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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