Micron's $73 Billion Cash Mountain Is About To Move -- CFO Signals Bigger Buybacks: 'We Have the Ability A

Micron Technology ended fiscal 2026 with $73.48 billion in cash and investments, and its CFO signaled that the company plans to ramp up capital returns starting December 9. During the fiscal fourth-quarter earnings call, CFO Mark Murphy tied the timeline to regulatory milestones linked to government funding, pointing to the company’s CHIPS Act agreements—Micron signed definitive CHIPS terms two years earlier. Micron generated $33.20 billion in adjusted free cash flow in the fourth quarter, and finished the year with a net cash balance of $68.3 billion after $5.2 billion in outstanding debt. The current $2.2 billion share repurchase authorization is expected to be increased. Management said it aims to return 100% of excess cash over time, mainly via buybacks.