Micron lifts share-repurchase authorization to $35.16 billion starting Dec. 9

Micron Technology said its board on Oct. 8 raised the company’s discretionary common-stock repurchase authorization to $35.16 billion, with buybacks under the program to start from Dec. 9 under its CHIPS Act direct funding agreements. The authorization does not require Micron to repurchase any shares.

A larger authorization, timed to a CHIPS window

Micron’s Form 10-K for the fiscal year ended Sept. 3, 2026, filed Oct. 9, says the board on Oct. 8 authorized an increase in the stock repurchase program to a total of $35.16 billion. Repurchases under that authorization are to be made from Dec. 9, 2026, in line with Micron’s CHIPS Act direct funding agreements for its Idaho and New York awards dated Dec. 9, 2024.

The filing ties the new total to about $2.16 billion that remained under the 2018 authorization, plus 100% of adjusted free cash flow for the quarter ended Sept. 3, 2026, after subtracting CHIPS Act grant incentives tied to capital spending and dividends paid. Micron says the program has no expiration date and does not obligate it to buy any common stock.

What the CHIPS rules allow

Under those funding agreements, Micron says stock repurchases are permitted in the first two years after the Dec. 9, 2024 award date, up to amounts specified in the agreements, mainly to offset dilution from employee stock compensation or as otherwise allowed by the U.S. Department of Commerce. In the final three years of that five-year period, buybacks face additional free-cash-flow and other conditions.

The company also warns that how much and how often it repurchases can change with operating results, cash needs, CHIPS restrictions, and other capital priorities. It does not guarantee it will use the full authorization.

Context from the same 10-K

Micron reported fiscal 2026 revenue of $133.188 billion and net income of $84.969 billion in the same filing, after a year of strong memory pricing and AI-related demand. During fiscal 2026 it spent $650 million to repurchase 2.5 million shares under the prior authorization, alongside $1.13 billion of share withholding for employee equity awards and $610 million of dividends.

TickerGrove already covered Micron’s Sept. 30 fiscal fourth-quarter results release; this article is about the Oct. 8 board authorization disclosed in the Oct. 9 annual report, not a rehash of that earnings print.