One buyer supplied 17% of the memory chipmaker's revenue a year ago. Did it buy less, or did everyone else buy more?
One buyer supplied 17% of the memory chipmaker's revenue a year ago.
Did it buy less, or did everyone else buy more?
Micron Technology (MU -3.62%) filed its annual report on Oct. 9, and it shows a shift in who buys the memory chipmaker's products. No customer accounted for 10% or more of revenue in fiscal 2026 (the 53 weeks ending Sept. 3, 2026). A year before, one customer made up 17% of sales.
Put another way, Micron's top buyer matters less to its results than it did a year ago. The shift came as revenue climbed 256% year over year to about $133 billion. And it comes with the stock off about 14% from its Oct. 7 close, at roughly $936 as of this writing.
Relying less on one buyer does lower a risk to shareholders. But I think the report also shows that Micron's bigger dependence is still there.
From 17% to below 10%
The report doesn't name the customer. It just says the 17% customer's purchases in fiscal 2025 were mostly in the cloud memory business unit. This unit sells memory to big cloud computing companies, and high-bandwidth memory for artificial intelligence systems to all data center customers.
It's worth noting that no customer hit 10% of revenue in fiscal 2023, either. One did in fiscal 2024, at 10%, and one reached 17% the next year.
In dollars, 17% of fiscal 2025's $37.4 billion in revenue comes to around $6.4 billion from a single customer.
Did that customer buy less?
Averytin News Financial update.