NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026

Q: What were NVIDIA's (NVDA) Q4 FY26 revenue and EPS results announced February 25, 2026?

NVIDIA reported Q4 FY26 revenue of $68.1 billion and GAAP diluted EPS of $1.76 . According to the company, Q4 revenue rose 20% sequentially and 73% year-over-year, with Data Center revenue at a record $62.3 billion.

Q: What guidance did NVIDIA (NVDA) give for Q1 fiscal 2027 on February 25, 2026?

NVIDIA guided Q1 FY27 revenue to $78.0 billion ±2% with gross margins near 75%. According to the company, the outlook excludes assumed Data Center compute revenue from China and includes a 0.1% stock-based compensation impact.

Q: How much did NVIDIA (NVDA) return to shareholders in fiscal 2026 and what buyback capacity remains?

NVIDIA returned $41.1 billion in share repurchases and dividends in FY26 and has $58.5 billion remaining under its repurchase authorization. According to the company, the dividend is $0.01 per share next payable April 1, 2026.

Q: How significant was NVIDIA's Data Center performance in Q4 FY26 (NVDA)?

Data Center revenue reached a record $62.3 billion in Q4, up 22% sequentially and 75% year-over-year. According to the company, growth was driven by accelerated computing and AI platform shifts, including new Rubin and Blackwell deployments.

Q: What changes did NVIDIA (NVDA) announce for non-GAAP reporting starting Q1 FY27?

Beginning Q1 FY27, NVIDIA will include stock-based compensation in its non-GAAP financial measures. According to the company, this reflects stock-based pay as a foundational compensation component and affects reported non-GAAP operating expenses.

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Very Positive)

Rhea-AI Summary

NVIDIA (NASDAQ: NVDA) reported record Q4 revenue of $68.1 billion (up 20% Q/Q, 73% Y/Y) and fiscal 2026 revenue of $215.9 billion (up 65% Y/Y). GAAP diluted EPS was $1.76 for Q4 and $4.90 for FY26. Data Center revenue reached a record $62.3 billion in Q4.

Management announced a Q1 FY27 revenue outlook of $78.0 billion ±2%, inclusion of stock-based compensation in non-GAAP measures beginning Q1 FY27, a $0.01 quarterly dividend, and $58.5 billion remaining on its repurchase authorization.

Positive

Record Q4 revenue of $68.1B (+73% Y/Y)
Record FY26 revenue of $215.9B (+65% Y/Y)
Record Data Center Q4 revenue of $62.3B (+75% Y/Y)
Returned $41.1B to shareholders during FY26
Q1 FY27 revenue outlook of $78.0B ±2%

Negative

GAAP gross margin declined 3.9 pts FY26 to 71.1%
Operating expenses rose 41% FY26 to $23.1B
Company will include stock-based compensation in non-GAAP from Q1 FY27

Key Figures

Q4 FY26 revenue: $68.1 billion FY26 revenue: $215.9 billion Q4 Data Center revenue: $62.3 billion +5 more

8 metrics

Q4 FY26 revenue $68.1 billion Quarter ended January 25, 2026; up 20% Q/Q and 73% Y/Y

FY26 revenue $215.9 billion Fiscal 2026; up 65% from fiscal 2025

Q4 Data Center revenue $62.3 billion Q4 FY26; up 22% Q/Q and 75% Y/Y

Q4 GAAP diluted EPS $1.76 Quarter ended January 25, 2026; up from $0.89 in Q4 FY25

FY26 GAAP diluted EPS $4.90 Fiscal 2026; up from $2.94 in fiscal 2025

FY26 GAAP gross margin 71.1% Fiscal 2026; down from 75.0% in fiscal 2025

Capital return FY26 $41.1 billion Returned via share repurchases and cash dividends in fiscal 2026

Q1 FY27 revenue outlook $78.0 billion ±2% Company guidance for first quarter of fiscal 2027

Market Reality Check

Price: $195.63 Vol: Volume 203,290,535 is 1.1...

normal vol

$195.63 Last Close

Volume Volume 203,290,535 is 1.17x the 20-day average of 173,256,607 shares, indicating elevated trading interest into earnings. normal

Technical Price $195.63 is trading above the 200-day MA of $173.95 and sits 7.81% below the 52-week high of $212.19.

Peers on Argus

NVDA is up 0.68% with elevated volume, while key peers are mixed: AVGO and MU ar...

NVDA is up 0.68% with elevated volume, while key peers are mixed: AVGO and MU are modestly positive, whereas TSM, AMD and NXPI are negative. This divergence points to a company-specific reaction to earnings rather than a broad semiconductor move.

Previous Earnings Reports

5 past events · Latest: Nov 19 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 19	Q3 FY26 earnings	Positive	+2.9%	Record Q3 revenue and Data Center strength with EPS of $1.30.
Aug 27	Q2 FY26 earnings	Positive	-0.8%	Exceptional Q2 growth and $60B buyback authorization alongside strong Data Center.
May 28	Q1 FY26 earnings	Positive	+3.3%	Strong Q1 growth despite a $4.5B China-related inventory charge.
Feb 26	FY25 Q4 earnings	Positive	-8.5%	Record FY25 and Q4 revenue with major Data Center expansion.
Nov 20	Q3 FY25 earnings	Positive	+0.5%	Record Q3 FY25 revenue and rapid Data Center growth driven by AI demand.

Pattern Detected

Earnings releases have generally been positive operationally, but price reactions are mixed, with both rallies and notable selloffs following strong reports.

Recent Company History

Over the past five earnings cycles, NVIDIA has consistently reported record or strongly growing revenue, led by its Data Center segment. Prior quarters such as Q3 FY26 delivered record revenue of $57.0 billion and GAAP EPS of $1.30, while FY2025 Q4 posted record quarterly revenue of $39.3 billion. Despite these strong fundamentals, stock reactions ranged from a 2.85% gain to an 8.48% decline, underscoring that robust results have not always translated into sustained positive price moves.

Historical Comparison

-0.5% avg move · In the last five earnings releases, NVDA’s average next-day move was -0.53%, with both sharp gains a...

earnings

-0.5%

Average Historical Move earnings

In the last five earnings releases, NVDA’s average next-day move was -0.53%, with both sharp gains and steep pullbacks after strong reports.

Earnings have shown a clear progression from record Q3 FY25 and FY25 results through Q1–Q3 FY26, with Data Center revenue repeatedly setting records and driving overall growth into the current FY26 Q4 and full-year report.

Market Pulse Summary

This announcement details record Q4 FY26 and full-year FY26 revenue, with Data Center driving the bu...

Analysis

This announcement details record Q4 FY26 and full-year FY26 revenue, with Data Center driving the bulk of growth and EPS expanding significantly year over year. Historical earnings releases show strong fundamentals but mixed price reactions, highlighting the importance of valuation and expectations. Investors may focus on FY27 revenue and margin guidance, shifts in gross margin levels, and ongoing capital returns as key metrics to watch following this report.

Key Terms

non-gaap, stock-based compensation expense, free cash flow, basis points, +4 more

8 terms

non-gaap financial

"Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in non-GAAP financial measures."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

stock-based compensation expense financial

"Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in non-GAAP financial measures."

Stock-based compensation expense is the value that a company records when it gives employees or executives shares or options to buy shares as part of their pay. It matters because it shows the true cost of paying employees this way, which can affect the company's profits and how investors see its financial health.

free cash flow financial

"Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

basis points financial

"GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points, inclusive of a 0.1% impact from stock-based compensation expense."

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

gross margin financial

"For fiscal 2026, GAAP and non-GAAP gross margins were 71.1% and 71.3%, respectively."

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

cash dividend financial

"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."

A cash dividend is a payment made by a company to its shareholders directly in money, usually on a regular schedule. It is a way for investors to receive a portion of the company's profits, similar to earning interest or a bonus for holding the company's stock. Cash dividends provide income to shareholders and can indicate the company's financial health and stability.

operating income financial

"Operating income | | $44,299 | | $36,010 | | $24,034 | | 23 % | | 84 %"

Operating income is the profit a company earns from its regular business activities after subtracting the costs directly related to running the business, such as wages, rent, and supplies. It shows how well the core operations are performing, ignoring income or expenses from non-regular activities like investments or one-time events. Investors use it to assess the company's efficiency and profitability from its main work.

AI-generated analysis. Not financial advice.

02/25/2026 - 04:31 PM

Record quarterly revenue of $68.1 billion, up 20% from Q3 and up 73% from a year ago
Record quarterly Data Center revenue of $62.3 billion, up 22% from Q3 and up 75% from a year ago
Record full-year revenue of $215.9 billion, up 65%

SANTA CLARA, Calif., Feb. 25, 2026 (GLOBE NEWSWIRE) -- NVIDIA (NASDAQ: NVDA) today reported record revenue for the fourth quarter ended January 25, 2026, of $68.1 billion, up 20% from the previous quarter and up 73% from a year ago. 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%, respectively. For fiscal 2026, GAAP and non-GAAP gross margins were 71.1% and 71.3%, respectively.

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.

“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,” said Jensen Huang, founder and CEO of NVIDIA. “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.”

During fiscal 2026, NVIDIA returned $41.1 billion to shareholders in the form of shares repurchased 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.

Q4 Fiscal 2026 Summary

GAAP
($ in millions, except earnings per share)	Q4 FY26	Q3 FY26	Q4 FY25	Q/Q	Y/Y
Revenue	$68,127	$57,006	$39,331	20 %	73 %
Gross margin	75.0 %	73.4 %	73.0 %	1.6 pts	2.0 pts
Operating expenses	$6,794	$5,839	$4,689	16 %	45 %
Operating income	$44,299	$36,010	$24,034	23 %	84 %
Net income	$42,960	$31,910	$22,091	35 %	94 %
Diluted earnings per share	$1.76	$1.30	$0.89	35 %	98 %

Non-GAAP
($ in millions, except earnings per share)	Q4 FY26	Q3 FY26	Q4 FY25	Q/Q	Y/Y
Revenue	$68,127	$57,006	$39,331	20 %	73 %
Gross margin	75.2 %	73.6 %	73.5 %	1.6 pts	1.7 pts
Operating expenses	$5,102	$4,215	$3,378	21 %	51 %
Operating income	$46,107	$37,752	$25,516	22 %	81 %
Net income	$39,552	$31,767	$22,066	25 %	79 %
Diluted earnings per share	$1.62	$1.30	$0.89	25 %	82 %

Fiscal 2026 Summary

GAAP
($ in millions, except earnings per share)	FY26		FY25		Y/Y
Revenue	$215,938		$130,497		65 %
Gross margin		71.1 %		75.0 %	(3.9) pts
Operating expenses	$23,076		$16,405		41 %
Operating income	$130,387		$81,453		60 %
Net income	$120,067		$72,880		65 %
Diluted earnings per share	$4.90		$2.94		67 %

Non-GAAP
($ in millions, except earnings per share)	FY26		FY25		Y/Y
Revenue	$215,938		$130,497		65 %
Gross margin		71.3 %		75.5 %	(4.2) pts
Operating expenses	$16,694		$11,716		42 %
Operating income	$137,300		$86,789		58 %
Net income	$116,997		$74,265		58 %
Diluted earnings per share	$4.77		$2.99		60 %

Outlook

Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in non-GAAP financial measures. Stock-based compensation is a foundational component of NVIDIA’s compensation program to attract and retain world-class talent.

NVIDIA’s outlook for the first quarter of fiscal 2027 is as follows:

Revenue is expected to be $78.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.
GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points, inclusive of a 0.1% impact from stock-based compensation expense.
GAAP and non-GAAP operating expenses are expected to be approximately $7.7 billion and $7.5 billion, respectively, inclusive of $1.9 billion of stock-based compensation expense.

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.

Highlights

Data Center

Fourth-quarter revenue was a record $62.3 billion, up 22% from the previous quarter and up 75% from a year ago, driven by the major platform shifts — accelerated computing and AI. Full-year revenue rose 68% to a record $193.7 billion.
Unveiled the NVIDIA Rubin platform, comprising six new chips to deliver up to a 10x reduction in inference token cost, compared with the NVIDIA Blackwell platform; cloud providers Amazon Web Services (AWS), Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure will be among the first to deploy Vera Rubin-based instances.
Announced that the NVIDIA BlueField^®-4 data processor powers the NVIDIA Inference Context Memory Storage Platform, a new class of AI-native storage infrastructure for the next frontier of AI.
Announced a multiyear, multigenerational strategic partnership with Meta spanning on-premises, cloud and AI infrastructure, including the large-scale deployment of NVIDIA CPUs, networking and millions of NVIDIA Blackwell and Rubin GPUs.
Revealed that NVIDIA Blackwell Ultra delivers up to 50x better performance and 35x lower cost for agentic AI compared with the NVIDIA Hopper platform, according to new SemiAnalysis InferenceX benchmark results.
Expanded AWS partnership with new technology integrations across interconnect technology, cloud infrastructure, open models and physical AI.
Revealed that leading inference providers, including Baseten, DeepInfra, Fireworks AI and Together AI, cut AI costs by up to 10x with open source models on NVIDIA Blackwell.
Debuted the NVIDIA Nemotron™ 3 family of open models, data and libraries designed to power transparent, efficient and specialized agentic AI development across industries; released new open models, data and tools for agentic AI, physical AI and autonomous vehicle development.
Announced an investment and deep technology partnership with Anthropic, which is scaling its Claude model on Microsoft Azure, powered by NVIDIA systems.
Entered into a non-exclusive licensing agreement with Groq to accelerate AI inference at global scale.
Strengthened a collaboration with CoreWeave to accelerate the buildout of more than 5 gigawatts of AI factories by 2030.
Announced an expanded strategic partnership with Synopsys to revolutionize engineering and design across industries.
Announced a co-innovation AI lab with Lilly to reinvent drug discovery in the age of AI.
Announced a major expansion of NVIDIA BioNeMo™, an open development platform that enables lab-in-the-loop workflows to develop breakthroughs in AI-driven biology and drug discovery.
Joined the U.S. Department of Energy’s Genesis Mission as a private industry partner to support U.S. AI leadership in key areas including energy, scientific research and national security.
Launched the NVIDIA Earth-2 family of open models — the world’s first fully open, accelerated set of models and tools for AI weather.
Revealed that India’s global systems integrators Infosys, Persistent, Tech Mahindra and Wipro are building the next wave of enterprise agents with NVIDIA AI.
Partnered with global industrial software leaders Cadence, Siemens and Synopsys and India’s largest manufacturers to drive India’s AI boom using applications accelerated by NVIDIA CUDA-X™ and NVIDIA Omniverse™ libraries.

Gaming and AI PC

Fourth-quarter Gaming revenue was $3.7 billion, up 47% from a year ago, driven by strong Blackwell demand, and down 13% from the previous quarter as channel inventory naturally moderated following a season of strong holiday demand. Full-year revenue rose 41% to a record $16.0 billion.
Announced NVIDIA DLSS 4.5, delivering major AI-powered advances in graphics quality.
Launched NVIDIA G-SYNC^® Pulsar, extending the ultimate gaming display platform with new levels of motion clarity in esports.
Advanced NVIDIA RTX™ AI performance and adoption, delivering up to 35% faster large language model inference in leading AI PC frameworks and up to 3x performance in AI-generated visuals.

Professional Visualization

Fourth-quarter revenue was $1.3 billion, up 74% from the previous quarter and up 159% from a year ago, driven by exceptional demand for Blackwell. Full-year revenue rose 70% to a record $3.2 billion.
Launched the NVIDIA RTX PRO™ 5000 72GB Blackwell GPU to power larger models and agentic workflows.
Expanded global availability of NVIDIA DGX Spark™ for the latest open models and delivered updates for improved performance.

Automotive and Robotics

Fourth-quarter Automotive revenue was $604 million, up 2% from the previous quarter and up 6% from a year ago, driven by continued adoption of NVIDIA’s self-driving platforms. Full-year revenue rose 39% to a record $2.3 billion.
Unveiled the NVIDIA Alpamayo family of open AI models, simulation tools and datasets designed to accelerate the next era of safe, reasoning‑based autonomous vehicle (AV) development.
Partnered with Mercedes-Benz on the all-new Mercedes-Benz CLA, which introduces enhanced level 2 driver assistance powered by NVIDIA DRIVE AV software, AI infrastructure and accelerated compute.
Announced that the NVIDIA DRIVE Hyperion™ ecosystem is expanding to include tier 1 suppliers, automotive integrators and sensor partners including Aeva, AUMOVIO, Astemo, Arbe, Bosch, Hesai, Magna, Omnivision, Quanta, Sony and ZF Group.
Announced new NVIDIA Cosmos™ and NVIDIA Isaac™ GR00T open models, frameworks and AI infrastructure for physical AI; global industry leaders including Boston Dynamics, Caterpillar, Franka Robotics, Humanoid, LG Electronics and NEURA Robotics are using the NVIDIA robotics stack.
Expanded a strategic partnership with Siemens to build the industrial AI operating system.
Announced a strategic partnership with Dassault Systèmes to build an industrial AI platform powering virtual twins.

CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

Conference Call and Webcast Information

NVIDIA 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 (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2027.

Non-GAAP Measures

To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include 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, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. The reconciliations for fiscal years 2025 and 2026 adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Beginning in the first quarter of fiscal 2027, NVIDIA’s non-GAAP financial measures will no longer exclude stock-based compensation expense. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)


			Three Months Ended						Twelve Months Ended
			January 25,			January 26,			January 25,			January 26,
				2026			2025			2026			2025

Revenue			$	68,127		$	39,331		$	215,938		$	130,497
Cost of revenue				17,034			10,608			62,475			32,639
Gross profit				51,093			28,723			153,463			97,858

Operating expenses
	Research and development			5,512			3,714			18,497			12,914
	Sales, general and administrative			1,282			975			4,579			3,491
		Total operating expenses		6,794			4,689			23,076			16,405

Operating income				44,299			24,034			130,387			81,453
	Interest income			568			511			2,300			1,786
	Interest expense			(74	)		(61	)		(259	)		(247	)
	Other income, net			5,604			733			9,022			1,034
		Total other income, net		6,098			1,183			11,063			2,573

Income before income tax				50,397			25,217			141,450			84,026
Income tax expense				7,437			3,126			21,383			11,146
Net income			$	42,960		$	22,091		$	120,067		$	72,880

Net income per share:
	Basic		$	1.77		$	0.90		$	4.93		$	2.97
	Diluted		$	1.76		$	0.89		$	4.90		$	2.94

Weighted average shares used in per share computation:
	Basic			24,304			24,489			24,359			24,555
	Diluted			24,432			24,706			24,514			24,804

NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)


			January 25,		January 26,
			2026		2025
ASSETS

Current assets:
	Cash, cash equivalents and marketable securities		$	62,556	$	43,210
	Accounts receivable, net			38,466		23,065
	Inventories			21,403		10,080
	Prepaid expenses and other current assets			3,180		3,771
		Total current assets		125,605		80,126

Property and equipment, net				10,383		6,283
Operating lease assets				2,867		1,793
Goodwill				20,832		5,188
Intangible assets, net				3,306		807
Deferred income tax assets				13,258		10,979
Non-marketable equity securities				22,251		3,387
Other assets				8,301		3,038
		Total assets	$	206,803	$	111,601

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
	Accounts payable		$	9,812	$	6,310
	Accrued and other current liabilities			21,352		11,737
	Short-term debt			999		-
		Total current liabilities		32,163		18,047

Long-term debt				7,469		8,463
Long-term operating lease liabilities				2,572		1,519
Other long-term liabilities				7,306		4,245
		Total liabilities		49,510		32,274

Shareholders' equity				157,293		79,327
		Total liabilities and shareholders' equity	$	206,803	$	111,601

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)


		Three Months Ended						Twelve Months Ended
		January 25,			January 26,			January 25,			January 26,
			2026			2025			2026			2025

Cash flows from operating activities:
Net income		$	42,960		$	22,091		$	120,067		$	72,880
Adjustments to reconcile net income to net cash
provided by operating activities:
	Stock-based compensation expense		1,633			1,321			6,386			4,737
	Depreciation and amortization		811			543			2,843			1,864
	Gains on non-marketable equity securities and publicly-held equity securities, net		(5,491	)		(727	)		(8,918	)		(1,030	)
	Deferred income taxes		611			(598	)		(1,424	)		(4,477	)
	Other		(9	)		(138	)		(287	)		(502	)
Changes in operating assets and liabilities, net of acquisitions:
	Accounts receivable		(5,073	)		(5,370	)		(15,399	)		(13,063	)
	Inventories		(1,621	)		(2,424	)		(11,324	)		(4,781	)
	Prepaid expenses and other assets		(281	)		331			577			(395	)
	Accounts payable		1,064			867			3,096			3,357
	Accrued and other current liabilities		1,053			360			5,257			4,278
	Other long-term liabilities		533			372			1,844			1,221
Net cash provided by operating activities			36,190			16,628			102,718			64,089

Cash flows from investing activities:
	Proceeds from sales of marketable securities		14,670			177			15,157			495
	Proceeds from maturities of marketable securities		2,246			1,710			11,226			11,195
	Proceeds from sales of non-marketable equity securities		12			-			84			171
	Purchases of marketable securities		(20,540	)		(7,010	)		(40,616	)		(26,575	)
	Purchases of non-marketable equity securities		(12,800	)		(478	)		(17,502	)		(1,486	)
	Groq, Inc.		(13,000	)		-			(13,000	)		-
	Purchases related to property and equipment and intangible assets		(1,284	)		(1,077	)		(6,042	)		(3,236	)
	Acquisitions, net of cash acquired		(165	)		(542	)		(1,535	)		(1,007	)
	Other		-			22			-			22
Net cash used in investing activities			(30,861	)		(7,198	)		(52,228	)		(20,421	)

Cash flows from financing activities:
	Proceeds related to employee stock plans		-			-			644			490
	Payments related to repurchases of common stock		(3,815	)		(7,810	)		(40,086	)		(33,706	)
	Payments related to employee stock plan taxes		(2,139	)		(1,861	)		(7,948	)		(6,930	)
	Dividends paid		(243	)		(245	)		(974	)		(834	)
	Principal payments on property and equipment and intangible assets		(4	)		(32	)		(101	)		(129	)
	Repayment of debt		-			-			-			(1,250	)
	Other		(9	)		-			(9	)		-
Net cash used in financing activities			(6,210	)		(9,948	)		(48,474	)		(42,359	)

Change in cash and cash equivalents			(881	)		(518	)		2,016			1,309
Cash and cash equivalents at beginning of period			11,486			9,107			8,589			7,280
Cash and cash equivalents at end of period		$	10,605		$	8,589		$	10,605		$	8,589

Supplemental disclosures of cash flow information:
Cash paid for income taxes, net		$	6,979		$	4,129		$	20,288		$	15,118

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)

		Three Months Ended									Twelve Months Ended
		January 25,			October 26,			January 26,			January 25,			January 26,
			2026			2025			2025			2026			2025

GAAP cost of revenue		$	17,034		$	15,157		$	10,608		$	62,475		$	32,639
GAAP gross profit		$	51,093		$	41,849		$	28,723		$	153,463		$	97,858
GAAP gross margin			75.0%			73.4%			73.0%			71.1%			75.0%
	Acquisition-related and other costs (A)		48			48			118			267			472
	Stock-based compensation expense (B)		69			70			53			261			178
	Other		(1	)		-			-			3			(3	)
Non-GAAP cost of revenue		$	16,918		$	15,039		$	10,437		$	61,944		$	31,992
Non-GAAP gross profit		$	51,209		$	41,967		$	28,894		$	153,994		$	98,505
Non-GAAP gross margin**			75.2%			73.6%			73.5%			71.3%			75.5%

GAAP operating expenses		$	6,794		$	5,839		$	4,689		$	23,076		$	16,405
	Stock-based compensation expense (B)		(1,564	)		(1,585	)		(1,268	)		(6,125	)		(4,559	)
	Acquisition-related and other costs (A)		(90	)		(39	)		(43	)		(204	)		(130	)
	Other		(38	)		-			-			(53	)		-
Non-GAAP operating expenses		$	5,102		$	4,215		$	3,378		$	16,694		$	11,716

GAAP operating income		$	44,299		$	36,010		$	24,034		$	130,387		$	81,453
	Total impact of non-GAAP adjustments to operating income		1,808			1,742			1,482			6,913			5,336
Non-GAAP operating income		$	46,107		$	37,752		$	25,516		$	137,300		$	86,789

GAAP total other income, net		$	6,098		$	1,926		$	1,183		$	11,063		$	2,573
	Gains from non-marketable equity securities and publicly-held equity securities, net		(5,491	)		(1,354	)		(727	)		(8,918	)		(1,030	)
	Other (C)		13			1			1			16			4
Non-GAAP total other income, net		$	620		$	573		$	457		$	2,161		$	1,547

GAAP net income		$	42,960		$	31,910		$	22,091		$	120,067		$	72,880
	Total pre-tax impact of non-GAAP adjustments		(3,670	)		389			756			(1,989	)		4,310
	Income tax impact of non-GAAP adjustments (D)		262			(532	)		(781	)		(1,129	)		(2,925	)
	Tax expense from OBBBA*		-			-			-			48			-
Non-GAAP net income**		$	39,552		$	31,767		$	22,066		$	116,997		$	74,265

Diluted net income per share
	GAAP	$	1.76		$	1.30		$	0.89		$	4.90		$	2.94
	Non-GAAP**	$	1.62		$	1.30		$	0.89		$	4.77		$	2.99

Weighted average shares used in diluted net income per share computation			24,432			24,483			24,706			24,514			24,804

GAAP net cash provided by operating activities		$	36,190		$	23,750		$	16,628		$	102,718		$	64,089
	Purchases related to property and equipment and intangible assets		(1,284	)		(1,637	)		(1,077	)		(6,042	)		(3,236	)
	Principal payments on property and equipment and intangible assets		(4	)		(24	)		(32	)		(101	)		(129	)
Free cash flow		$	34,902		$	22,089		$	15,519		$	96,575		$	60,724

*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).
**Includes H20 charges/(releases), net, which were $4.5 billion and ($180 million) for the first and second quarter of fiscal 2026, respectively, and insignificant for both the third and fourth quarter of fiscal 2026.

(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
		Three Months Ended									Twelve Months Ended
		January 25,			October 26,			January 26,			January 25,			January 26,
			2026			2025			2025			2026			2025
	Cost of revenue	$	48		$	48		$	118		$	267		$	472
	Research and development	$	83		$	35		$	27		$	176		$	79
	Sales, general and administrative	$	7		$	4		$	16		$	28		$	51

(B) Stock-based compensation consists of the following:
		Three Months Ended									Twelve Months Ended
		January 25,			October 26,			January 26,			January 25,			January 26,
			2026			2025			2025			2026			2025
	Cost of revenue	$	69		$	70		$	53		$	261		$	178
	Research and development	$	1,217		$	1,206		$	955		$	4,676		$	3,423
	Sales, general and administrative	$	347		$	379		$	313		$	1,449		$	1,136

(C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount.

(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK


		Q1 FY27 Outlook
		($ in millions)

GAAP gross margin			74.9%
	Impact of acquisition-related costs and other costs		0.1%
Non-GAAP gross margin*			75.0%

GAAP operating expenses		$	7,700
	Acquisition-related costs and other costs		(200	)
Non-GAAP operating expenses*		$	7,500

*Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in its non-GAAP financial measures. Stock-based compensation expense for the first quarter of fiscal 2027 is expected to have a 0.1% impact on non-GAAP gross margin and $1.9 billion in non-GAAP operating expenses.

About NVIDIA

NVIDIA (NASDAQ: NVDA) is the world leader in AI and accelerated computing.

For further information, contact:

Toshiya Hari		Mylene Mangalindan
Investor Relations		Corporate Communications
NVIDIA Corporation		NVIDIA Corporation
toshiyah@nvidia.com		mmangalindan@nvidia.com

Certain statements in this press release including, but not limited to, statements as to: computing demand growing exponentially; Grace Blackwell with NVLink being the king of inference today — delivering an order-of-magnitude lower cost per token — and Vera Rubin extending that leadership even further; enterprise adoption of agents skyrocketing; NVIDIA’s customers racing to invest in AI compute — the factories powering the AI industrial revolution and their future growth; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, including Vera Rubin, and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the first quarter of fiscal 2027 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing products and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; NVIDIA’s ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, DGX Spark, BlueField, NVIDIA DRIVE Hyperion, NVIDIA RTX, NVIDIA RTX PRO, NVIDIA Cosmos, NVIDIA Isaac, Nemotron, BioNeMo, CUDA-X, Omniverse and G-SYNC are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aabe86db-ce89-4434-b83c-495082979801

FAQ

What were NVIDIA's (NVDA) Q4 FY26 revenue and EPS results announced February 25, 2026?

NVIDIA reported Q4 FY26 revenue of $68.1 billion and GAAP diluted EPS of $1.76. According to the company, Q4 revenue rose 20% sequentially and 73% year-over-year, with Data Center revenue at a record $62.3 billion.

What guidance did NVIDIA (NVDA) give for Q1 fiscal 2027 on February 25, 2026?

NVIDIA guided Q1 FY27 revenue to $78.0 billion ±2% with gross margins near 75%. According to the company, the outlook excludes assumed Data Center compute revenue from China and includes a 0.1% stock-based compensation impact.

How much did NVIDIA (NVDA) return to shareholders in fiscal 2026 and what buyback capacity remains?

NVIDIA returned $41.1 billion in share repurchases and dividends in FY26 and has $58.5 billion remaining under its repurchase authorization. According to the company, the dividend is $0.01 per share next payable April 1, 2026.

How significant was NVIDIA's Data Center performance in Q4 FY26 (NVDA)?

Data Center revenue reached a record $62.3 billion in Q4, up 22% sequentially and 75% year-over-year. According to the company, growth was driven by accelerated computing and AI platform shifts, including new Rubin and Blackwell deployments.

What changes did NVIDIA (NVDA) announce for non-GAAP reporting starting Q1 FY27?

Beginning Q1 FY27, NVIDIA will include stock-based compensation in its non-GAAP financial measures. According to the company, this reflects stock-based pay as a foundational compensation component and affects reported non-GAAP operating expenses.

What product and partnership highlights did NVIDIA (NVDA) report on February 25, 2026 impacting AI strategy?

NVIDIA unveiled the Rubin platform, Blackwell Ultra claims, and multiple cloud and OEM partnerships to scale AI compute. According to the company, partners include AWS, Google Cloud, Microsoft Azure, Oracle, Meta and major system integrators and chip partners.

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026