Warren Buffett complained for decades that boosting profits by excluding exec stock comp was ‘cynical’—Nvidia just surprised Wall Street and agreed

Tucked neatly inside the investor materials Nvidia produced last week to show its record full fiscal year 2026 revenues of $215.9 billion and a fourth quarter revenue beat of $68.1 billion, were a few lines in the chief financial officer’s commentary that caught even some close observers of the company by surprise.

“Beginning in the first quarter of fiscal 2027, we will include stock-based compensation expense in our non-GAAP financial measures,” chief financial officer Colette Kress noted in her prepared commentary.