Nvidia's proxy statement filed with the SEC for fiscal 2026 shows CEO Jensen Huang's total compensation at $36.3 million, down about $13.6 million — or 27% — from $49.9 million the prior year.
The decline is almost entirely due to a drop in the book value of equity awards. The equity grants for fiscal 2026, calculated at grant-date fair value, were $24.8 million, down 36% from $38.8 million last year, accounting for more than 90% of the total decrease. The fixed pay components barely budged: base salary stayed at $1.5 million, non-equity incentives held at $6 million, and about $4 million went to home security, private travel safety, and driver expenses.
But the paper numbers and what actually hits his bank account are two different things. The SEC proxy records equity awards at grant-date fair value — that's the estimated value when granted, not what he ultimately takes home. According to South Korea's Maeil Business Newspaper, citing disclosure documents, Huang cashed out 1,113,555 performance stock units (PSUs) accumulated over past years this fiscal year, worth about $141 million at the time of vesting. So while the newly granted awards on paper shrank, he's been cashing out the old stock accumulated during the stock price boom.
This compensation structure is typical among Nvidia's top executives: equity makes up the vast majority, with cash a tiny sliver. When the stock rises, actual gains far exceed the paper salary; when the stock levels off, the paper numbers automatically adjust, but the equity gains from past years are already in the bank. Nvidia's fiscal 2026 revenue grew 65% year over year, and as of May 12, its market cap was about $5.36 trillion, still the world's largest.