Micron expands share buyback ceiling to $35.16 billion

Micron Technology disclosed in its annual 10-K filing on Friday, October 9, 2026, that its board authorized an increase in discretionary share repurchases to $35.16 billion. This represents the largest buyback ceiling in the company's history. Investors must wait until December 9, 2026, for the program to begin, as direct-funding agreements under the CHIPS Act prohibit share repurchases before that date.

The stock has advanced more than 270% year to date amid an artificial intelligence memory supercycle. Even with that surge, the shares remain about 18% below their 52-week high of $1,255 reached on June 25.

The expanded authorization follows a record fiscal 2026. Fourth-quarter revenue rose 379% year over year to $54.23 billion, topping consensus estimates alongside non-GAAP earnings per share of $33.42 and a non-GAAP gross margin of 87%. For the full fiscal year, revenue reached $133.19 billion compared with $37.38 billion in the prior year, while GAAP net income stood at $84.97 billion. Micron repurchased only 2.5 million shares for $650 million during the year, and management provided no set dollar target for fiscal 2027 deployments under the open-ended plan.

Wall Street analysts reiterated positive views following the filing. Rosenblatt analyst Kevin Cassidy holds a Buy rating with a $1,900 price target, expecting the board to expand authorizations further as free cash flow grows. Gil Luria, an analyst at DA Davidson, lifted his price target to a Street-high $3,000 from $2,100, citing expectations for multiple expansion as the market assesses the business.