Micron Raises Buyback Authorization to $35 Billion Amid Surging Free Cash Flow
Micron Technology (NASDAQ: MU) has increased its stock repurchase authorization from around $10 billion to $35.16 billion, a fourfold increase over the amount spent in eight years combined. The new cap is based on leftover funds from the previous program and includes nearly all of Micron’s free cash flow generated during Q4 fiscal 2026, which reached an unprecedented $33.2 billion. The company's CFO has indicated that this quarter could see even higher free cash flow than last one, suggesting a strong intent to increase capital returns through buybacks. However, the board raised the authorization only eight days after those comments were made on Sept. 30. Despite the large repurchase amount approved, Micron’s share count may not decrease significantly due to ongoing employee stock awards and rising stock prices. Micron's recent buyback activity has been minimal in past years—$300 million in fiscal 2024, nothing in 2025—and $650 million in 2026. The company is also subject to restrictions under the CHIPS Act funding agreements for at least three more years.
Tickers: $MU
Topics: capital return free cash flow Micron Technology stock buyback authorization