Micron vs NXP Semiconductors: Revenue, Profit and Business Model
Micron had $133.2B of annual revenue in FY2026 and $85B of net income. NXP Semiconductors had $13.4B of annual revenue in FY2025.
Latest financial snapshot
Micron
- Latest annual revenue
- $133.2B (FY2026)
- Net income
- $85B
- Net margin
- 63.8%
- Revenue growth
- +26.8% a year, FY2016–FY2026
NXP Semiconductors
- Latest annual revenue
- $13.4B (FY2025)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +0.5% a year, FY2022–FY2025
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.
NXP Semiconductors
NXP delivers robust operating cash flow and resilient gross profit margins. Consolidated annual revenue stood at $13.21 billion in 2022, $13.28 billion in 2023, $12.61 billion in 2024 during broad industrial inventory corrections, and reached $13.40 billion in 2025. Gross margins consistently exceed 56% to 58%, while operating margins remain resilient at 33% to 35%, reflecting disciplined pricing and cost controls. Annual net income consistently exceeds $2.6 billion to $3.0 billion, enabling sustained capital returns through share buybacks and dividends.
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 |
NXP Semiconductors
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $13.4B | — | — | +6.3% | |
| FY2024 | $12.6B | — | — | -5.0% | |
| FY2023 | $13.3B | — | — | +0.5% | |
| FY2022 | $13.2B | — | — | — |
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.
NXP Semiconductors
- Core Semiconductors, Automotive Microcontrollers, Secure Identification & Edge Processing Platform Operations
~48% of Total Net Revenue
Direct software licensing, enterprise subscription access, platform usage fees, or primary transaction commissions derived from NXP Semiconductors N.V.'s flagship commercial solutions.
- Enterprise Solutions & Value-Added Services
~28% of Total Net Revenue
Custom enterprise deployments, premium capability tiers, specialized API integrations, and dedicated technical client support contracts.
- Ancillary Services & Strategic Ecosystem Billing
~14% of Total Net Revenue
Complementary service fees, partner ecosystem revenue sharing, financing fees, and transactional processing services.
- Professional Services, Maintenance & Support
~10% of Total Net Revenue
Onboarding implementation, specialized compliance consulting, customer training programs, and annual service-level agreement retainers.
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.
NXP Semiconductors
How it makes money
NXP Semiconductors operates a hybrid manufacturing semiconductor business model (relying on both internal wafer fabrication plants and external foundries like TSMC).
Growth strategy
NXP grows by expanding semiconductor content per vehicle. As cars transition from internal combustion to electric and software-defined architectures, the dollar value of NXP silicon per car rises from approximately $400 in traditional combustion cars to over $1,200 in connected electric vehicles equipped with radar ADAS and intelligent battery management.
Competitive advantage
NXP Semiconductors commands an economic moat rooted in stringent automotive safety qualifications, multi-year product design-ins, and high switching costs. Automotive microcontrollers must comply with extreme temperature, vibration, and safety standards (AEC-Q100 and ISO 26262 ASIL-D), requiring three to five years of collaborative engineering before entering production.
Questions about Micron vs NXP Semiconductors
Which company has higher revenue — Micron Technology, Inc. or NXP Semiconductors N.V.?
Micron Technology, Inc. had $133.2B (FY2026), while NXP Semiconductors N.V. had $13.4B (FY2025). By latest annual revenue, Micron Technology, Inc. is the larger business, with NXP Semiconductors N.V. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Micron Technology, Inc. vs NXP Semiconductors N.V.?
Micron Technology, Inc.'s market capitalisation stands at $1.15T, while NXP Semiconductors N.V.'s is $60.0B. Micron Technology, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to NXP Semiconductors N.V..
How does revenue per employee compare for Micron Technology, Inc. and NXP Semiconductors N.V.?
Micron Technology, Inc. has $2.51M / employee in revenue per employee, while NXP Semiconductors N.V. has $394k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Micron Technology, Inc. and NXP Semiconductors N.V. make money?
Micron Technology, Inc. and NXP Semiconductors N.V. 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. NXP Semiconductors N.V.: NXP Semiconductors operates a hybrid manufacturing semiconductor business model (relying on both internal wafer fabrication plants and external foundries like TSMC).
Which company is valued higher relative to revenue — Micron Technology, Inc. or NXP Semiconductors N.V.?
On a price-to-sales (P/S) basis, Micron Technology, Inc. trades at 8.6x P/S and NXP Semiconductors N.V. at 4.5x P/S. Micron Technology, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to NXP Semiconductors N.V.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Micron Technology, Inc. bigger than NXP Semiconductors N.V.?
By last reported revenue, Micron Technology, Inc. ($133.2B (FY2026)) is the larger company compared to NXP Semiconductors N.V. ($13.4B (FY2025)). 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 NXP Semiconductors overview