01—Abstract
Summary
Summary of the 10-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.
NVIDIA Corporation's fiscal year 2026 filing showcases an exceptionally strong performance, driven by a staggering 65% revenue increase to $215.9 billiona.
The company's Data Center segment was the primary engine of this growth, up 68%, fueled by the widespread adoption of its accelerated computing and AI platforms, particularly the Blackwell architectures. The Gaming segment also saw significant growth (41%), with impressive demand for Blackwell GPUs, although the company anticipates supply constraints to be a headwind in the upcoming fiscal year. Despite the robust revenue growth and a substantial increase in net income to $120.1 billionb, the gross margin experienced a slight decline to 71.1% from 75.0% in the prior year.
This was largely attributed to the transition to Blackwell full-scale datacenter solutions and a $4.5 billionc charge for H20 excess inventory and purchase obligations. The company continues to invest heavily in research and development (up 43%) and has a strong liquidity position with $62.6 billion in cash, cash equivalents, and marketable securities, alongside significant share repurchase activity. However, ongoing export control restrictions, particularly impacting the China market, remain a significant risk factor, impacting competitive positioning and future revenue potential.
02—Key points
Key Highlights
- Revenue surged by 65% year-over-year to $215.9 billion in fiscal year 2026, primarily driven by the Data Center segment.
- Data Center revenue grew by an impressive 68%, with Blackwell architectures leading the charge in accelerated computing and AI solutions.
- Gaming revenue increased by 41%, reflecting strong demand for Blackwell GPUs, though supply constraints are expected in the next fiscal year.
- Net income reached $120.1 billion, a substantial increase reflecting strong operational performance.
- Gross margin declined to 71.1% from 75.0% due to product transitions and a significant charge for H20 excess inventory.
- R&D expenses increased by 43% to $18.5 billion, highlighting continued investment in innovation.
- The company maintained a strong liquidity position with $62.6 billion in cash, cash equivalents, and marketable securities as of January 25, 2026.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2026, NVIDIA Corp kept $0.56.
- Revenue$215.94B100.0%
- Cost of revenue−$62.48B28.9%
- Gross profit$153.46B71.1%
- Operating costs−$23.08B10.7%
- Operating income$130.39B60.4%
- Interest, other & tax−$10.32B4.8%
- Net income$120.07B55.6%
Where FY2026 revenue went
$215.94B- Net income: $120.07B, 56% of revenue
- Cost of revenue: $62.48B, 29% of revenue
- R&D: $18.50B, 8.6% of revenue
- SG&A: $4.58B, 2.1% of revenue
- Interest, other & tax: $10.32B, 4.8% of revenue
Kept 56% as net incomeSG&A $4.58B · 2.1%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2026filed February 25, 2026Financial Statements
FY2026 against FY2025
| Line item | FY2026FY2025 | Change |
|---|---|---|
| Revenue | $215.94B$130.50B | +65.5% |
| Cost of Revenue | $62.48B$32.64B | +91.4% |
| Gross Profit | $153.46B$97.86B | +56.8% |
| R&D Expenses | $18.50B$12.91B | +43.2% |
| SG&A Expenses | $4.58B$3.49B | +31.2% |
| Operating Expenses | $23.08B$16.41B | +40.7% |
| Operating Income | $130.39B$81.45B | +60.1% |
| Net Income | $120.07B$72.88B | +64.7% |
| EPS (Basic) | $4.93$2.97 | +66.0% |
| EPS (Diluted) | $4.90$2.94 | +66.7% |
| Shares Outstanding (Basic) | 24.36B24.55B | −0.8% |
| Shares Outstanding (Diluted) | 24.51B24.80B | −1.2% |
05—Questions
Frequently Asked Questions
What was NVIDIA's revenue performance in fiscal year 2026?
NVIDIA reported a significant increase in revenue, up 65% year-over-year, reaching $215.9 billion in fiscal year 2026. This growth was predominantly driven by its Data Center segment, which saw a 68% increase, while the Gaming segment grew by 41%.
What factors impacted NVIDIA's gross margin in fiscal year 2026?
NVIDIA's gross margin decreased to 71.1% in fiscal year 2026 from 75.0% in the prior year. This was primarily due to the business model transition from Hopper HGX systems to Blackwell full-scale datacenter solutions, as well as a $4.5 billion charge recognized in the first quarter of fiscal year 2026 related to H20 excess inventory and purchase obligations.
What are the key risks and challenges highlighted in the filing?
A significant risk highlighted is the impact of U.S. export control restrictions, particularly on sales to China, which have effectively foreclosed NVIDIA from competing in China's data center market and benefited competitors. Supply chain constraints are also noted as a potential headwind, especially for the Gaming segment in the upcoming fiscal year. The company also faces ongoing competition and the need to continuously innovate to meet evolving market demands.
06—Continue