Nvidia supplied AI buyers a glimpse of a hairpin-turn restoration with its outcomes for the fourth quarter and the total 12 months of fiscal 2026, with outcomes displaying document income of $68.1 billion for the quarter, beating steering by about $3 billion. These numbers have been up 20% from the third quarter and a whopping 73% from a 12 months in the past.
Notably, the corporate launched steering for the primary quarter of fiscal 2027 of $78 billion. Whole supply-related commitments rose from $50.3 billion on the finish of the third quarter to $95.2 billion on the finish of the fourth quarter. In an announcement, Nvidia mentioned it has “strategically secured inventory and capacity to meet demand beyond the next several quarters.”
Going into outcomes, buyers have been primed for any signal—a sigh, a hesitation, something—which may point out that its gross margins may be slipping additional. The $4.8-trillion-valuation chip provider’s steering had known as for 74.8% GAAP gross margin, which might sign a partial restoration, and Nvidia CEO Jensen Huang and chief monetary officer Colette Kress have mentioned the objective going into fiscal 12 months 2027 is to carry margins “in the mid-70s.”
On cue, buyers saved a gimlet-eyed concentrate on these figures on Wednesday. And Nvidia didn’t disappoint. The corporate’s GAAP gross margin rose to 75%, beating steering and up from 73.4% in Q3, and non-GAAP gross margin clocked in at 75.2%. Nvidia’s inventory rose greater than 2% within the first section of after-hours buying and selling, although it rapidly gave again a lot of these beneficial properties.
In all, GAAP internet earnings was up 35% quarter-over-quarter and 94% year-over-year to roughly $43 billion. GAAP diluted earnings-per-share got here in up 35% at $1.76 for the quarter and practically double in comparison with fiscal 2025. Internet earnings additionally noticed a bump associated to Nvidia’s funding in Intel inventory. Non-GAAP earnings, which doesn’t embrace the Intel funding beneficial properties, got here in at $39.6 billion.
The Nvidia earnings outcomes come amid a high-stakes backdrop of fears about AI over-investment, within the type of eye-popping capital expenditures amongst hyperscalers together with Amazon, Meta, Microsoft, Oracle, and Alphabet which might be locked in a frenzied AI race. A latest report from Moody’s flagged that some $662 billion in future knowledge heart lease commitments that haven’t but begun stay off these firms’ stability sheets.
“Computing demand is growing exponentially,” mentioned Huang in an announcement. “Enterprise adoption of agents is skyrocketing. Our customers are racing to invest in AI compute—the factories powering the AI industrial revolution and their future growth.”
For Nvidia, after all, a portion of that capex spending winds up within the firm’s coffers to pay for its extremely coveted—and premium-priced—chips.
Full-year income additionally soars
For the total 12 months, Nvidia revenues hit $215.9 billion, up 65% from final 12 months; GAAP working earnings was $130.4 billion and internet earnings was $120.1 billion. Compared, in fiscal 12 months 2025, which led to January 2025, Nvidia posted $130.5 billion in income, greater than doubling the 12 months prior’s $60.9 billion. Internet earnings for that 12 months was $72.9 billion and working earnings greater than doubled over the 12 months earlier than to $81.5 billion. Knowledge heart revenues for fiscal 2026 have been $197.3 billion, up from $115.2 billion the earlier 12 months.
Throughout fiscal 12 months 2026, revenues rose every quarter, from $44.1 billion in Q1, to $46.7 billion in Q2, to $57 billion in Q3, and now to $68.1 billion in This autumn.
Final quarter, CEO Jensen Huang immediately tried to quash fears about frothiness available in the market on the Q3 name with analysts.
“There’s been a lot of talk about an AI bubble,” mentioned Huang final quarter. “From our vantage point, we see something very different.”
He mentioned the trade has undergone three structural platform shifts: from conventional CPUs to GPU-driven computing, from conventional machine studying to generative AI, and from generative AI to agentic AI. Every transition, by itself, justifies huge investments. Huang mentioned the primary two shifts have been absolutely funded via value reductions and income progress, whereas the agentic AI is a brand new layer on prime that can require funding.
Chief monetary officer Colette Kress mentioned final quarter that Nvidia had “visibility” to $500 billion in income from its Blackwell and Rubin choices from the beginning of the 2025 calendar 12 months via the top of the 2026 calendar 12 months. Kress additionally mentioned that Nvidia believes complete AI infrastructure funding may attain $3 trillion to $4 trillion yearly by 2029 or 2030.
