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Nvidia’s September 28, 2026 announcement added $150 billion to its share-repurchase authorization, bringing the reported remaining authorization to $235 billion. That is permission to buy shares—not evidence that Nvidia has already spent the money or that NVDA’s stock will rise. The latest reviewed transaction data covers purchases only through July 26, 2026, before the September increase.
Authorization is not the same as a completed buyback
A board authorization sets a ceiling for potential repurchases; it does not require Nvidia to use the full amount. In its September 28, 2026 announcement, Nvidia said the additional $150 billion brought its reported remaining authorization to $235 billion, and that it expected to execute the remaining program through fiscal 2028. The timeline is an expectation, not a guaranteed purchase schedule. Nvidia says it may suspend the program at its discretion and that purchases depend on market conditions, operating requirements and other investment opportunities. Nvidia’s September 28 announcement
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Actual purchases reported so far belong to an earlier period. In its fiscal 2027 second-quarter Form 10-Q, filed August 27, Nvidia reported that it repurchased 94 million shares for $19.7 billion in the quarter ended July 26, 2026. For the first half of fiscal 2027, it repurchased 203 million shares for $39.8 billion. As of July 26, the filing reported authorization for up to a further $99.3 billion in repurchases, subject to specified conditions. These figures predate the September authorization increase; the filing does not establish how much, if anything, Nvidia bought under that increase. Nvidia’s fiscal 2027 second-quarter Form 10-Q
| Measure | Amount | What it tells investors |
|---|---|---|
| Additional authorization announced September 28, 2026 | $150 billion | New capacity approved by the board, not completed purchases. |
| Reported remaining authorization after the September announcement | $235 billion | Authorization Nvidia said remained available; not cash already spent. |
| Repurchases in fiscal 2027 Q2, ended July 26, 2026 | 94 million shares for $19.7 billion | Actual purchases reported for that quarter, before the September increase. |
| Repurchases in the first half of fiscal 2027, through July 26, 2026 | 203 million shares for $39.8 billion | Actual purchases reported for the six-month period, before the September increase. |
| Further authorization reported as of July 26, 2026 | Up to $99.3 billion | Earlier filing balance; it should not be confused with the later $235 billion reported after the September announcement. |
Nvidia may repurchase shares on the open market, in private transactions, through a Rule 10b5-1 trading plan, or through structured repurchase agreements. The method and timing are not fixed by the authorization. The company’s second-quarter results release separately said it returned approximately $26.0 billion to shareholders through repurchases and dividends during the quarter. Nvidia’s fiscal 2027 second-quarter results release
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How repurchases can change ownership and per-share figures
When a company buys shares and those shares are retired or otherwise cease to be outstanding, the remaining shareholders own a larger proportion of the company than before, assuming no offsetting share issuance. For example, an investor’s number of shares does not change in a buyback, but their percentage ownership can rise if the total number of outstanding shares falls.
A smaller share count can also lift earnings per share mechanically if earnings stay constant: the same earnings are divided among fewer shares. That arithmetic does not mean the company earned more, improved its operations, or became more valuable. A per-share measure can change because its denominator changed.
Gross repurchases are not the whole share-count story. Employee equity awards and other share issuance can offset some or all of the reduction. Nvidia reports repurchases and employee share withholding separately in its filing; withholding related to employee equity should not be counted as shares Nvidia repurchased. Investors assessing the effect should compare shares outstanding over time, alongside gross repurchase totals.
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Why the stock-price effect is uncertain
A buyback can create buying demand while purchases are taking place, and investors may read an announcement as a signal that management considers the company’s prospects or valuation favorable. The SEC’s general materials on repurchases discuss possible short-term upward price pressure, but neither those materials nor Nvidia’s announcement establishes a guaranteed, fixed, or Nvidia-specific effect on NVDA’s price. The stock also responds to business prospects, valuation, market conditions and other information. SEC materials on share-repurchase disclosure
U.S. securities rules include a safe harbor for certain issuer repurchases, subject to conditions; the SEC says that safe harbor is unavailable for purchases made as part of a manipulative scheme to influence a closing price. This general rule does not imply that Nvidia’s purchases are manipulative, nor does it predict how its stock will perform. SEC Rule 10b-18 frequently asked questions
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to judge the program as a capital-allocation decision
The relevant question is not only how much Nvidia is authorized to spend, but whether each dollar used for repurchases is a better use of capital than the alternatives. A buyback can benefit continuing shareholders if the company pays less than a well-supported estimate of the shares’ value while retaining adequate resources for its business and commitments. If it pays more than a defensible valuation supports, repurchasing can use capital inefficiently. The available figures do not establish Nvidia’s intrinsic value.
- Check execution, not just authorization. Compare the board’s approved amount with actual shares and dollars repurchased, paying attention to the dates covered by each report.
- Consider the price paid relative to value. A large buyback is not automatically attractive if the company pays an unjustifiably high price.
- Track the net share-count change. Look at shares outstanding over time and account for employee equity activity and issuance, rather than assuming gross repurchases translate one-for-one into fewer shares.
- Weigh competing uses of capital. Nvidia’s filing says operating requirements and other investment opportunities matter to repurchase decisions. As of July 26, 2026, it reported $56.6 billion in cash, cash equivalents and marketable debt securities, plus $42.8 billion in marketable equity securities. Those balances do not by themselves show how much is available for repurchases after business needs and other commitments.
- Compare repurchases with dividends and investment needs. Nvidia reported $6.0 billion in cash dividends paid in fiscal 2027’s second quarter. It also said its quarterly dividend increased from $0.01 to $0.25 per share in May 2026. Repurchases and dividends both return capital, but they reach shareholders differently: a dividend pays eligible holders directly, while the effect of a repurchase depends on execution and the resulting share count.
- Separate market reaction from business value. Short-term demand or a favorable signal may affect trading, but neither is proof of stronger long-term earnings capacity.
In the September announcement, NVIDIA founder and CEO Jensen Huang said, “Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders.” The statement describes management’s rationale; it is not a guarantee of future repurchases or a forecast of the stock price. Nvidia’s September 28 announcement
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