Nvidia 8-K
PositiveEarningsNew guidance
Data Center AI demand drove record sales; improved Blackwell mix and lower inventory provisions lifted margins.
Filed 2026-02-25 16:31 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2026 results with Q1 FY2027 and FY2027 guidance. Record quarterly revenue grew 73% Y/Y, led by Data Center demand for accelerated computing and AI. NVIDIA expects Q1 revenue of $78.0B ±2%; it will begin including stock-based compensation in non-GAAP measures, affecting comparability with prior periods.
Key Figures
| Metric | Q4 FY26 | Q4 FY25 | Y/Y |
|---|---|---|---|
| Revenue | $68.1B | $39.3B | 73% |
| GAAP operating income | $44.3B | $24.0B | 84% |
| Non-GAAP operating income | $46.1B | $25.5B | 81% |
| GAAP net income | $43.0B | $22.1B | 94% |
| Non-GAAP net income | $39.6B | $22.1B | 79% |
| GAAP diluted EPS | $1.76 | $0.89 | 98% |
| Non-GAAP diluted EPS | $1.62 | $0.89 | 82% |
| Operating cash flow | $36.2B | $16.6B | 118% |
| Free cash flow | $34.9B | $15.5B | 125% |
- GAAP and non-GAAP gross margins were 75.0% and 75.2%, up 200 bp and 170 bp Y/Y; NVIDIA cited lower inventory provisions and an improved Blackwell mix and cost structure.
- FY2026 revenue was $215.9B (+65%); GAAP operating income $130.4B (+60%), net income $120.1B (+65%) and diluted EPS $4.90 (+67%). Non-GAAP net income was $117.0B (+58%) and diluted EPS $4.77 (+60%). Data Center revenue reached $193.7B (+68%).
- FY2026 shareholder returns totaled $41.1B, including $40.1B of repurchases and $974M of dividends; $58.5B remained under the repurchase authorization. Cash, cash equivalents and marketable securities were $62.6B at quarter-end, vs $43.2B a year earlier.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Q1 FY2027 | $78.0B ±2% | — | — |
| GAAP gross margin | Q1 FY2027 | 74.9% ±50 bp | — | — |
| Non-GAAP gross margin | Q1 FY2027 | 75.0% ±50 bp | — | — |
| GAAP operating expenses | Q1 FY2027 | ≈$7.7B | — | — |
| Non-GAAP operating expenses | Q1 FY2027 | ≈$7.5B | — | — |
| GAAP tax rate | FY2027 | 17.0%–19.0% | — | — |
| Non-GAAP tax rate | FY2027 | 17.0%–19.0% | — | — |
Non-GAAP guidance includes stock-based compensation beginning Q1 FY2027; the company expects $1.9B of stock-based compensation in operating expenses and a 0.1% gross-margin impact. Revenue guidance assumes no Data Center compute revenue from China. FY2027 tax-rate guidance excludes discrete items and material changes to the tax environment.
Investor Takeaways
- Track Q1 revenue against the $78.0B ±2% outlook, which assumes no Data Center compute revenue from China.
- Watch Q1 margins and expenses under the revised non-GAAP treatment, which now includes stock-based compensation.
- Gaming supply constraints are expected to weigh on the business in Q1 FY2027 and beyond; subsequent results will show their effect.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3