Nvidia Earnings Report: $215.9bn Fiscal Revenue and $68.1bn Q4, but Stock Remains Tepid
The latest nvidia earnings report shows record fiscal revenue of $215. 9 billion and a fourth-quarter haul of $68. 1 billion, yet investor reaction remained muted. The numbers matter now because they underscore rapid enterprise spending on AI compute while the company navigates geopolitical limits on sales and investor scrutiny over its deal-making.
Nvidia Earnings Report: Quarterly and Fiscal Totals
NVIDIA posted $68. 1 billion in revenue for the fourth quarter ended January 25, 2026, a 20% increase from the prior quarter and a 73% rise from the same period a year earlier. For fiscal 2026, revenue totaled $215. 9 billion, an increase of 65% year over year; that annual figure is also presented as £159. 1 billion in sterling terms. Sales in the last three months of the financial year jumped 73% compared with 12 months earlier.
Margins, Earnings Per Share and Shareholder Returns
For the quarter, GAAP and non-GAAP gross margins were 75. 0% and 75. 2%, respectively. For fiscal 2026, GAAP gross margin was 71. 1% and non-GAAP gross margin was 71. 3%. Quarterly GAAP earnings per diluted share came in at $1. 76, with non-GAAP EPS of $1. 62; for the full fiscal year, GAAP EPS was $4. 90 and non-GAAP EPS was $4. 77. During fiscal 2026 NVIDIA returned $41. 1 billion to shareholders through share repurchases and cash dividends, and finished the quarter with $58. 5 billion remaining under its share repurchase authorization. The company will pay a quarterly cash dividend of $0. 01 per share on April 1, 2026, to shareholders of record on March 11, 2026.
Jensen Huang, Product Names and Strategic Messaging
Founder and CEO Jensen Huang framed the results around accelerating demand for AI compute, saying “Computing demand is growing exponentially” and that enterprise adoption of agents was surging. He invoked product names as examples of the company’s technical roadmap—citing Grace Blackwell with NVLink as a leader in inference and naming Vera Rubin as a forthcoming extension of that leadership. Huang has also outlined new technologies intended to spur demand by expanding the company’s role inside physical products.
US Commerce Department, H200 Chips and China Sales
The company’s outlook did not include expectations for chip revenue in China. Last month, the Trump administration began allowing NVIDIA to sell its H200 chips—described as the company’s second-most advanced type—to Chinese customers under certain conditions. A US Commerce Department official has told lawmakers that none of those chips have yet been sold to Chinese customers.
Investor Skepticism, Deal Concerns and Stock Reaction
Investor scepticism about the size of AI-related spending remains a feature of the coverage surrounding the results. Critics have raised concerns about what they call "circular financing"—investments by NVIDIA in other companies that might obscure the true strength of AI demand—and that scrutiny has followed the company even as it registered record revenue. One industry observer, Gene Munster, manager partner at Deepwater Asset Management, wrote on X that "AI is accelerating faster than people not using these tools can grasp, " arguing the buildout will likely continue. Despite the blockbuster quarter and record annual revenue, headlines note that Nvidia stock was downbeat.
Corporate Reporting Changes, Conference Call and Forward-Looking Tax Outlook
Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in its non-GAAP financial measures, a change the company says reflects the role of stock-based pay in its talent strategy. NVIDIA’s outlook for the full year fiscal 2027 anticipates GAAP and non-GAAP tax rates between 17. 0% and 19. 0%, excluding discrete items and material changes to its tax environment. The company will conduct a conference call with analysts and investors today at 2 p. m. Pacific time (5 p. m. Eastern time), with a live webcast available through its investor relations channels and a recording to remain available until the next quarterly call. To aid comparisons with prior periods, NVIDIA uses non-GAAP measures and provides reconciliations that adjust GAAP results to exclude items such as stock-based compensation expense and acquisition-related and other costs.
What makes this notable is that the company managed to convert surging demand into both handsome margins and a large cash return to investors—$41. 1 billion in the year—while simultaneously facing geopolitical constraints and heightened investor scrutiny that have left stock reaction subdued.
NVIDIA’s expanding product initiatives, including a platform unveiled at CES in Las Vegas last month for self-driving cars that uses an open-source model called "Alpamayo" to add reasoning to autonomous vehicles, underline the company’s effort to capture more of the downstream market where AI is embedded. The combination of record revenue, rising margins and strategic shifts in reporting and product scope sets the agenda for the company’s next fiscal year.
