Micron vs Texas Instruments: Revenue, Profit and Business Model
Micron had $133.2B of annual revenue in FY2026 and $85B of net income. Texas Instruments had $17.7B of annual revenue in FY2025 and $5B of net income.
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
Texas Instruments
- Latest annual revenue
- $17.7B (FY2025)
- Net income
- $5B
- Net margin
- 28.3%
- Revenue growth
- +3.2% a year, FY2016–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.
Texas Instruments
TI's revenue fell from a $20.03 billion peak in 2022 to $15.64 billion in 2024 during an industry inventory correction, then recovered to $17.68 billion in 2025 with net income of $5.00 billion. The upturn accelerated in 2026: Q2 revenue reached $5.46 billion, operating profit rose 48% to $2.31 billion and net income rose 53% to $1.98 billion. With heavy fab spending past its peak, trailing 12-month free cash flow climbed to $6.5 billion from $1.8 billion a year earlier. TI guided Q3 2026 revenue to $5.65-$6.15 billion.
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 |
Texas Instruments
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $17.7B | $5B | 28.3% | +13.0% | Source |
| FY2024 | $15.6B | $4.8B | 30.7% | -10.7% | Source |
| FY2023 | $17.5B | $6.5B | 37.2% | -12.5% | Source |
| FY2022 | $20B | $8.7B | 43.7% | +9.2% | Source |
| FY2021 | $18.3B | $7.8B | 42.4% | +26.9% | Source |
| FY2020 | $14.5B | $5.6B | 38.7% | +0.5% | Source |
| FY2019 | $14.4B | $5B | 34.9% | -8.9% | Source |
| FY2018 | $15.8B | $5.6B | 35.4% | +5.5% | Source |
| FY2017 | $15B | $3.7B | 24.6% | +11.9% | Source |
| FY2016 | $13.4B | $3.6B | 26.9% | — | 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.
Texas Instruments
- Analog
~78% (2024)
Power management and signal chain chips such as amplifiers, data converters, interface and isolation products. Analog revenue was about $12.16 billion of TI's $15.64 billion in 2024, and it led 2026 growth, rising 22% year over year in Q1 2026.
- Embedded Processing
~16% (2024)
Microcontrollers and processors, including C2000 real-time control MCUs, MSP430 low-power MCUs and automotive radar and processor chips. Revenue was about $2.56 billion in 2024 and grew 12% year over year in Q1 2026.
- Other (DLP, calculators, custom)
~6% (2024)
DLP display and light-steering products, education calculators such as the TI-84 Plus, and custom and legacy products.
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.
Texas Instruments
How it makes money
Texas Instruments operates an integrated semiconductor design and manufacturing model, specializing in high-margin analog chips and embedded processing solutions. The company manufactures tens of thousands of differentiated products sold to over 100,000 global customers across the industrial, automotive, personal electronics, communications, and enterprise systems sectors.
Growth strategy
TI's strategy has four parts. First, manufacturing: it has spent heavily on 300mm analog fabs in Richardson (RFAB2), Lehi, Utah (LFAB, bought from Micron in 2021 for $900 million) and Sherman, Texas, where SM1 began production in December 2025, with support from the U.S. CHIPS Act.
Competitive advantage
TI's edge rests on owned, mostly 300mm analog manufacturing, a very broad catalog of long-lived parts, direct reach to customers through ti.com, and a cost structure that let it generate $6.5 billion of free cash flow in the 12 months to June 2026.
Questions about Micron vs Texas Instruments
Which company has higher revenue — Micron Technology, Inc. or Texas Instruments Inc.?
Micron Technology, Inc. had $133.2B (FY2026), while Texas Instruments Inc. had $17.7B (FY2025). By latest annual revenue, Micron Technology, Inc. is the larger business, with Texas Instruments Inc. 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 Texas Instruments Inc.?
Micron Technology, Inc.'s market capitalisation stands at $1.15T, while Texas Instruments Inc.'s is $236.0B. Micron Technology, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Texas Instruments Inc..
How does revenue per employee compare for Micron Technology, Inc. and Texas Instruments Inc.?
Micron Technology, Inc. has $2.51M / employee in revenue per employee, while Texas Instruments Inc. has $536k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Micron Technology, Inc. and Texas Instruments Inc. make money?
Micron Technology, Inc. and Texas Instruments Inc. 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. Texas Instruments Inc.: Texas Instruments operates an integrated semiconductor design and manufacturing model, specializing in high-margin analog chips and embedded processing solutions.
Which company is valued higher relative to revenue — Micron Technology, Inc. or Texas Instruments Inc.?
On a price-to-sales (P/S) basis, Micron Technology, Inc. trades at 8.6x P/S and Texas Instruments Inc. at 13.3x P/S. Texas Instruments Inc. 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 Texas Instruments Inc.?
By last reported revenue, Micron Technology, Inc. ($133.2B (FY2026)) is the larger company compared to Texas Instruments Inc. ($17.7B (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 Texas Instruments overview