NVIDIA Board Adds $150 Billion to Share Repurchase Program

NVIDIA (NVDA ) said in an announcement on September 28, 2026, that its Board of Directors has authorized an additional $150 billion under the company’s existing share repurchase program, increasing the total remaining amount authorized to $235 billion.

The company expects to execute the total remaining program through fiscal year 2028, according to the announcement. NVIDIA described the increase as the largest share repurchase authorization increase in history.

“NVIDIA’s growth is being driven by a once-in-a-generation platform shift to AI and accelerated computing,” said Jensen Huang, founder and CEO of NVIDIA. “Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders. This authorization reflects our confidence in the long-term opportunity ahead.”

Prior Authorization and Recent Repurchase Activity

The new authorization follows a May 18, 2026, decision in which the Board approved an additional $80.0 billion in share repurchase authorization, without expiration, as disclosed in NVIDIA’s Form 10-Q for the quarter ended July 26, 2026. As of July 26, 2026, the company was authorized, subject to certain specifications, to repurchase up to $99.3 billion of its common stock. NVIDIA’s second-quarter earnings release stated that approximately $99.0 billion remained under the authorization at the end of the quarter.

NVIDIA repurchased 94 million shares of its common stock for $19.7 billion during the second quarter of fiscal 2027 and 203 million shares for $39.8 billion during the first half of the fiscal year, according to the 10-Q. A monthly breakdown in the filing shows 28.7 million shares repurchased at an average price of $214.32 in the first month of the quarter, 7.2 million shares at $211.29 in the second month and 58.5 million shares at $202.40 in the third, with the approximate dollar value of shares that may yet be purchased under the program standing at $112.7 billion after the first month, $111.1 billion after the second and $99.3 billion at quarter end. The filing notes that the average prices include broker commissions but exclude the company’s liability under a 1% excise tax on the net amount of its share repurchases.

NVIDIA also returned capital through dividends during the period. The company paid cash dividends of $6.0 billion in the second quarter and $6.3 billion in the first half of fiscal 2027, according to the 10-Q. On May 18, 2026, the company increased its quarterly cash dividend from $0.01 per share to $0.25 per share. In total, NVIDIA returned approximately $26.0 billion to shareholders in the form of shares repurchased and cash dividends during the second quarter, according to the earnings release. The company will pay its next quarterly cash dividend of $0.25 per share on October 1, 2026, to all shareholders of record on September 10, 2026.

Repurchase Mechanics and Financial Position

Under the program as described in the 10-Q, NVIDIA may execute repurchases from time to time, subject to market conditions, operating requirements and other investment opportunities, in the open market, in privately negotiated transactions, pursuant to a Rule 10b5-1 trading plan or in structured share repurchase agreements in compliance with Rule 10b-18 of the Securities Exchange Act of 1934. The program may be suspended at any time at the company’s discretion. The filing also states that the U.S. Inflation Reduction Act of 2022 requires a 1% excise tax on certain share repurchases in excess of shares issued for employee compensation made after December 31, 2022, and that the tax, which is included in NVIDIA’s share repurchase cost, was not significant for the second quarter and first half of fiscal 2027.

NVIDIA reported revenue of $96.2 billion for the second quarter ended July 26, 2026, up 18% from the previous quarter and up 106% from a year earlier, with GAAP net income of $59.688 billion and GAAP diluted earnings per share of $2.46. As of July 26, 2026, the company held $56.6 billion in cash, cash equivalents and marketable debt securities, plus $42.8 billion of marketable equity securities, according to the 10-Q. The filing states that 24.1 billion shares of common stock were outstanding as of August 21, 2026, and that in June 2026 the company issued an aggregate of $25.0 billion of senior unsecured notes across seven tranches for general corporate purposes. NVIDIA’s outlook for the third quarter of fiscal 2027 calls for revenue of $108.0 billion, plus or minus 2%, according to the earnings release.