Nvda posts record $68.1B quarter and $6B guidance beat, but stock stalls
Nvda reported record fourth-quarter revenue of $68. 1 billion and fiscal 2026 revenue of $215. 9 billion, while also guiding the current quarter roughly $6 billion above consensus. The strength of the company’s numbers and its forward guidance matter now because investors pushed the stock lower even as the company posted unusually large gains and reiterated high margins.
Fourth quarter: $68. 1 billion, 75% margins and EPS detail
The company closed the quarter ended January 25, 2026, with $68. 1 billion in revenue, a rise of 20% from the prior quarter and 73% higher than a year earlier. For the quarter, GAAP and non-GAAP gross margins were 75. 0% and 75. 2%, respectively, and GAAP and non-GAAP earnings per diluted share were $1. 76 and $1. 62, respectively. For the full fiscal 2026 year, revenue totaled $215. 9 billion, up 65% year over year, with GAAP and non-GAAP gross margins of 71. 1% and 71. 3% and GAAP and non-GAAP earnings per diluted share of $4. 90 and $4. 77.
Jensen Huang on agentic AI, Grace Blackwell and Vera Rubin
Chief executive Jensen Huang framed the results around a surge in computing demand and an inflection in agentic AI. He highlighted Grace Blackwell with NVLink as delivering an order-of-magnitude lower cost per token for inference and said that Vera Rubin will extend that leadership further. Huang added that enterprise adoption of agents is accelerating and that customers are racing to invest in AI compute, which the company describes as the factories powering the AI industrial revolution.
Shareholder returns: $41. 1 billion and remaining authorization
During fiscal 2026, the company returned $41. 1 billion to shareholders through share repurchases and cash dividends. At the end of the fourth quarter, $58. 5 billion remained available under the company’s share repurchase authorization. The firm will pay a quarterly cash dividend of $0. 01 per share on April 1, 2026, to shareholders of record on March 11, 2026.
Conference call, Colette Kress commentary and accounting changes
Management scheduled a conference call with analysts and investors for today at 2 p. m. Pacific time (5 p. m. Eastern time) and said a live webcast in listen-only mode will be accessible on the company’s investor relations site; that webcast will be recorded and available for replay until the next quarterly call. Executive vice president and chief financial officer Colette Kress provided additional commentary that is available through the company’s investor materials. Beginning in the first quarter of fiscal 2027, the company will include stock-based compensation expense in its non-GAAP financial measures. For the full fiscal 2027 year, GAAP and non-GAAP tax rates are expected to be between 17. 0% and 19. 0%, excluding any discrete items and material changes to the company’s tax environment. The company also publishes reconciliations that adjust GAAP measures to non-GAAP by excluding stock-based compensation expense and acquisition-related and other costs; a referenced item described as "other, gains/losses fr" is unclear in the provided context.
Nvda market reaction: $6 billion guide beat and Thursday trading
The company guided the coming quarter roughly $6 billion above visible consensus estimates, with analysts’ discussion pointing to a near-term guide in the 77 to 79 billion range versus a consensus of 72. 4 billion. Despite that beat, the stock traded lower in Thursday morning sessions. Market commentators on a financial program debated whether the mid-70% gross margins and the strength of fundamentals were already priced into the stock and what would qualify as a fresh catalyst.
Analysts and debate: Visible Alpha, Melissa Otto and Nancy Tengler
Visible Alpha’s head of TMT research, Melissa Otto, and Laffer Tengler Investments CEO and CIO Nancy Tengler spoke with host Brian Sozzi about investor reaction. Otto said the margin profile — mid-70% levels now and projected to remain there through the year — may have removed the element of surprise that once drove further upside. Tengler pushed back, calling the situation reminiscent of an earlier selloff that created an opportunity to buy the stock at just over $100 per share, and argued that 60% plus earnings growth and a price-to-earnings multiple below 25 times next year’s earnings point to undervaluation. Tengler noted that China "hasn’t played in yet, " that sovereign customers posted $30 billion in sovereign revenues, a level that was three times year over year, and that hedge funds began applying pressure on these names in the fall. She and others emphasized that hyperscalers still lack capacity, and that capital expenditure to build AI infrastructure converts into revenues for the company: compute equals inference equals revenues.
What makes this notable is that the company produced outsized, measurable gains in revenue, margins and shareholder returns while the market’s reaction focused on whether future margin expansion or a new catalyst remain to be priced in — a dynamic that has left trading disconnected from the headline numbers in the near term.
