By Daniel Foelber
Publication Date: 2026-03-03 12:45:00
On Feb. 25, Nvidia (NVDA +3.04%) delivered its highly anticipated fourth-quarter fiscal 2026 earnings report. Despite sky-high expectations, Nvidia continues to produce impeccable results quarter after quarter. But with the stock up so much in just a few years, some investors may be concerned that Nvidia is priced for perfection.
Let’s contextualize Nvidia’s record year and potential to see if the growth stock is still a buy now.
Image source: Nvidia.
Nvidia’s record year
Nvidia’s stock price has soared 724% in just four years — crushing the S&P 500, Nasdaq Composite, and tech sector by a wide margin. At first glance, it looks like a bubble on the brink of bursting. But Nvidia’s results back up the stock’s move.
In just four years, Nvidia has gone from less than $5 billion in net income to $120.1 billion — making it the second most profitable company in the world, behind Alphabet. Its revenue and net income have grown faster than its stock price, and Nvidia is still converting over $0.55 of every dollar in sales into after-tax net income.
Metric (GAAP) | Fiscal 2023 | Fiscal 2024 | Fiscal 2025 | Fiscal 2026 |
|---|---|---|---|---|
Revenue | $27 billion | $60.9 billion | $130.5 billion | $215.9 billion |
Gross margin | 56.9% | 72.7% | 75% | 71.1% |
Operating margin | 15.6% | 53.2% | 62.5% | 60.6% |
Net income | $4.4 billion | $29.8 billion | $72.9 billion | $120.1 billion |
Net profit margin | 16.3% | 48.9% | 55.8% | 55.6% |
Data source: Nvidia. GAAP = generally accepted accounting principles.
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