NVDA輝達2026Q4

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## DATE

Wednesday, Feb. 25, 2026 at 5 p.m. ET

## CALL PARTICIPANTS

President and Chief Executive Officer — Jensen Huang
Executive Vice President and Chief Financial Officer — Colette Kress
Vice President, Investor Relations — Toshiya Hari

## TAKEAWAYS

Total revenue -- $68 billion, up 73% year over year, with sequential acceleration from Q3.
Data Center revenue -- $62 billion, up 75% year over year and 22% sequentially, fueled by demand for Blackwell and Blackwell Ultra systems.
Annual Data Center revenue -- $194 billion, up 68% for the fiscal year; business scaled nearly 13x since 2023 emergence of ChatGPT.
Networking revenue -- $11 billion for the quarter, over 3.5x year over year; full-year Networking exceeded $31 billion, up more than 10x versus fiscal 2021 (year of Mellanox acquisition).
Sovereign AI revenue -- Over $30 billion for the year, more than tripling, primarily from Canada, France, the Netherlands, Singapore, and the UK.
China segment -- While small amounts of H200 products for China received approval, no related revenue was generated, with continued uncertainty around future imports.
Gaming revenue -- $3.7 billion, a 47% increase year over year, supported by Blackwell demand and improved supply.
Professional Visualization revenue -- $1.3 billion, up 159% year over year and 74% sequentially, marking its first time above $1 billion.
Automotive revenue -- $604 million, up 6% year over year, attributed to demand for self-driving solutions.
Physical AI revenue contribution -- Physical AI added more than $6 billion in annual revenue.
Free cash flow -- $35 billion in the quarter, totaling $97 billion for the year.
Capital return -- $41 billion, or 43% of annual free cash flow, returned to shareholders through share repurchases and dividends.
GAAP gross margin -- 75% in the quarter; non-GAAP gross margin at 75.2%, up sequentially as Blackwell ramped.
Quarterly outlook -- Revenue projected at $78 billion (±2%), with GAAP gross margin at 74.9% (±50 bps) and non-GAAP gross margin at 75% (±50 bps); majority of growth expected from Data Center.
Inventory -- Grew 8% sequentially; purchase commitments increased significantly to secure supply and address longer-term demand into 2027.
Research & Development -- Annual R&D budget now approaching $20 billion, supporting generational architectural development and codesign innovation.
Rubin platform launch -- Six new chips introduced, with Vera Rubin samples shipped and production shipments on track for the second half, promising 10x lower inference costs than Blackwell.
Major partnerships -- Notable strategic collaboration includes a $10 billion investment in Anthropic, ongoing partnership expansion with OpenAI, and new agreement with Groq.
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## RISKS

Ongoing supply constraints for advanced architectures, with supply expected to remain tight despite increased inventory and purchase commitments.
Uncertainty regarding future revenue from China, as approvals have not yet translated to recognized sales and regulatory conditions remain unresolved.
Colette Kress noted, "we expect supply constraints to be the headwind to Gaming in Q1 and beyond."
Competitive progress from China-based rivals with recent IPOs, raising potential for long-term disruption in the global AI industry structure.

## SUMMARY

The call revealed outsized growth in Data Center and Networking revenue underpinned by expanded customer diversity, new product introductions, and a reinforced leadership strategy—particularly through the rapid adoption of Blackwell and the early momentum of Rubin platform pre-shipments. NVIDIA ( NVDA +3.75% ) asserted robust visibility into future demand, supported by sizable purchase commitments and strategic investments, including a $10 billion outlay in Anthropic and deepened OpenAI engagement. While record free cash flow enabled large-scale capital returns, management underscored continued discipline in balancing ecosystem investments with shareholder payouts. Guidance for the coming quarter points to further acceleration in Data Center, a stable gross margin profile, and the expectation of supply-driven headwinds particularly in Gaming, amid persistent regulatory and competitive uncertainties concerning China and global AI markets.
Jensen Huang said, "compute equals revenues," highlighting the company view that AI infrastructure investment directly drives customer revenue and demand for NVIDIA technology.
Meta and Anthropic are scaling with "millions of Blackwell and Rubin GPUs," underlining a market landscape shaped by rapid generative and agentic AI adoption.
Spectrum X Ethernet and NVLink fabric recorded record demand as customers unify distributed data centers into "integrated gigascale AI factories."
Physical AI use cases, spanning robotic fleets and automotive, signify a broadening revenue base, with robotaxi ride volumes described as "growing exponentially."
NVIDIA’s software ecosystem, with CUDA’s reach to "one and a half million AI models on Hugging Face," underscores a strategic moat based on developer and model diversity.
Management projects that, over the long term, the Sovereign AI segment will grow at least in line with AI infrastructure spending proportional to GDP, signaling secular opportunity beyond hyperscalers.
Kress explained, "The single most important lever of our gross margins is actually delivering generational leads to our customers," linking future profitability to innovation velocity and product cycle execution.

## INDUSTRY GLOSSARY

Blackwell architecture : NVIDIA’s latest data center GPU platform focused on high-performance AI and accelerated computing workloads.
NVLink : NVIDIA’s high-speed, low-latency interconnect technology enabling multi-GPU scalability within accelerated data centers.
Spectrum X Ethernet : A network switching platform designed for large-scale, AI-optimized data centers, supporting the integration