Micron makes money by manufacturing and selling memory and storage products—not just bare chips. DRAM, including high-bandwidth memory (HBM), provides fast, temporary working memory; NAND flash stores data without power. Micron sells both as components and in finished products such as modules and SSDs, then reports revenue by the customer markets it serves rather than publishing a complete annual revenue split for DRAM, HBM, and NAND.
For the fiscal year ended September 3, 2026, Micron reported $133.188 billion in revenue. Its FY2026 investor presentation said DRAM revenue surpassed $100 billion, but did not state an exact annual HBM figure. Those distinctions matter: Micron’s strong data-center business does not mean all of its data-center revenue is HBM.
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What Micron sells—and how the products differ
Micron supplies semiconductor memory and storage to data-center, mobile and client, automotive, industrial, and consumer customers. Depending on the product and buyer, it sells individual components, modules, multi-chip packages, wafers, managed NAND, or finished SSDs. Some storage products combine NAND flash with a controller and firmware.
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| Technology | What it does | How Micron sells it | Reported revenue figures |
|---|---|---|---|
| DRAM | Fast, volatile working memory: stored data is lost when power is removed. | Memory components and modules for markets including data centers, PCs, graphics, industrial, mobile, and automotive. | $28.58 billion in FY2025; Micron said FY2026 DRAM revenue surpassed $100 billion. |
| HBM | A 3D-stacked DRAM architecture designed for high bandwidth and efficient communication. | Supplied to data-center customers; Micron groups HBM for all data-center customers within its Cloud Memory business unit. | Micron did not state an exact annual HBM revenue amount in the FY2026 materials cited here. |
| NAND flash | Rewritable, non-volatile storage that retains data without power. | Components, managed NAND, and finished SSDs for storage in data centers, client devices, and embedded products. | $8.50 billion in FY2025. In Q4 FY2026, data-center SSD revenue was nearly $10 billion. |
The DRAM and NAND figures in the table are from Micron’s FY2025 filing; the FY2026 statements are from its FY2026 investor presentation. They are not a same-year product-revenue breakdown. In particular, the nearly $10 billion figure is Q4 data-center SSD revenue, not annual NAND revenue; Micron said it exceeded two-thirds of the company’s NAND revenue for that quarter.
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How DRAM, HBM, and NAND generate sales
DRAM: working memory across several markets
Micron earns DRAM revenue by supplying memory used while computers and other systems are operating. Customers include data-center operators and equipment makers, as well as makers of PCs, graphics products, mobile devices, vehicles, and industrial equipment. Its FY2025 filing reported DRAM revenue of $28.58 billion in 2025, compared with $17.60 billion in 2024 and $10.98 billion in 2023. Micron’s FY2026 presentation later said DRAM revenue surpassed $100 billion that year; it did not provide a precise figure in the cited materials.
HBM: a higher-bandwidth form of DRAM
HBM is not a separate kind of persistent storage: it is a stacked DRAM architecture built for high-bandwidth communication. Micron supplies it to data-center customers through Cloud Memory. The FY2026 Q4 presentation said HBM revenue grew faster than total company revenue during that quarter and that Micron had agreements covering the vast majority of its calendar 2027 HBM bit supply. These statements show commercial importance and contracted supply, but they do not reveal HBM’s exact revenue or share of Micron’s business. Cloud Memory revenue also includes more than HBM, so it cannot be used as an HBM proxy.
NAND: persistent storage, including SSDs
NAND flash underpins storage products that retain data when power is off. Micron sells it as a component, in managed storage products, and in finished SSDs. Its FY2025 filing reported NAND revenue of $8.50 billion in 2025, $7.23 billion in 2024, and $4.21 billion in 2023. Micron’s FY2026 Q4 presentation also highlighted nearly $10 billion in data-center SSD revenue for that quarter. That is a quarterly product-market figure, not the company’s full-year NAND total.
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What Micron’s latest revenue and business-unit figures show
Micron reported $133.188 billion in FY2026 revenue, up from $37.378 billion in FY2025. FY2026 GAAP net income was $84.969 billion, and GAAP gross margin was 80.7%, compared with 39.8% in FY2025. The fiscal year ended September 3, 2026; Micron issued the results on September 30, 2026.
For Q4 FY2026, Micron reported revenue by customer-facing business unit. The figures describe who the business serves, not which memory technology generated the revenue:
| Business unit | Q4 FY2026 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 |
The four rounded business-unit figures total approximately $54.2 billion; consolidated Q4 revenue was $54.229 billion. Micron began reporting under this structure in FY2025 Q4. It is not valid to treat Cloud Memory as HBM revenue or Core Data Center as NAND revenue: each business unit serves customers with multiple memory and storage products.
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Why Micron’s revenue and margins can change sharply
Memory sales depend on both the number of bits shipped and the prices customers pay. Micron’s FY2025 filing attributed changes in results to sales volumes and pricing, and said higher-margin product mix—including HBM—and lower manufacturing costs helped DRAM margins. Supply-demand conditions, product mix, manufacturing yields, and production costs can therefore move revenue and profitability substantially from one period to another.
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What can—and cannot—be concluded about HBM’s share
The available FY2026 materials establish that DRAM revenue exceeded $100 billion, HBM revenue grew faster than total company revenue in Q4, and most calendar 2027 HBM bit supply was covered by agreements. They do not establish an exact annual HBM revenue figure or a complete FY2026 DRAM-versus-NAND split. Nor can customer-market business-unit totals fill that gap, because those units combine products across technologies.
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