Micron Revenue Breakdown By Technology — DRAM, NAND, and NOR

Menory modules. Pexels Image.

This page presents Micron Technology’s revenue by memory technology. Micron’s memory technology consists of DRAM, NAND, and others (primarily 3D XPoint memory and NOR).

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For other key statistics of Micron Technology, you may find more resources on this page: Micron key stats.

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Definitions of memory technology

To help readers understand the content better, the following terms and glossaries have been provided.

DRAM:

DRAM products are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval with a variety of performance characteristics. DRAM products lose content when power is turned off (“volatile”) and are most commonly used in the data center, client PC, graphics, industrial, mobile, and automotive markets.

NAND:

NAND products are non-volatile, re-writeable semiconductor storage devices that provide high-capacity, low-cost storage with a variety of performance characteristics. NAND is used in SSDs for the data center, client PC, consumer, and automotive markets, and in removable storage markets. Managed NAND is used in smartphones and other mobile devices, and in the consumer, automotive, and embedded markets. Low-density NAND is ideal for applications like automotive, surveillance, machine-to-machine, automation, printer, and home networking.

NOR:

NOR products are non-volatile, re-writable semiconductor memory devices that provide fast read speeds. NOR is most commonly used for reliable code storage (e.g., boot, application, operating system, and execute-in-place code in an embedded system) and for frequently changing small data storage and is ideal for automotive, industrial, and consumer applications.

3D XPoint:

3D XPoint is a class of non-volatile technology between DRAM and NAND in the memory and storage hierarchy. In 2021, Micron ceased development of 3D XPoint technology.

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Insight & Summary of Micron’s Revenue Breakdown By Memory Technology

Micron’s revenue has been overwhelmingly driven by DRAM throughout this thirteen-year period, with DRAM’s share reaching its highest level in the entire dataset by 2025, while the “Other” category (primarily 3D XPoint memory and NOR) has declined to near-irrelevance, and both DRAM and NAND have displayed extreme, closely correlated cyclicality.

• DRAM Has Reached Its Highest-Ever Share of Revenue by 2025, Following the Same Severe Cyclicality Seen Throughout DRAM’s mix share grew from 48.0% (2013) to 76.5% by 2025 — its highest level in the entire thirteen-year dataset — though the path there was far from linear, swinging as low as 58.0% (2016) along the way. DRAM’s dollar growth has been extraordinarily volatile: 155.4% growth in 2014, followed eventually by a -51.0% collapse in 2023, then a sharp 60.3% and 62.3% rebound in the two years since — confirming DRAM alone drives much of Micron’s overall revenue cyclicality, simply because it represents such a dominant share of the total.

• NAND Has Closely Tracked DRAM’s Cyclical Pattern, Though With Somewhat Smaller Swings NAND revenue growth moved in the same general direction as DRAM in nearly every year shown — both fell sharply in 2023 (DRAM -51.0%, NAND -46.2%) and both rebounded sharply in 2024 (DRAM 60.3%, NAND 71.8%), with NAND’s 2024 rebound actually outpacing DRAM’s that specific year. This close correlation confirms the industry-wide cyclicality affecting Micron isn’t isolated to a single product line, but runs through both of its core technologies simultaneously.

• The “Other” Category Has Declined From a Meaningful 12.0% Share to Just 0.8% by 2025 Other (primarily 3D XPoint memory and NOR) fell from 12.0% mix share (2013) to just 0.8% by 2025 — a decline of more than 11 percentage points, and the only technology category showing a clear, sustained downward trajectory rather than cyclical swings around a stable or growing base. This category has also shown negative growth in 9 of the 12 years with available growth data, reinforcing that this isn’t cyclical weakness but a genuine, structural decline in this technology’s relevance to Micron’s overall business.

• 2023 Marked a Simultaneous Trough Across All Three Technology Categories Every category posted its steepest or near-steepest single-year decline in 2023: DRAM -51.0%, NAND -46.2%, and Other -36.5%, driving Total Revenue down 49.5% that same year — the deepest simultaneous decline across all three technologies in the entire dataset. This confirms 2023 represented a genuine, broad-based cyclical trough for Micron’s entire technology portfolio, not weakness concentrated in any single product line.

• Structural Takeaway: Micron’s technology mix has become increasingly DRAM-dominant over this thirteen-year period, reaching its highest concentration yet by 2025, while NAND has remained a meaningful but secondary contributor closely tracking DRAM’s cyclical pattern, and the Other category has faded into near-irrelevance through sustained structural decline rather than cyclicality. Given DRAM’s mix share reached a new high in the same year it posted its strongest growth since the initial 2014 surge, and given both DRAM and NAND rebounded sharply and in tandem from 2023’s simultaneous trough, the trend worth monitoring going forward is whether this DRAM-led recovery continues strengthening the technology concentration further, or whether the next industry cyclical downturn once again hits both core technologies together the way 2023 demonstrated.

The table below combines all key Micron’s revenue breakdown by memory type metrics into a single view for the latest three fiscal years.

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Revenue breakdown by memory type

Micron’s memomry technology is explained here: memory type.

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Revenue mix by memory type

Micron’s memomry technology is explained here: memory type.

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Revenue growth by memory type

Micron’s memomry technology is explained here: memory type.

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References and Credits

1. All financial figures presented were obtained and referenced from Micron’s quarterly and annual reports published on the company’s investor relations page: Micron investor relations.

2. Pexels Images.

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Disclosure

We may use artificial intelligence (AI) tools to assist us in writing some of the text in this article. However, the data is directly obtained from original sources (usually the quarterly and annual reports) and meticulously cross-checked by our editors multiple times to ensure its accuracy and reliability.

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