NVIDIA Corp.: Q4 FY2026 earnings call

What management said about Q4 FY2026, from the documents filed with the SEC on 25 February 2026: press release, CFO commentary. Guidance figures: 4 new. The quarter’s numbers.

Key takeaways

Record fourth-quarter revenue reached $68.1 billion: Revenue was $68.1 billion, up 20% from the third quarter and 73% from a year ago. Fiscal 2026 revenue was $215.9 billion, up 65% from the prior year. Source
Data Center revenue reached $62.3 billion: Data Center revenue was $62.3 billion, up 22% sequentially and 75% from a year ago, driven by accelerated computing and AI. Source
Networking revenue more than tripled: Networking revenue was $11.0 billion, up 34% sequentially and 263% from a year ago, from the NVLink fabric ramp and Ethernet and InfiniBand growth. Source
Gross margin rose 1.6 points sequentially: GAAP gross margin was 75.0% and non-GAAP 75.2%. Management tied the sequential rise to Blackwell's improved mix and cost structure; the year-over-year rise reflected lower inventory provisions. Source
Inventory and supply commitments increased: Inventory was $21.4 billion, up from $19.8 billion in the third quarter. Total supply-related commitments were $95.2 billion. Source
Operating cash flow reached $36.2 billion: Operating cash flow was $36.2 billion, up from $23.8 billion in the third quarter and $16.6 billion a year ago. Cash, equivalents and marketable securities were $62.6 billion. Source
Quarterly shareholder returns of $4.1 billion: The company returned $4.1 billion in the quarter: $3.8 billion of repurchases and $243 million of dividends. Fiscal 2026 returns totaled $41.1 billion. Source

“Computing demand is growing exponentially - the agentic AI inflection point has arrived.”
Jensen Huang, founder and CEO of NVIDIA

Guidance

Area	Period	Figure	Against last quarter
Revenue Source	First quarter of fiscal 2027	$78.0 billion, plus or minus 2%	New
Gross margin Source	First quarter of fiscal 2027	GAAP 74.9%; non-GAAP 75.0%; plus or minus 50 basis points	New
Operating expenses Source	First quarter of fiscal 2027	GAAP about $7.7 billion; non-GAAP about $7.5 billion, including $1.9 billion of stock-based compensation	New
Tax rate Source	Full fiscal 2027	17.0% to 19.0%, for GAAP and non-GAAP	New

What changed from last quarter

New guidance: Guidance for the first quarter of fiscal 2027 covering revenue, gross margin and operating expenses was given; the prior release gave fourth-quarter guidance. Source
New guidance: A full-year fiscal 2027 tax rate range was given; the prior release gave a tax rate for the fourth quarter only. Source
New: Non-GAAP financial measures will include stock-based compensation expense from the first quarter of fiscal 2027, a change from prior periods. Source
New: A multiyear, multigenerational strategic partnership with Meta was announced, covering on-premises, cloud and AI infrastructure. Source
New: An investment and deep technology partnership with Anthropic was announced; the prior release described Anthropic running on NVIDIA infrastructure. Source
New: A non-exclusive licensing agreement with Groq was entered into to accelerate AI inference at global scale. Source

Results and growth drivers

Record fourth-quarter revenue reached $68.1 billion: Revenue was $68.1 billion, up 20% from the third quarter and 73% from a year ago. Fiscal 2026 revenue was $215.9 billion, up 65% from the prior year. Source
Diluted EPS rose to $1.76: GAAP diluted EPS was $1.76 and non-GAAP $1.62, against $1.30 in the third quarter and $0.89 a year ago. Fiscal 2026 EPS was $4.90 GAAP and $4.77 non-GAAP. Source
Data Center revenue reached $62.3 billion: Data Center revenue was $62.3 billion, up 22% sequentially and 75% from a year ago, driven by accelerated computing and AI. Source

Segments and regions

Compute and Networking grew 21% sequentially: Compute & Networking revenue was $61.7 billion, up 21% sequentially and 71% from a year ago. Graphics revenue was $6.5 billion, up 6% sequentially and 97% from a year ago. Source
Gaming fell sequentially after holiday season: Gaming revenue was $3.7 billion, up 47% from a year ago and down 13% sequentially as channel inventory moderated after holiday demand. Source
Professional Visualization revenue up 74%: Professional Visualization revenue was $1.3 billion, up 74% sequentially and 159% from a year ago, on demand for Blackwell. Source
Automotive revenue rose modestly: Automotive revenue was $604 million, up 2% sequentially and 6% from a year ago, on continued adoption of self-driving platforms. Source

“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

Products and customers

Hyperscalers stayed largest customer group: Hyperscaler revenue rose and remained the largest category at slightly over 50% of Data Center revenue, while other Data Center customers led growth. Source
Networking revenue more than tripled: Networking revenue was $11.0 billion, up 34% sequentially and 263% from a year ago, from the NVLink fabric ramp and Ethernet and InfiniBand growth. Source
Compute revenue rose 19% sequentially: Data Center compute revenue was $51.3 billion, a record, up 58% from a year ago and 19% sequentially. Source
Rubin platform introduced with six chips: The Rubin platform, comprising six new chips, was unveiled; management says it delivers up to a 10x reduction in inference token cost versus Blackwell. Source

Costs, margins and pricing

Gross margin rose 1.6 points sequentially: GAAP gross margin was 75.0% and non-GAAP 75.2%. Management tied the sequential rise to Blackwell's improved mix and cost structure; the year-over-year rise reflected lower inventory provisions. Source
Fiscal gross margin fell from 2025: Fiscal 2026 gross margin was 71.1% GAAP and 71.3% non-GAAP, against 75.0% and 75.5% in fiscal 2025. Source
Operating expenses up 45% year over year: GAAP operating expenses were $6.8 billion, up 45% from a year ago and 16% sequentially. Non-GAAP operating expenses were $5.1 billion, up 51% and 21%. Source
Sequential spend tied to product launches: The sequential increase reflected engineering development materials for new product introductions, plus compute and infrastructure costs. Source
Other income of $5.6 billion from equity gains: Net other income was $5.6 billion, mainly unrealized gains on non-marketable and publicly-held equity securities, including the Intel investment. Source
Tax rate up on smaller SBC tax benefit: The GAAP effective tax rate was 14.8% for the quarter and 15.1% for fiscal 2026, up from a year ago mainly on lower stock-based compensation tax benefits. Source

Demand and the order book

Inventory and supply commitments increased: Inventory was $21.4 billion, up from $19.8 billion in the third quarter. Total supply-related commitments were $95.2 billion. Source
Cloud service commitments rose to $27.0B: Multi-year cloud service agreements were $27.0 billion, up from $26.0 billion in the third quarter, to support research and development efforts. Source
Capacity secured beyond several quarters: Management said inventory and capacity have been secured to meet demand beyond the next several quarters. Source

Capital, cash and returns to shareholders

Operating cash flow reached $36.2 billion: Operating cash flow was $36.2 billion, up from $23.8 billion in the third quarter and $16.6 billion a year ago. Cash, equivalents and marketable securities were $62.6 billion. Source
Free cash flow of $34.9 billion: Free cash flow was $34.9 billion for the quarter and $96.6 billion for fiscal 2026. Source
Non-marketable equity purchases of $12.8B: Purchases of non-marketable equity securities were $12.8 billion in the quarter and $17.5 billion in fiscal 2026. Source
Quarterly shareholder returns of $4.1 billion: The company returned $4.1 billion in the quarter: $3.8 billion of repurchases and $243 million of dividends. Fiscal 2026 returns totaled $41.1 billion. Source
Repurchase authorization down to $58.5B: $58.5 billion remained under the repurchase authorization at quarter end, against $62.2 billion at the end of the third quarter. Source
Receivable days fell to 51: Accounts receivable were $38.5 billion, with 51 days sales outstanding, down from 53 days, on timing of cash collections. Source

Strategy and investment

CoreWeave AI factory buildout by 2030: The collaboration with CoreWeave was strengthened to accelerate buildout of more than 5 gigawatts of AI factories by 2030. Source
AWS partnership expanded: The AWS partnership added technology integrations across interconnect, cloud infrastructure, open models and physical AI. Source
Nemotron 3 open model family debuted: Nemotron 3 is a family of open models, data and libraries for transparent, efficient and specialized agentic AI development across industries. Source
Blackwell Ultra benchmark claim cited: Management cited SemiAnalysis InferenceX results showing Blackwell Ultra delivers up to 50x better performance and 35x lower cost than Hopper for agentic AI. Source

People and leadership

Stock-based compensation enters non-GAAP: From the first quarter of fiscal 2027, non-GAAP results include stock-based compensation, which the company calls a foundational part of its compensation program. Source
Compensation rise tied to employee growth: The year-over-year GAAP operating expense increase was driven by higher compensation and benefits expense due to employee growth. Source
Stock-based compensation expense of $1.6B: Stock-based compensation expense was $1.6 billion in the quarter and $6.4 billion for fiscal 2026, per the cash flow statement. Source

Coming up, as management said on 25 February 2026

Dividend payable April 1, 2026: The next quarterly cash dividend of $0.01 per share is payable April 1, 2026, to holders of record on March 11, 2026. Source
Rubin instances from major clouds first: AWS, Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure are expected to be among the first to deploy Vera Rubin-based instances. Source

Figures management reported

Figure	Reported
Gross margin (GAAP / non-GAAP) Source	75.0% / 75.2%
Data Center revenue Source	$62.3 billion
Networking revenue Source	$11.0 billion
Gaming revenue Source	$3.7 billion
Professional Visualization revenue Source	$1.3 billion
Automotive revenue Source	$604 million
Inventory Source	$21.4 billion

Risks management discussed

Operational: Management expects supply constraints to be a headwind to Gaming revenue in the first quarter of fiscal 2027 and beyond. Source
Regulatory: The first-quarter guidance assumes no Data Center compute revenue from China. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026

Record quarterly revenue of $68.1 billion, up 20% from Q3 and up 73% from a year ago
Record quarterly Data Center revenue of $62.3 billion, up 22% from Q3 and up 75% from a year ago
Record full-year revenue of $215.9 billion, up 65%

SANTA CLARA, Calif. - Feb. 25, 2026―NVIDIA (NASDAQ: NVDA) today reported record revenue for the fourth quarter ended January 25, 2026, of $68.1 billion, up 20% from the previous quarter and up 73% from a year ago. For fiscal 2026, revenue was $215.9 billion, up 65% from a year ago.

For the quarter, GAAP and non-GAAP gross margins were 75.0% and 75.2%, respectively. For fiscal 2026, GAAP and non-GAAP gross margins were 71.1% and 71.3%, respectively.

For the quarter, GAAP and non-GAAP earnings per diluted share were $1.76 and $1.62, respectively. For fiscal 2026, GAAP and non-GAAP earnings per diluted share were $4.90 and $4.77, respectively.

“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,” said Jensen Huang, founder and CEO of NVIDIA. “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.”

During fiscal 2026, NVIDIA returned $41.1 billion to shareholders in the form of shares repurchased and cash dividends. As of the end of the fourth quarter, the company had $58.5 billion remaining under its share repurchase authorization.

NVIDIA will pay its next quarterly cash dividend of $0.01 per share on April 1, 2026, to all shareholders of record on March 11, 2026.

Q4 Fiscal 2026 Summary

GAAP
($ in millions, except earnings per share)	Q4 FY26		Q3 FY26		Q4 FY25		Q/Q		Y/Y
Revenue		$68,127		$57,006		$39,331	20%		73%
Gross margin	75.0%		73.4%		73.0%			1.6 pts		2.0 pts
Operating expenses		$6,794		$5,839		$4,689	16%		45%
Operating income		$44,299		$36,010		$24,034	23%		84%
Net income		$42,960		$31,910		$22,091	35%		94%
Diluted earnings per share		$1.76		$1.30		$0.89	35%		98%

Non-GAAP
($ in millions, except earnings per share)	Q4 FY26		Q3 FY26		Q4 FY25		Q/Q		Y/Y
Revenue		$68,127		$57,006		$39,331	20%		73%
Gross margin	75.2%		73.6%		73.5%			1.6 pts		1.7 pts
Operating expenses		$5,102		$4,215		$3,378	21%		51%
Operating income		$46,107		$37,752		$25,516	22%		81%
Net income		$39,552		$31,767		$22,066	25%		79%
Diluted earnings per share		$1.62		$1.30		$0.89	25%		82%

Fiscal 2026 Summary

GAAP
($ in millions, except earnings per share)	FY26		FY25		Y/Y
Revenue		$215,938		$130,497	65%
Gross margin	71.1%		75.0%			(3.9) pts
Operating expenses		$23,076		$16,405	41%
Operating income		$130,387		$81,453	60%
Net income		$120,067		$72,880	65%
Diluted earnings per share		$4.90		$2.94	67%

Non-GAAP
($ in millions, except earnings per share)	FY26		FY25		Y/Y
Revenue		$215,938		$130,497	65%
Gross margin	71.3%		75.5%			(4.2) pts
Operating expenses		$16,694		$11,716	42%
Operating income		$137,300		$86,789	58%
Net income		$116,997		$74,265	58%
Diluted earnings per share		$4.77		$2.99	60%

Outlook

Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in non-GAAP financial measures. Stock-based compensation is a foundational component of NVIDIA’s compensation program to attract and retain world-class talent.

NVIDIA’s outlook for the first quarter of fiscal 2027 is as follows:

Revenue is expected to be $78.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.
GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points, inclusive of a 0.1% impact from stock-based compensation expense.
GAAP and non-GAAP operating expenses are expected to be approximately $7.7 billion and $7.5 billion, respectively, inclusive of $1.9 billion of stock-based compensation expense.

For the full year fiscal 2027, GAAP and non-GAAP tax rates are expected to be between 17.0% and 19.0%, excluding any discrete items and material changes to NVIDIA’s tax environment.

Highlights

Data Center

Fourth-quarter revenue was a record $62.3 billion, up 22% from the previous quarter and up 75% from a year ago, driven by the major platform shifts - accelerated computing and AI. Full-year revenue rose 68% to a record $193.7 billion.
Unveiled the NVIDIA Rubin platform, comprising six new chips to deliver up to a 10x reduction in inference token cost, compared with the NVIDIA Blackwell platform; cloud providers Amazon Web Services (AWS), Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure will be among the first to deploy Vera Rubin-based instances.
Announced that the NVIDIA BlueField®-4 data processor powers the NVIDIA Inference Context Memory Storage Platform, a new class of AI-native storage infrastructure for the next frontier of AI.
Announced a multiyear, multigenerational strategic partnership with Meta spanning on-premises, cloud and AI infrastructure, including the large-scale deployment of NVIDIA CPUs, networking and millions of NVIDIA Blackwell and Rubin GPUs.
Revealed that NVIDIA Blackwell Ultra delivers up to 50x better performance and 35x lower cost for agentic AI compared with the NVIDIA Hopper platform, according to new SemiAnalysis InferenceX benchmark results.
Expanded AWS partnership with new technology integrations across interconnect technology, cloud infrastructure, open models and physical AI.
Revealed that leading inference providers, including Baseten, DeepInfra, Fireworks AI and Together AI, cut AI costs by up to 10x with open source models on NVIDIA Blackwell.
Debuted the NVIDIA Nemotron™ 3 family of open models, data and libraries designed to power transparent, efficient and specialized agentic AI development across industries; released new open models, data and tools for agentic AI, physical AI and autonomous vehicle development.
Announced an investment and deep technology partnership with Anthropic, which is scaling its Claude model on Microsoft Azure, powered by NVIDIA systems.
Entered into a non-exclusive licensing agreement with Groq to accelerate AI inference at global scale.
Strengthened a collaboration with CoreWeave to accelerate the buildout of more than 5 gigawatts of AI factories by 2030.
Announced an expanded strategic partnership with Synopsys to revolutionize engineering and design across industries.
Announced a co-innovation AI lab with Lilly to reinvent drug discovery in the age of AI.
Announced a major expansion of NVIDIA BioNeMo™, an open development platform that enables lab-in-the-loop workflows to develop breakthroughs in AI-driven biology and drug discovery.
Joined the U.S. Department of Energy’s Genesis Mission as a private industry partner to support U.S. AI leadership in key areas including energy, scientific research and national security.
Launched the NVIDIA Earth-2 family of open models - the world’s first fully open, accelerated set of models and tools for AI weather.
Revealed that India’s global systems integrators Infosys, Persistent, Tech Mahindra and Wipro are building the next wave of enterprise agents with NVIDIA AI.
Partnered with global industrial software leaders Cadence, Siemens and Synopsys and India’s largest manufacturers to drive India’s AI boom using applications accelerated by NVIDIA CUDA-X™ and NVIDIA Omniverse™ libraries.

Gaming and AI PC

Fourth-quarter Gaming revenue was $3.7 billion, up 47% from a year ago, driven by strong Blackwell demand, and down 13% from the previous quarter as channel inventory naturally moderated following a season of strong holiday demand. Full-year revenue rose 41% to a record $16.0 billion.
Announced NVIDIA DLSS 4.5, delivering major AI-powered advances in graphics quality.
Launched NVIDIA G-SYNC® Pulsar, extending the ultimate gaming display platform with new levels of motion clarity in esports.
Advanced NVIDIA RTX™ AI performance and adoption, delivering up to 35% faster large language model inference in leading AI PC frameworks and up to 3x performance in AI-generated visuals.

Professional Visualization

Fourth-quarter revenue was $1.3 billion, up 74% from the previous quarter and up 159% from a year ago, driven by exceptional demand for Blackwell. Full-year revenue rose 70% to a record $3.2 billion.
Launched the NVIDIA RTX PRO™ 5000 72GB Blackwell GPU to power larger models and agentic workflows.
Expanded global availability of NVIDIA DGX Spark™ for the latest open models and delivered updates for improved performance.

Automotive and Robotics

Fourth-quarter Automotive revenue was $604 million, up 2% from the previous quarter and up 6% from a year ago, driven by continued adoption of NVIDIA’s self-driving platforms. Full-year revenue rose 39% to a record $2.3 billion.
Unveiled the NVIDIA Alpamayo family of open AI models, simulation tools and datasets designed to accelerate the next era of safe, reasoning‑based autonomous vehicle (AV) development.
Partnered with Mercedes-Benz on the all-new Mercedes-Benz CLA, which introduces enhanced level 2 driver assistance powered by NVIDIA DRIVE AV software, AI infrastructure and accelerated compute.
Announced that the NVIDIA DRIVE Hyperion™ ecosystem is expanding to include tier 1 suppliers, automotive integrators and sensor partners including Aeva, AUMOVIO, Astemo, Arbe, Bosch, Hesai, Magna, Omnivision, Quanta, Sony and ZF Group.
Announced new NVIDIA Cosmos™ and NVIDIA Isaac™ GR00T open models, frameworks and AI infrastructure for physical AI; global industry leaders including Boston Dynamics, Caterpillar, Franka Robotics, Humanoid, LG Electronics and NEURA Robotics are using the NVIDIA robotics stack.
Expanded a strategic partnership with Siemens to build the industrial AI operating system.
Announced a strategic partnership with Dassault Systèmes to build an industrial AI platform powering virtual twins.

CFO Commentary

Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

Conference Call and Webcast Information

NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2026 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2027.

Non-GAAP Measures

To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. The reconciliations for fiscal years 2025 and 2026 adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Beginning in the first quarter of fiscal 2027, NVIDIA’s non-GAAP financial measures will no longer exclude stock-based compensation expense. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

About NVIDIA

NVIDIA (NASDAQ: NVDA) is the world leader in AI and accelerated computing.

For further information, contact:

Forward-looking statements notice

Certain statements in this press release including, but not limited to, statements as to: computing demand growing exponentially; Grace Blackwell with NVLink being the king of inference today - delivering an order-of-magnitude lower cost per token - and Vera Rubin extending that leadership even further; enterprise adoption of agents skyrocketing; NVIDIA’s customers racing to invest in AI compute - the factories powering the AI industrial revolution and their future growth; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, including Vera Rubin, and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the first quarter of fiscal 2027 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing products and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; NVIDIA’s ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, DGX Spark, BlueField, NVIDIA DRIVE Hyperion, NVIDIA RTX, NVIDIA RTX PRO, NVIDIA Cosmos, NVIDIA Isaac, Nemotron, BioNeMo, CUDA-X, Omniverse and G-SYNC are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

NVIDIA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

(Unaudited)

			Three Months Ended		Twelve Months Ended
			January 25,	January 26,	January 25,	January 26,
			2026	2025	2026	2025
Revenue			$68,127	$39,331	$215,938	$130,497
Cost of revenue			17,034	10,608	62,475	32,639
Gross profit			51,093	28,723	153,463	97,858
Operating expenses
	Research and development		5,512	3,714	18,497	12,914
	Sales, general and administrative		1,282	975	4,579	3,491
		Total operating expenses	6,794	4,689	23,076	16,405
Operating income			44,299	24,034	130,387	81,453
	Interest income		568	511	2,300	1,786
	Interest expense		(74)	(61)	(259)	(247)
	Other income, net		5,604	733	9,022	1,034
		Total other income, net	6,098	1,183	11,063	2,573
Income before income tax			50,397	25,217	141,450	84,026
Income tax expense			7,437	3,126	21,383	11,146
Net income			$42,960	$22,091	$120,067	$72,880
Net income per share:
	Basic		$1.77	$0.90	$4.93	$2.97
	Diluted		$1.76	$0.89	$4.90	$2.94
Weighted average shares used in per share computation:
	Basic		24,304	24,489	24,359	24,555
	Diluted		24,432	24,706	24,514	24,804

			January 25,	January 26,
			2026	2025
	Cash, cash equivalents and marketable securities		$62,556	$43,210
	Accounts receivable, net		38,466	23,065
	Inventories		21,403	10,080
	Prepaid expenses and other current assets		3,180	3,771
		Total current assets	125,605	80,126
NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
ASSETS
Current assets:
Property and equipment, net			10,383	6,283
Operating lease assets			2,867	1,793
Goodwill			20,832	5,188
Intangible assets, net			3,306	807
Deferred income tax assets			13,258	10,979
Non-marketable equity securities			22,251	3,387
Other assets			8,301	3,038
		Total assets	$206,803	$111,601
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
	Accounts payable		$9,812	$6,310
	Accrued and other current liabilities		21,352	11,737
	Short-term debt		999	-
		Total current liabilities	32,163	18,047
Long-term debt			7,469	8,463
Long-term operating lease liabilities			2,572	1,519
Other long-term liabilities			7,306	4,245
		Total liabilities	49,510	32,274
Shareholders' equity			157,293	79,327
		Total liabilities and shareholders' equity	$206,803	$111,601

	Three Months Ended		Twelve Months Ended
	January 25,	January 26,	January 25,	January 26,
	2026	2025	2026	2025
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Cash flows from operating activities:
Net income	$42,960	$22,091	$120,067	$72,880
Adjustments to reconcile net income to net cash
provided by operating activities:
Stock-based compensation expense	1,633	1,321	6,386	4,737
Depreciation and amortization	811	543	2,843	1,864
Gains on non-marketable equity securities and publicly-held equity securities, net	(5,491)	(727)	(8,918)	(1,030)
Deferred income taxes	611	(598)	(1,424)	(4,477)
Other	(9)	(138)	(287)	(502)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(5,073)	(5,370)	(15,399)	(13,063)
Inventories	(1,621)	(2,424)	(11,324)	(4,781)
Prepaid expenses and other assets	(281)	331	577	(395)
Accounts payable	1,064	867	3,096	3,357
Accrued and other current liabilities	1,053	360	5,257	4,278
Other long-term liabilities	533	372	1,844	1,221
Net cash provided by operating activities	36,190	16,628	102,718	64,089
Cash flows from investing activities:
Proceeds from sales of marketable securities	14,670	177	15,157	495
Proceeds from maturities of marketable securities	2,246	1,710	11,226	11,195
Proceeds from sales of non-marketable equity securities	12	-	84	171
Purchases of marketable securities	(20,540)	(7,010)	(40,616)	(26,575)
Purchases of non-marketable equity securities	(12,800)	(478)	(17,502)	(1,486)
Groq, Inc.	(13,000)	-	(13,000)	-
Purchases related to property and equipment and intangible assets	(1,284)	(1,077)	(6,042)	(3,236)
Acquisitions, net of cash acquired	(165)	(542)	(1,535)	(1,007)
Other	-	22	-	22
Net cash used in investing activities	(30,861)	(7,198)	(52,228)	(20,421)

Cash flows from financing activities:
Proceeds related to employee stock plans	-	-	644	490
Payments related to repurchases of common stock	(3,815)	(7,810)	(40,086)	(33,706)
Payments related to employee stock plan taxes	(2,139)	(1,861)	(7,948)	(6,930)
Dividends paid	(243)	(245)	(974)	(834)
Principal payments on property and equipment and intangible assets	(4)	(32)	(101)	(129)
Repayment of debt	-	-	-	(1,250)
Other	(9)	-	(9)	-
Net cash used in financing activities	(6,210)	(9,948)	(48,474)	(42,359)
Change in cash and cash equivalents	(881)	(518)	2,016	1,309
Cash and cash equivalents at beginning of period	11,486	9,107	8,589	7,280
Cash and cash equivalents at end of period	$10,605	$8,589	$10,605	$8,589
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net	$6,979	$4,129	$20,288	$15,118

	NVIDIA CORPORATION
	RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
	(In millions, except per share data)
	(Unaudited)
		Three Months Ended			Twelve Months Ended
		January 25,	October 26,	January 26,	January 25,	January 26,
		2026	2025	2025	2026	2025
GAAP cost of revenue		$17,034	$15,157	$10,608	$62,475	$32,639
GAAP gross profit		$51,093	$41,849	$28,723	$153,463	$97,858
GAAP gross margin		75.0%	73.4%	73.0%	71.1%	75.0%
	Acquisition-related and other costs (A)	48	48	118	267	472
	Stock-based compensation expense (B)	69	70	53	261	178
	Other	(1)	-	-	3	(3)
Non-GAAP cost of revenue		$16,918	$15,039	$10,437	$61,944	$31,992
Non-GAAP gross profit		$51,209	$41,967	$28,894	$153,994	$98,505
Non-GAAP gross margin**		75.2%	73.6%	73.5%	71.3%	75.5%
GAAP operating expenses		$6,794	$5,839	$4,689	$23,076	$16,405
	Stock-based compensation expense (B)	(1,564)	(1,585)	(1,268)	(6,125)	(4,559)
	Acquisition-related and other costs (A)	(90)	(39)	(43)	(204)	(130)
	Other	(38)	-	-	(53)	-
Non-GAAP operating expenses		$5,102	$4,215	$3,378	$16,694	$11,716
GAAP operating income		$44,299	$36,010	$24,034	$130,387	$81,453
	Total impact of non-GAAP adjustments to operating income	1,808	1,742	1,482	6,913	5,336
Non-GAAP operating income		$46,107	$37,752	$25,516	$137,300	$86,789
GAAP total other income, net		$6,098	$1,926	$1,183	$11,063	$2,573
	Gains from non-marketable equity securities and publicly-held equity securities, net	(5,491)	(1,354)	(727)	(8,918)	(1,030)
	Other (C)	13	1	1	16	4
Non-GAAP total other income, net		$620	$573	$457	$2,161	$1,547
GAAP net income		$42,960	$31,910	$22,091	$120,067	$72,880
	Total pre-tax impact of non-GAAP adjustments	(3,670)	389	756	(1,989)	4,310
	Income tax impact of non-GAAP adjustments (D)	262	(532)	(781)	(1,129)	(2,925)
	Tax expense from OBBBA*	-	-	-	48	-
Non-GAAP net income**		$39,552	$31,767	$22,066	$116,997	$74,265

	GAAP	$1.76	$1.30	$0.89	$4.90	$2.94
	Non-GAAP**	$1.62	$1.30	$0.89	$4.77	$2.99
Diluted net income per share
Weighted average shares used in diluted net income per share computation		24,432	24,483	24,706	24,514	24,804
GAAP net cash provided by operating activities		$36,190	$23,750	$16,628	$102,718	$64,089
	Purchases related to property and equipment and intangible assets	(1,284)	(1,637)	(1,077)	(6,042)	(3,236)
	Principal payments on property and equipment and intangible assets	(4)	(24)	(32)	(101)	(129)
Free cash flow		$34,902	$22,089	$15,519	$96,575	$60,724
*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).
**Includes H20 charges/(releases), net, which were $4.5 billion and ($180 million) for the first and second quarter of fiscal 2026, respectively, and insignificant for both the third and fourth quarter of fiscal 2026.

	Three Months Ended			Twelve Months Ended
	January 25,	October 26,	January 26,	January 25,	January 26,
	2026	2025	2025	2026	2025
Cost of revenue	$48	$48	$118	$267	$472
Research and development	$83	$35	$27	$176	$79
Sales, general and administrative	$7	$4	$16	$28	$51
	Three Months Ended			Twelve Months Ended
	January 25,	October 26,	January 26,	January 25,	January 26,
	2026	2025	2025	2026	2025
Cost of revenue	$69	$70	$53	$261	$178
Research and development	$1,217	$1,206	$955	$4,676	$3,423
Sales, general and administrative	$347	$379	$313	$1,449	$1,136
(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
(B) Stock-based compensation consists of the following:
(C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount.
(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).

		Q1 FY2027 Outlook
		($ in millions)
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
GAAP gross margin		74.9%
	Impact of acquisition-related costs and other costs	0.1%
Non-GAAP gross margin*		75.0%
GAAP operating expenses		$7,700
	Acquisition-related costs and other costs	(200)
Non-GAAP operating expenses*		$7,500
*Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in its non-GAAP financial measures. Stock-based compensation expense for the first quarter of fiscal 2027 is expected to have a 0.1% impact on non-GAAP gross margin and $1.9 billion in non-GAAP operating expenses.

Contacts
Toshiya Hari · Investor Relations · NVIDIA Corporation · toshiyah@nvidia.com
Mylene Mangalindan · Corporate Communications · NVIDIA Corporation · mmangalindan@nvidia.com

Open the filing on EDGAR

CFO Commentary on Fourth Quarter and Fiscal 2026 Results

Q4 Fiscal 2026 Summary

GAAP
($ in millions, except earnings per share)	Q4 FY26		Q3 FY26		Q4 FY25		Q/Q		Y/Y
Revenue		$68,127		$57,006		$39,331	20%		73%
Gross margin	75.0%		73.4%		73.0%			1.6 pts		2.0 pts
Operating expenses		$6,794		$5,839		$4,689	16%		45%
Operating income		$44,299		$36,010		$24,034	23%		84%
Net income		$42,960		$31,910		$22,091	35%		94%
Diluted earnings per share		$1.76		$1.30		$0.89	35%		98%

Non-GAAP
($ in millions, except earnings per share)	Q4 FY26		Q3 FY26		Q4 FY25		Q/Q		Y/Y
Revenue		$68,127		$57,006		$39,331	20%		73%
Gross margin	75.2%		73.6%		73.5%			1.6 pts		1.7 pts
Operating expenses		$5,102		$4,215		$3,378	21%		51%
Operating income		$46,107		$37,752		$25,516	22%		81%
Net income		$39,552		$31,767		$22,066	25%		79%
Diluted earnings per share		$1.62		$1.30		$0.89	25%		82%

Revenue by Reportable Segments
($ in millions)	Q4 FY26	Q3 FY26	Q4 FY25	Q/Q	Y/Y
Compute & Networking	$61,651	$50,908	$36,036	21%	71%
Graphics	6,476	6,098	3,295	6%	97%
Total	$68,127	$57,006	$39,331	20%	73%

Revenue by Market Platform
($ in millions)	Q4 FY26	Q3 FY26	Q4 FY25	Q/Q	Y/Y
Data Center	$62,314	$51,215	$35,580	22%	75%
Compute	51,334	43,028	32,556	19%	58%
Networking	10,980	8,187	3,024	34%	263%
Gaming	3,727	4,265	2,544	(13)%	47%
Professional Visualization	1,321	760	511	74%	159%
Automotive	604	592	570	2%	6%
OEM and Other	161	174	126	(7)%	28%
Total	$68,127	$57,006	$39,331	20%	73%

Fiscal 2026 Summary

GAAP
($ in millions, except earnings per share)	FY26		FY25		Y/Y
Revenue		$215,938		$130,497	65%
Gross margin	71.1%		75.0%			(3.9) pts
Operating expenses		$23,076		$16,405	41%
Operating income		$130,387		$81,453	60%
Net income		$120,067		$72,880	65%
Diluted earnings per share		$4.90		$2.94	67%

Non-GAAP
($ in millions, except earnings per share)	FY26		FY25		Y/Y
Revenue		$215,938		$130,497	65%
Gross margin	71.3%		75.5%			(4.2) pts
Operating expenses		$16,694		$11,716	42%
Operating income		$137,300		$86,789	58%
Net income		$116,997		$74,265	58%
Diluted earnings per share		$4.77		$2.99	60%

Revenue by Reportable Segments
($ in millions)	FY26	FY25	Y/Y
Compute & Networking	$193,479	$116,193	67%
Graphics	22,459	14,304	57%
Total	$215,938	$130,497	65%

Revenue by Market Platform
($ in millions)	FY26	FY25	Y/Y
Data Center	$193,737	$115,186	68%
Compute	162,361	102,196	59%
Networking	31,376	12,990	142%
Gaming	16,042	11,350	41%
Professional Visualization	3,191	1,878	70%
Automotive	2,349	1,694	39%
OEM and Other	619	389	59%
Total	$215,938	$130,497	65%

We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive.

Revenue

Revenue for the fourth quarter was a record $68.1 billion, up 73% from a year ago and up 20% sequentially. Fiscal year revenue was a record $215.9 billion, up 65% from a year ago.

Data Center revenue for the fourth quarter was a record $62.3 billion, up 75% from a year ago and up 22% sequentially, driven by the major platform shifts - accelerated computing and AI. For the fourth quarter, hyperscaler revenue increased and remained our largest customer category at slightly over 50% of Data Center revenue, while growth was led by the rest of our Data Center customers as revenue diversified.

Data Center compute revenue was a record $51.3 billion, up 58% from a year ago and up 19% sequentially. Networking revenue was a record $11.0 billion, up 263% from a year ago and up 34% sequentially from the introduction and continued ramp of NVLink™ compute fabric for GB200 and GB300 systems and the growth of Ethernet and InfiniBand platforms.

Gaming revenue for the fourth quarter was up 47% from a year ago, driven by strong Blackwell demand. Gaming revenue was down 13% sequentially as channel inventory naturally moderated following a season of strong holiday demand. We expect supply constraints to be a headwind to Gaming in the first quarter of fiscal 2027 and beyond.

Professional Visualization revenue for the fourth quarter was up 159% from a year ago and up 74% sequentially, driven by exceptional demand for Blackwell.

Automotive revenue for the fourth quarter was up 6% from a year ago and up 2% sequentially, driven by continued adoption of our self-driving platforms.

Gross Margin

GAAP and non-GAAP gross margins for the fourth quarter increased from a year ago on lower inventory provisions. GAAP and non-GAAP gross margins increased sequentially as Blackwell continued to ramp with an improved mix and cost structure.

Expenses

GAAP operating expenses for the fourth quarter were up 45% from a year ago and up 16% sequentially, and non-GAAP operating expenses were up 51% from a year ago and up 21% sequentially. The fourth quarter GAAP increases from a year ago were driven by higher compensation and benefits expense due to employee growth, and compute and infrastructure costs. The non-GAAP increases were driven by compute and infrastructure costs and compensation and benefits. The fourth quarter GAAP and non-GAAP sequential increase was driven by engineering development materials for new product introductions and compute and infrastructure costs.

Other Income & Expense and Income Tax

GAAP other income and expense (OI&E) includes interest income, interest expense, and unrealized non-marketable and publicly-held equity securities gains or losses. Non-GAAP OI&E excludes unrealized non-marketable and publicly-held equity securities gains or losses.

Interest income for the fourth quarter was $568 million, up from a year ago and down sequentially, driven by changes in cash, cash equivalents, and debt securities. Net other income for the fourth quarter was $5.6 billion, driven by unrealized gains in non-marketable and publicly-held equity securities, including gains from our previously announced investment in Intel’s common stock.

GAAP effective tax rate for the fourth quarter and fiscal year was 14.8% and 15.1%, respectively, an increase from a year ago primarily due to a lower impact from stock-based compensation tax benefits. Non-GAAP effective tax rate for the fourth quarter and fiscal year was 15.4% and 16.1%, respectively.

Balance Sheet and Cash Flow

Cash, cash equivalents and marketable securities were $62.6 billion, up from $43.2 billion a year ago and $60.6 billion a quarter ago. The increases primarily reflect higher revenue, partially offset by outlays for an intellectual property license, strategic investments and stock repurchases.

Accounts receivable was $38.5 billion with 51 days sales outstanding (DSO), down from 53 days sequentially, driven by timing of cash collections.

Inventory was $21.4 billion, up from $19.8 billion sequentially, and total supply-related commitments were $95.2 billion. We have strategically secured inventory and capacity to meet demand beyond the next several quarters.

Multi-year cloud service agreements were $27.0 billion, up from $26.0 billion sequentially, to support the growing needs of our research and development efforts.

Cash flow from operating activities was $36.2 billion, up from $16.6 billion a year ago and up from $23.8 billion a quarter ago. The year-on-year and sequential increases reflect growth in revenue.

We returned $4.1 billion to shareholders in the fourth quarter through $3.8 billion of share repurchases and $243 million of cash dividends. In fiscal 2026, we returned $41.1 billion to shareholders through $40.1 billion of share repurchases and $974 million of cash dividends.

Outlook

Beginning in the first quarter of fiscal 2027, we will include stock-based compensation expense in our non-GAAP financial measures. Stock-based compensation is a foundational component of our compensation program to attract and retain world-class talent.

Outlook for the first quarter of fiscal 2027 is as follows:

Revenue is expected to be $78.0 billion, plus or minus 2%. We are not assuming any Data Center compute revenue from China in our outlook.
GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points, inclusive of a 0.1% impact from stock-based compensation expense.
GAAP and non-GAAP operating expenses are expected to be approximately $7.7 billion and $7.5 billion, respectively, inclusive of $1.9 billion of stock-based compensation expense.

For the full year fiscal 2027, we expect GAAP and non-GAAP tax rates to be between 17.0% and 19.0%, excluding any discrete items and material changes to our tax environment.

For further information, contact:

Non-GAAP Measures

To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. The reconciliations for fiscal years 2025 and 2026 adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Beginning in the first quarter of fiscal 2027, NVIDIA’s non-GAAP financial measures will no longer exclude stock-based compensation expense. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user's overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

Forward-looking statements notice

Certain statements in this CFO Commentary including, but not limited to, statements as to: expectations with respect to growth, performance and benefits of our products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for our products, services, and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to our third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, including Vera Rubin, and related trends and drivers; our future cash dividends or other returns to stockholders, our financial and business outlook for the first quarter of fiscal 2027 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing products and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; our ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, and NVLink are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.

	NVIDIA CORPORATION
	RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
	(In millions, except per share data)
	(Unaudited)
		Three Months Ended			Twelve Months Ended
		January 25,	October 26,	January 26,	January 25,	January 26,
		2026	2025	2025	2026	2025
GAAP cost of revenue		$17,034	$15,157	$10,608	$62,475	$32,639
GAAP gross profit		$51,093	$41,849	$28,723	$153,463	$97,858
GAAP gross margin		75.0%	73.4%	73.0%	71.1%	75.0%
	Acquisition-related and other costs (A)	48	48	118	267	472
	Stock-based compensation expense (B)	69	70	53	261	178
	Other	(1)	-	-	3	(3)
Non-GAAP cost of revenue		$16,918	$15,039	$10,437	$61,944	$31,992
Non-GAAP gross profit		$51,209	$41,967	$28,894	$153,994	$98,505
Non-GAAP gross margin**		75.2%	73.6%	73.5%	71.3%	75.5%
GAAP operating expenses		$6,794	$5,839	$4,689	$23,076	$16,405
	Stock-based compensation expense (B)	(1,564)	(1,585)	(1,268)	(6,125)	(4,559)
	Acquisition-related and other costs (A)	(90)	(39)	(43)	(204)	(130)
	Other	(38)	-	-	(53)	-
Non-GAAP operating expenses		$5,102	$4,215	$3,378	$16,694	$11,716
GAAP operating income		$44,299	$36,010	$24,034	$130,387	$81,453
	Total impact of non-GAAP adjustments to operating income	1,808	1,742	1,482	6,913	5,336
Non-GAAP operating income		$46,107	$37,752	$25,516	$137,300	$86,789
GAAP total other income, net		$6,098	$1,926	$1,183	$11,063	$2,573
	Gains from non-marketable equity securities and publicly-held equity securities, net	(5,491)	(1,354)	(727)	(8,918)	(1,030)
	Other (C)	13	1	1	16	4
Non-GAAP total other income, net		$620	$573	$457	$2,161	$1,547
GAAP net income		$42,960	$31,910	$22,091	$120,067	$72,880
	Total pre-tax impact of non-GAAP adjustments	(3,670)	389	756	(1,989)	4,310
	Income tax impact of non-GAAP adjustments (D)	262	(532)	(781)	(1,129)	(2,925)
	Tax expense from OBBBA*	-	-	-	48	-
Non-GAAP net income**		$39,552	$31,767	$22,066	$116,997	$74,265

	GAAP	$1.76	$1.30	$0.89	$4.90	$2.94
	Non-GAAP**	$1.62	$1.30	$0.89	$4.77	$2.99
Diluted net income per share
Weighted average shares used in diluted net income per share computation		24,432	24,483	24,706	24,514	24,804
GAAP net cash provided by operating activities		$36,190	$23,750	$16,628	$102,718	$64,089
	Purchases related to property and equipment and intangible assets	(1,284)	(1,637)	(1,077)	(6,042)	(3,236)
	Principal payments on property and equipment and intangible assets	(4)	(24)	(32)	(101)	(129)
Free cash flow		$34,902	$22,089	$15,519	$96,575	$60,724
*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).
**Includes H20 charges/(releases), net, which were $4.5 billion and ($180 million) for the first and second quarter of fiscal 2026, respectively, and insignificant for both the third and fourth quarter of fiscal 2026.

	Three Months Ended			Twelve Months Ended
	January 25,	October 26,	January 26,	January 25,	January 26,
	2026	2025	2025	2026	2025
Cost of revenue	$48	$48	$118	$267	$472
Research and development	$83	$35	$27	$176	$79
Sales, general and administrative	$7	$4	$16	$28	$51
	Three Months Ended			Twelve Months Ended
	January 25,	October 26,	January 26,	January 25,	January 26,
	2026	2025	2025	2026	2025
Cost of revenue	$69	$70	$53	$261	$178
Research and development	$1,217	$1,206	$955	$4,676	$3,423
Sales, general and administrative	$347	$379	$313	$1,449	$1,136
(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
(B) Stock-based compensation consists of the following:
(C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount.
(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).

		Q1 FY2027 Outlook
		($ in millions)
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
GAAP gross margin		74.9%
	Impact of acquisition-related costs and other costs	0.1%
Non-GAAP gross margin*		75.0%
GAAP operating expenses		$7,700
	Acquisition-related costs and other costs	(200)
Non-GAAP operating expenses*		$7,500
*Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in its non-GAAP financial measures. Stock-based compensation expense for the first quarter of fiscal 2027 is expected to have a 0.1% impact on non-GAAP gross margin and $1.9 billion in non-GAAP operating expenses.

Contacts
Toshiya Hari · Investor Relations · NVIDIA Corporation · toshiyah@nvidia.com
Mylene Mangalindan · Corporate Communications · NVIDIA Corporation · mmangalindan@nvidia.com