Micron intends to return 100% of excess cash to shareholders — CNBC
Memory chipmaker Micron said that starting December 9, 2026, it intends to increase the amount of capital returned to shareholders and eventually direct 100% of excess cash to them. The company’s chief financial officer, Mark Murphy, said this during a conference call following the release of results for the fourth quarter of fiscal 2026, CNBC reports.
Murphy noted that Micron expects to reach its target cash level by the end of the first quarter of fiscal 2027. For the company, this corresponds to the calendar quarter ending in November 2026.
Estimate of a possible share buyback
CNBC estimates that Micron’s potential share buyback program in fiscal 2027 could amount to about $100 billion. The media outlet’s calculation is based on FactSet forecasts for the company’s free cash flow over the final three quarters of the fiscal year, rather than on a buyback amount announced by Micron.
According to FactSet estimates, Micron’s free cash flow could reach $32.26 billion in the second quarter of fiscal 2027, $35.26 billion in the third quarter, and $37.23 billion in the fourth quarter. Combined, this amounts to $104.75 billion. The forecast for the first quarter is $28.88 billion.
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Comparison with Nvidia
For comparison, Nvidia added authorization for a $150 billion share buyback, bringing the total size of its program to $235 billion. According to CNBC, this is approximately 4.3% of Nvidia’s $5.5 trillion market capitalization.
If Micron does buy back $100 billion worth of shares, this would amount to about 8.3% of its market capitalization, which CNBC estimates at nearly $1.2 trillion. Melius Research analyst Ben Reitzes suggested that share buybacks by Micron and SanDisk in 2027–2028 could exceed 10% of their market capitalizations per year.
CNBC also notes that Micron’s comments point to expected structural demand exceeding supply in the memory market in 2027 and into 2028. At the time of publication, the company’s shares had risen nearly 280% since the start of 2026, while remaining 13% below their all-time high of $1,255 recorded on June 25.
