These guys have won the Academy Award for Best Actor twice:
Spencer Tracy
Fredric March
Gary Cooper
Marlon Brando
Dustin Hoffman
Tom Hanks
Jack Nicholson
Daniel Day-Lewis
Sean Penn
Laurence Olivier was nominated 9 times, winning once. Peter O’Toole was nominated 8 times, never winning.
In my opinion Johnny Depp is in that league. He was nominated, not winning, in 2004, 2005 and 2008.

Who else deserves to be on that list?
De Niro? Philip Seymour Hoffman? Gene Hackman? Kevin Spacey? Denzel Washington? Clint Eastwood? Robert Downey, Jr.? Jamie Foxx?
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