Micron 10-K: $35B Buyback Authorization, $133B Revenue, and Netlist Settlement
MU has more than doubled off its 52-week low of $179.61.
Summary
Micron's 10-K confirms record FY2026 results ($133.2B revenue, $85.0B net income) and reveals a $35.16B buyback authorization, $12.75B in strategic customer deposits, a Netlist settlement, and a German court injunction on certain 3D NAND products.
Key Events · Earnings and Guidance · MU
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Record FY2026 Financials
Revenue of $133.19B (up 256% YoY), net income of $84.97B, diluted EPS of $74.33, and operating cash flow of $89.68B. Gross margin expanded to 81% from 40% in FY2025.
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$35.16B Buyback Authorization
Board authorized an increase in the discretionary repurchase program to $35.16B on October 8, 2026, up from the $10B 2018 authorization with $2.16B remaining. Repurchases begin December 9, 2026 under CHIPS Act constraints.
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Strategic Customer Agreements
Received $12.75B in customer deposits in 2026 under take-or-pay agreements; $134B in remaining performance obligations; $7B in letters of credit. Deposits repayable 2029-2031.
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Netlist Litigation Settled
On October 5, 2026, Micron and Netlist agreed to dismiss all litigation claims pursuant to settlement and license agreements, ending a multi-year patent dispute.
Analysis · MU · Manufacturing
Micron's fiscal 2026 annual report confirms the AI-driven revenue explosion already previewed in its Q4 earnings release, but adds several material items. The board authorized a massive increase in the share repurchase program to $35.16 billion on October 8, 2026 — a capital-return commitment that dwarfs the prior $10 billion authorization. The filing also discloses $12.75 billion in customer deposits from strategic take-or-pay agreements, $134 billion in remaining performance obligations, and the October 5, 2026 settlement of all Netlist litigation. Against that, a Munich court ruling on October 6, 2026 requires Micron to cease and desist offering certain 3D NAND products in Germany, a new legal overhang on a core product line.
How filings like this one have moved
In the 30 days to Oct 9, 2026, 36.7% of the 1061 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.62%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MU was trading at $1,054.25 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $1.2T. The 52-week trading range was $179.61 to $1,255.00. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.