Nvda Posts Record Fiscal 2026 Results as Data Center Revenue and Networking Surge
nvda reported record fourth-quarter revenue of $68. 1 billion for the period ended January 25, 2026, and record fiscal 2026 revenue of $215. 9 billion, setting the stage for an expanded data‑center and networking footprint that company leaders say is driven by agentic AI demand and new systems ramps.
Nvda Q4 and Fiscal 2026 Revenue Highlights
The quarter’s $68. 1 billion figure was up 20% from the prior quarter and up 73% year‑over‑year; fiscal 2026 revenue of $215. 9 billion was up 65% from a year earlier. For the quarter, GAAP and non‑GAAP gross margins were 75. 0% and 75. 2%, respectively; for fiscal 2026, the GAAP and non‑GAAP gross margins were 71. 1% and 71. 3%. Quarterly GAAP and non‑GAAP earnings per diluted share were $1. 76 and $1. 62, while fiscal 2026 GAAP and non‑GAAP earnings per diluted share were $4. 90 and $4. 77.
Data Center and Blackwell Momentum
Data center revenue was a dominant driver. The company posted a record data‑center quarter of $62 billion, up 75% year‑over‑year and up 22% sequentially, with management citing the Blackwell and Blackwell Ultra ramp. The firm added $11 billion in data‑center revenue versus the prior quarter. On a full‑year basis, data center generated $194 billion of revenue, up 68% year‑over‑year. Grace Blackwell systems represented roughly two‑thirds of data‑center revenue in the quarter. Management also noted that Hopper products and much of the six‑year‑old Ampere‑based products are sold out in the cloud due to strong demand.
Networking and NVLink Growth
Networking emerged as a larger pillar, generating $11 billion in the quarter, more than 3. 5x year‑over‑year. Both scale‑up and scale‑out networking technologies grew double digits sequentially as NVLink 72 scale‑up switches, Spectrum‑X Ethernet, and InfiniBand adoption scaled. Executives framed networking as an extension of a rack‑scale AI infrastructure approach and said NVLink materially increased switching requirements and revenue mix.
Profitability, Cash Flow and Shareholder Returns
Quarterly free cash flow was $35 billion, with full‑year free cash flow of $97 billion. During fiscal 2026 the company returned $41. 1 billion to shareholders in the form of shares repurchased and cash dividends; a close figure of $41 billion in returns was also noted. As of the end of the fourth quarter, the company had $58. 5 billion remaining under its share repurchase authorization. The next quarterly cash dividend was set at $0. 01 per share, payable on April 1, 2026, to shareholders of record on March 11, 2026.
Guidance, Non‑GAAP Changes and Next Steps
Management provided guidance for the first quarter of fiscal 2027 that included a revenue outlook and a gross‑margin expectation near 75%; a specific Q1 revenue guide included a midpoint near $78 billion with a plus‑minus range of 2% and assumes no China data‑center compute. Beginning in the first quarter of fiscal 2027, stock‑based compensation expense will be included in the company’s non‑GAAP financial measures; the company described stock‑based compensation as a foundational component of its pay program to attract and retain talent.
The company continues to use a set of non‑GAAP measures—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—and provides reconciliations that adjust GAAP measures to exclude stock‑based compensation expense and acquisition‑related and other costs, other gains/losses; the reconciliation text is truncated and unclear in the provided context.
Executive Perspectives and Investor Access
Company leadership framed the quarter as an agentic AI inflection point, pointing to Grace Blackwell with NVLink as a performance and cost‑per‑token leader and to Vera Rubin as extending that leadership. Management said enterprise adoption of agents is accelerating and customers are rapidly investing in AI compute. CFO commentary by Colette Kress was made available contemporaneously, and the company scheduled a conference call for today at 2 p. m. Pacific time (5 p. m. Eastern time) with a listen‑only webcast available on the company’s investor relations site; the webcast will be recorded and available for replay until the company’s next quarterly results call.
