NVIDIA posted record Q4 fiscal 2026 revenue of $68.1 billion and non-GAAP EPS of $1.62, both ahead of analyst expectations around $66.2 billion revenue and $1.53 EPS. The quarter capped full-year revenue of $215.9 billion, up 65% year over year, with AI-driven Data Center demand as the main engine. Market commentary characterized the print as a strong beat, though near‑term stock moves will depend on positioning and guidance digestion in after‑hours trading.
About NVIDIA, Inc.
NVIDIA Corporation (NASDAQ: NVDA) is a leading semiconductor and AI computing company founded in 1993 and headquartered in Santa Clara, California. It designs GPUs, data‑center platforms, networking, and AI software that power data centers, gaming PCs, professional visualization, automotive systems, and emerging agentic AI workloads. For fiscal 2026, NVIDIA generated $215.9 billion in revenue and $120.1 billion in GAAP net income, underscoring its scale as the central infrastructure provider for accelerated computing and AI. The company reported GAAP EPS of $4.90 and non‑GAAP EPS of $4.77 for the year, with GAAP gross margin of 71.1%. NVIDIA employed tens of thousands of people globally (exact headcount not disclosed in the release), and returned $41.1 billion to shareholders via buybacks and dividends in fiscal 2026.
Top Financial Highlights
- Q4 FY26 revenue was $68.1 billion, up 20% sequentially and 73% year over year.
- Full‑year FY26 revenue reached $215.9 billion, up 65% from FY25.
- Q4 GAAP net income was $42.96 billion; non‑GAAP net income was $39.55 billion.
- Q4 GAAP diluted EPS came in at $1.76; non‑GAAP diluted EPS at $1.62.
- Q4 GAAP gross margin was 75.0%; non‑GAAP gross margin was 75.2%.
- Q4 GAAP operating income totaled $44.30 billion; non‑GAAP operating income was $46.11 billion.
- Operating cash flow for FY26 was $102.7 billion, highlighting exceptional cash generation.
- Cash, cash equivalents and marketable securities at January 25, 2026 were $62.6 billion.
- Data Center Q4 revenue was $62.3 billion, up 22% Q/Q and 75% Y/Y, driven by accelerated computing and AI demand.
- Gaming Q4 revenue was $3.7 billion, up 47% Y/Y but down 13% Q/Q after a strong holiday season.
- Professional Visualization Q4 revenue was $1.3 billion, up 74% Q/Q and 159% Y/Y on Blackwell demand.
- Automotive and Robotics Q4 revenue was $604 million, up 2% Q/Q and 6% Y/Y.
- For Q1 FY27, NVIDIA guides revenue to $78.0 billion ±2% with GAAP gross margin of 74.9% and non‑GAAP gross margin of 75.0%.
- GAAP operating expenses in FY26 were $23.1 billion, up 41% Y/Y as NVIDIA invests in R&D and go‑to‑market.
- NVIDIA has $58.5 billion remaining under its share repurchase authorization as of Q4‑end.
Beat or Miss?
| Metric | Reported (Q4 FY26) | Estimated/Expected | Difference/Analysis |
| Revenue | $68.1B | ~$66.2B consensus | Beat by ~$1.9B; strong AI‑driven demand across Data Center |
| Non‑GAAP EPS | $1.62 | $1.53 consensus | Beat by $0.09; operating leverage and high gross margins |
| GAAP EPS | $1.76 | N/A | Above non‑GAAP due to equity gains; still reflects robust profitability |
| Data Center Rev. | $62.3B | Street expectations not specified | Far exceeds year‑ago levels; segment remains primary growth driver |
| Gross Margin (GAAP) | 75.0% | ~74–75% implied | In line to slightly above expectations, reinforcing pricing power |
What Leadership Is Saying?
“Computing demand is growing exponentially — the agentic AI inflection point has arrived. Grace Blackwell with NVLink is the king of inference today — delivering an order‑of‑magnitude lower cost per token — and Vera Rubin will extend that leadership even further. Enterprise adoption of agents is skyrocketing. Our customers are racing to invest in AI compute — the factories powering the AI industrial revolution and their future growth.” — Jensen Huang, founder and CEO of NVIDIA.
“Our record Q4 and fiscal 2026 results reflect broad‑based strength across Data Center, Gaming, Professional Visualization and Automotive, all underpinned by disciplined expense management and robust free cash flow generation.” (Paraphrasing Colette Kress, EVP & CFO, whose detailed commentary on margins, opex and capital returns is provided in NVIDIA’s CFO Commentary for the quarter.)
Historical Performance
NVIDIA YoY: Q4 FY26 vs Q4 FY25
| Category | Q4 FY26 (GAAP) | Q4 FY25 (GAAP) | Change (%) |
| Revenue | $68.1B | $39.3B | +73% |
| Net Income | $43.0B | $22.1B | +94% |
| Operating Expenses | $6.8B | $4.7B | +45% |
NVIDIA FY26 vs FY25
| Category | FY26 (GAAP) | FY25 (GAAP) | Change (%) |
| Revenue | $215.9B | $130.5B | +65% |
| Net Income | $120.1B | $72.9B | +65% |
| Operating Expenses | $23.1B | $16.4B | +41% |
Historical Performance
YoY Comparison of Key AI Peers
(Latest Available Q4 vs Prior‑Year Q4)
| Company (Category) | Q4 Current Revenue | Q4 Prior Revenue | Change (%) | Q4 Current Net Income | Q4 Prior Net Income | Change (%) |
| NVIDIA | $68.1B | $39.3B | +73% | $43.0B | $22.1B | +94% |
| Advanced Micro Devices (Data‑center weighted, est.) | N/A | N/A | N/A | N/A | N/A | N/A |
| Intel (AI/Server exposure, est.) | N/A | N/A | N/A | N/A | N/A | N/A |
How the Market Reacted?
Commentary around the release describes NVIDIA’s Q4 FY26 results as a clear beat on both revenue and EPS versus consensus, driven by surging AI infrastructure demand and record Data Center revenue. The strong Q1 FY27 revenue guide of roughly $78 billion further reinforces a bullish medium‑term outlook, even as NVIDIA assumes no Data Center compute revenue from China in the near term. While some prior quarters saw bouts of profit‑taking after strong prints, the underlying tone of this report is decidedly positive, with investors likely to focus on sustained growth, high margins, and expanding AI partnerships.
