDDR5X] and [removed: LPDDR4] [added: LPDDR4X] DRAM and managed NAND solutions.

MCBU sales to the client and consumer SSD markets in [removed: 2025 consisted] [added: 2026 were driven] primarily [removed: of] [added: by] our 2500, [removed: 2550, 2650,] [added: 2600,] and [removed: 3500] [added: 2650] series [removed: SSDs and our Crucial-branded BX500 SATA SSDs and P3 Plus PCIe] SSDs.

Adoption of Level [removed: 2 and 3] [added: 2+] advanced driver-assistance systems capabilities continue to gain [removed: momentum,] [added: momentum and feature progressively increasing levels of autonomy,] further expanding content per vehicle.

[removed: In 2025, we announced the] [added: We reached automotive] production readiness of our [removed: first] automotive [removed: LPDDR5X] [added: 1γ LPDDR5] DRAM product that supports the increasing performance requirements of AI-driven applications in [removed: vehicles.][added: vehicles, with shipments delivered to key customers.]

*Consumer Embedded:* Embedded memory and storage solutions are used in a diverse set of consumer products, including service provider and [removed: IP set-top boxes,] digital home assistants, digital still and video cameras, home networking, ultra-high-definition televisions, [added: smart glasses, and] augmented reality and virtual reality headsets.

Total reported AEBU revenue was [removed: $4.75] [added: $15.89] billion in [removed: 2025, $4.63] [added: 2026, $4.75] billion in [removed: 2024,] [added: 2025,] and [removed: $4.14] [added: $4.63] billion in [removed: 2023.][added: 2024.]

In [removed: 2025,] [added: 2026,] AEBU sales to the automotive, industrial, and consumer embedded markets consisted primarily of LPDDR5 and LPDDR4, managed NAND, DDR4 and DDR3, and GDDR6 products.

By engaging with our customers early in the product [removed: life-cycle] [added: life cycle] to identify and design features and performance characteristics into our products, we are able to manufacture products that anticipate and address our customers’ changing needs.

Our semiconductor memory and storage products are offered under our Micron [removed: and Crucial] brand [removed: names] [added: name] and through private labels.

Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note [removed: 28.][added: 21.]

We intend to advance our process technology to [added: maintain product leadership and] increase bit output per [removed: wafer, improve yields, and increase wafer supply.][added: wafer.]

We, and some of our competitors, have plans to construct new fabrication facilities and/or ramp production at existing fabrication [removed: facilities.][added: facilities to increase supply in response to a significant increase in demand for memory products across the industry.]

[removed: Increases in] [added: If] worldwide [removed: supply of] [added: demand for] semiconductor memory and [removed: storage, if] [added: storage does] not [removed: accompanied by commensurate increases in demand, could lead to declines in] [added: increase or remain stable,] average selling prices for our products [added: could decline materially] and could materially adversely affect our business, results of operations, or financial condition.

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.

Our 1γ DRAM node is ramping well and on track to become the highest-volume node in our history.

7 | 2026 10-K

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 1γ DRAM technology node, is well underway, and we expect to ramp volume in calendar 2027.

In 2026, we delivered qualification samples of our 256GB DDR5 registered dual in-line memory modules (“RDIMMs”), built on 1γ 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.

NeoCloud customers are AI-focused cloud service providers that are distinct from traditional hyperscale cloud providers.

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.

9 | 2026 10-K

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.

In 2026, we began volume shipments of our 1γ 16Gb LPDDR5X product to leading smartphone OEMs and sampled our 1γ 24Gb LPDDR5X product to multiple smartphone customers.

We also began shipping qualification samples of our 1γ 16Gb LPDDR6 product, marking a milestone in next-generation memory technology.

These products primarily consist of DRAM modules, SSDs, packaged DRAM, and packaged NAND.

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.

In 2026, our G9-based UFS 4.1 automotive NAND solution began volume shipments, enabling rapid data access, robust reliability, and enhanced safety and security for next-generation vehicles.

In robotics, continued advances in simulation, foundation models, and integrated hardware and software stacks are accelerating physical AI and the future growth of general purpose humanoid robotics.

This creates a growing, content-rich opportunity for high-bandwidth, low-power memory and storage that power real-time perception, inference, and control.

The emerging category of AR glasses—lightweight, all-day wearable devices that overlay digital information onto the physical world—is driving new demand for low-power, small-form-factor memory and storage.

On-device AI for real-time object recognition, translation, and contextual assistance, combined with integrated cameras for photo and video capture, requires memory and storage solutions that fit within the tight power and thermal constraints of a wearable form factor.

As AR glasses adoption grows and use cases expand beyond simple heads-up displays, we expect memory and storage content per device to increase.

11 | 2026 10-K

Contracts with certain of our customers are short-term in duration.

We also have strategic customer agreements structured as take-or-pay agreements, with binding commitments for specific contractually enforceable volumes over the multi-year contract terms.

Pricing for our contracts is either fixed or periodically negotiated, with the majority of the strategic customer agreements having pricing that is subject to minimum and maximum bands.

For all of our contracts, payments are generally due shortly after delivery.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life *for all*.

With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands.

Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience.

Business Segments

In the fourth quarter of 2025, we reorganized our business units.

All prior-period segment amounts have been retrospectively adjusted to reflect this reorganization.

We have the following four business units, which are our reportable segments:

- Cloud Memory Business Unit (“CMBU”): Focused on memory solutions for large hyperscale cloud customers, and HBM for all data center customers.

- Mobile and Client Business Unit (“MCBU”): Focused on memory and storage solutions for the mobile and client segments.

- Automotive and Embedded Business Unit (“AEBU”): Focused on memory and storage solutions for the automotive, industrial, and consumer segments.

7 | 2025 10-K

Cloud-native workloads are driving growth through use cases such as AI-enabled intelligent edge devices and augmented reality platforms that store and access data in the cloud or rely on the cloud for compute capability.

This enhanced version of HBM delivers faster data rates, improved thermal response, and a higher monolithic die density within the same package footprint as previous generations.

In 2025, we delivered samples of HBM4 36GB 12-high to multiple key customers to power next-generation AI platforms.

In 2024, we qualified and began shipping our 128GB DDR5 server module, built on a monolithic 32GB DRAM die and powered by our 1ß node.

This innovative product provides an industry alternative to existing 3D TSV-based solutions to address the rigorous speed and capacity demands of memory-intensive generative AI applications.

In 2025, we began volume production of LPDDR5 in a small outline compression attached memory module (“SOCAMM”) form factor to enable easier server manufacturability and serviceability and to help drive broader LPDDR adoption in the server market.

9 | 2025 10-K

CDBU is focused on memory solutions for mid-tier cloud, enterprise, and OEM data center customers and storage solutions for all data center customers, including data center SSDs and NAND components.

In 2025, we qualified and began shipping our 9550 series SSD to meet the growing demands of AI, high-performance computing, and many other workloads.

This fully integrated solution enables improved performance, power efficiency, and security features for data center operators.

In 2025, we also qualified and began shipping our 6550 ION SSD, which delivers lower power while providing better performance and better data center footprint efficiency with more density per rack for data centers.

Both products utilized Micron’s G8 NAND and internally designed and vertically integrated engineering capability consisting of a controller, firmware, NAND, and DRAM.

We also strengthened our portfolio with our first G9-based data center products, including our PCIe Gen6 SSDs.

The proliferation of smartphones, tablets, and other mobile devices continues to increase the demand for memory chips, while AI adoption in such devices continues to be a strong driver for mobile DRAM content growth.

These devices require high-performance memory to support various applications, from gaming to productivity.

Smartphones offer tremendous potential for personalized AI capabilities that offer greater security and responsiveness when executed on the device.

Enabling these on-device AI capabilities is driving increased memory and storage capacity needs and increasing demand for new value-add solutions.

In 2025, we began shipping qualification samples of our first LPDDR5X memory built on the 1γ node, engineered to accelerate AI applications on flagship smartphones, and delivering a faster speed grade while reducing power consumption, all in an ultrathin form factor ideal for mobile.

These devices have significantly more DRAM content than today’s average PC.

*Client and Consumer SSDs:* The next generation PCs contain high-performance neural processing chipsets, as well as AI capabilities, and require higher performance and higher average capacity SSDs than traditional PCs.

Our client SSDs, targeted for leading personal computer OEMs, have mostly replaced hard disk drives used in notebooks, desktops, workstations, and other consumer applications, and deliver high performance, power

efficiency, security, and capacity.

In 2025, we began shipping Micron G9 QLC-based NAND in client SSDs designed for OEMs featuring our proprietary Adaptive Write Technology, which enables faster write performance for improved AI-driven applications and an optimized user experience.

Additionally, our 4150 SSD became our first enterprise SSD product that is automotive-qualified and is now sampling at target customers, further reinforcing our commitment to innovation and leadership in this important market.

Our embedded memory and storage solutions enable intelligent edge devices in the consumer products market to store, connect, and transform information in the IoT.

11 | 2025 10-K

We sell our Crucial-branded products through a web-based customer-direct sales channel, as well as through channel and distribution partners.

Due to volatile industry conditions, our customers are generally reluctant to enter into long-term, fixed-price purchase contracts.

We typically enter into long-term agreements with our customers with acknowledgment that pricing, quantity, and other terms will be periodically negotiated to reflect market conditions and our customers’ demand for our products.

Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note [removed: 14.][added: 11.]

For the fiscal year ended [removed: August 28, 2025][added: September 3, 2026]

The aggregate market value of the voting and non-voting common equity held by non-affiliates was [removed: $85.7] [added: $368.1] billion based on the closing price reported on the Nasdaq Global Select Market on February [removed: 27, 2025.][added: 26, 2026.]

The number of outstanding shares of the registrant’s common stock as of [removed: September 26, 2025] [added: October 2, 2026] was [removed: 1,122,466,035.][added: 1,131,423,212.]

Portions of the Proxy Statement for the registrant’s Fiscal [removed: 2025] [added: 2026] Annual Meeting of Stockholders, to be filed within 120 days of the end of the fiscal year ended [removed: August 28, 2025,] [added: September 3, 2026,] are incorporated by reference in Part III hereof.

[removed: ][added: ]

[removed: ][added: ]

| [Item [removed: 1.](#id34a6ea6612849f586f654c670356768_22)] [added: 1.](#i040712e026c64f58aeafc73ff3d78e99_22)] | | | [removed: [Business](#id34a6ea6612849f586f654c670356768_22)] [added: [Business](#i040712e026c64f58aeafc73ff3d78e99_22)] | | | [removed: [7](#id34a6ea6612849f586f654c670356768_22)] [added: [7](#i040712e026c64f58aeafc73ff3d78e99_22)] | | |

| [Item [removed: 1A.](#id34a6ea6612849f586f654c670356768_52)] [added: 1A.](#i040712e026c64f58aeafc73ff3d78e99_52)] | | | [Risk [removed: Factors](#id34a6ea6612849f586f654c670356768_52)] [added: Factors](#i040712e026c64f58aeafc73ff3d78e99_52)] | | | [removed: [22](#id34a6ea6612849f586f654c670356768_52)] [added: [23](#i040712e026c64f58aeafc73ff3d78e99_52)] | | |

| [Item [removed: 1B.](#id34a6ea6612849f586f654c670356768_55)] [added: 1B.](#i040712e026c64f58aeafc73ff3d78e99_55)] | | | [Unresolved Staff [removed: Comments](#id34a6ea6612849f586f654c670356768_55)] [added: Comments](#i040712e026c64f58aeafc73ff3d78e99_55)] | | | [removed: [45](#id34a6ea6612849f586f654c670356768_55)] [added: [47](#i040712e026c64f58aeafc73ff3d78e99_55)] | | |

| [Item [removed: 1C.](#id34a6ea6612849f586f654c670356768_58)] [added: 1C.](#i040712e026c64f58aeafc73ff3d78e99_58)] | | | [removed: [Cybersecurity](#id34a6ea6612849f586f654c670356768_58)] [added: [Cybersecurity](#i040712e026c64f58aeafc73ff3d78e99_58)] | | | [removed: [45](#id34a6ea6612849f586f654c670356768_58)] [added: [47](#i040712e026c64f58aeafc73ff3d78e99_58)] | | |

| [Item [removed: 2](#id34a6ea6612849f586f654c670356768_61).] [added: 2](#i040712e026c64f58aeafc73ff3d78e99_61).] | | | [removed: [Properties](#id34a6ea6612849f586f654c670356768_61)] [added: [Properties](#i040712e026c64f58aeafc73ff3d78e99_61)] | | | [removed: [47](#id34a6ea6612849f586f654c670356768_61)] [added: [49](#i040712e026c64f58aeafc73ff3d78e99_61)] | | |

| [Item [removed: 3.](#id34a6ea6612849f586f654c670356768_64)] [added: 3.](#i040712e026c64f58aeafc73ff3d78e99_64)] | | | [Legal [removed: Proceedings](#id34a6ea6612849f586f654c670356768_64)] [added: Proceedings](#i040712e026c64f58aeafc73ff3d78e99_64)] | | | [removed: [48](#id34a6ea6612849f586f654c670356768_64)] [added: [51](#i040712e026c64f58aeafc73ff3d78e99_64)] | | |

| [Item [removed: 4.](#id34a6ea6612849f586f654c670356768_67)] [added: 4.](#i040712e026c64f58aeafc73ff3d78e99_67)] | | | [Mine Safety [removed: Disclosures](#id34a6ea6612849f586f654c670356768_67)] [added: Disclosures](#i040712e026c64f58aeafc73ff3d78e99_67)] | | | [removed: [48](#id34a6ea6612849f586f654c670356768_67)] [added: [51](#i040712e026c64f58aeafc73ff3d78e99_67)] | | |

| [Item [removed: 5.](#id34a6ea6612849f586f654c670356768_73)] [added: 5.](#i040712e026c64f58aeafc73ff3d78e99_73)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#id34a6ea6612849f586f654c670356768_73)] [added: Securities](#i040712e026c64f58aeafc73ff3d78e99_73)] | | | [removed: [49](#id34a6ea6612849f586f654c670356768_73)] [added: [52](#i040712e026c64f58aeafc73ff3d78e99_73)] | | |

| [Item [removed: 6.](#id34a6ea6612849f586f654c670356768_76)] [added: 6.](#i040712e026c64f58aeafc73ff3d78e99_76)] | | | [removed: [\[Reserved\]](#id34a6ea6612849f586f654c670356768_76)] [added: [\[Reserved\]](#i040712e026c64f58aeafc73ff3d78e99_76)] | | | [removed: [50](#id34a6ea6612849f586f654c670356768_76)] [added: [54](#i040712e026c64f58aeafc73ff3d78e99_76)] | | |

| [Item [removed: 7.](#id34a6ea6612849f586f654c670356768_79)] [added: 7.](#i040712e026c64f58aeafc73ff3d78e99_79)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#id34a6ea6612849f586f654c670356768_79)] [added: Operations](#i040712e026c64f58aeafc73ff3d78e99_79)] | | | [removed: [51](#id34a6ea6612849f586f654c670356768_79)] [added: [55](#i040712e026c64f58aeafc73ff3d78e99_79)] | | |

| [Item [removed: 7A.](#id34a6ea6612849f586f654c670356768_97)] [added: 7A.](#i040712e026c64f58aeafc73ff3d78e99_100)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#id34a6ea6612849f586f654c670356768_97)] [added: Risk](#i040712e026c64f58aeafc73ff3d78e99_100)] | | | [removed: [61](#id34a6ea6612849f586f654c670356768_97)] [added: [65](#i040712e026c64f58aeafc73ff3d78e99_100)] | | |

| [Item [removed: 8.](#id34a6ea6612849f586f654c670356768_100)] [added: 8.](#i040712e026c64f58aeafc73ff3d78e99_103)] | | | [Financial Statements and Supplementary [removed: Data](#id34a6ea6612849f586f654c670356768_100)] [added: Data](#i040712e026c64f58aeafc73ff3d78e99_103)] | | | [removed: [63](#id34a6ea6612849f586f654c670356768_100)] [added: [66](#i040712e026c64f58aeafc73ff3d78e99_103)] | | |

| [Item [removed: 9.](#id34a6ea6612849f586f654c670356768_211)] [added: 9.](#i040712e026c64f58aeafc73ff3d78e99_220)] | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#id34a6ea6612849f586f654c670356768_211)] [added: Disclosure](#i040712e026c64f58aeafc73ff3d78e99_220)] | | | [removed: [102](#id34a6ea6612849f586f654c670356768_211)] [added: [97](#i040712e026c64f58aeafc73ff3d78e99_220)] | | |

| [Item [removed: 9A.](#id34a6ea6612849f586f654c670356768_214)] [added: 9A.](#i040712e026c64f58aeafc73ff3d78e99_223)] | | | [Controls and [removed: Procedures](#id34a6ea6612849f586f654c670356768_214)] [added: Procedures](#i040712e026c64f58aeafc73ff3d78e99_223)] | | | [removed: [102](#id34a6ea6612849f586f654c670356768_214)] [added: [97](#i040712e026c64f58aeafc73ff3d78e99_223)] | | |

| [Item [removed: 9B.](#id34a6ea6612849f586f654c670356768_217)] [added: 9B.](#i040712e026c64f58aeafc73ff3d78e99_226)] | | | [Other [removed: Information](#id34a6ea6612849f586f654c670356768_217)] [added: Information](#i040712e026c64f58aeafc73ff3d78e99_226)] | | | [removed: [103](#id34a6ea6612849f586f654c670356768_217)] [added: [98](#i040712e026c64f58aeafc73ff3d78e99_226)] | | |

| [Item [removed: 9C.](#id34a6ea6612849f586f654c670356768_220)] [added: 9C.](#i040712e026c64f58aeafc73ff3d78e99_232)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#id34a6ea6612849f586f654c670356768_220)] [added: Inspections](#i040712e026c64f58aeafc73ff3d78e99_232)] | | | [removed: [103](#id34a6ea6612849f586f654c670356768_220)] [added: [98](#i040712e026c64f58aeafc73ff3d78e99_232)] | | |

| [Item [removed: 10.](#id34a6ea6612849f586f654c670356768_226)] [added: 10.](#i040712e026c64f58aeafc73ff3d78e99_238)] | | | [Directors, Executive Officers, and Corporate [removed: Governance](#id34a6ea6612849f586f654c670356768_226)] [added: Governance](#i040712e026c64f58aeafc73ff3d78e99_238)] | | | [removed: [103](#id34a6ea6612849f586f654c670356768_226)] [added: [98](#i040712e026c64f58aeafc73ff3d78e99_238)] | | |

| [Item [removed: 11.](#id34a6ea6612849f586f654c670356768_229)] [added: 11.](#i040712e026c64f58aeafc73ff3d78e99_241)] | | | [Executive [removed: Compensation](#id34a6ea6612849f586f654c670356768_229)] [added: Compensation](#i040712e026c64f58aeafc73ff3d78e99_241)] | | | [removed: [103](#id34a6ea6612849f586f654c670356768_229)] [added: [98](#i040712e026c64f58aeafc73ff3d78e99_241)] | | |

| [Item [removed: 12.](#id34a6ea6612849f586f654c670356768_232)] [added: 12.](#i040712e026c64f58aeafc73ff3d78e99_244)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#id34a6ea6612849f586f654c670356768_232)] [added: Matters](#i040712e026c64f58aeafc73ff3d78e99_244)] | | | [removed: [103](#id34a6ea6612849f586f654c670356768_232)] [added: [98](#i040712e026c64f58aeafc73ff3d78e99_244)] | | |

| [Item [removed: 13.](#id34a6ea6612849f586f654c670356768_235)] [added: 13.](#i040712e026c64f58aeafc73ff3d78e99_247)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#id34a6ea6612849f586f654c670356768_235)] [added: Independence](#i040712e026c64f58aeafc73ff3d78e99_247)] | | | [removed: [103](#id34a6ea6612849f586f654c670356768_235)] [added: [98](#i040712e026c64f58aeafc73ff3d78e99_247)] | | |

| [Item [removed: 14.](#id34a6ea6612849f586f654c670356768_238)] [added: 14.](#i040712e026c64f58aeafc73ff3d78e99_250)] | | | [Principal Accountant Fees and [removed: Services](#id34a6ea6612849f586f654c670356768_238)] [added: Services](#i040712e026c64f58aeafc73ff3d78e99_250)] | | | [removed: [103](#id34a6ea6612849f586f654c670356768_238)] [added: [98](#i040712e026c64f58aeafc73ff3d78e99_250)] | | |

| [Item [removed: 15.](#id34a6ea6612849f586f654c670356768_244)] [added: 15.](#i040712e026c64f58aeafc73ff3d78e99_256)] | | | [Exhibits and Financial Statement [removed: Schedule](#id34a6ea6612849f586f654c670356768_244)] [added: Schedule](#i040712e026c64f58aeafc73ff3d78e99_256)] | | | [removed: [104](#id34a6ea6612849f586f654c670356768_244)] [added: [98](#i040712e026c64f58aeafc73ff3d78e99_256)] | | |

| [Item [removed: 16.](#id34a6ea6612849f586f654c670356768_253)] [added: 16.](#i040712e026c64f58aeafc73ff3d78e99_265)] | | | [Form 10-K [removed: Summary](#id34a6ea6612849f586f654c670356768_253)] [added: Summary](#i040712e026c64f58aeafc73ff3d78e99_265)] | | | [removed: [108](#id34a6ea6612849f586f654c670356768_253)] [added: [103](#i040712e026c64f58aeafc73ff3d78e99_265)] | | |

| [removed: 2026] [added: 2051] Notes | | | [removed: 4.975%] [added: 3.477%] Senior Notes due [removed: February 2026, repaid February 2025] [added: November 2051] | | | | | | [removed: 2051 Notes] | | | [removed: 3.477% Senior Notes due November 2051] | | |

| [removed: 2027] [added: 2029 A] Notes | | | [removed: 4.185%] [added: 5.327%] Senior Notes due February [removed: 2027,] [added: 2029,] repaid [removed: May 2025] [added: February 2026] | | | | | | CAC | | | China’s Cyberspace Administration | | |

| [removed: 2027 Term Loan A] [added: 2029 B Notes] | | | [added: 6.750%] Senior [removed: Term Loan A] [added: Notes] due November [removed: 2027,] [added: 2029,] repaid [removed: January] [added: October] 2025 | | | | | | CHIPS Act | | | U.S. CHIPS and Science Act of 2022 | | |

| [removed: 2029 A] [added: 2030] Notes | | | [removed: 5.327%] [added: 4.663%] Senior Notes due February [removed: 2029] [added: 2030, repaid February 2026] | | | | | | EBITDA | | | Earnings before interest, taxes, depreciation, and amortization | | |

| [removed: 2029 B] [added: 2031] Notes | | | [removed: 6.750%] [added: 5.300%] Senior Notes due [removed: November 2029] [added: January 2031, repaid July 2026] | | | | | | EUV | | | Extreme ultraviolet lithography | | |

| [removed: 2030] [added: 2032] Notes | | | [removed: 4.663%] [added: 5.650%] Senior Notes due [removed: February 2030] [added: November 2032] | | | | | | Micron | | | Micron Technology, Inc. (Parent Company) | | |

| 2032 Green Bonds | | | 2.703% Senior Notes due April 2032 | | | | | | [removed: OEM] [added: HBM] | | | [removed: Original equipment manufacturer] [added: High-bandwidth memory] | | |

| [removed: 2032] [added: 2033 B] Notes | | | [removed: 5.650%] [added: 5.875%] Senior Notes due [removed: November 2032] [added: September 2033] | | | | | | R&D | | | Research and development | | |

| [removed: 2033] [added: 2035] A Notes | | | [removed: 5.875%] [added: 5.800%] Senior Notes due [removed: February 2033] [added: January 2035] | | | | | | Revolving Credit Facility | | | [removed: $3.5] [added: $2.0] billion Revolving Credit Facility due March 2030 | | |

| [removed: 2033] [added: 2035] B Notes | | | [removed: 5.875%] [added: 6.050%] Senior Notes due [removed: September 2033] [added: November 2035] | | | | | | SOFR | | | Secured Overnight Financing Rate | | |

| [removed: 2035 A] [added: 2041] Notes | | | [removed: 5.800%] [added: 3.366%] Senior Notes due [removed: January 2035] [added: November 2041] | | | | | | SSD | | | Solid state drive | | |

| [Introduction](#i040712e026c64f58aeafc73ff3d78e99_16) | | | | | | [5](#i040712e026c64f58aeafc73ff3d78e99_16) | | |

| [PART I](#i040712e026c64f58aeafc73ff3d78e99_19) | | | | | | | | |

| [PART II](#i040712e026c64f58aeafc73ff3d78e99_70) | | | | | | | | |

| [PART III](#i040712e026c64f58aeafc73ff3d78e99_235) | | | | | | | | |

| [PART IV](#i040712e026c64f58aeafc73ff3d78e99_253) | | | | | | | | |

| [Signatures](#i040712e026c64f58aeafc73ff3d78e99_268) | | | | | | [104](#i040712e026c64f58aeafc73ff3d78e99_268) | | |

| 2028 Notes | | | 5.375% Senior Notes due April 2028, repaid October 2025 | | | | | | AI | | | Artificial intelligence | | |

| 2029 Term Loan A | | | Senior Term Loan A due January 2029, repaid October 2025 | | | | | | DDR | | | Double data rate DRAM | | |

| 2033 A Notes | | | 5.875% Senior Notes due February 2033 | | | | | | OEM | | | Original equipment manufacturer | | |

5 | 2026 10-K

| [Introduction](#id34a6ea6612849f586f654c670356768_16) | | | | | | [5](#id34a6ea6612849f586f654c670356768_16) | | |

| [PART I](#id34a6ea6612849f586f654c670356768_19) | | | | | | | | |

| [PART II](#id34a6ea6612849f586f654c670356768_70) | | | | | | | | |

| [PART III](#id34a6ea6612849f586f654c670356768_223) | | | | | | | | |

| [PART IV](#id34a6ea6612849f586f654c670356768_241) | | | | | | | | |

| [Signatures](#id34a6ea6612849f586f654c670356768_256) | | | | | | [109](#id34a6ea6612849f586f654c670356768_256) | | |

| 2024 Term Loan A | | | Senior Term Loan A due October 2024, repaid January 2024 | | | | | | 2035 B Notes | | | 6.050% Senior Notes due November 2035 | | |

| 2025 Term Loan A | | | Senior Term Loan A due November 2025, repaid May 2024 | | | | | | 2041 Notes | | | 3.366% Senior Notes due November 2041 | | |

| 2026 Term Loan A | | | Senior Term Loan A due November 2026, repaid January 2025 | | | | | | AI | | | Artificial intelligence | | |

| 2028 Notes | | | 5.375% Senior Notes due April 2028 | | | | | | DDR | | | Double data rate DRAM | | |

| 2029 Term Loan A | | | Senior Term Loan A due January 2029 | | | | | | HBM | | | High-bandwidth memory | | |

| 2031 Notes | | | 5.300% Senior Notes due January 2031 | | | | | | NRV | | | Net realizable value | | |

5 | 2025 10-K

[removed: We routinely assess material risks] from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.

Our [removed: Board of Directors is responsible for monitoring and assessing strategic risk exposure, and our] executive officers are responsible for the day-to-day management of the material risks we face.

Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as through the [removed: Security] [added: Audit] Committee.

Our [removed: Chief Security Officer and our Chief Information Officer report to our Security Committee, which] [added: Audit Committee] oversees monitoring and incident response, risk mitigation, supply chain security, [removed: physical security,] product security, insider trust, and other security-related items, and are primarily responsible to assess and manage our material risks from cybersecurity threats.

Our Chief Security Officer and Chief Information Officer have combined relevant experience of more than 45 years, including over 20 years in cybersecurity, and they [added: work with our executive officers and other high-level personnel to] oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above.

Our Chief Security Officer and Chief Information Officer provide quarterly briefings to the [removed: Security] [added: Audit] Committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like.

Our [removed: Security] [added: Audit] Committee provides regular updates to the Board of Directors on such reports.

We routinely assess material risks

47 | 2026 10-K

Our Board of Directors is responsible for monitoring and assessing strategic risk exposure.

45 | 2025 10-K

The following is a summary of our principal facilities as of [removed: August 28, 2025:][added: September 3, 2026:]

We believe that our existing facilities are [added: in good condition and are] suitable and adequate for our present purposes.

We generally utilize all of our [added: existing] manufacturing capacity.

In addition to the supply capacity we generate through our proprietary product and process technology that increases bit density per wafer, we will need to add new DRAM wafer capacity to support projected memory demand in the second half of the [removed: decade.][added: decade and beyond.]

Construction of the fab began in October 2023, with first DRAM wafer output projected in [removed: the second half of calendar] [added: mid-calendar] 2027.

Our [removed: announced] [added: investment] plan for New York includes construction of a leading-edge DRAM memory manufacturing site, consisting of up to four fabs to be built over the next 20-plus years, in Clay, New York.

[removed: On] [added: In] December [removed: 9,] 2024, we entered into direct funding agreements with the U.S. Department of Commerce for up to $6.1 billion in direct funding pursuant to the CHIPS Act for a planned fab in Boise, Idaho, and two planned fabs in Clay, New York.

[removed: On] [added: In] June [removed: 11,] 2025, we entered into amendments to the direct funding agreements to add a second planned fab in Boise, Idaho, and allocate certain award funding [added: to the second planned Idaho fab] from the $6.1 billion grants previously awarded [removed: to] [added: under] the [removed: second planned Idaho fab.][added: December 2024 direct funding agreements.]

[removed: On] [added: In] June [removed: 11,] 2025, we also entered into a direct funding agreement with the U.S. Department of Commerce for up to $275 million in direct funding to expand and modernize our fab in Manassas, Virginia.

In addition, we announced plans to bring advanced HBM packaging capabilities to the [removed: U.S.][added: United States.]

Outside the [removed: U.S.,] [added: United States,] we are investing in manufacturing technologies, facilities and equipment, and R&D, and advancing our global back-end assembly and test network.

- Singapore: [removed: we] [added: We] broke ground [added: in January 2025] on an HBM advanced packaging facility to meaningfully expand our total advanced packaging capacity beginning in [added: early] calendar [removed: 2027; and][added: 2027.]

- Taiwan: [removed: we] [added: We] are modernizing [added: and expanding] our [added: existing] production capacity for DRAM and HBM products to meet rising market demand.

Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note [removed: 29.][added: 22.]


Construction activities for the second Idaho fab began in 2026, and we expect initial wafer output by late calendar 2028.

49 | 2026 10-K

In January 2026, we broke ground on our first New York fab.

In July 2026, we achieved the first concrete pour for the foundation of that fab, marking the transition from site preparation into vertical construction.

We expect initial wafer output in calendar 2030.

In 2026, we launched first production starts of our 1α (1-alpha) DDR4 technology in our Manassas, Virginia, fab, which will add to our capability to support the legacy product needs of our customers in auto, industrial, medical, aerospace and defense markets.

In August 2026, we announced the establishment of Micron Research Labs, a long-horizon research institution headquartered in Boise, Idaho, supported by a planned investment of approximately $10 billion over the next decade to advance memory, compute and semiconductor manufacturing technologies.

- India: Our assembly and test facility in Gujarat commenced commercial shipments and started ramping production in 2026;

- Japan: We broke ground in July 2026 on a new cleanroom project at our Hiroshima manufacturing facility as part of our ongoing modernization efforts to support future DRAM technology transitions, including HBM and other AI-driven memory products.

The project will expand available cleanroom space and we expect initial output in late calendar 2028, enhancing our advanced memory manufacturing capabilities and supporting future customer demand;

In January 2026, we broke ground on an additional advanced wafer fab facility located within our existing NAND manufacturing complex.

This facility will provide additional cleanroom space when it becomes operational in the second half of calendar 2028, helping address growing market demand for NAND technology driven by the rapid expansion of AI and data-centric applications; and

In March 2026, we completed the acquisition of a wafer fabrication facility in Tongluo, Miaoli County, Taiwan, from Powerchip Semiconductor Manufacturing Corporation for cash consideration of $1.8 billion.

We expect this site to support meaningful product shipments from the existing fab beginning in mid-calendar 2027.

Adding to the existing fab, we have begun construction of a similar-sized second cleanroom at this site.

In certain countries outside of the United States, we receive or expect to receive, government incentives related to our investments.

The amounts of these government incentives generally offset a portion of our planned investments and require us to meet certain conditions in order to receive such incentives.


47 | 2025 10-K

We continue to work with state and federal authorities for approval to start ground preparation, and anticipate production to ramp after the completion of the second Idaho fab.

- India: our construction is progressing for the assembly and test facility in Gujarat to address demand in the latter half of this decade;

- Japan: we are modernizing our Hiroshima manufacturing facility to support the production of DRAM using EUV lithography;

51 | 2026 10-K

As of [removed: September 26, 2025,] [added: October 2, 2026,] there were approximately [removed: 1,443] [added: 1,260] shareholders of record of our common stock.

On September [removed: 23, 2025,] [added: 30, 2026,] our Board of Directors declared a quarterly dividend of [removed: $0.115] [added: $0.15] per share, payable in cash on October [removed: 21, 2025,] [added: 29, 2026,] to shareholders of record as of the close of business on October [removed: 3, 2025.][added: 14, 2026.]

In 2018, we announced that our Board of Directors authorized [added: a stock repurchase program for] the discretionary repurchase of up to $10 billion [added: (the “2018 authorization”)] of our outstanding common stock through open-market purchases, block trades, privately-negotiated transactions, derivative transactions, and/or pursuant to Rule 10b5-1 trading plans.

[removed: The] [added: Our stock] repurchase [added: program and the new] authorization [removed: has] [added: have] no expiration date, [removed: does] [added: do] not obligate us to acquire any common stock, and [removed: is] [added: are] subject to market conditions, restrictions applicable under our CHIPS Act direct funding agreements, and our ongoing determination of the best use of available cash.

Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note [removed: 20.][added: 15.]

[removed: During the quarter ended August 28, 2025, we] [added: We] did not repurchase any common stock under the [removed: authorization,] [added: 2018 authorization in the fourth quarter of 2026,] and as of [removed: August 28, 2025, $2.81] [added: September 3, 2026, $2.16] billion of the [added: 2018] authorization remained available for the repurchase of our common stock.

In the fourth quarter of [removed: 2025,] [added: 2026,] shares withheld as payment upon the vesting of restricted stock consisted of the following:

The following graph illustrates a five-year comparison of cumulative total returns for our common stock, the S&P 500 Composite Index, and the Philadelphia Semiconductor Index (SOX) from August 31, [removed: 2020,] [added: 2021,] through August 31, [removed: 2025.][added: 2026.]

[removed: ][added: ]

The performance graph above assumes $100 was invested on August 31, [removed: 2020,] [added: 2021,] in common stock of Micron Technology, Inc., the S&P 500 Composite Index, and the Philadelphia Semiconductor Index (SOX).

| | | | [removed: 2020 | | |] 2021 | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | [added: 2026 | | |]

| S&P 500 Composite Index | | | 100 | | | [removed: 131] [added: 89] | | | [removed: 116] [added: 103] | | | [removed: 135] [added: 131] | | | [removed: 172] [added: 152] | | | [removed: 199] [added: 183] | | |

On October 8, 2026, our Board of Directors authorized an increase in the amount authorized under this stock repurchase program for a total authorization of $35.16 billion.

Any repurchases under the stock repurchase program will be made from December 9, 2026 in accordance with our CHIPS Act direct funding agreements.

Under our CHIPS Act direct funding agreements, stock repurchases are permitted during the first two years of the five-year period following the Idaho and New York award date of December 9, 2024, up to amounts specified in the funding agreements, to help offset the dilutive effects of employee stock compensation or as otherwise permitted by the U.S. Department of Commerce.

During the final three years of such five-year period, stock repurchases are subject to financial and other conditions, including limitations based on free cash flow, net of CHIPS Act grant incentives received with respect to capital expenditures and net of dividends paid, each as defined in the direct funding agreements.

The total amount authorized under the stock repurchase program is based on the approximately $2.16 billion that remained available for repurchase under the 2018 authorization, plus 100% of our adjusted free cash flow, less proceeds of CHIPS Act grant incentives received with respect to capital expenditures and less dividends paid, for the quarter ended September 3, 2026.

Any increases in the amount of the stock repurchase program require authorization of our Board of Directors.

A reconciliation of adjusted free cash flow to GAAP net cash provided by operating activities for the quarter ended September 3, 2026, and related adjustments that serve as the basis for the October 8, 2026 increase in the amount authorized under the stock repurchase program, is as follows:

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| (in millions) | | | | | |

| | | | | | |

| GAAP net cash provided by operating activities | | | $ | 43,973 | |

| | | | | | |

| Expenditures for property, plant, and equipment | | | (11,110) | | |

| Proceeds from sales of property, plant, and equipment | | | 9 | | |

| Proceeds from government incentives | | | 327 | | |

| Investments in capital expenditures, net | | | (10,774) | | |

| Adjusted free cash flow | | | $ | 33,199 | |

| | | | | | |

| Adjustments | | | | | |

| CHIPS grants proceeds – capital expenditures | | | — | | |

| Dividends paid | | | (174) | | |

| Basis for increase in authorized repurchases | | | $ | 33,025 | |

| May 29, 2026 – July 2, 2026 | | | — | | | | | | $ | — | | | | | — | | | | | |

| July 3, 2026 – July 30, 2026 | | | 912 | | | | | | 983.12 | | | | | | — | | | | | |

| July 31, 2026 – September 3, 2026 | | | — | | | | | | — | | | | | | — | | | | | |

| | | | 912 | | | | | | $ | 983.12 | | | | | — | | | $2,156 | | |

53 | 2026 10-K

| Micron Technology, Inc. | | | $ | 100 | | $ | 77 | | $ | 96 | | $ | 133 | | $ | 165 | | $ | 1,298 | |

| Philadelphia Semiconductor Index (SOX) | | | 100 | | | 79 | | | 110 | | | 157 | | | 174 | | | 354 | | |

49 | 2025 10-K

| May 30, 2025 – June 26, 2025 | | | — | | | | | | $ | — | | | | | — | | | | | |

| June 27, 2025 – July 24, 2025 | | | 24,996 | | | | | | 118.61 | | | | | | — | | | | | |

| July 25, 2025 – August 28, 2025 | | | — | | | | | | — | | | | | | — | | | | | |

| | | | 24,996 | | | | | | $ | 118.61 | | | | | — | | | $2,806 | | |

| Micron Technology, Inc. | | | $ | 100 | | $ | 162 | | $ | 125 | | $ | 156 | | $ | 216 | | $ | 268 | |

| Philadelphia Semiconductor Index (SOX) | | | 100 | | | 153 | | | 122 | | | 169 | | | 240 | | | 266 | | |

| [Consolidated Statements of [added: Operations](#i040712e026c64f58aeafc73ff3d78e99_106) and] Comprehensive [removed: Income](#id34a6ea6612849f586f654c670356768_106) (Loss)] [added: Income] | | | [removed: [65](#id34a6ea6612849f586f654c670356768_106)] [added: [67](#i040712e026c64f58aeafc73ff3d78e99_106)] | | |

| [Consolidated Balance [removed: Sheets](#id34a6ea6612849f586f654c670356768_109)] [added: Sheets](#i040712e026c64f58aeafc73ff3d78e99_112)] | | | [removed: [66](#id34a6ea6612849f586f654c670356768_109)] [added: [68](#i040712e026c64f58aeafc73ff3d78e99_112)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#id34a6ea6612849f586f654c670356768_112)] [added: Equity](#i040712e026c64f58aeafc73ff3d78e99_115)] | | | [removed: [67](#id34a6ea6612849f586f654c670356768_112)] [added: [69](#i040712e026c64f58aeafc73ff3d78e99_115)] | | |

| [Consolidated Statements of Cash [removed: Flows](#id34a6ea6612849f586f654c670356768_115)] [added: Flows](#i040712e026c64f58aeafc73ff3d78e99_118)] | | | [removed: [68](#id34a6ea6612849f586f654c670356768_115)] [added: [70](#i040712e026c64f58aeafc73ff3d78e99_118)] | | |

| [Notes to Consolidated Financial [removed: Statements](#id34a6ea6612849f586f654c670356768_118)] [added: Statements](#i040712e026c64f58aeafc73ff3d78e99_121)] | | | [removed: [69](#id34a6ea6612849f586f654c670356768_118)] [added: [71](#i040712e026c64f58aeafc73ff3d78e99_121)] | | |

| [Report of Independent Registered Public Accounting Firm (PCAOB [removed: ID](#id34a6ea6612849f586f654c670356768_208) 238[)](#id34a6ea6612849f586f654c670356768_208)] [added: ID](#i040712e026c64f58aeafc73ff3d78e99_217) 238[)](#i040712e026c64f58aeafc73ff3d78e99_217)] | | | [removed: [99](#id34a6ea6612849f586f654c670356768_208)] [added: [95](#i040712e026c64f58aeafc73ff3d78e99_217)] | | |

Consolidated Statements of [removed: Operations][added: Operations and Comprehensive Income]

| For the year ended | | | [removed: August 28, 2025] [added: 2025] | | | [removed: August 29, 2024] | | | [removed: August 31, 2023] [added: 2024] | | | [added: | | |]