Micron lifts buyback capacity to about $35.2 billion ahead of December restriction end

Micron's annual report for fiscal 2026 discloses that the board, on October 8, 2026, enlarged its share repurchase program to roughly $35.16 billion in total capacity. The new figure is built from about $2.16 billion left under the older $10 billion program, plus 100% of adjusted free cash flow for the quarter ended September 3, 2026, minus CHIPS Act grant proceeds tied to capital spending and dividends paid. Purchases under the expanded program can begin on December 9, 2026, in line with the CHIPS Act funding agreements. Repurchases in the first two years of the restricted window are capped by amounts in those agreements, and in the final three years they depend on free-cash-flow conditions set by the Commerce Department agreements. The company's stated intention is to return excess cash mainly through buybacks, which makes the size and pace of repurchases after December 9 a central item for holders to track.

1. Board increased the total repurchase authorization to $35.16 billion on October 8, 2026, per the fiscal 2026 Form 10-K.
2. Total is based on about $2.16 billion left under the 2018 $10 billion authorization plus 100% of adjusted free cash flow for the quarter ended September 3, 2026.
3. That total is reduced by CHIPS Act grant proceeds tied to capex and by dividends paid.
4. Repurchases may be made from December 9, 2026, under the CHIPS Act direct funding agreements.
5. In the first two years of the CHIPS restriction period, buybacks are capped at amounts in the funding agreements; later they depend on free-cash-flow conditions.
6. Fiscal 2026 revenue of $133.19 billion, GAAP net income of $84.97 billion, and adjusted free cash flow of $62.31 billion for the full year.
7. Micron ended fiscal 2026 with cash, marketable investments and restricted cash of $73.48 billion.