Nvda Posts Record Q4 Revenue of $68.1B as Data-Center Demand and Blackwell Ramp Accelerate
nvda reported a record fourth-quarter total revenue of $68. 1 billion for the period ended January 25, 2026, and fiscal 2026 revenue of $215. 9 billion, underscoring a sharp expansion in data-center demand that company leadership tied to the arrival of agentic AI and rapid adoption of Blackwell systems.
nvda Q4 at a glance
The fourth quarter produced sequential and year-over-year jumps: the $68. 1 billion quarterly figure was up 20% from the prior quarter and up 73% from a year earlier. Fiscal 2026 revenue totaled $215. 9 billion, up 65% from the prior year. A separate summary item rounds the quarter to $68 billion and highlights a record data-center quarter of $62 billion, up 75% year-over-year and 22% sequentially.
Revenue, margins and earnings per share
Gross margins for the quarter were exceptionally strong, with GAAP gross margin at 75. 0% and non-GAAP gross margin at 75. 2%. For the full fiscal year 2026, GAAP and non-GAAP gross margins were 71. 1% and 71. 3%, respectively. GAAP and non-GAAP diluted earnings per share for the quarter were $1. 76 and $1. 62, respectively; for fiscal 2026, GAAP and non-GAAP diluted earnings per share were $4. 90 and $4. 77, respectively.
Data center, Blackwell and networking momentum
Data-center revenue was a dominant driver: $62 billion in the quarter, with commentary noting the Blackwell and Blackwell Ultra ramp as primary contributors. Management identified agentic AI, hyperscaler upgrades and a growing sovereign-AI business—described as having more than tripled to over $30 billion—as demand drivers. Grace Blackwell systems accounted for roughly two-thirds of data-center revenue in the quarter.
Networking expanded rapidly as well, generating $11 billion and growing by more than 3. 5x year-over-year. That growth was tied to scaled adoption of NVLink, Spectrum-X Ethernet and InfiniBand, with NVLink 72 scale-up switches cited as a principal year-over-year driver. Executives characterized networking as part of a rack-scale AI infrastructure approach and said NVLink has materially boosted the networking business.
Performance-per-watt improvements were highlighted as a key purchasing driver in power-constrained clouds. Third-party assessments named in commentary include a designation of NVIDIA as an inference leader and benchmarks noting that GB300 NVL72 achieved up to 50x performance per watt and up to 35x lower cost per token versus a prior architecture; CUDA optimization was noted to deliver up to five times better performance on GB200 NVL72 within four months.
Capital returns, dividend and buyback status
During fiscal 2026, the company returned $41. 1 billion to shareholders in the form of share repurchases and cash dividends; a separate summary item references $41 billion returned to shareholders. As of the end of the fourth quarter, $58. 5 billion remained available under the firm’s share repurchase authorization. The next quarterly cash dividend was set at $0. 01 per share, with payment scheduled for April 1, 2026, to holders of record on March 11, 2026.
Cash flow, full-year data-center and product availability
Fourth-quarter free cash flow was listed at $35 billion, contributing to a fiscal-year free cash flow total of $97 billion. On a full-year basis, data center generated $194 billion of revenue, up 68% year-over-year. Company commentary noted that even older product families have largely sold out in cloud deployments, with Hopper products and much of the six-year-old Ampere-based lineup reported as sold out in the cloud due to elevated demand for the company's infrastructure.
Outlook, accounting changes and investor access
Guidance for the first quarter of fiscal 2027 included a revenue outlook of $78 billion, plus or minus 2%, with an explicit assumption of no China data-center compute and an expectation of roughly 75% gross margins. For the full fiscal 2027 year, GAAP and non-GAAP tax rates were projected to be between 17. 0% and 19. 0%, excluding discrete items and material changes to the company’s tax environment.
Beginning in the first quarter of fiscal 2027, stock-based compensation expense will be included in non-GAAP financial measures; the company described stock-based compensation as a foundational component of its compensation program to attract and retain world-class talent. The company uses a set of non-GAAP measures to supplement condensed consolidated financial statements, listing items such as 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. Reconciliations for fiscal years 2025 and 2026 adjust related GAAP financial measures to exclude stock-based compensation expense and acquisition-related and other costs, other, gains/losses fr—unclear in the provided context.
Management remarks and investor access
Company leadership framed the quarter as an inflection driven by agentic AI. The CEO said the agentic AI inflection point has arrived and pointed to Grace Blackwell with NVLink as leading inference performance, with Vera Rubin expected to build on that leadership; management characterized enterprise agent adoption as accelerating and described customers as racing to invest in AI compute. The CFO, Colette Kress, provided commentary on the quarter that is available from the company. The firm scheduled a conference call with analysts and investors today at 2 p. m. Pacific time (5 p. m. Eastern time) and said a live webcast in listen-only mode would be accessible on the company’s investor relations website; the webcast will be recorded and available for replay until the call for the first quarter of fiscal 2027.
