Micron's board raised its buyback authorization to $35.16 billion on Oct. 8, as disclosed in its annual report filed Oct. 9. Almost all of that figure comes from one quarter: the $2.16 billion left under the earlier program plus 100% of the last quarter's adjusted free cash flow after dividends, about $33 billion. The author expects Micron to spend more on buybacks in the next year than the $7.84 billion it spent over the past eight fiscal years, though the authorization does not force purchases and CHIPS Act grant conditions restrict repurchases early on. At a share price near $985, the full authorization would buy only about 35 million shares, roughly 3% of the 1.13 billion outstanding, so the effect on share count and earnings per share may be small. The author still sees the stock as reasonable at about 13 times fiscal 2026 earnings, but says memory prices are likely to drive its next move more than buybacks do.
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