Micron dividend
Micron pays $0.15 per share quarterly, or $0.60 per share, and its real free cash flow after stock pay reached $57,681 million in fiscal 2026. That cash covered the dividend, while Micron says capital returns will increase but has not set a dividend target.
How much does Micron pay per share?
The dividend starts at $0.60 per share because the declared quarterly rate is $0.15. The base case raises it gradually to $0.96 by FY2030. The bear case freezes it at $0.60, while the bull case reaches $1.50 as excess cash expands. Micron has said capital returns will increase, but has not set a dividend target.
| Year to Sep 2026 | Year to Aug 2025 | Year to Aug 2024 | Year to Aug 2023 | Year to Sep 2022 | |
|---|---|---|---|---|---|
| Revenue | 133,188 | 37,378 | 25,111 | 15,540 | 30,758 |
| Revenue growth | 256.3% | 48.9% | 61.6% | -49.5% | 11.0% |
| Net income | 84,969 | 8,539 | 778 | -5,833 | 8,687 |
| EPS, diluted | 74.33 | 7.59 | 0.70 | -5.34 | 7.75 |
| Dividend per share | 0.53 | 0.46 | 0.46 | 0.46 | 0.32 |
Does Micron’s cash cover its dividend?
FY2026 reversed the pressure. Real free cash flow reached $57,681 million. Micron repaid $10,043 million of debt, including finance-lease principal, and distributions to shareholders became a small share of the year’s cash generation. The repurchase total included employee tax withholding, so it should not be treated as identical to market buybacks.
| Year to Sep 2026 | Year to Aug 2025 | Year to Aug 2024 | Year to Aug 2023 | Year to Sep 2022 | |
|---|---|---|---|---|---|
| Real free cash flow (after stock pay) | 57,681 | 693 | -700 | -6,674 | 2,618 |
| Dividends paid | 610 | 522 | 513 | 504 | 461 |
| Shares bought back | 1,777 | 340 | 2,557 | ||
| Debt raised minus debt repaid | 134 | -743 | 6,064 | 71 | |
| Returned to shareholders, share of real free cash flow | 4.1% | 124.4% | not meaningful | not meaningful | 115.3% |
What could change Micron’s dividend?
| FY2027 | FY2028 | FY2029 | FY2030 | |
|---|---|---|---|---|
| Revenue growth | 105.0 % (85.0 % / 125.0 %) | 25.0 % (-30.0 % / 35.0 %) | -15.0 % (-15.0 % / 15.0 %) | 12.0 % (20.0 % / 10.0 %) |
| Measure (EBITDA / cash flow) | 54,880 (49,526 / 60,234) | 68,600 (34,668 / 81,316) | 58,310 (29,468 / 93,514) | 65,307 (35,362 / 102,865) |
| Net debt | -203,180 (-145,803 / -225,947) | -402,815 (-198,120 / -493,439) | -554,984 (-237,534 / -801,136) | -727,678 (-296,005 / -1,137,082) |
| Buybacks | 6,000 (2,000 / 10,000) | 12,000 (2,500 / 20,000) | 16,000 (3,000 / 25,000) | 18,000 (3,500 / 30,000) |
| Dividend per share | 0.60 (0.60 / 0.60) | 0.72 (0.60 / 0.90) | 0.84 (0.60 / 1.20) | 0.96 (0.60 / 1.50) |
What is Micron’s dividend yield at its share price?
At $1,067.55 a share, investors value Micron’s equity at $1,205,683.66 million. Enterprise value, which values the operating business after cash and borrowings, is $1,167,428.66 million. The difference implies $38,255 million of net cash, although some of that cash is restricted and may not be freely available.