Aslan Research · Chips
MICRON TECHNOLOGY INC (MU)
Data as of 2026-08-21 · 28 quarters · filed in USD
Revenue reached $90.3 billion over the trailing year, while expenses were $34.0 billion. Revenue growth of 28% also outpaced expense growth of 23%, showing faster expansion than the cost base.
Earned, collected early, and merely signed
Reports $5.7B of debt; has promised $6.4B
Total committed money was 1.1x reported debt. The difference comes from $654 million of lease commitments beyond $5.7 billion of reported debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The five-year wall is 1.4x the $17.4 billion of revenue promised over the same period. That leaves more due in the period than the revenue already contracted for it.
The rates that matter
Expenses as filed vs after cited reconciliation
7 patterns worth a second look
The largest flagged item is a later facility acquisition tied to a $1.8 billion cash obligation after the reporting period. Other flags include Lease SPE and not-yet-commenced finance lease obligations, insurance proceeds included in revenue, changes in customer-commitment presentation, related-party share-sale authorizations, conditional government incentives, and an inventory balance revision between filings.
off balance sheet · 1
The filings report substantial Lease SPE and not-yet-commenced finance lease obligations outside ordinary lease liabilities.
one time dressing · 1
The filings recognize insurance business-interruption proceeds in revenue alongside recurring operating results.
redefinition · 1
The filings change the presentation of customer-contract commitments from longer-term expected revenue to remaining performance obligations and strategic-customer commitments.
related party exposure · 1
The filings repeatedly report related-party insider trading arrangements involving substantial share-sale authorizations.
subsequent event · 2
The filing reports a later facility acquisition that adds a $1.8 billion cash obligation after the reporting period.
The FY2025 filing reports post-period government incentive commitments that increase the disclosed support context.
value revision · 1
The inventory balance revision is substantive because the reported amount changes between filings for the same period.