NVIDIA Reports Record $68.1 Billion Q4 Revenue as AI Demand Surges

NVIDIA posted record-breaking fourth-quarter and full-year results for fiscal 2026, underscoring the relentless global demand for artificial intelligence infrastructure.

The chipmaker reported fourth-quarter revenue of $68.1 billion, up 20% from the prior quarter and 73% year over year. For the full fiscal year ended January 25, 2026, revenue climbed to $215.9 billion, a 65% increase from the previous year.

The results mark another milestone in NVIDIA’s transformation from a gaming-focused graphics card company into the central hardware supplier powering the AI economy.

Data Center Drives Growth

The company’s Data Center division remained the primary growth engine. Quarterly revenue for the segment reached a record $62.3 billion, up 22% sequentially and 75% from a year earlier. Full-year Data Center revenue surged 68% to $193.7 billion.

Chief Executive Officer Jensen Huang described the current wave of AI adoption as an inflection point.

“Computing demand is growing exponentially — the agentic AI inflection point has arrived,” Huang said in a statement. He added that NVIDIA’s Grace Blackwell systems are delivering significantly lower inference costs and that future platforms such as Vera Rubin will extend the company’s leadership.

Major cloud providers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure, are expected to deploy systems based on NVIDIA’s upcoming Rubin architecture.

Profitability and Margins

Gross margins remained robust despite scale expansion.

• Q4 GAAP gross margin: 75.0%
• Q4 non-GAAP gross margin: 75.2%

For the full fiscal year, GAAP gross margin was 71.1%, compared with 75.0% the year prior, reflecting product mix shifts and infrastructure investments.

Net income for the fourth quarter reached $42.96 billion, up 94% year over year. Diluted earnings per share came in at $1.76, nearly double the $0.89 reported in the same quarter last year.

For fiscal 2026 as a whole, net income totaled $120.1 billion, with diluted earnings per share of $4.90, representing 67% growth.

Operating income for the year rose 60% to $130.4 billion, highlighting the company’s ability to scale profitability alongside revenue.

Shareholder Returns and Balance Sheet Strength

During fiscal 2026, NVIDIA returned $41.1 billion to shareholders through share repurchases and dividends. The company still has $58.5 billion remaining under its repurchase authorization.

A quarterly dividend of $0.01 per share will be paid on April 1, 2026, to shareholders of record as of March 11.

NVIDIA ended the fiscal year with $62.6 billion in cash, cash equivalents and marketable securities. Total assets stood at $206.8 billion, nearly doubling from the previous year, reflecting aggressive investments in AI infrastructure and equity stakes.

Free cash flow for fiscal 2026 reached $96.6 billion, up from $60.7 billion a year earlier.

Segment Highlights Beyond Data Center

While AI infrastructure dominates headlines, other business units also posted gains.

Gaming revenue totaled $3.7 billion in the fourth quarter, up 47% year over year, though down sequentially after strong holiday demand. Full-year gaming revenue reached a record $16.0 billion.

Professional Visualization revenue surged 159% year over year in the quarter to $1.3 billion, benefiting from demand for Blackwell-based GPUs.

Automotive revenue rose modestly to $604 million in the quarter, with full-year revenue increasing 39% to $2.3 billion as adoption of NVIDIA’s self-driving platforms expanded.

The company also announced partnerships spanning AI cloud infrastructure, robotics, industrial AI systems and autonomous vehicle development, reinforcing its ambition to embed its chips and software across multiple sectors.

Outlook for Fiscal 2027

Looking ahead, NVIDIA forecast first-quarter fiscal 2027 revenue of $78.0 billion, plus or minus 2%. The outlook notably assumes no Data Center compute revenue from China.

GAAP and non-GAAP gross margins are expected to be approximately 75%, while operating expenses are projected near $7.7 billion on a GAAP basis.

Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in its non-GAAP financial measures, aligning reported metrics more closely with GAAP standards.

The Bigger Picture

NVIDIA’s results reinforce its central role in what Huang calls the “AI industrial revolution.” Hyperscalers, enterprises and governments are racing to build AI factories — vast data centers optimized for training and running large-scale models.

As global investment in AI infrastructure accelerates, NVIDIA remains the dominant supplier of advanced GPUs and networking systems that underpin that buildout.

The company’s fiscal 2026 performance suggests that demand is not only sustained — it is intensifying.

With record revenue, expanding margins and nearly $100 billion in annual free cash flow, NVIDIA enters fiscal 2027 positioned at the center of the most transformative computing shift in decades.