Micron Technology Revenue Breakdown By Region

Micron's revenue by region is reported on two bases: customers' headquarters (FY2017–FY2026) and customers' ship-to locations (FY2013–FY2018, no longer reported after FY2018), each in dollars, mix and growth. The two views overlap in FY2017–FY2018 with identical totals, so the geography of who buys can be compared with the geography of where product is delivered.

• U.S. Customers Regaining Leadership: Customers headquartered in the U.S. are the largest group in every year, but their weight swings widely: from 56.3% in FY2018 to a low of 43.9% in FY2021 and a series high of 68.6% in FY2026. The latest step was abrupt, with U.S. revenue rising from $24,113M in FY2025 to $91,323M in FY2026. That supplied 70.1% of the $95,810M increase in total revenue, against 28.4% from the five Asian regions.

• Asian Customers: Rising Dollars, Falling Share: Taiwan, Mainland China, Hong Kong, Other Asia Pacific and Japan together grew from $7,980M in FY2017 to $39,420M in FY2026, yet their combined share peaked at 53.1% in FY2021 and fell to 29.6% in FY2026. Hong Kong showed the widest swings, falling to $340M in FY2023 and reaching $6,289M in FY2026; its FY2026 growth of 452.6% is a $5,151M increase, only the fourth largest in dollars behind the U.S., Taiwan and Mainland China.

• Cycle Sensitivity by Region: Measured against total revenue growth in the deepest down year (FY2023, -49.5%) and the strongest up year (FY2026, 256.3%), Hong Kong moved 1.6x and 1.8x as much as the total, amplifying the cycle in both directions. Taiwan fell 1.1x as hard but rose only 0.8x as fast, while Mainland China cushioned both years (0.7x and 0.8x) and the U.S. tracked the total (1.0x and 1.1x). These are single-year ratios, not a regression.

• Cycle Depth and Recovery: Total revenue has had two drawdowns. From the FY2018 peak of $30,391M it fell to $21,435M in FY2020 (-29.5%) and surpassed that peak only in FY2022, by 1.2%. From the FY2022 peak of $30,758M it fell to $15,540M in FY2023 (-49.5%) but regained the peak in FY2025, two years after the trough, ahead of the FY2026 surge.

• Reporting Changes in Europe and Other: Europe is not reported before FY2021, when it appears at $573M, and its growth starts only in FY2022. From FY2020 to FY2021 the Other line dropped from $724M (3.4%) to $261M (0.9%), which suggests that Europe was previously included in Other. Trends in Other before FY2021 are therefore not comparable with later years.

• Ship-To View: China-Centric Delivery (FY2013–FY2018): By ship-to location, China's share rose from 41.7% in FY2013 to 57.1% in FY2018 as its revenue grew from $3,783M to $17,357M, while every other region lost share, including the U.S. (16.7% to 11.9%). Regions moved largely in unison: all fell in FY2016 and all rose in FY2017 and FY2018.

• Two Lenses, Different Stories: For FY2018 both views total $30,391M but allocate it very differently: U.S.-headquartered customers account for $17,116M (56.3%) against $3,624M (11.9%) shipped to the U.S., while Mainland China by headquarters accounts for $3,607M (11.9%) against $17,357M (57.1%) shipped to China. At least $13,492M of revenue from U.S.-headquartered customers was therefore delivered outside the United States. The headquarters mix describes who buys, not where product lands.

• Structural Takeaway & Trend: Structurally, Micron's regional revenue is concentrated in U.S.-headquartered customers, who now generate more than two-thirds of sales, while the Asian customer base has grown in dollars but become a smaller part of the mix. Revenue from the five Asian regions is at a record $39,420M, yet it is now less than half the U.S. figure. Revenue swings are large and regionally uneven, with Hong Kong amplifying the cycle and Mainland China cushioning it, so a shift in mix over a single year says more about the cycle than about lasting geographic change. The headquarters basis also hides where product is delivered, which the FY2017–FY2018 overlap shows was heavily weighted toward China.

  The trend is changing. The U.S. share stayed between 43.9% and 56.3% from FY2017 to FY2024 and has since moved to 64.5% in FY2025 and 68.6% in FY2026, while the five Asian regions have dropped to 29.6% of revenue from 39.3% in FY2017. Earlier cycles suggest the mix tends to mean-revert, as the U.S. share recovered from its FY2021 low within a year, so the 256.3% growth of FY2026 is unlikely to repeat and growth rates should normalize. A U.S. share that holds above its earlier ceiling of 56.3% would confirm the shift, while a fall back toward that level, or the five Asian regions regaining their FY2017 share of 39.3%, would point to reversion. Because ship-to data ended in FY2018, the dataset cannot show whether the shift reflects changes in delivery or only in customer headquarters.