NVIDIA (NVDA) Q4 2026 earnings summary

Executive summary

• Achieved record Q4 FY26 revenue of $68.1 billion, up 73% year-over-year and 20% sequentially, driven by explosive data center and networking growth and strong adoption of Blackwell and Rubin architectures.

• Data center business scaled nearly 13x since FY2023 and the emergence of ChatGPT, with strong demand from cloud providers, enterprises, and sovereigns.

• Net income nearly doubled year-over-year to $43.0 billion GAAP and $39.6 billion non-GAAP; operating income rose 84% year-over-year to $44.3 billion GAAP.

• Strategic partnerships and investments with leading AI model makers and cloud providers, including OpenAI, Meta, Anthropic, Groq, AWS, Google Cloud, Microsoft Azure, and Oracle, expanded ecosystem reach.

• Returned $41.1 billion to shareholders in FY26 via share repurchases and dividends.

Financial highlights

• Q4 data center revenue reached $62.3 billion, up 75% year-over-year and 22% sequentially; full-year data center revenue was $193.7 billion, up 68%.

• Networking revenue hit $11 billion in Q4, up 3.5x year-over-year; full-year networking revenue exceeded $31 billion.

• Gaming revenue was $3.7 billion in Q4, up 47% year-over-year; professional visualization revenue reached $1.3 billion, up 159% year-over-year.

• Automotive revenue was $604 million in Q4, up 6% year-over-year; FY26 automotive revenue was $2.3 billion, up 39%.

• GAAP gross margin was 75.0% in Q4 FY26, up 2.0 points year-over-year; free cash flow for FY26 was $96.6 billion.

Outlook and guidance

• Q1 FY27 revenue expected at $78.0 billion ±2%, with most growth from data center; GAAP and non-GAAP gross margins projected at 74.9% and 75.0% respectively.

• Q1 FY27 GAAP and non-GAAP operating expenses expected at $7.7 billion and $7.5 billion, including $1.9 billion stock-based compensation.

• Non-GAAP operating expenses expected to grow in the low 40s percent year-over-year.

• No data center compute revenue from China assumed in outlook due to regulatory and market uncertainties.

• FY27 tax rates expected between 17% and 19%.