Slide 1: Investor Presentation Q4 FY26
Investor Presentation Q4 FY26 February 2026
Slide 2: Forward-looking statements
Certain matters in this presentation including, but not limited to, statements as to: expectations with respect to growth, performance and benefits of NVIDIA’s products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand fo
Slide 3: Revenue
Revenue $ in billions $68.1B Record revenue with largest q/q growth in company history Data Center revenue is up nearly 13x since the emergence of ChatGPT $39.3B NVIDIA infrastructure in high demand, even Hopper and much of the six-year-old Ampere-based products are sold out in the cloud NVIDIA is t
Slide 4: Data Center
Data Center Revenue $ in billions Compute Networking $51.3B $11.0B $32.6B $3.0B Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Sustained strength in Blackwell and Blackwell Ultra Strong adoption of NVLink, Spectrum-X, and InfiniBand
Slide 5: Gross Margin
Gross Margin GAAP Non-GAAP 75.0% 75.2% 73.5% 73.0% Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Gross margin year-on-year increase driven by lower inventory provisions. Sequential increase was driven by the continued ramp of Blackwell with an improved mix and cost structure
Slide 6: Operating Expenses
Operating Expenses $ in billions GAAP Non-GAAP $6.8B $5.1B $4.7B $3.4B Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Investing to address the multitude of growth opportunities ahead
Slide 7: Earnings per Share
Earnings per Share GAAP Non-GAAP $1.76 $1.62 $0.89 $0.89 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Top-line growth and operating leverage drives accelerating EPS
Slide 8: Summary Cash Flow Items
Summary Cash Flow Items $ in billions Free Cash Flow Capital Return Dividends Share Repurchases $34.9B $8.1B $15.5B $4.1B Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Investing for growth while returning capital to shareholders
Slide 9: GAAP P&L
GAAP P&L $ in billions, except EPS Q4 FY26 YoY % Q4 FY25 Revenue $68.1 73% $39.3 Gross Margin % 75.0% +2.0 pts 73.0% Operating Expenses $6.8 45% $4.7 Operating Income $44.3 84% $24.0 Net Income $43.0 94% $22.1 Diluted EPS $1.76 98% $0.89
Slide 10: Non-GAAP P&L
Non-GAAP P&L $ in billions, except EPS Q4 FY26 YoY % Q4 FY25 Revenue $68.1 73% $39.3 Gross Margin % 75.2% +1.7 pts 73.5% Operating Expenses $5.1 51% $3.4 Operating Income $46.1 81% $25.5 Net Income $39.6 79% $22.1 Diluted EPS $1.62 82% $0.89
Slide 11: Q1 FY27 Outlook – Non-GAAP
Q1 FY27 Outlook – Non-GAAP Q1 FY27 Revenue $78.0 billion* + / - 2% Gross Margin % 75.0% + / - 50 bps Operating Expenses $7.5 billion Approximately For the full year fiscal 2027, expect non-GAAP tax rates to be between 17.0% and 19.0%, excluding any discrete items and material changes to our tax envi
Slide 12: Reconciliation of Non-GAAP to GAAP Financial Measures
Reconciliation of Non-GAAP to GAAP Financial Measures
Slide 13: Reconciliation of Non-GAAP to GAAP Financial Measures
Reconciliation of Non-GAAP to GAAP Financial Measures Acquisition- Stock-Based Tax Impact of Q4 FY26 Non-GAAP Related and Other Other (C) GAAP Compensation (B) Adjustments Costs (A) Gross margin ($ in million) $51,209 (48) (69) 1 — $51,093 Gross margin % 75.2% (0.1) (0.1) — — 75.0% Operating expense
Slide 14: Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)
Reconciliation of Non-GAAP to GAAP Financial Measures (contd.) Acquisition- Stock-Based Tax Impact of Q4 FY25 Non-GAAP Related and Other Other (C) GAAP Compensation (B) Adjustments Costs (A) Gross margin ($ in million) $28,894 (118) (53) — — $28,723 Gross margin % 73.5% (0.3) (0.2) — — 73.0% Operati
Slide 15: Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)
Reconciliation of Non-GAAP to GAAP Financial Measures (contd.) ($ in Millions) Q1 FY27 Outlook Non-GAAP gross margin 75.0% Impact of acquisition-related costs and other costs 0.1% GAAP gross margin 74.9% Non-GAAP operating expenses $7,500 Acquisition-related costs and other costs 200 GAAP operating
Slide 16: Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)
Reconciliation of Non-GAAP to GAAP Financial Measures (contd.) Purchases Related to Principal Payments on Property and Equipment Property and Equipment Net Cash Provided by ($ in Millions) Free Cash Flow and Intangible Assets and Intangible Assets Operating Activities Q4 FY 2025 $15,519 1,077 32 $16
Slide 17: NVIDIA
NVIDIA. |