Nvidia shattered Wall Street expectations by reporting record fourth-quarter revenue of $68.1 billion. This represents a 73% increase from a year ago and a 20% jump from the previous quarter, signaling that the “AI industrial revolution” is still accelerating.
The results, which cap off a blockbuster fiscal year 2026, were driven almost entirely by the relentless demand for AI infrastructure.
Q4 & Full-Year 2026 Financial Highlights
Nvidia’s growth has turned it into one of the most profitable companies in history, with margins that are virtually unprecedented in the semiconductor industry.
| Metric | Q4 FY2026 Results | Full-Year FY2026 |
| Total Revenue | $68.1 Billion (Record) | $215.9 Billion (Record) |
| Data Center Revenue | $62.3 Billion (+75% YoY) | $193.7 Billion |
| Net Income (GAAP) | $42.9 Billion | $120.1 Billion |
| Gross Margin | 75.0% | 71.1% |
| EPS (Non-GAAP) | $1.62 (Beating $1.52 est.) | $4.77 |
The “Agentic AI” Inflection Point
In the earnings call, CEO Jensen Huang declared that the industry has moved past simple chatbots into the era of “Agentic AI,” where AI systems autonomously perform multi-step tasks for enterprises.
- Blackwell Dominance: The Blackwell GPU architecture is now the primary revenue driver. Huang noted that “Grace Blackwell with NVLink is the king of inference,” delivering massive cost reductions for companies running large-scale AI models.
- The “Vera Rubin” Roadmap: Nvidia officially teased its next-generation platform, Rubin, which is expected to begin sampling later in 2026 to stay ahead of intensifying competition from AMD and custom silicon.
- Networking as a Pillar: Nvidia’s networking business (InfiniBand and Ethernet) hit $11 billion this quarter, growing 3.5x year-over-year as data centers require faster connections to link thousands of GPUs together.
The “$150 Billion Concentration” Debate
Despite the stellar numbers, analysts are closely watching Nvidia’s “customer concentration.”
- The Top 8: Prominent tech analyst Gene Munster estimated that roughly 70% of Nvidia’s revenue now comes from just eight massive companies (the “Hyperscalers” like Microsoft, Meta, and Google).
- The “Fragile Giant” Scenario: While Huang argues that “compute equals revenue” for these customers, skeptics worry that any pivot in capital expenditure by these eight companies could lead to a significant revenue “cliff” for Nvidia.
Looking Ahead: Q1 FY2027 Guidance
Nvidia issued a bold forecast for the upcoming quarter (ending April 2026):
- Revenue Projection: $78.0 Billion (+/- 2%), which is significantly higher than the $71 billion analysts had forecasted.
- China Impact: Notably, Nvidia’s outlook assumes zero Data Center revenue from China, as the company has fully adjusted its supply chain to comply with U.S. export restrictions.
- Shareholder Returns: Following the record year, Nvidia returned $41.1 billion to shareholders and still has $58.5 billion remaining in its share repurchase authorization.
