Nvidia Stock: blockbuster results fail to dazzle investors despite record $215.9bn year
nvidia stock remained under pressure even as NVIDIA (NASDAQ: NVDA) reported record fiscal 2026 revenue of $215. 9 billion and fourth-quarter revenue of $68. 1 billion, figures that underline both the company’s commercial momentum and the investor skepticism surrounding its AI-driven expansion.
Fourth quarter and full-year financial picture: $68. 1bn quarter, $215. 9bn year
NVIDIA reported revenue for the fourth quarter ended January 25, 2026, of $68. 1 billion, up 20% from the prior quarter and up 73% from a year earlier. For fiscal 2026, revenue was $215. 9 billion, up 65% from a year ago. For the quarter, GAAP and non-GAAP gross margins were 75. 0% and 75. 2%; for fiscal 2026, GAAP and non-GAAP gross margins were 71. 1% and 71. 3%.
For the quarter, GAAP and non-GAAP earnings per diluted share were $1. 76 and $1. 62, respectively. For fiscal 2026, GAAP and non-GAAP earnings per diluted share were $4. 90 and $4. 77, respectively.
Nvidia Stock: shareholder returns, dividend timing and repurchase capacity
During fiscal 2026, the company returned $41. 1 billion to shareholders through share repurchases and cash dividends. As of the end of the fourth quarter, NVIDIA had $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.
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. 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 NVIDIA’s tax environment.
Client Challenge and investor skepticism over AI spending and financing
Investor scepticism about the scale of spending on artificial intelligence has accompanied the company’s results. Coverage carrying the heading "Client Challenge" highlights this pushback. Critics have flagged concerns about an expanding web of deals and the prospect of "circular financing"—investments by NVIDIA in other companies that could cloud perceptions of how robust AI demand truly is.
Gene Munster, manager partner at Deepwater Asset Management, said the AI buildout was likely to continue for a long time and wrote on the social media platform X on Wednesday, "AI is accelerating faster than people not using these tools can grasp. " At the same time, the company has recently laid out plans to generate demand with new technologies of its own.
Regulatory and China trade notes: H200 approvals but no sales yet
Last month, the Trump administration began allowing NVIDIA to sell its H200 chips—described as NVIDIA's second-most advanced type—to Chinese customers under certain conditions. The company's outlook did not include expectations about chip revenue in China. A U. S. Commerce Department official told lawmakers that none of those H200 chips have yet been sold to Chinese customers.
Product roadmap and CEO commentary: agents, NVLink, Grace Blackwell and Vera Rubin
CEO Jensen Huang emphasized the surge in demand for AI compute in his commentary. He said, "Computing demand is growing exponentially — the agentic AI inflection point has arrived. Grace Blackwell with NVLink is the king of inference today — delivering an order-of-magnitude lower cost per token — and Vera Rubin will extend that leadership even further. " He added, "Enterprise adoption of agents is skyrocketing. Our customers are racing to invest in AI compute — the factories powering the AI industrial revolution and their future growth. "
Last month at the CES trade show in Las Vegas, Huang unveiled a new technology platform for self-driving cars and said the open-source AI model the company calls "Alpamayo" will bring reasoning to autonomous vehicles.
Conference call, non-GAAP reconciliations and corporate disclosures
it will conduct a conference call with analysts and investors to discuss its fourth-quarter and fiscal 2026 financial results and current prospects at 2 p. m. Pacific time (5 p. m. Eastern time). The firm uses non-GAAP measures to supplement its condensed consolidated financial statements; the reconciliations for fiscal years 2025 and 2026 adjust related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs.
With record revenue, sizable share returns and ongoing product rollouts aimed at expanding demand, NVIDIA’s results present a mix of hard financial gains and lingering investor questions about the sustainability and accounting of AI-driven growth.
