Micron makes money by manufacturing memory and storage products and selling them to customers in data centers, PCs, phones, cars, industrial systems, and consumer markets. DRAM—including HBM—provides fast, temporary working memory; NAND flash stores data persistently. Micron sells these technologies as components and modules, and sells NAND in finished SSDs and other managed storage products.
What Micron sells: working memory and persistent storage
DRAM is fast, volatile working memory
DRAM holds data that a computer or other device needs to access quickly while it is operating. It is volatile, so its contents are lost when power is removed. Micron sells DRAM for data centers, client PCs, graphics, industrial equipment, mobile devices, and vehicles.
HBM is a high-bandwidth form of DRAM
High Bandwidth Memory (HBM) is DRAM arranged in vertically stacked layers to provide high bandwidth and efficient communication. It is used in data-center systems, including systems designed for demanding computing workloads. HBM is part of the DRAM business, not a separate kind of persistent storage.
Micron’s FY2026 investor presentation said HBM revenue grew faster than the company’s total revenue during Q4 FY2026. The company also said it had agreements covering the vast majority of its calendar 2027 HBM bit supply. Those agreements describe supply commitments, not an exact revenue figure or a guarantee of future results. Micron did not disclose an exact annual HBM revenue amount in the cited FY2026 materials.
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NAND flash is rewritable, non-volatile storage
NAND retains data without power. Micron sells NAND components as well as storage products such as SSDs and managed NAND for mobile and embedded devices. Some storage solutions combine NAND with a controller and firmware; the company also sells modules, multi-chip packages, and wafers.
In its FY2026 investor presentation, Micron reported nearly $10 billion in Q4 data-center SSD revenue, more than two-thirds of company NAND revenue for that quarter. That is quarterly data-center SSD revenue—not annual NAND revenue—and it should not be read as a complete measure of all NAND products or uses.
How large Micron’s business is—and what the figures measure
Micron reported $133.188 billion in revenue for FY2026, which ended September 3, 2026. Its September 30, 2026 earnings release reported FY2026 GAAP net income of $84.969 billion and GAAP gross margin of 80.7%. The FY2026 investor presentation said DRAM revenue surpassed $100 billion that year. These figures show the scale of the business, but the company’s public reporting does not provide a complete FY2026 annual revenue split across DRAM, HBM, and NAND.
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The latest exact annual DRAM and NAND revenue figures in the cited filing are for FY2025, not FY2026:
| Technology | Revenue | Period and source |
|---|---|---|
| DRAM | $28.58 billion | FY2025, Micron FY2025 filing |
| NAND | $8.50 billion | FY2025, Micron FY2025 filing |
Micron’s FY2025 filing also reported DRAM revenue of $17.60 billion in FY2024 and $10.98 billion in FY2023, and NAND revenue of $7.23 billion in FY2024 and $4.21 billion in FY2023. Those historical figures should not be substituted for a FY2026 product breakdown.
Why customer-market revenue is not a DRAM/HBM/NAND breakdown
Micron reports revenue by customer-facing business unit as well as discussing product technologies. The units group products by the customers and markets they serve, so their revenue cannot be treated as revenue from one technology. For example, Cloud Memory is not synonymous with HBM, and Core Data Center is not synonymous with NAND.
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| Q4 FY2026 business unit | Revenue | Customer focus |
|---|---|---|
| Cloud Memory | $16.283 billion | Large hyperscale cloud customers and HBM for data-center customers |
| Core Data Center | $18.002 billion | OEM data-center memory and data-center storage |
| Mobile and Client | $13.114 billion | Mobile and client memory and storage |
| Automotive and Embedded | $6.824 billion | Automotive, industrial, and consumer memory and storage |
These rounded business-unit figures total approximately $54.2 billion; Micron reported consolidated Q4 FY2026 revenue of $54.229 billion. The current structure began reporting in FY2025 Q4. It helps explain who buys Micron’s products, but it does not reveal a precise HBM share or a full DRAM-versus-NAND split.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why Micron’s revenue and margins can change sharply
Memory makers’ results are sensitive to the balance between supply and demand, selling prices, unit volumes, product mix, manufacturing costs, and yields. In its FY2025 filing, Micron attributed changes in results to both sales volumes and pricing; it also said higher-margin product mix, including HBM, and lower manufacturing costs helped DRAM margins. A shift in any of these factors can affect revenue or profitability, so one unusually strong year is not a dependable run rate.
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Micron’s FY2026 GAAP gross margin of 80.7% compared with 39.8% in FY2025 illustrates how much reported profitability can change. Its September 30, 2026 investor presentation described tighter supply-demand conditions expected for 2027–2028. That is management’s outlook as of that date, not a realized outcome or a guarantee that prices and margins will remain at FY2026 levels. CEO Sanjay Mehrotra said in the September 30, 2026 earnings release, “Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027.” That statement is the executive’s forward-looking expectation.
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