NVIDIA Q4 FY26 slides: record $68B revenue on Blackwell strength

NVIDIA Corporation (NASDAQ:NVDA) delivered a record-breaking fourth quarter for fiscal year 2026 with $68.1 billion in revenue, according to its investor presentation released February 25, 2026, driven primarily by sustained demand for the company's Blackwell GPU architectures in the rapidly expanding AI infrastructure market. The semiconductor giant's performance exceeded analyst expectations of $65.56 billion by 3.87%, with non-GAAP earnings per share of $1.62 beating forecasts by 6.58%, causing the stock to rise 1.57% to $194.57 in after-hours trading. This achievement underscores NVIDIA's dominant position in the AI market, with Data Center revenue now standing nearly 13 times higher than when ChatGPT first emerged. The company demonstrated exceptional growth across all key metrics, with revenue increasing 73% year-over-year from $39.3 billion in the prior-year quarter. The Data Center segment served as the primary growth engine, generating $51.3 billion compared to $32.6 billion in Q4 FY25, while networking revenue surged dramatically to $11.0 billion from $3.0 billion. NVIDIA emphasized that even older generation products remain in high demand, with Hopper-based systems and six-year-old Ampere architecture products sold out across cloud providers. Profitability metrics expanded alongside revenue growth, with GAAP gross margin improving to 75.0% from 73.0%, while free cash flow more than doubled to $34.9 billion from $15.5 billion, allowing the company to return $4.1 billion to shareholders through dividends and share repurchases. Looking ahead, NVIDIA provided robust guidance for Q1 fiscal 2027, projecting revenue of $78.0 billion with a range of plus or minus 2%, while maintaining non-GAAP gross margins at approximately 75.0%. The company also announced a significant change to its reporting methodology, with stock-based compensation expense to be included in non-GAAP results beginning in Q1 FY27. CEO Jensen Huang highlighted NVIDIA's critical role in the AI transformation of the data center industry, stating, "We are well-positioned to capture the growing demand for GPU-accelerated computing." Despite the strong performance, NVIDIA acknowledged several risk factors including potential supply chain disruptions, increasing competition in AI infrastructure, and macroeconomic pressures that could impact future growth.