NVIDIA Q4: Ai-Driven Surge Sends Revenue to $68.1B, Raises Q1 Guidance Above Street Estimates

NVIDIA’s fiscal fourth quarter results underscore an ai-driven surge: the company posted $68. 1 billion in revenue for the quarter and offered first-quarter guidance well above consensus, a set of developments that reshapes near-term expectations for demand and the company’s product roadmap.

NVIDIA's Q4 results and Ai-driven surge

NVIDIA reported fiscal fourth quarter revenue of $68. 1 billion for the quarter ended January 25, 2026, a 73% increase year over year and 20% higher than the prior quarter. The company beat analyst expectations on both top and bottom lines and set first-quarter guidance between $76. 44 billion and $79. 56 billion, above Wall Street estimates of $72. 8 billion. That outlook explicitly does not include any potential revenue out of China. The quarterly results reflect a concentrated rise in demand for ai compute and related systems.

Financial details: revenue, EPS and margins

For the quarter, NVIDIA reported non-GAAP earnings per diluted share of $1. 62 and GAAP earnings per diluted share of $1. 76, with revenue at $68. 1 billion. By comparison, the company reported EPS of $0. 89 and revenue of $39. 3 billion in the same quarter a year earlier. For fiscal 2026, revenue reached $215. 9 billion, up 65% year over year. GAAP and non-GAAP gross margins for the quarter were 75. 0% and 75. 2%, respectively; for fiscal 2026, GAAP and non-GAAP gross margins were 71. 1% and 71. 3%. For fiscal 2026, GAAP and non-GAAP earnings per diluted share were $4. 90 and $4. 77, respectively.

Data Center performance and hyperscaler dynamics

Data Center revenue drove the vast majority of growth, totaling $62. 3 billion for the period versus analyst projections of $60. 2 billion. NVIDIA breaks its Data Center business into compute, graphics chips and CPUs, and networking. Compute revenue grew 58% year over year, while networking surged 263% to $11 billion. CFO Colette Kress noted that hyperscalers accounted for slightly over 50% of Data Center revenue in the quarter and that growth was also led by the remainder of the Data Center customer base as revenue diversified.

Outlook, shareholder returns and corporate policy

The company returned $41. 1 billion to shareholders during fiscal 2026 through share repurchases and dividends, and it has $58. 5 billion remaining under its share repurchase authorization. NVIDIA will pay a quarterly cash dividend of $0. 01 per share on April 1, 2026, to shareholders of record on March 11, 2026. Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in its non-GAAP financial measures; the company described stock-based compensation as a foundational component of its compensation program to attract and retain talent.

Market reaction and investor debate

NVIDIA stock pared gains in premarket trading, rising 1% after an earlier 3% jump. Year to date as of Wednesday afternoon, the stock was up just over 5%. For comparison, Advanced Micro Devices was down roughly 1%, Broadcom was off about 3%, and Intel was up almost 27% year to date. Market observers are debating whether the strong string of product and partnership announcements implies more modest growth in later years or continued robust expansion; one managing partner characterized the question as whether the AI buildout is in its second inning or further along, with implications for 2027 and 2028 growth.

Products, partnerships and events on the roadmap

The quarter follows the January launch of NVIDIA’s Vera Rubin AI superchip at the CES event in Las Vegas and a recent expansion of the company’s agreement with Meta to supply both Blackwell and Rubin AI processors along with a first major standalone deployment of Grace CPU servers. NVIDIA is set to host its GTC 2026 event in San Jose, California, a few weeks after these results, where it is expected to make a number of major product announcements. Recent coverage also suggested NVIDIA could launch its own CPU for laptops in the coming months, which would be positioned to help gaming revenue.

Supplemental disclosures, conference call and accounting notes

NVIDIA scheduled a conference call with analysts and investors at 2 p. m. Pacific time (5 p. m. Eastern time) to discuss the fourth quarter and fiscal 2026 results; a listen-only webcast will be accessible on the company’s investor relations site and will be recorded and available for replay until the company’s conference call for its first quarter of fiscal 2027. The company 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 and earnings per diluted share, and free cash flow—to supplement GAAP statements. Reconciliations for fiscal years 2025 and 2026 adjust GAAP measures to exclude stock-based compensation expense, acquisition-related and other costs, and other items; the provided context on those reconciliations is incomplete or unclear in the provided context. NVIDIA’s outlook for the first quarter of fiscal 2027 was introduced with the phrase "NVIDIA’s outlook for the first quarter of fiscal 2027 is as follows: " but the specific outlook details are unclear in the provided context.

Executives framed the quarter as confirmation of accelerating enterprise investment in ai compute. Jensen Huang characterized computing demand as growing exponentially and described current products as delivering dramatic improvements in inference cost per token, with newer products expected to extend that leadership. Recent commitments from hyperscalers, which collectively plan very large AI capital expenditures in 2026, underpin much of the near-term demand picture.