Free cash flow reached $17.6B in 2026Q3, representing a 42.4% margin, though investors should monitor the $15.4B working capital outflow that highlights ongoing production scaling volatility.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Sep'22 | Sep'21 | Sep'20 | Aug'19 | Aug'18 | Aug'17 | Sep'16 | Sep'15 | Aug'14 | Aug'13 | Aug'12 | Sep'11 | Sep'10 | Sep'09 | Oct'08 | Oct'07 | Aug'06 | Sep'05 | Sep'04 | Aug'03 | Aug'02 | Aug'01 | Jul'00 | Sep'99 | Sep'98 | Aug'97 | Aug'96 |
|---|
| Cash from Operations | 51.43B | 17.52B | 8.51B | 1.56B | 15.18B | 12.47B | 8.31B | 13.19B | 17.4B | 8.15B | 3.17B | 5.21B | 5.7B | 1.81B | 2.11B | 2.48B | 3.1B | 1.21B | 1.02B | 937M | 2.02B | 1.24B | 1.16B | 284.2M | 578.1M | 789.1M | 2.07B | 847.9M | 189.2M | 603.6M | 1.06B |
| Operating CF Margin % | - | 46.89% | 33.88% | 10.03% | 49.36% | 45% | 38.75% | 56.35% | 57.25% | 40.12% | 25.55% | 32.16% | 34.84% | 19.96% | 25.67% | 28.27% | 36.5% | 25.11% | 17.43% | 16.47% | 38.3% | 25.36% | 26.31% | 9.19% | 22.33% | 20.05% | 28.19% | 22.53% | 6.28% | 17.17% | 29.02% |
| Operating CF Growth % | 880.35% | 106.01% | 445.67% | -89.73% | 21.76% | 50.11% | -37.02% | -24.2% | 113.42% | 157.35% | -39.17% | -8.62% | 214.69% | -14.33% | -14.9% | -19.77% | 156.72% | 18.47% | 8.64% | -53.59% | 63.11% | 6.82% | 307.74% | -50.84% | -26.74% | -61.85% | 143.93% | 348.15% | -68.65% | -43.08% | 2.09% |
| Net Income | 50.47B | 8.54B | 778M | -5.83B | 8.69B | 5.86B | 2.71B | 6.36B | 14.14B | 5.09B | -275M | 2.9B | 3.08B | 1.19B | -1.03B | 190M | 1.9B | -1.99B | -1.62B | -320M | 408M | 188M | 157.2M | -1.27B | -907M | -625M | 1.5B | -68.9M | -233.7M | 332.2M | 593.5M |
| Depreciation & Amortization | 9.01B | 8.35B | 7.78B | 7.76B | 7.12B | 6.21B | 5.65B | 5.47B | 4.86B | 3.99B | 3.11B | 2.81B | 2.27B | 1.8B | 2.14B | 2.1B | 2B | 2.19B | 2.06B | 1.72B | 1.28B | 1.26B | 1.22B | 1.21B | 1.18B | 1.11B | 994.3M | 843.3M | 606.6M | 461.7M | 363.7M |
| Stock-Based Compensation | 1.22B | 972M | 833M | 596M | 514M | 378M | 328M | 243M | 198M | 215M | 191M | 168M | 115M | 91M | 87M | 76M | 93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 1.93B | 0 | 1M | -40M | 347M | 284M | -105M | -334M | -522M | -733M | 336M | 375M | 266M | -451M | 0 | 0 | -11M | -24M | -9.7M | 57.8M | 70.5M | 11.4M | 0 | 0 | 0 | 30.1M | 93.9M | 48.1M |
| Other Non-Cash Items | 9.75B | 0 | 281M | 4M | 127M | 434M | 66M | -111M | -164M | 125M | 115M | 353M | 349M | -1.25B | -72M | -15M | 48M | 1.05B | 773M | -4M | 26M | -13.5M | -40.3M | 440M | 416M | 1.07B | 190.9M | 72.8M | -180.5M | 109.6M | 49.4M |
| Working Capital Changes | -19.01B | -338M | -1.17B | -2.9B | -1.26B | -420M | -408M | 879M | -1.92B | -1.16B | 365M | -495M | 619M | -359M | 614M | -138M | -499M | -39M | -196M | -446M | 328M | -191.5M | -233.4M | -163M | -119.7M | -765.8M | -621.1M | 700K | -19.9M | -148.2M | 5.8M |
| Change in Receivables | -21.61B | -1.78B | -3.58B | 2.76B | 190M | -1.45B | -723M | 2.43B | -1.73B | -1.65B | 465M | 393M | -518M | -409M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 239M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 160M | 520M | -488M | -3.56B | -2.18B | 866M | -489M | -1.53B | -472M | 50M | -549M | 116M | 194M | 83M | 258M | -357M | -121M | -356M | -40M | -591M | -12M | -193.3M | -160.5M | -196.2M | -378.9M | -482.8M | -339.1M | -42.8M | 140M | -194.2M | -61.1M |
| Change in Payables | 3.23B | 862M | 1.92B | -2.1B | 744M | 210M | 725M | -174M | 668M | 564M | 272M | -691M | 671M | 143M | 0 | 0 | 0 | 107M | 0 | -1M | 130M | 11.1M | 30.1M | 98.8M | 39.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -24.89B | -14.09B | -8.31B | -6.19B | -11.59B | -10.59B | -7.59B | -10.09B | -8.22B | -7.54B | -3.07B | -6.23B | -2.45B | -1.71B | -2.31B | -2.2B | -448M | -674M | -2.09B | -2.39B | -1.76B | -1.08B | -1.31B | -518.1M | -513.9M | -1.38B | -1.52B | -2.03B | -186M | -678.9M | -980.4M |
| Capital Expenditures | -25.26B | -15.86B | -8.39B | -7.68B | -12.07B | -10.03B | -8.22B | -9.86B | -9.09B | -5.25B | -5.86B | -4.02B | -2.66B | -1.24B | -1.7B | -2.55B | -616M | -488M | -2.53B | -3.6B | -1.36B | -1.06B | -1.08B | -821.5M | -1.01B | -1.49B | -1.19B | -803.9M | -707.1M | -516.9M | -1.43B |
| CapEx % of Revenue | 27.98% | 42.42% | 33.4% | 49.4% | 39.23% | 36.2% | 38.36% | 42.1% | 29.89% | 25.85% | 47.29% | 24.83% | 16.25% | 13.71% | 20.63% | 29.02% | 7.26% | 10.16% | 43.3% | 63.34% | 25.89% | 21.82% | 24.54% | 26.57% | 39.1% | 37.82% | 16.2% | 21.36% | 23.48% | 14.7% | 39.03% |
| Acquisitions | 0 | 0 | 0 | 7.68B | 888M | 10.03B | -744M | 1.1B | -348M | -2.63B | 6M | 1M | 105M | 69M | 2.3B | -159M | 518M | 26M | 187M | -73M | 416M | 47.2M | 92.7M | 0 | 4.5M | 23.7M | 151.2M | 41.2M | 33.4M | 15.5M | 33.8M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.45B | 1.96B | 282M | -7.06B | -251M | -9.53B | 963M | -155M | 1.07B | 709M | -58M | 64M | 632M | -65M | -2.31B | -2.2B | -36M | 31M | 46M | 55M | 51M | -53.8M | 70M | -109.7M | -76.8M | -384M | -122.9M | -66.6M | 191.2M | 180.2M | -7.5M |
| Cash from Financing | -11.71B | -850M | -1.84B | 4.98B | -2.98B | -1.78B | -317M | -2.44B | -7.78B | 349M | 1.75B | -718M | -1.95B | 322M | 497M | -1.04B | -1.22B | -290M | 125M | 2.21B | 644M | -115.5M | 69.7M | 406M | -135.1M | 360.9M | -138.5M | 915.9M | -64.1M | 418.7M | 67.9M |
| Debt Issued (Net) | -10.39B | -189M | -898M | 5.96B | -32M | -332M | 634M | 210M | -9.19B | 753M | 2.09B | 174M | -1.62B | 504M | 1.47B | -257M | -640M | 287M | 139M | 1.11B | -415M | -79M | -43M | 561.5M | -84.6M | -51.2M | -175.1M | -59.4M | -86.3M | 342.8M | 299.8M |
| Equity Issued (Net) | -1.41B | 0 | -300M | -425M | -2.56B | -1.29B | -176M | -2.73B | -71M | -36M | -148M | -884M | -76M | -5M | -6M | -163M | -21M | 276M | 4M | 69M | 113M | 41M | 487M | 53.5M | 71.8M | 598.4M | 244M | 617.2M | 24M | 90.2M | 25.1M |
| Dividends Paid | -567M | -522M | -513M | -504M | -461M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31.2M |
| Share Repurchases | -867M | 0 | -300M | -425M | -2.43B | -1.2B | -176M | -2.73B | -71M | -36M | -148M | -884M | -76M | -5M | -6M | -163M | -21M | 0 | 0 | 0 | 0 | 0 | -68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 664M | -139M | -131M | -43M | 70M | -155M | -775M | 81M | 1.48B | -368M | -201M | -8M | -237M | -177M | -968M | -624M | -559M | -853M | -18M | -210M | -38M | -77.5M | -374.3M | -209M | -122.3M | -186.3M | -207.4M | 371.4M | 300K | -14.3M | -225.8M |
| Net Change in Cash | 14.85B | 2.59B | -1.6B | 317M | 510M | 139M | 411M | 692M | 1.37B | 953M | 1.85B | -1.86B | 1.27B | 421M | 299M | -753M | 1.43B | 242M | -949M | 761M | 907M | 38.4M | -84.2M | 172.1M | -70.9M | -232.6M | 407.1M | -264.2M | -60.9M | 343.4M | 148M |
| Free Cash Flow | 26.17B | 1.67B | 121M | -6.12B | 3.11B | 2.44B | 83M | 3.33B | 8.31B | 2.9B | -2.69B | 1.19B | 3.04B | 567M | 415M | -66M | 2.48B | 718M | -1.51B | -2.67B | 654M | 173M | 78.1M | -537.3M | -434.2M | -699.5M | 880.1M | 44M | -517.9M | 86.7M | -365.4M |
| FCF Margin % | 28.99% | 4.46% | 0.48% | -39.36% | 10.12% | 8.8% | 0.39% | 14.24% | 27.36% | 14.27% | -21.74% | 7.33% | 18.59% | 6.25% | 5.04% | -0.75% | 29.24% | 14.95% | -25.87% | -46.87% | 12.41% | 3.54% | 1.77% | -17.38% | -16.77% | -17.77% | 12% | 1.17% | -17.2% | 2.47% | -10% |
| FCF Growth % | 186.28% | 1278.51% | 101.98% | -296.44% | 27.73% | 2837.35% | -97.51% | -59.9% | 186.72% | 207.61% | -327.04% | -60.97% | 436.33% | 36.63% | 728.79% | -102.66% | 245.4% | 147.52% | 43.32% | -507.65% | 278.03% | 121.51% | 114.54% | -23.74% | 37.93% | -179.48% | 1900.23% | 108.5% | -697.35% | 123.73% | -218.33% |
| FCF per Share | 22.86 | 1.48 | 0.11 | -5.60 | 2.78 | 2.14 | 0.07 | 2.92 | 6.77 | 2.51 | -2.60 | 1.01 | 2.54 | 0.54 | 0.42 | -0.07 | 2.36 | 0.90 | -1.96 | -3.47 | 0.90 | 0.27 | 0.12 | -0.88 | -0.72 | -1.18 | 1.45 | 0.08 | -1.22 | 0.20 | -0.85 |
| FCF Conversion (FCF/Net Income) | 0.52x | 2.05x | 10.93x | -0.27x | 1.75x | 2.13x | 3.09x | 2.09x | 1.23x | 1.60x | -11.48x | 1.80x | 1.87x | 1.52x | -2.05x | 14.87x | 1.67x | -0.64x | -0.63x | -2.93x | 4.95x | 6.58x | 7.37x | -0.22x | -0.64x | -1.26x | 1.38x | -12.31x | -0.81x | 1.82x | 1.79x |
| Interest Paid | 0 | 418M | 503M | 323M | 154M | 171M | 165M | 53M | 312M | 468M | 267M | 226M | 163M | 0 | 72M | 59M | 95M | 107M | 84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 583M | 338M | 532M | 493M | 361M | 167M | 524M | 226M | 99M | 90M | 63M | 43M | 0 | 13M | 99M | 2M | 43M | 36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical demand and yield volatility
According to recent financial data, Micron's operating cash flow to net income ratio has fluctuated significantly, reaching 0.90 in 2026Q3, which suggests that while earnings are strong, the cash conversion profile remains sensitive to the massive working capital swings inherent in high-volume semiconductor manufacturing cycles.
The divergence between net income and operating cash flow indicates that reported earnings are heavily influenced by non-cash items and inventory adjustments. Investors should monitor whether the recent compression in this ratio reflects a strategic build-up of inventory to meet future AI demand or a potential slowdown in cash collection efficiency.
As reported in quarterly filings, Micron's free cash flow margin reached 42.4% in 2026Q3, marking a substantial improvement from the negative territory observed in 2024Q2 and highlighting the company's ability to generate significant liquidity as its high-value HBM3E product line gains meaningful market traction.
This trajectory suggests that the company has successfully transitioned from a period of heavy cash burn to a phase of robust cash generation. However, the sustainability of these margins warrants caution, as they are highly dependent on the current pricing premium for AI-optimized memory products.
Based on reported figures, Micron's capital expenditure reached $7.8 billion in 2026Q3, representing 18.9% of revenue, which underscores the extreme capital intensity required to maintain competitive bit-density leadership and support the ongoing construction of domestic fabrication facilities in the United States.
The elevated level of CAPEX relative to revenue suggests that management is prioritizing long-term capacity expansion over immediate cash returns. This aggressive investment strategy may create a structural drag on free cash flow if the anticipated demand for high-bandwidth memory fails to materialize as expected.
As evidenced by the $15.4 billion working capital outflow in 2026Q3, Micron's cash flow is frequently impacted by significant inventory and receivable fluctuations, which appear to be a direct consequence of the company's efforts to scale production capacity in response to volatile hyperscaler demand cycles.
The substantial negative working capital change suggests that the company is absorbing significant cash to support its supply chain and inventory requirements. Analysts should investigate whether this reflects a deliberate strategic inventory build or an inability to efficiently convert finished goods into cash during periods of rapid scaling.
According to recent financial statements, Micron has maintained a disciplined approach to capital deployment, with dividends and share repurchases totaling $388 million in 2026Q3, a figure that remains modest relative to the company's $17.6 billion in free cash flow generated during the same period.
This conservative allocation suggests that management is prioritizing balance sheet liquidity and internal investment over aggressive shareholder returns. While this approach provides a buffer against cyclical downturns, it may invite scrutiny from investors seeking higher capital returns during periods of record-breaking profitability.
Quick answers to the most common questions about buying MU stock.
Micron Technology, Inc. (MU) generated $17.52B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Micron Technology, Inc. (MU) generated $1.67B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Micron Technology, Inc. (MU) spent $15.86B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Micron Technology, Inc. (MU) returned $522.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.