Nvidia’s board of directors authorized a $150 billion increase to its share repurchase program on September 28, 2026, marking the largest single buyback expansion in corporate history. The move brings NVIDIA Corporation‘s total remaining repurchase capacity to $235 billion, with execution expected to be completed by the end of fiscal year 2028 in January 2028.
The authorization surpasses the previous record for a capital return boost, which was held by Apple following a $110 billion increase announced in May 2024.
Valuation and Cash Generation
The buyback expansion comes as Nvidia’s financial performance continues to outpace its stock price growth, leading to a significant compression in its valuation multiples. Despite reporting second-quarter fiscal 2027 revenue of $96.2 billion—a 106% increase year-over-year—the stock was trading at approximately 16.5 times 12-month forward earnings on the day of the announcement. This represents Nvidia’s lowest forward earnings multiple since January 2015.
Nvidia CEO Jensen Huang stated that the company’s current level of cash generation provides the capacity to both invest heavily in AI-driven business transformation and return significant capital to shareholders. The company has transitioned into a premier cash-generating entity, utilizing its balance sheet to support the stock even as it maintains triple-digit revenue growth rates.
Execution Timeline
Nvidia intends to utilize the $235 billion in total remaining capacity over the next 16 months. The specific pace of these repurchases will depend on market conditions and other investment opportunities, but the January 2028 target aligns with the conclusion of the company’s 2028 fiscal year.
The move signals management’s perspective that the stock remains undervalued relative to its earnings potential. Analysts note that while other tech giants have historically used buybacks to offset slowing growth, Nvidia is initiating this record-breaking return while its core data center and AI chip business continues to expand at a pace rarely seen in the semiconductor industry.
