Revenue rose four and a half times while cost of goods sold barely moved — the shape of a quarter driven by price
Micron Technology quarterly report (10-Q) for the quarter ended May 28, 2026. Revenue was \$41,456 million, up 346 percent from \$9,301 million a year earlier, while cost of goods sold was \$6,400 million against \$5,793 million. The company attributes the increase to higher average selling prices.
Filing key facts
- CompanyMICRON TECHNOLOGY INC (MU)
- FormQuarterly report (10-Q)
- ExchangeNasdaq
- Industry (SIC)Semiconductors & Related Devices
- Filing date2026-06-25
- Period2026-05-28
- Accession no.0000723125-26-000015
Key points
- Micron Technology quarterly report for the quarter ended May 28, 2026, with revenue of \$41,456 million against \$9,301 million a year earlier.
- Cost of goods sold was \$6,400 million against \$5,793 million, leaving gross margin of \$35,056 million.
- The company attributes the increase to average selling prices, up in the low-60 percent range for DRAM and mid-80 percent for NAND against the prior quarter.
- Bit shipments rose only single digits, so the growth passes through price rather than volume.
- Revenue by business unit was Cloud Memory \$13,769 million, Core Data Center \$11,524 million, Mobile and Client \$11,521 million, Automotive and Embedded \$4,634 million.
1What growth by price looks like
When revenue grows because more units are sold, output rises too, and cost of goods sold rises with it. When it grows because the price per unit rose, output is unchanged and cost of goods sold barely moves. The figures for this quarter show the second shape unmistakably.
| Measure | This quarter | Year-ago quarter |
|---|---|---|
| Revenue | $41,456 million | $9,301 million |
| Cost of goods sold | $6,400 million | $5,793 million |
| Gross margin | $35,056 million | $3,508 million |
Revenue rose to nearly four and a half times while cost of goods sold rose about a tenth. The company own account attributes the sequential increase to average selling prices, up in the low-60 percent range for DRAM and the mid-80 percent range for NAND, with bit shipments up only single digits in both cases.
2Why price and volume are written separately
This site also covers an annual report where the year-over-year figures for price and volume had been transposed, requiring an amendment to correct them — because the same overall growth rate means something different depending on which drove it. This quarter is that distinction in its most extreme form. Revenue rose four and a half times with output scarcely changed, so price movement passes straight through to the result.
3By business unit
Cloud Memory is the largest at $13,769 million, with Core Data Center and Mobile and Client close together in the $11.5 billion range and Automotive and Embedded at $4,634 million. The two data center units together account for more than 60 percent of the total.
4Following it by quarter
In a business that moves on price, conditions change over short spans. An annual filing says only whether something rose or fell. Quarter by quarter, a 74 percent sequential increase becomes visible as speed. Of the 644 SEC filings this site holds as of 2026-09-02, 128 are quarterly reports, second in number only to current reports.
Why it matters
In a business that moves on price, revenue and cost of goods sold diverge sharply. Growth has to be separated into price and volume or the underlying activity is misread.
FAQ
Why does cost of goods sold not rise with revenue?
Sequential or year-over-year — which should be read?
Sources (primary)
This article is an independent organization based on the U.S. SEC official disclosures below. Always verify the exact, latest details with the original filing.
- SEC EDGAR (filing index)
- Primary document (original)
- Accession no.：0000723125-26-000015