NVIDIA posted record Q4 fiscal 2026 revenue of $68.1 billion (up 73% YoY), beating Wall Street’s $66.2 billion estimate. Adjusted EPS came in at $1.62 versus the $1.53 consensus, an 8% beat. GAAP gross margin held firm at 75.0%. Q1 fiscal 2027 guidance of $78 billion topped the Street’s $72.6 billion forecast. Shares rose roughly 3% in after-hours trading before settling near +1.3% in pre-market the following day.
About NVIDIA
NVIDIA Corporation (NASDAQ: NVDA) designs and sells graphics processing units (GPUs), accelerated computing platforms, and AI infrastructure systems used across data centers, gaming, professional visualization, automotive, and robotics. The company was founded in 1993 and is headquartered in Santa Clara, California. Jensen Huang, the co-founder, serves as president and CEO.
As of February 25, 2026, NVIDIA’s market capitalization stood at approximately $4.76 trillion, making it one of the most valuable public companies in the world. The stock’s trailing P/E ratio was roughly 48.3x, reflecting the market’s expectations for sustained hypergrowth driven by AI infrastructure spending. NVIDIA’s 52-week range stretched from $86.62 to $212.19. The quarterly cash dividend stands at $0.01 per share.
NVIDIA’s Data Center segment now generates 91% of total revenue, reflecting the company’s transformation from a gaming-focused chipmaker into the dominant supplier of AI training and inference hardware.
Top Financial Highlights
- Total revenue reached approximately USD 68.1 billion, reflecting a 73.2% year over year increase from roughly USD 39.3 billion in Q4 FY25.
- GAAP net income totaled about USD 43.0 billion, rising 94.5% compared to USD 22.1 billion in the prior year period.
- GAAP diluted earnings per share increased to approximately USD 1.76, compared to USD 0.89 in Q4 FY25, representing a 98% increase.
- Adjusted non GAAP earnings per share stood at USD 1.62, exceeding the USD 1.53 consensus estimate by 5.9%.
- GAAP gross margin improved to 75.0%, up from 73.0% a year earlier.
- Operating income reached approximately USD 44.3 billion, marking an 84% increase from USD 24.0 billion in Q4 FY25.
- Q4 operating cash flow generated about USD 36.2 billion.
- Q4 free cash flow totaled USD 34.9 billion, reflecting a 125% year over year increase.
- Data center revenue amounted to USD 62.3 billion, rising 75% year over year and 22% sequentially, representing 91% of total sales.
- Gaming revenue reached USD 3.7 billion, increasing 47% year over year but declining 13% sequentially following post holiday inventory normalization.
- Professional visualization revenue totaled USD 1.3 billion, growing 159% year over year and 74% sequentially, supported by Blackwell demand.
- Automotive revenue reached USD 604 million, reflecting 6% year over year growth.
- Cash and marketable securities on hand stood at approximately USD 62.6 billion.
- Q1 FY27 revenue guidance is projected at USD 78.0 billion, plus or minus 2%, significantly above the USD 72.6 billion market consensus.
- Total shareholder returns in FY26 amounted to USD 41.1 billion through share repurchases and dividends, with USD 58.5 billion remaining under the current buyback authorization.
Q4 Fiscal 2026 Summary
Fiscal 2026 Summary
Beat or Miss?
NVIDIA beat Wall Street estimates across the board for Q4 fiscal 2026. The guidance for Q1 fiscal 2027 was the biggest surprise, exceeding the consensus by over $5 billion.
| Metric | Reported | Analyst Estimate | Difference |
| Revenue | $68.13B | $66.2B | +$1.9B (+2.9% beat) |
| Adjusted EPS | $1.62 | $1.53 | +$0.09 (+5.9% beat) |
| GAAP EPS | $1.76 | $1.52 | +$0.24 (+15.8% beat) |
| Data Center Revenue | $62.3B | $60.2B | +$2.1B (+3.5% beat) |
| Gaming Revenue | $3.7B | $4.0B | -$0.3B (miss) |
| Gross Margin (GAAP) | 75.00% | ~74.5% | +50 bps |
| Q1 FY27 Revenue Guidance | $78.0B | $72.6B | +$5.4B (+7.4% above consensus) |
The only notable miss was in Gaming, which came in at $3.7 billion versus the $4.0 billion estimate, as post-holiday channel inventory normalization weighed on the segment.
What Leadership Is Saying?
CEO Jensen Huang (Strategy and Vision) – “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.”
CFO Colette Kress (Financial Performance) –“In the fourth quarter, hyperscaler revenue rose and continued to be our largest customer segment, accounting for just over 50% of Data Center revenue, with growth also coming from a broader base of Data Center clients.”
Kress noted that the sovereign AI business more than tripled to over $30 billion in fiscal 2026 as nations invest in local AI infrastructure. Grace Blackwell systems accounted for approximately two-thirds of data center revenue in Q4. For fiscal 2027, non-GAAP operating expenses are projected to grow in the low 40% range, and gross margins are expected to remain in the mid-70s.
Historical Performance
NVIDIA Q4 FY26 vs. Q4 FY25
NVIDIA’s year-over-year growth accelerated meaningfully from Q3, when YoY revenue growth was 62%, to Q4’s 73%.
| Category | Q4 FY26 | Q4 FY25 | Change (%) |
| Total Revenue | ~$68.1B | ~$39.3B | +73.2% |
| Net Income (GAAP) | ~$43.0B | ~$22.1B | +94.5% |
| Operating Expenses (R&D + SGA) | ~$6.8B | ~$4.7B | +44.9% |
| Gross Margin (GAAP) | 75.0% | 73.0% | +200 bps |
| Diluted EPS (GAAP) | ~$1.76 | ~$0.89 | 97.80% |
| Operating Cash Flow | ~$36.2B | $16.6B | 117.80% |
The operating expense increase of 44.9% reflects NVIDIA’s heavy investment in R&D for next-generation platforms including Vera Rubin, while revenue growth of 73.2% far outpaced spending increases, driving significant operating leverage.
Competitor Comparison
The semiconductor landscape highlights NVIDIA’s outsized revenue growth relative to peers, although each company’s fiscal calendar differs. AMD reports on a calendar-year basis (Q4 CY2025 vs. Q4 CY2024); Broadcom uses an October fiscal year-end (Q4 FY2025 vs. Q4 FY2024); Intel reports on a calendar-year basis.
| Category | NVIDIA (Q4 FY26 vs. Q4 FY25) | AMD (Q4 CY25 vs. Q4 CY24) | Intel (Q4 CY25 vs. Q4 CY24) | Broadcom (Q4 FY25 vs. Q4 FY24) |
| Revenue | ~$68.1B vs. ~$39.3B, +73.2% | ~$10.3B vs. ~$7.7B +34.1% | ~$13.7B vs. ~$14.3B -4.1% | ~$18.0B vs. ~$14.1B +28.2% |
| Net Income | ~$43.0B vs. ~$22.1B +94.5% | ~$1.6B vs. ~$0.5B +236.1% | -$333M vs. -$153M,deeper loss | ~$8.5B vs. ~$4.2B +102.6% |
| Operating Expenses | ~$6.8B vs. ~$4.7B +44.9% | ~$3.5B vs. ~$2.5B +41.5% | ~$4.4B vs. ~$5.1B -14.1% | ~$4.1B vs. ~$3.2B +26.0% |
NVIDIA’s revenue growth of 73.2% dwarfs AMD’s 34.1% and Broadcom’s 28.2%, while Intel posted a -4.1% revenue decline and continued to report net losses. Broadcom posted strong profitability growth of 102.6%, driven by its own AI networking and custom chip business, but remains a fraction of NVIDIA’s scale. AMD’s net income surged 236.1% off a small base, signaling improving competitiveness in the data center GPU market.
How the Market Reacted?
NVIDIA shares rose approximately 3% in after-hours trading immediately following the earnings release on February 25, 2026, reaching $194.57. The initial jump was driven by the better-than-expected Q1 fiscal 2027 guidance of $78 billion, which exceeded even the most optimistic buy-side estimates and marked the fourth consecutive quarter of accelerating growth.
By the following morning, gains had moderated to roughly 1.3% in pre-market as broader concerns about the sustainability of the AI infrastructure buildout tempered enthusiasm. The overall tone of the report was firmly bullish, with analysts describing it as a “beat and raise” that “reset the math” for the AI chip cycle.
