Nvidia Earnings Report: Chip maker posts record $215.9bn in fiscal revenue amid investor scrutiny
The nvidia earnings report details a blockbuster fiscal year for the chip maker, with record revenue of $215. 9 billion and a fourth quarter of $68. 1 billion — numbers that matter as investors parse margins, shareholder returns and geopolitical limits on China sales.
Nvidia Earnings Report: headline numbers for Q4 and fiscal 2026
fourth-quarter revenue, for the period ended January 25, 2026, was $68. 1 billion, up 20% from the previous quarter and up 73% from a year earlier. For fiscal 2026, revenue was $215. 9 billion, up 65% from a year ago. The firm said it beat analysts' forecasts as sales for the last three months of its financial year jumped by 73% compared to 12 months earlier.
Margins, EPS and non-GAAP measures disclosed for quarter and year
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; for fiscal 2026, GAAP and non-GAAP earnings per diluted share were $4. 90 and $4. 77.
it uses a set of non-GAAP measures — including 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 or earnings per diluted share, and free cash flow — and that reconciliations for recent fiscal years adjust related GAAP measures to exclude stock-based compensation expense, acquisition-related and other costs, and other gains or losses.
Leadership comments, new AI products and the CES unveiling
Jensen Huang, the company's founder and chief executive officer, said computing demand is growing exponentially and that customers are racing to invest in AI compute to power future growth. He added that the agentic AI inflection point has arrived and highlighted Grace Blackwell with NVLink as “the king of inference today” and Vera Rubin as technology that will extend leadership further. Huang also unveiled, at the CES technology trade show in Las Vegas last month, a new tech platform for self-driving cars and said the company’s open-source AI model called "Alpamayo" will bring reasoning to autonomous vehicles.
Shareholder returns, dividend schedule and changes to non-GAAP reporting
During fiscal 2026, the company returned $41. 1 billion to shareholders in the form of share repurchases and cash dividends. As of the end of the fourth quarter, it had $58. 5 billion remaining under its share repurchase authorization. The company 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. Beginning in the first quarter of fiscal 2027, the company will include stock-based compensation expense in non-GAAP financial measures, and stated that stock-based compensation is a foundational component of its compensation program to attract and retain world-class talent.
Conference call timing, tax outlook and executive commentary
The company scheduled a conference call with analysts and investors today at 2 p. m. Pacific time (5 p. m. Eastern time) to discuss fourth-quarter and fiscal 2026 results; a live webcast in listen-only mode will be accessible online and the webcast will be recorded and available for replay until the company's conference call to discuss financial results for its first quarter of fiscal 2027. Colette Kress, the executive vice president and chief financial officer, provided commentary on the quarter.
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 the company's tax environment.
Investor skepticism, China sales and broader market role
Investor scepticism about large AI-related spending persisted even as the company posted record revenue. Critics raised concerns about an expanding web of deals and the spectre of "circular financing" in which the company's investments in other firms could cloud perceptions of how robust AI demand is. The company is the world's most valuable publicly traded company, with a stock market value of around $4. 8 trillion, and has become a central player in the buildout of AI infrastructure, providing sophisticated chips to leading AI model developers including OpenAI and Meta.
The outlook released by the company on Wednesday did not include expectations about chip revenue in China. Last month, the Trump administration began allowing the company to sell its H200 chips, the company’s second-most advanced type, to Chinese customers under certain conditions. This week, a U. S. Commerce Department official told lawmakers that none of those chips have yet been sold to Chinese customers.
Market reaction and outside commentary
Gene Munster, manager partner at Deepwater Asset Management, wrote on the social media platform X on Wednesday that "AI is accelerating faster than people not using these tools can grasp. " The company’s stock was described as downbeat despite the quarter's results in the provided headlines, reflecting a mixed market reaction to the combination of record revenue, margins, shareholder returns and the geopolitical and investor concerns described above.
