greeksoup/ stock research
Stock research / United States / NVDA / FY2026

NVIDIA (NVDA) FY2026 results: revenue $215.9 billion, up 65.5% on the year

NVIDIA Corp. (NVDA) reported revenue of $215.9 billion for fiscal 2026, the year ended 25 January 2026, up 65.5% on the year before. Net income was $120.1 billion, up 64.7%, and diluted earnings per share $4.90. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$215.9 billion
+65.5% on the year
FY2019FY2026
Operating margin
60.4%
62.4% a year earlier
FY2019FY2026
Net income
$120.1 billion
+64.7% on the year
FY2019FY2026
Diluted EPS
$4.90
+66.7% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new.

  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
Read the Q4 FY2026 earnings call summary

From this 10-K

NVIDIA designs the chips, the systems and the software that data centres use to run artificial intelligence, and the graphics cards that gamers and designers use. It owns no factories: every stage of making a chip is contracted out. It was incorporated in California in April 1993, reincorporated in Delaware in April 1998, and is based in Santa Clara.

NVIDIA Corp., the 10-K for 2026

NVIDIA designs the chips, the systems and the software that data centres use to run artificial intelligence, and the graphics cards that gamers and designers use. It owns no factories: every stage of making a chip is contracted out. It was incorporated in California in April 1993, reincorporated in Delaware in April 1998, and is based in Santa Clara.

How it is organised

Two reporting segments. Compute & Networking holds the data centre computing and networking platforms, the AI software, and the automotive platforms for self-driving and electric vehicles. Graphics holds GeForce GPUs for gaming and PCs, and the Quadro and NVIDIA RTX GPUs used in workstations. Underneath those, the company describes four markets it sells into: Data Center, Gaming, Professional Visualization and Automotive.

The data centre business

This is accelerated computing sold as systems rather than as chips on their own. The systems bring together GPUs, CPUs, interconnects and the software stacks that run on them, and they are delivered as rack-scale systems, subsystems or modules, into cloud, hyperscale, on-premises and edge data centres. Networking came into the company with the Mellanox acquisition in 2020, which the filing says took its platforms to data centre scale and produced a new class of processor, the data processing unit. The networking offering covers NVLink interconnects and switches, and end-to-end InfiniBand and Ethernet platforms made up of network adapters, cables, data processing units, switch chips and systems.

What holds it together is CUDA, the development platform that runs on every NVIDIA GPU, and the hundreds of software libraries, frameworks, development kits and interfaces built on top of it. More than half of NVIDIA's engineers work on software. The company reports support for 6,000 applications, and says NVIDIA parts power over 78 percent of the supercomputers on the TOP500 list and 9 of the top 10 on the Green500.

The line of machines, in order

The GPU arrived in 1999, for games and computer graphics. CUDA followed in 2006 and opened the same parallel processing to other compute-heavy work. In 2012 the AlexNet neural network, trained on NVIDIA GPUs, won the ImageNet image recognition competition. The first Tensor Core GPU, built for AI, came in 2017; the first autonomous driving system-on-chip in 2018; Mellanox and networking in 2020. The first data centre CPU, Grace, arrived in 2023. Blackwell followed in 2024, a liquid-cooled design connecting 36 Grace CPUs and 72 Blackwell GPUs at data centre scale. In the year to January 2026 the company launched and scaled Blackwell Ultra, aimed at agentic, reasoning and physical AI.

The other three markets

Gaming is GeForce, sold to players and, the company notes, to a widening group of live streamers, broadcasters, artists and creators. Professional Visualization is the workstation business, worked out with independent software vendors so their design, engineering and content creation tools run on RTX PRO GPUs, which use the same Tensor Core technology as the data centre parts. Automotive is sold as DRIVE Hyperion, a full stack running from the cloud to the car: development infrastructure, DRIVE AGX computing hardware, an in-vehicle operating system, a reference sensor set, and modular software for autonomous driving, mapping, parking and in-car experiences. The company describes relationships with several hundred partners in the automotive ecosystem.

Who makes it, and who sells it

NVIDIA is fabless. It partners with suppliers for every phase of manufacturing, wafer fabrication, assembly, testing and packaging, and those suppliers buy most of the raw materials. NVIDIA buys some itself, including memory, substrates and various components. The trade-off it names is explicit: it avoids the cost and risk of owning factories, and in return it puts resource into product design, quality assurance, marketing and support. When demand runs ahead of supply it may place non-cancellable component orders earlier than its usual lead times, pay premiums, or leave deposits to secure capacity.

Selling runs through a partner network: cloud service providers both global and regional, original equipment and design manufacturers, independent software vendors, system integrators, add-in board makers, distributors, carmakers and tier-one automotive suppliers. Alongside the sales team sit application engineers and solution architects who help those partners design, test and qualify systems built around NVIDIA's platforms.

From NVIDIA's annual report on Form 10-K for the year ended 25 January 2026. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue215,938130,49760,922+65.5%
Cost of revenue62,47532,63916,621+91.4%
Gross profit153,46397,85844,301+56.8%
Gross margin71.1%75.0%72.7%
Research and development18,49712,9148,675+43.2%
Selling, general and administrative4,5793,4912,654+31.2%
Operating income130,38781,45332,972+60.1%
Operating margin60.4%62.4%54.1%
Interest expense259247257+4.9%
Pre-tax income141,45084,02633,818+68.3%
Income tax21,38311,1464,058+91.8%
Effective tax rate15.1%13.3%12.0%
Net income120,06772,88029,760+64.7%
Net margin55.6%55.8%48.8%
Diluted EPS$4.90$2.94$1.19+66.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow102,71864,08928,090+60.3%
Capital expenditure6,0423,2361,069+86.7%
Free cash flow96,67660,85327,021+58.9%
Free cash flow margin44.8%46.6%44.4%
Cash from investing-52,228-20,421-10,566
Cash from financing-48,474-42,359-13,633
Depreciation and amortisation2,8431,8641,508+52.5%
Share-based compensation6,3864,7373,549+34.8%
Buybacks40,08633,7069,533+18.9%
Dividends paid974834395+16.8%
Dividend per share$0.04$0.03$0.02+17.6%
Diluted shares, weighted24,514m24,804m24,940m-1.2%
Shares outstanding at period end24,304m24,477m24,640m-0.7%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity157,29379,32742,978+98.3%
Debt8,4688,4639,709+0.1%
Operating lease liabilities2,5721,5191,119+69.3%
Other liabilities38,47022,29211,922+72.6%
Total liabilities and equity206,803111,60165,728+85.3%
Fixed assets10,3836,2833,914+65.3%
Goodwill20,8325,1884,430+301.5%
Intangible assets3,3068071,112+309.7%
Investmentsn/a34,62118,704
Securities held for sale or to maturity39,520n/an/a
Cash and equivalents10,6058,5897,280+23.5%
Receivables38,46623,0659,999+66.8%
Inventory21,40310,0805,282+112.3%
Other assets62,28822,96815,007+171.2%
Total assets206,803111,60165,728+85.3%

10-K for the year ended 25 January 2026, filed 25 February 2026: the filing.