英伟达近期做出调整，震惊华尔街

Core Viewpoint - Nvidia reported record revenue of $215.9 billion for the fiscal year 2026 and $68.1 billion for the fourth quarter, exceeding market expectations. The CFO announced that starting from the first quarter of fiscal year 2027, stock-based compensation will be included in non-GAAP financial metrics, a significant shift in accounting policy [1][4]. Group 1: Financial Performance - Nvidia's stock-based compensation expenses rose from approximately $4.7 billion in fiscal year 2025 to $6.4 billion in fiscal year 2026, marking a 35% increase. The company's stock price has also surged, with a 60% increase over the past year, although it saw a slight decline after the latest earnings report [4]. - The adjustment in accounting policy is seen as a response to the company's strong profitability, as the impact of excluding stock-based compensation on its financial results has diminished over time. In 2020, excluding stock-based compensation inflated Nvidia's revenue by 28.3%, while by 2025, the same adjustment only increased revenue by 4.7% [5][6]. Group 2: Industry Context and Implications - The decision to include stock-based compensation in non-GAAP metrics aligns Nvidia with other major tech companies like Alphabet, Amazon, Apple, and Microsoft, making comparisons more straightforward. This move may provide Nvidia a competitive edge over its semiconductor peers, as it allows for a more accurate assessment of its financial health [6][7]. - Analysts suggest that if Nvidia's competitors were pressured to adopt similar accounting practices, they would face a significant decline in their earnings per share (EPS), with estimates showing a drop of 14% to 20% for companies like Broadcom and AMD, while Nvidia's EPS would only decrease by about 3% [7].