Nasdaq 100 Stocks SEC Filings — September 02, 2026

Record Q3 FY2026 revenue of $29.6B (+86% YoY), AI semiconductor revenue of $16.7B (+221% YoY), and non-GAAP operating income up 92% YoY to $20.1B. Free cash flow of $13.7B (46% of revenue) provides massive reinvestment capacity.

Fiscal 2026 revenue grew 12% YoY to $63.3B, net income surged 30% to $13.3B, and diluted EPS rose 31% to $3.33. Product revenue grew 16% YoY, indicating strong core demand.

CEO Satya Nadella sold 32,901 shares at ~$501 for ~$16.5M under a 10b5-1 plan, reducing his stake. While pre-planned, the magnitude ($16.5M) at near all-time highs signals potential valuation caution.

Director Mark Stevens sold 447,400 shares at ~$220 for ~$98.5M in 7 transactions, reducing his holdings by ~12%. This is a massive insider sale, often a bearish signal for near-term price action.

Chairman & CEO Daniel O'Day sold 7,992 shares at ~$148 for ~$1.19M, plus additional sales totaling ~$2.2M. All under a 10b5-1 plan, but the sustained selling pattern warrants monitoring.

9 directors and the CAO were awarded Non-Qualified Stock Options (773-902 each) in a coordinated retention grant. This broad-based award signals board stability and long-term alignment, but no buying at current levels.

Non-GAAP operating margin guidance for Q4 FY2026 is flat at 66% YoY, suggesting margin expansion may be peaking despite revenue growth. Infrastructure software revenue grew only 29% YoY vs 127% for semiconductors. [NEUTRAL/BEARISH]

Gross margin declined 0.4 points to 64.5% in FY2026, and inventories more than doubled to $5.7B, signaling potential demand softness or supply chain inefficiencies.

Director Robert Mylod Jr. sold 1,000 shares at $200 (~$200K) under a 10b5-1 plan, holding 14,000 shares post-sale. A small sale, but notable as the only insider transaction in the travel sector. [NEUTRAL/BEARISH]

The company announced a change in reportable segments to 'Agents and Infra' and 'Devices and Consumer' effective FY2027. This restructuring highlights the strategic pivot to AI agents and infrastructure, potentially unlocking new valuation multiples.

EVP & General Counsel Timothy Teter sold 13,913 shares at ~$218 for ~$3.03M under a 10b5-1 plan. While pre-planned, the sale adds to the insider selling narrative at NVIDIA.

Inventories more than doubled to $5.7B in FY2026 from $2.8B in FY2025, while revenue grew only 12%. This suggests potential over-ordering or slowing demand, which could lead to future write-downs or margin pressure.

Gross margin declined 0.4 points to 64.5% despite 12% revenue growth. Services revenue was flat at $15.0B, indicating a shift to lower-margin product mix.

Director Mark Stevens sold ~$98.5M in a single filing, reducing his stake by ~12%. Combined with EVP Teter's $3.03M sale, this is the largest insider selling event in the batch.

CEO Satya Nadella sold ~$16.5M at ~$501/share, near all-time highs. While pre-planned, the timing and size suggest management may see limited near-term upside.

CEO Daniel O'Day sold ~$2.2M in multiple transactions at ~$148-149. The sustained selling, even under a 10b5-1 plan, reduces management's skin in the game.

Non-GAAP operating margin guidance for Q4 FY2026 is flat at 66% YoY, despite 86% revenue growth. This implies cost growth is catching up, potentially limiting earnings upside.

Interest expense was $778M in Q3 FY2026, down from $807M in Q3 FY2025, but still a significant fixed cost. Any rise in rates could pressure earnings.

Total debt increased to $29.5B from $28.1B in FY2025, while cash and equivalents decreased slightly to $15.9B. The net debt position is growing, potentially limiting financial flexibility.

Director Robert Mylod Jr. sold 1,000 shares at $200, the only insider transaction in the travel sector. While small, it could signal a lack of conviction in the travel recovery.

AI semiconductor revenue surged 221% YoY to $16.7B, now 56% of total revenue. With Q4 guidance flat at 66% margins, any upside surprise would be highly accretive.

The new 'Agents and Infra' segment for FY2027 will likely highlight AI-related revenue streams, potentially leading to multiple expansion as investors assign higher valuations to AI businesses.

Product revenue grew 16% YoY to $48.3B, outpacing total revenue growth of 12%. If inventory normalization occurs, operating leverage could drive margin recovery.

Free cash flow reached $13.7B (46% of revenue), providing ample capacity for dividends, buybacks, or M&A. The stock-based compensation decline from $2.3B to $2.0B YoY also improves shareholder value.

The coordinated option awards to 9 directors and the CAO suggest a stable governance structure. Long-term option vesting aligns management with shareholder interests, potentially supporting the stock's premium valuation.

Diluted EPS grew 31% YoY to $3.33, outpacing revenue growth of 12%, driven by buybacks and cost controls. If revenue accelerates, EPS could surprise further.

Despite selling, CEO Daniel O'Day still holds 577,133 shares (~$85M at $148). The large retained stake provides alignment, and the 10b5-1 plan suggests the selling is systematic, not opportunistic.

SBC declined to $2.0B in Q3 FY2026 from $2.3B in Q3 FY2025, a 13% reduction. This improves GAAP earnings quality and reduces dilution for shareholders.

Broadcom's AI semiconductor revenue (+221% YoY) and Microsoft's segment restructuring toward 'Agents and Infra' confirm that AI infrastructure is the primary growth driver in tech. Companies with direct AI exposure are seeing outsized revenue and margin expansion. [IMPLICATION: Favor AI-exposed names; watch for capex sustainability.]

Three major insider sales (NVIDIA Director Stevens ~$98.5M, Microsoft CEO Nadella ~$16.5M, Gilead CEO O'Day ~$1.19M) occurred at or near all-time highs. This pattern suggests insiders are taking profits, potentially signaling that current valuations are stretched. [IMPLICATION: Caution on mega-cap tech; consider hedging.]

Broadcom's non-GAAP operating margin is flat at 66%, while Cisco's gross margin declined 0.4 points. Despite strong revenue growth, margin expansion is not uniform, indicating that cost pressures (supply chain, R&D, AI investment) are eating into profitability. [IMPLICATION: Focus on companies with pricing power and operating leverage.]

Cisco's debt increased to $29.5B while cash declined, suggesting debt-funded buybacks. Broadcom's massive FCF ($13.7B) provides flexibility. Microsoft's restructuring implies reinvestment in AI. The divergence highlights different capital allocation strategies. [IMPLICATION: Prefer companies with organic FCF generation over debt-funded returns.]

Cisco's inventories doubling to $5.7B, despite 12% revenue growth, suggests the post-pandemic supply chain normalization may be causing inventory build. This could lead to future write-downs or pricing pressure. [IMPLICATION: Monitor inventory levels across hardware companies; avoid those with rising inventory-to-sales ratios.]

Q4 FY2026 earnings call (expected late November 2026) to see if AI revenue growth sustains and if margin guidance improves. Watch for any slowdown in AI capex from hyperscalers.

FY2027 segment reporting change (effective July 2027). Investors should monitor the first earnings call under the new structure for AI revenue disclosure and margin details.

Director Mark Stevens' remaining 3.36M shares (~$740M at $220). If further selling occurs, it could signal deeper concern. Also watch for any insider buying as a contrarian signal.

Inventory levels in Q1 FY2027 earnings (expected November 2026). A reduction in inventory would signal demand recovery; further build would be a red flag.

CEO Daniel O'Day's next 10b5-1 plan filing. If the selling plan is expanded or accelerated, it would be a bearish signal for the stock.

Q3 2026 earnings (expected October 2026) to see if subscriber growth and margin expansion justify the board's option awards. Watch for any insider selling post-earnings.

Director Robert Mylod Jr.'s next transaction. If he continues selling, it could indicate a lack of confidence in the travel recovery. Also watch for any insider buying from other directors.

CEO Satya Nadella's next 10b5-1 plan. If he files a new plan to sell more shares, it would confirm the bearish signal from the current sale.