The surprise in Micron’s latest reported results is not simply that revenue recovered to $25.11B, but that operating performance, cash generation and product mix have shifted materially in one year. Operating income for FY2024 was $1.30B (operating margin 5.19%) versus an operating loss of -$5.75B in FY2023. Operating cash flow rose to $8.51B while free cash flow compressed to $121M as capital expenditures surged to $8.39B to expand HBM/DRAM capacity. Those three datapoints — profitability, strong operating cash flow and heavy capex — tell the core story: revenue and margins are improving, but the company is re-investing the upside aggressively into capacity.

How the numbers stack: recent income and balance sheet trends#

A multi‑year view of Micron’s income statement shows the scale and volatility of the memory cycle the company navigates. In FY2022 Micron posted record margins and net income, FY2023 was deeply negative, and FY2024 reflects a cyclical recovery driven by DRAM strength and early HBM volume.