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Ch 5 · The Story Behind the Numbers
Chapter 5 · Behind the Numbers
The numbers, in the company's own words.
Micron’s latest 10-Q, in plain English — a memory boom in its own words.
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✦ The bottom line
Anyone can read the revenue line. The story — what’s driving the boom and what could end it — is the part Micron writes itself.
↓ the brief below
✦ Seven threads from the latest 10-Q
1
Revenue nearly tripled in a year.
Latest-quarter revenue was $23.9 billion, up 196% year-over-year; the first six months totaled $37.5B, up 124%. AI memory demand is the driver.
2
It’s a seller’s market.
With AI memory (HBM) scarce, Micron is choosing which customers to supply. Pricing power, not just volume, is doing the heavy lifting.
3
Margins doubled — and that’s the tell.
Micron keeps 74¢ of every sales dollar, up from 37¢ a year ago. The margin didn’t drift up — it doubled, the signature of a tight market.
4
Cash is gushing, even amid heavy spend.
Operating cash flow hit $20.3 billion over six months (from $7.2B), and even after $11.8B of factory capex, free cash flow was $8.5B.
5
It out-grew its closest peer.
Micron’s +196% revenue growth ran well ahead of Western Digital’s +45.5% — and its 74¢ margin tops WD’s 50.2¢.
6
The cycle question won’t go away.
Memory is famously boom-bust ($16B in FY23 to $38B in FY25). The real debate isn’t whether the boom is real — it’s how long it lasts.
7
China remains structurally blocked.
A meaningful slice of demand stays off-limits on national-security grounds — a ceiling on the upside the filing flags as ongoing.
Source · 10-Q · MD&A + Income Statement · Q2 FY26 · Filed Mar 19, 2026
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Read the whole story
Seven threads management is telling — a tripling top line, doubled margins, gushing cash, and the ever-present cycle question.
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Chapter 5 · BEHIND THE NUMBERS
The Story Behind the Numbers
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