What Management Said
Read the full Q4 2026 transcript ↗We delivered another outstanding quarter with record revenue, operating income, and free cash flow. Total revenue of $68 billion was up 73% year-over-year, accelerating from Q3. Demand for our Blackwell architecture, extreme co-designed at data center scale, continues to strengthen as inference deployments grow, in addition to training. The transition to accelerated computing and the infusion of AI across existing hyperscale workloads continue to fuel our growth.
On a full-year basis, data center generated revenue of $194 billion, up 68% year-over-year. We look ahead, we expect sequential revenue growth throughout calendar 2026, exceeding what was included in the $500 billion Blackwell and Rubin revenue opportunity we shared last year. We believe we have inventory and supply commitments in place to address future demand, including shipments extending into calendar 2027. Customers make critical architectural decisions based on performance per watt, given these constraints and the need to maximize AI factory revenue.
Continuous optimization of CUDA software helped deliver up to five times better performance on GB200 NVL72 just within four months. Q4 data center revenue of $62 billion increased 75% year-over-year and 22% sequentially, driven primarily by sustained strength in Blackwell and the Blackwell Ultra ramp. With NVIDIA infrastructure in high demand, even Hopper and much of the six-year-old Ampere-based products are sold out in the cloud. Today, 9 GW of infrastructure on Blackwell are deployed and consumed by the major cloud service providers, hyperscalers, AI model makers, and enterprises.
What went well
- Record quarter with total revenue of $68 billion, up 73% year-over-year and accelerating from Q3, plus record operating income and free cash flow.
- Q4 data center revenue of $62 billion, up 75% year-over-year and 22% sequentially, driven by sustained Blackwell and Blackwell Ultra ramp; added a record $11 billion in data center revenue sequentially.
- Full-year FY2026 data center revenue of $194 billion, up 68% year-over-year, nearly 13x the level since ChatGPT emerged in FY2023.
- Networking a standout at $11 billion, up more than 3.5x year-over-year; full-year networking exceeded $31 billion, more than 10x FY2021 (year Mellanox was acquired).
- 9 GW of Blackwell infrastructure deployed and consumed; Grace Blackwell systems were roughly two-thirds of data center revenue.
- Sovereign AI more than tripled year-over-year to over $30 billion; physical AI contributed north of $6 billion in FY2026.
- Professional visualization crossed $1 billion for the first time at $1.3 billion (+159% YoY, +74% sequential); gaming revenue of $3.7 billion up 47% year-over-year.
- GB300 NVL72 achieved up to 50x performance per watt and 35x lower cost per token versus Hopper; announced $10 billion Anthropic investment, deeper OpenAI/Meta partnerships, and a Groq licensing deal.
- Non-GAAP gross margin of 75.2% increased sequentially as Blackwell continued to ramp; first Vera Rubin samples shipped to customers, on track for 2H production.
What went wrong
- While small amounts of H200 for China were approved by the U.S. government, NVIDIA generated no revenue and does not know whether any imports will be allowed into China.
- Chinese competitors, bolstered by recent IPOs, are making progress and could disrupt the global AI industry structure over the long term.
- Gaming faces supply constraints (notably memory) expected to be a headwind in Q1 FY2027 and beyond despite strong end demand and healthy channel inventory.
- GAAP operating expenses rose 16% sequentially (21% non-GAAP) on new product introductions and higher compute and infrastructure costs.
Guidance Changes
| Metric | Period | Current guidance |
|---|---|---|
| Sequential revenue growth | Throughout calendar 2026 | expect sequential revenue growth throughout CY2026, exceeding what was in the $500B opportunity; supply commitments extend into calendar 2027 |
| Gross margin | FY2027 | working to hold in the mid-70s long term, sustained by generational performance-per-watt leaps |
| Gaming revenue | Q1 FY2027 and beyond | supply/memory constraints a headwind; full-year FY2027 growth too early to call |
| Vera Rubin production shipments | 2H FY2027 | on track to commence production shipments in the second half of the year; expect every cloud model builder to deploy it |
Performance Breakdown
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +73% | Record $68B accelerating from Q3, with a record $11B sequential data center addition across a diversifying customer base. |
| Data center revenue (Q4) | +75% | Sustained Blackwell strength and the Blackwell Ultra ramp; +22% sequentially. |
| Full-year data center revenue | +68% | $194B, scaling nearly 13x since ChatGPT in FY2023. |
| Networking revenue | +3.5x | $11B on record scale-up (NVLink 72) and scale-out demand; full-year >$31B. |
| Professional visualization | +159% | $1.3B (first time over $1B, +74% sequential) on RTX PRO Blackwell workstation demand. |
| Gaming revenue | +47% | $3.7B on strong Blackwell GeForce demand and improved supply. |
| Automotive revenue | +6% | $604M driven by robust demand for self-driving solutions. |
Earnings Call Themes & Trends
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Agentic AI inflection | agentic AI emerging / early | 'ChatGPT moment of agentic AI has arrived'; Claude Code, Claude Cowork and OpenAI Codex reached useful intelligence with profitable tokens and skyrocketing adoption | — |
| Blackwell vs Rubin transition | GB300 two-thirds of Blackwell (Q3) | Grace Blackwell ~two-thirds of data center revenue, 9 GW deployed; first Vera Rubin samples shipped, 2H production, Rubin cuts inference token cost up to 10x vs Blackwell | — |
| Hyperscaler CapEx | ~$600B (Q3) | top-five cloud/hyperscaler 2026 CapEx approaching $700B, up nearly $120B since the start of the year; they are ~50% of data center revenue | — |
| China | H20 orders never materialized (~$50M in Q3) | small H200 amounts approved but zero revenue and uncertain imports; IPO-funded Chinese competitors a long-term risk | — |
| Customer diversification | hyperscaler-led | top-five hyperscalers just over 50% of data center revenue; faster growth from model makers, enterprises, sovereigns and supercomputing | — |
| Ecosystem investments | OpenAI/Anthropic partnerships announced (Q3) | $10B Anthropic investment closed, Meta deploying millions of Blackwell/Rubin GPUs, Groq low-latency inference licensing (Mellanox-style extension) | — |
Q&A Summary
With hyperscaler CapEx near $700B, how confident are you in customers' ability to keep growing CapEx, and can NVIDIA grow if it doesn't? (Vivek Arya, BofA)
Jensen said he is confident their cash flow will grow because agentic AI has inflected and, in this new world, compute equals revenues; productive use of Codex, Claude Code and Claude Cowork means compute capacity translates directly to token generation and revenue growth.
How do you view the balance sheet as a tool for strategic investments (Anthropic, OpenAI, Intel, Nokia, Synopsys)? (Joe Moore, Morgan Stanley)
Jensen said NVIDIA's core is its ecosystem; investments are focused strategically on expanding and deepening CUDA's reach across language, physical AI, biology, robotics and manufacturing, positioning everyone on NVIDIA at the start of a new computing era.
Where is the Spectrum-X / networking runway trending exiting the year? (Harlan Sur, JPMorgan)
Jensen framed NVIDIA as an AI infrastructure company: NVLink scale-up (nine switch nodes per rack), scaled out via Spectrum-X and InfiniBand and across data centers via Spectrum-X scale-across. Spectrum-X Ethernet has been a home run and NVIDIA is now likely the largest networking company in the world, growing fast.
How should we think about sequential growth through the year as Rubin ramps, and can gaming grow in FY2027 given memory? (Stacy Rasgon, Bernstein)
Colette said NVIDIA will sell Blackwell alongside Vera Rubin coming to market; it is too early to size the 2H Rubin ramp, but demand is strong and essentially every customer is expected to buy Vera Rubin. On gaming, supply will be very tight for a couple of quarters, so full-year growth is too early to call.
Do you still feel good about the $3-4 trillion data center CapEx by 2030 and what drives that inflection? (Jim Schneider, Goldman Sachs)
Jensen reasoned from first principles that software is now token-driven and AI computing demand is ~1000x classical computing; every company will produce tokens ('AI factories'), so build-out directly drives revenue. He cited the agentic-AI inflection of the last few months and Anthropic's ~10x revenue growth as evidence the $3-4T envelope holds.
More on Nvidia Corp
Reported 2026-02-25 · figures from the Nvidia Corp Q4 2026 earnings call.
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