Nvidia Earnings Report Q4 2026: NVDA Beats Big, Stock Jumps to $202 — $78 Billion Q1 Guidance Silences AI Bears

The most anticipated earnings report of 2026 is in. Nvidia reported fiscal 2026 fourth-quarter earnings of $1.62 per share — up 82% year over year — on revenue of $68.1 billion, up 73.2% year over year, and guided to fiscal Q1 2027 revenue of $78 billion, plus or minus 2%, topping Wall Street expectations across all three metrics for another consecutive quarter. NVDA stock surged in after-hours trading, climbing as high as $202.92 after closing the regular session at $195.56. Nvidia just delivered the largest quarterly revenue in its history — and then told Wall Street the next quarter will be even bigger.

Nvidia Q4 2026 Earnings: The Complete Numbers

Nvidia earned $1.62 per share on revenue of $68.13 billion for fiscal Q4 2026. Analysts had expected a profit of $1.52 per share on revenue of $65.56 billion. Nvidia's year-over-year revenue growth of 73% for Q4 was its best performance for fiscal 2026, compared to 62% in Q3, 56% in Q2, and 69% in Q1. Meanwhile, full-year fiscal 2026 revenue increased 65% year over year to $215.94 billion. The chipmaker's adjusted gross margin improved 1.7 basis points year over year to 75.2%.

The $78 Billion Q1 Guidance That Silenced Every Bear

Guidance was also better than expected. Nvidia said revenue for the fiscal first quarter will be $78 billion, plus or minus 2%. Analysts were expecting $72.6 billion. That single number — $78 billion versus $72.6 billion expected — is a $5.4 billion upside surprise on forward guidance and is the most important data point in tonight's entire report. CFO Colette Kress shared on the call that the future has gotten even brighter: "We expect sequential revenue growth throughout calendar 2026, exceeding what was included in the $500 billion Blackwell and Rubin revenue opportunity we shared last year."

"Analysts' expectations for 2026 capex across the top five cloud providers and hyperscalers, who collectively account for a little over 50% of our data center revenue, are up nearly $120 billion since the start of the year and approaching $700 billion," Kress said.

Data Center: The Engine That Runs Everything

Revenue in the data center business climbed 75% from a year earlier to $62.3 billion. Nvidia now gets over 91% of sales from its data center unit, which houses its market-leading artificial intelligence chips. Hyperscalers remained the largest customer category, accounting for just over 50% of data center revenue. Annual data center revenue hit $194 billion, up 68% for the fiscal year — the business has scaled nearly 13 times since ChatGPT's emergence in 2023. Networking revenue exceeded $31 billion for the full year — up more than 10 times versus fiscal 2021. Sovereign AI revenue topped $30 billion for the year, more than tripling, primarily from Canada, France, the Netherlands, Singapore, and the UK.

Vera Rubin Samples Already Shipping — Production on Track for H2 2026

The single most bullish statement of the entire Nvidia earnings call was buried inside CFO Colette Kress's prepared remarks. Kress said the company "shipped our first Vera Rubin samples to customers earlier this week, and we remain on track to commence production shipments in the second half of the year." Vera Rubin is expected to deliver 10 times more performance per watt, providing energy efficiency at a time when data centers face major power constraints. Nvidia also made a $10 billion outlay in Anthropic and deepened its OpenAI engagement — the company is finalizing a $30 billion investment and partnership agreement with the ChatGPT developer.

Jensen Huang: "The Agentic AI Inflection Point Has Arrived"

CEO Jensen Huang said in the press release: "Computing demand is growing exponentially — the agentic AI inflection point has arrived." Gene Munster, managing partner at Deepwater Asset Management, responded on X immediately: "The AI Infrastructure Trade is alive and well." The chip designer's massive outlook for Q1 sales — with the midpoint at $78 billion, versus a consensus estimate of $72.8 billion — underscores the magnitude of near-term demand for AI compute and chips.

The One Risk: China Revenue Excluded From Guidance

One significant caveat accompanied the otherwise euphoric report. Nvidia said it is not assuming data center revenue from China in its forecast. The stock pared some of its gains as Kress mentioned that the company does not yet know whether it will be able to ship any AI chips to China, and that its competitors in the world's second-largest economy are "making progress and have the potential to disrupt the structure of the global AI industry over the long term." The China exclusion means that any future resolution of U.S.-China chip restrictions represents pure upside — revenue not yet baked into any Nvidia forecast.

NVDA Stock and Market Reaction: What Happens Thursday

Nvidia stock is outperforming all of its megacap peers so far this year, up 5% in 2026, while the Nasdaq is down 0.4%. The only other company in the trillion-dollar club to show gains this year is Apple, which is up less than 1%. Analyst Moore's $250 price target — more than 30% above current after-hours levels — is looking increasingly plausible after tonight's blowout results. Nvidia's GTC 2026 event in San Jose, California is scheduled for mid-March and is expected to include major product announcements around Vera Rubin and next-generation AI infrastructure. Tonight's earnings report has given Jensen Huang the perfect platform to arrive at GTC as the uncontested king of artificial intelligence.