Micron vs NVIDIA: Revenue, Profit and Business Model
Micron had $133.2B of annual revenue in FY2026 and $85B of net income. NVIDIA had $215.9B of annual revenue in FY2026 and $120.1B of net income.
Latest financial snapshot
Financial summary
Micron
Micron's results swing with memory pricing. Revenue fell from $30.76B in fiscal 2022 to $15.54B in fiscal 2023, with a $5.83B net loss, then recovered to $25.11B in fiscal 2024 and $37.38B in fiscal 2025. Fiscal 2026 was a step change: revenue reached $133.19B, GAAP gross margin rose to 80.7% from 39.8%, and GAAP net income hit $84.97B. Fiscal Q4 2026 alone produced $54.23B of revenue and $37.70B of net income. Operating cash flow was $89.68B for the year, and Micron ended it with $73.48B of cash, marketable investments and restricted cash. Micron Technology, Inc. is a massive American producer of computer memory and computer data storage, commanding a market valuation generally exceeding $130 billion.
NVIDIA
NVIDIA's revenue rose from $27.0B in fiscal 2023 to $60.9B in FY2024, $130.5B in FY2025 and $215.9B in FY2026, which ended January 25, 2026. FY2026 GAAP net income was $120.1B, operating cash flow was $102.7B and company-defined free cash flow was $96.6B. Growth continued into fiscal 2027: Q2 (ended July 26, 2026) revenue was $96.2B, including $89.0B of Data Center revenue, with a 75.0% GAAP gross margin and $59.7B GAAP net income. The $108.0B Q3 FY2027 revenue figure, plus or minus 2%, was management guidance, not a reported result; the outlook assumed no Data Center compute revenue from China. NVIDIA returned about $26.0B to shareholders in Q2, and reported about $99.0B remaining under its repurchase authorization at quarter-end. Its May 2026 dividend increase to $0.25 per share is separate from the repurchase authorization.
Revenue and profit by year
Micron
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $133.2B | $85B | 63.8% | +256.3% | Source |
| FY2025 | $37.4B | $8.5B | 22.8% | +48.9% | Source |
| FY2024 | $25.1B | $778M | 3.1% | +61.6% | Source |
| FY2023 | $15.5B | -$5.8B | -37.5% | -49.5% | Source |
| FY2022 | $30.8B | $8.7B | 28.2% | +11.0% | Source |
| FY2021 | $27.7B | $5.9B | 21.2% | +29.3% | Source |
| FY2020 | $21.4B | $2.7B | 12.5% | -8.4% | Source |
| FY2019 | $23.4B | $6.3B | 27.0% | -23.0% | Source |
| FY2018 | $30.4B | $14.1B | 46.5% | +49.5% | Source |
| FY2017 | $20.3B | $5.1B | 25.0% | +63.9% | Source |
| FY2016 | $12.4B | -$276M | -2.2% | — | Source |
NVIDIA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $215.9B | $120.1B | 55.6% | +65.5% | Source |
| FY2025 | $130.5B | $72.9B | 55.8% | +114.2% | Source |
| FY2024 | $60.9B | $29.8B | 48.8% | +125.9% | Source |
| FY2023 | $27B | $4.4B | 16.2% | +0.2% | Source |
| FY2022 | $26.9B | $9.8B | 36.2% | +61.4% | Source |
| FY2021 | $16.7B | $4.3B | 26.0% | +52.7% | Source |
| FY2020 | $10.9B | $2.8B | 25.6% | -6.8% | Source |
| FY2019 | $11.7B | $4.1B | 35.3% | +20.6% | Source |
| FY2018 | $9.7B | $3B | 31.4% | +40.6% | Source |
| FY2017 | $6.9B | $1.7B | 24.1% | — | Source |
Where the revenue comes from
Micron
- Compute And NetworkingMajor
Data-center, graphics, networking, and client-related memory and storage demand.
- MobileMaterial
Low-power DRAM, NAND, and managed memory used in smartphones and mobile devices.
- EmbeddedMaterial
Automotive, industrial, and embedded-market memory and storage products.
- StorageMaterial
SSDs and NAND-based storage products for enterprise, client, and consumer markets.
- Consumer Channels
Complementary
Crucial-branded memory and storage upgrades sold through retail and ecommerce channels.
NVIDIA
- Data CenterDominant
GPU accelerators, AI systems, networking, and software for cloud, enterprise, and supercomputing customers.
- GamingMaterial
GeForce GPUs and gaming-platform products for PC gamers, creators, and consumer AI PCs.
- Professional Visualization
Complementary
Workstation GPUs, visualization, simulation, and Omniverse-related products.
- AutomotiveGrowth
Automotive compute, software, and autonomous-driving platforms.
- Software And ServicesGrowth
Enterprise AI software, cloud services, libraries, and platform subscriptions layered on hardware.
Business model and strategy
Micron
How it makes money
Micron runs a capital-intensive B2B memory manufacturing model: it designs DRAM and NAND process technology, fabricates wafers in its own fabs in the US, Japan, Taiwan and Singapore, and sells chips, modules, HBM stacks and SSDs to hyperscalers, server makers, AI accelerator vendors, PC and phone OEMs, and auto suppliers.
Growth strategy
Micron's growth strategy centres on high-bandwidth memory (HBM) for artificial intelligence. AI accelerators such as Nvidia's need large amounts of fast memory alongside them, so Micron is investing heavily in HBM3E and competing with Samsung and SK Hynix for contracts to supply the AI data centers built by companies such as Microsoft and Google. The aim is to reduce its dependence on the volatile smartphone market.
Competitive advantage
Micron's advantage rests on the cost of entry and its place in US policy. A modern memory fabrication plant costs more than $15 billion, which keeps new entrants out, and the industry has consolidated into three companies: Samsung, SK Hynix and Micron. As the only American memory maker, Micron also receives US government support through the CHIPS Act, which treats domestic memory supply as a national security matter.
NVIDIA
How it makes money
NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC. Data Center is the core business, at $193.7B of FY2026 revenue (about 90%) and $89.0B of the $96.2B earned in Q2 FY2027.
Growth strategy
NVIDIA wants to sell the whole AI factory, not just accelerators. It ships a new architecture roughly every year: Blackwell, then Blackwell Ultra, then Vera Rubin, which reached full production in mid-2026. Each rack combines GPUs, Vera CPUs, NVLink, Spectrum-6 switches and BlueField DPUs.
Competitive advantage
NVIDIA's lead comes from three things working together. CUDA has been in use since 2006 and much of the AI software stack is tuned for it. NVIDIA sells full systems that tie compute, NVLink and networking into one rack. Its scale also gets it priority access to TSMC wafers and high-bandwidth memory.
Questions about Micron vs NVIDIA
Which company has higher revenue — Micron Technology, Inc. or NVIDIA Corporation?
Micron Technology, Inc. had $133.2B (FY2026), while NVIDIA Corporation had $215.9B (FY2026). By latest annual revenue, NVIDIA Corporation is the larger business, with Micron Technology, Inc. showing a smaller revenue base.
What is the market cap of Micron Technology, Inc. vs NVIDIA Corporation?
Micron Technology, Inc.'s market capitalisation stands at $1.15T, while NVIDIA Corporation's is $5.45T. NVIDIA Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Micron Technology, Inc..
How does revenue per employee compare for Micron Technology, Inc. and NVIDIA Corporation?
Micron Technology, Inc. has $2.51M / employee in revenue per employee, while NVIDIA Corporation has $5.14M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Micron Technology, Inc. and NVIDIA Corporation make money?
Micron Technology, Inc. and NVIDIA Corporation generate revenue in fundamentally different ways. Micron Technology, Inc.: Micron runs a capital-intensive B2B memory manufacturing model: it designs DRAM and NAND process technology, fabricates wafers in its own fabs in the US, Japan, Taiwan and Singapore, and sells chips, modules, HBM stacks and SSDs to hyperscalers, server makers, AI accelerator vendors, PC and phone OEMs, and auto suppliers. NVIDIA Corporation: NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC.
Which company is valued higher relative to revenue — Micron Technology, Inc. or NVIDIA Corporation?
On a price-to-sales (P/S) basis, Micron Technology, Inc. trades at 8.6x P/S and NVIDIA Corporation at 25.2x P/S. NVIDIA Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Micron Technology, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Micron Technology, Inc. bigger than NVIDIA Corporation?
By last reported revenue, NVIDIA Corporation ($215.9B (FY2026)) is the larger company compared to Micron Technology, Inc. ($133.2B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Micron vs NVIDIA overview