Nvda: nvda Posts Record Fiscal 2026, Stock Reaction Draws Scrutiny
NVIDIA (NASDAQ: NVDA) reported record revenue for the fourth quarter ended January 25, 2026, and raised an outlook that market participants called a roughly $6 billion revenue guide beat; nvda’s results include large margins, strong shareholder returns and a conference call scheduled for today. fourth-quarter revenue was $68. 1 billion and fiscal 2026 revenue was $215. 9 billion.
Nvda Fourth-Quarter Results
NVIDIA said revenue for the fourth quarter ended January 25, 2026, was $68. 1 billion, up 20% from the previous quarter and up 73% from a year ago. For fiscal 2026, the company reported revenue of $215. 9 billion, up 65% from a year ago. The filing listed the company as NVIDIA (NASDAQ: NVDA).
Margins and earnings per share
For the quarter, NVIDIA reported GAAP and non-GAAP gross margins of 75. 0% and 75. 2%, respectively. For fiscal 2026, GAAP and non-GAAP gross margins were 71. 1% and 71. 3%, respectively. GAAP and non-GAAP earnings per diluted share for the quarter 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.
Shareholder returns and dividend
During fiscal 2026, NVIDIA returned $41. 1 billion to shareholders through share repurchases and cash dividends. As of the end of the fourth quarter, the company had $58. 5 billion remaining under its share repurchase authorization. NVIDIA will pay its next quarterly cash dividend of $0. 01 per share on April 1, 2026, to all shareholders of record on March 11, 2026.
Executive comments and strategy
Jensen Huang, founder and CEO of NVIDIA, said that "computing demand is growing exponentially — the agentic AI inflection point has arrived. " He added that "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. " Huang also said, "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. "
Guidance, tax outlook and accounting changes
NVIDIA provided an outlook for the first quarter of fiscal 2027; the specific line-item amounts for that outlook are unclear in the provided context. For the full year fiscal 2027, the company expects GAAP and non-GAAP tax rates to be between 17. 0% and 19. 0%, excluding any discrete items and material changes to NVIDIA’s tax environment. Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in non-GAAP financial measures and described stock-based compensation as a foundational component of its compensation program to attract and retain world-class talent.
Conference call and non-GAAP reconciliations
NVIDIA said it will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2026 financial results and current financial prospects today at 2 p. m. Pacific time (5 p. m. Eastern time). A live webcast in listen-only mode will be accessible on NVIDIA’s investor relations site and the webcast will be recorded and available for replay until the company’s conference call to discuss its first quarter of fiscal 2027. To supplement GAAP statements, NVIDIA uses 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 or earnings per diluted share, and free cash flow. The reconciliations for fiscal years 2025 and 2026 adjust related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, and other gains/losses; the remainder of that sentence is unclear in the provided context.
Market reaction and analyst debate
Nvidia guided the current quarter roughly $6 billion above consensus estimates, and the stock was down in Thursday morning trading. Visible Alpha head of TMT research Melissa Otto and Laffer Tengler Investments CEO and CIO Nancy Tengler joined Opening Bid host Brian Sozzi to debate whether NVIDIA’s mid-70% gross margins and strong fundamentals were already priced in and what it would take to spark a fresh catalyst. One participant said they were surprised by the stock reaction given a current-quarter outlook that was roughly $6 billion ahead of consensus and noted that $6 billion can equal an entire year of revenue for some companies.
In that discussion a speaker noted a hypothetical Q1 guide of "77 to 79 billion" where consensus was 72. 4 billion and said gross margin was remaining at a mid-70s level. Nancy Tengler said she disagreed with the bearish take, likening the situation to an earlier market dip that became a buying opportunity, and said that with "60 plus percent earnings growth" and a price-to-earnings somewhere below 25 times next year's earnings, the stock looked undervalued. She said China has not yet played in fully, called sovereign revenue growth notable—"they posted 30 billion in sovereign revenues and that was three 3x year-over-year"—and suggested hedge funds had been putting pressure on names since the fall. Tengler voiced the view that compute drives inference which drives revenues, and that hyperscalers do not have enough capacity, turning others' CAPEX into NVIDIA revenue.
Colette Kress, NVIDIA’s executive vice president and chief financial officer, provided commentary on the quarter; that CFO commentary is available from the company. it had made those disclosures when announcing the quarter and scheduled its investor call for today as noted above.
NVIDIA’s fiscal 2026 results combined record revenue, high gross margins, substantial share returns and a forward-looking change to non-GAAP presentation, and they prompted debate among market participants about whether the outlook is already priced into the stock.
