Micron reported $33.2 billion in adjusted free cash flow in Q4 alone. It ended the fiscal year with $73.5 billion in cash and investments. The company had $5.2 billion in debt.
Micron's substantial cash position has raised questions about whether it will expand its stock buyback program. Management has expressed its intent to increase capital returns. The company has $2.2 billion remaining under its current buyback authorization, a relatively small amount compared with its free cash flow and market capitalization.
Analysts and investors are watching how much excess cash Micron will allocate to buybacks. Management has guided for continued strong free cash flow in the next quarter.