What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of Micron Technology (MU) revenue becomes net income?

For TTM through Q1 2026, Micron Technology turned $58.12B of revenue into $24.11B of net income — a net margin of 41.5%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Micron Technology (MU) gross, operating, and net margins?

For TTM through Q1 2026, Micron Technology reported a gross margin of 58.4%, an operating margin of 48.5%, and a net margin of 41.5%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Micron Technology (MU) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

Micron Technology (MU) Income Statement Waterfall

Revenue

$58.12B

Gross Margin

+58.4%

Operating Margin

+48.5%

Net Margin

+41.5%

Income statement waterfall for Micron Technology (MU) — TTM through Q1 2026

Net income: $24.11B

Margin breakdown for Micron Technology (MU) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$58.12B	$58.12B
Cost of Revenue	−$24.16B	$33.96B
Gross Profit	$33.96B	$33.96B
Operating Expenses	−$5.76B	$28.20B
Operating Income	$28.20B	$28.20B
Other Income / Expense	−$223.00M	$27.98B
Pre-tax Income	$27.98B	$27.98B
Income Tax	−$3.86B	$24.11B
Net Income	$24.11B	$24.11B

Revenue$58.12B
Cost of Revenue−$24.16B
Gross Profit$33.96B
Operating Expenses−$5.76B
Operating Income$28.20B
Other Income / Expense−$223.00M
Pre-tax Income$27.98B
Income Tax−$3.86B
Net Income$24.11B

Want to see what changed vs last year?Profit Bridge

Frequently asked questions

Data & methodology

Micron Technology (MU) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Income statement waterfall for Micron Technology (MU) — TTM through Q1 2026

Margin breakdown for Micron Technology (MU) — TTM through Q1 2026

Frequently asked questions

+What is an income statement waterfall?

+How much of Micron Technology (MU) revenue becomes net income?

+What are Micron Technology (MU) gross, operating, and net margins?

+Why does Micron Technology (MU) have such a high (or low) gross margin?

+What is the difference between gross, operating, and net margin?

Data & methodology

+What is this view?

+How to read this waterfall

+How is the data calculated?

+What is the USD toggle?

Micron Technology (MU) Key Financials

Explore more