NVDA

NVIDIA

NVDA·Q4 FY26·Updated Aug 4, 2026

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Next earnings: Nov 18, 2026

Market cap: $5.2T · Oct 19, 2026

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↗ Momentum improving

Growth has reaccelerated while operating margin recovered to a 8-quarter high.

NVIDIA reported a total revenue of $68.13 billion for Q4 FY26, reflecting a year-over-year growth of 73%. The company also achieved a net income of $42.96 billion, with growth of 94.5% compared to the previous year.

Momentum
Revenue changed +73.0% year over year
Margin recovery
Gross margin changed +2.0pp
Quality and concentration
Net margin rose 7.1pp Q/Q; other income / expense decreased by $4.17B Q/Q.

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Selected-quarter income statement

Revenue -> Net Profit flowThe full Sankey remains the primary report view; Premium adds history around it rather than replacing it.

Quarter scoreboard

Q4 FY26 · sequential and annual context through this quarter

Revenue

$68.13B

+73.0% Y/Y+19.5% Q/Q

Gross Profit

$51.09B

+77.9% Y/Y+22.1% Q/Q

75.0% margin · +1.6pp Q/Q

Operating Profit

$44.30B

+84.3% Y/Y+23.0% Q/Q

65.0% margin · +1.9pp Q/Q

Net Profit

$42.96B

+94.5% Y/Y+34.6% Q/Q

Other income / expense (current): +$6.10B

What changed

Revenue
+$11.12B
+19.5% Q/Q
Revenue rose 19.5% quarter over quarter from $57.01B to $68.13B.
Improved.
Operating profit
+$8.29B
+23.0% Q/Q
Operating profit rose 23.0% quarter over quarter from $36.01B to $44.30B.
Improved.
Operating margin
+1.9pp
+1.9pp Q/Q
Operating margin expanded 1.9 percentage points quarter over quarter from 63.2% to 65.0%.
Improved.
Net margin
+7.1pp
+7.1pp Q/Q
Net margin expanded 7.1 percentage points quarter over quarter from 56.0% to 63.1%.
Improved.

Show 12 more changes

Sequential changes · Q/Q

ImprovedProfit conversion rose 8.4 percentage points quarter over quarter from 88.6% to 97.0%. Direction: Improved.
WeakenedRevenue growth decelerated 2.5 percentage points quarter over quarter. Direction: Weakened.
ImprovedGross margin expanded 1.6 percentage points quarter over quarter from 73.4% to 75.0%. Direction: Improved.
StableOperating-expense ratio was broadly stable, declining 0.28 percentage points quarter over quarter to 10.0%. Direction: Stable.

Annual changes · Y/Y

ImprovedOperating profit rose 84.4% year over year from $24.03B to $44.30B. Direction: Improved.
ImprovedRevenue rose 73.2% year over year from $39.33B to $68.13B. Direction: Improved.
ImprovedNet margin expanded 6.9 percentage points year over year from 56.2% to 63.1%. Direction: Improved.
ImprovedProfit conversion rose 5.0 percentage points year over year from 91.9% to 97.0%. Direction: Improved.
WeakenedRevenue growth decelerated 4.9 percentage points year over year. Direction: Weakened.
ImprovedOperating margin expanded 3.9 percentage points year over year from 61.1% to 65.0%. Direction: Improved.
ImprovedGross margin expanded 2.0 percentage points year over year from 73.0% to 75.0%. Direction: Improved.
ImprovedOperating-expense ratio fell 2.0 percentage points year over year from 11.9% to 10.0%. Direction: Improved.

Evidence: SEC filings — Q4 FY26 · Q3 FY26 · Q4 FY25

8-quarter fundamental trends

Actual values from the available reports. Missing or non-comparable observations remain explicit.

RevenueGross marginOperating marginNet margin

Revenue scale

$ billions · available fiscal history

Revenue increased from $26.04B to $68.13B across the available period.

Revenue scale by fiscal period
Q1 FY25	$26.04B
Q2 FY25	$30.04B
Q3 FY25	$35.08B
Q4 FY25	$39.33B
Q1 FY26	$44.06B
Q2 FY26	$46.74B
Q3 FY26	$57.01B
Q4 FY26	$68.13B

Margin evolution

Percent of revenue · net margin includes non-operating items

Operating margin recovered from 49.1% to 65.0% within the displayed period.

Margin evolution by fiscal period
Q1 FY25	78.37941628264208%	64.93855606758832%	57.14285714285714%
Q2 FY25	75.13315579227697%	62.050599201065246%	55.25965379494008%
Q3 FY25	74.57240592930444%	62.34321550741163%	55.04561003420753%
Q4 FY25	73.02313755403%	61.098398169336384%	56.16577676074244%
Q1 FY26	60.53109396277803%	49.11484339536995%	42.623694961416255%
Q2 FY26	72.42190842961061%	60.84724005134788%	56.52545999144202%
Q3 FY26	73.4081740045606%	63.16435713032801%	55.97263637958253%
Q4 FY26	74.98899163364156%	65.02275062380743%	63.05592250110084%

Data Center share of company revenue

Comparable top-level observations · taxonomy breaks remain explicit gaps

Data Center share changed from 86.6% to 91.5% across comparable periods.

Company memory

A durable view of how the earnings thesis evolved across 8 available reports.

Through Q4 FY26 · later-quarter evidence excluded.

8 reports

Q1 FY25–Q3 FY25

Momentum improving · Margins contracting

3 reports across Q1 FY25–Q3 FY25. 12 evidence items were captured. Stored verdicts: Very strong quarter.

Q4 FY25–Q2 FY26

Momentum improving · Margins contracting

3 reports across Q4 FY25–Q2 FY26. 20 evidence items were captured. Stored verdicts: Solid quarter.

Q3 FY26–Q4 FY26

Momentum improving · Margins expanding

2 reports across Q3 FY26–Q4 FY26. 8 evidence items were captured. Stored verdicts: Solid quarter; Very strong quarter.

Very strong quarterQ1 FY25

Very strong quarterQ2 FY25

Very strong quarterQ3 FY25

Solid quarterQ4 FY25

Solid quarterQ1 FY26

Solid quarterQ2 FY26

Solid quarterQ3 FY26

Very strong quarterQ4 FY26

Company Memory Timeline

A durable quarter-by-quarter record of the company's fundamental signals and prior analysis. Entries link to their source reports and evidence.

View full 8-quarter timeline

Q4 FY26Selected quarterVerdict: Very strong quarterMomentum stableMargins expanding
Positive evidence: Net margin expanded 7.1 percentage points · Operating leverage is working in the company's favor · Profit conversion expanded 8.4 percentage points
No material downside signals identified.
No new watch conditions triggered.
Source: SEC filing (Q4 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q4 FY26 · Net margin movement
- Q4 FY26 · Operating leverage
- Q4 FY26 · Profit conversion
Q3 FY26Verdict: Solid quarterMomentum improvingMargins expandingView report details
Positive evidence: Operating leverage is working in the company's favor · Operating margin expanded 2.3 percentage points · Revenue grew 22.0% quarter over quarter
Downside evidence: Profit conversion contracted 4.3 percentage points
Watch next: Watch whether net profit improves from its latest reported level next quarter
Source: SEC filing (Q3 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q3 FY26 · Operating leverage
- Q3 FY26 · Net margin movement
- Q3 FY26 · Revenue growth momentum
- Q3 FY26 · Profit conversion
Q2 FY26Verdict: Solid quarterMomentum stableMargins expandingView report details
Positive evidence: Gross margin expanded 11.9 percentage points · Net margin expanded 13.9 percentage points · Operating margin expanded 11.7 percentage points
Downside evidence: Operating expenses are outpacing revenue
Watch next: Watch whether the operating-expense ratio improves from its latest reported level next quarter
Source: SEC filing (Q2 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q2 FY26 · Net margin movement
- Q2 FY26 · Operating leverage

Q4 FY26Selected quarterVerdict: Very strong quarterMomentum stableMargins expanding
Positive evidence: Net margin expanded 7.1 percentage points · Operating leverage is working in the company's favor · Profit conversion expanded 8.4 percentage points
No material downside signals identified.
No new watch conditions triggered.
Source: SEC filing (Q4 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q4 FY26 · Net margin movement
- Q4 FY26 · Operating leverage
- Q4 FY26 · Profit conversion
Q3 FY26Verdict: Solid quarterMomentum improvingMargins expandingView report details
Positive evidence: Operating leverage is working in the company's favor · Operating margin expanded 2.3 percentage points · Revenue grew 22.0% quarter over quarter
Downside evidence: Profit conversion contracted 4.3 percentage points
Watch next: Watch whether net profit improves from its latest reported level next quarter
Source: SEC filing (Q3 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q3 FY26 · Operating leverage
- Q3 FY26 · Net margin movement
- Q3 FY26 · Revenue growth momentum
- Q3 FY26 · Profit conversion
Q2 FY26Verdict: Solid quarterMomentum stableMargins expandingView report details
Positive evidence: Gross margin expanded 11.9 percentage points · Net margin expanded 13.9 percentage points · Operating margin expanded 11.7 percentage points
Downside evidence: Operating expenses are outpacing revenue
Watch next: Watch whether the operating-expense ratio improves from its latest reported level next quarter
Source: SEC filing (Q2 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q2 FY26 · Net margin movement
- Q2 FY26 · Operating leverage
Q1 FY26Verdict: Solid quarterMomentum improvingMargins contractingView report details
Positive evidence: Operating leverage is working in the company's favor · Revenue grew 12.0% quarter over quarter
Downside evidence: Gross margin contracted 12.5 percentage points · Net margin contracted 13.5 percentage points · Operating margin contracted 12.0 percentage points
Watch next: Watch whether gross margin improves from its latest reported level next quarter · Watch whether net profit improves from its latest reported level next quarter · Watch whether operating margin improves from its latest reported level next quarter
Source: SEC filing (Q1 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q1 FY26 · Operating leverage
- Q1 FY26 · Revenue growth momentum
- Q1 FY26 · Net margin movement
Q4 FY25Verdict: Solid quarterMomentum improvingMargins contractingView report details
Positive evidence: Operating leverage is working in the company's favor · Profit conversion expanded 3.6 percentage points · Revenue grew 12.1% quarter over quarter
Downside evidence: Gross margin contracted 1.5 percentage points · Operating margin contracted 1.2 percentage points
Watch next: Watch whether gross margin improves from its latest reported level next quarter · Watch whether operating margin improves from its latest reported level next quarter
Source: SEC filing (Q4 FY25)
Metric evidence
Validated report metrics supporting this snapshot.
- Q4 FY25 · Operating leverage
- Q4 FY25 · Profit conversion
- Q4 FY25 · Revenue growth momentum
- Q4 FY25 · Net margin movement
Q3 FY25Verdict: Very strong quarterMomentum improvingMargins stableView report details
Positive evidence: Operating leverage is working in the company's favor · Revenue grew 16.8% quarter over quarter
No material downside signals identified.
No new watch conditions triggered.
Source: SEC filing (Q3 FY25)
Metric evidence
Validated report metrics supporting this snapshot.
- Q3 FY25 · Operating leverage
- Q3 FY25 · Revenue growth momentum
Q2 FY25Verdict: Very strong quarterMomentum improvingMargins contractingView report details
Positive evidence: Operating leverage is working in the company's favor · Revenue grew 15.4% quarter over quarter · Profit conversion expanded 1.1 percentage points
Downside evidence: Gross margin contracted 3.2 percentage points · Operating margin contracted 2.9 percentage points · Net margin contracted 1.9 percentage points
Watch next: Watch whether gross margin improves from its latest reported level next quarter · Watch whether operating margin improves from its latest reported level next quarter · Watch whether net profit improves from its latest reported level next quarter
Source: SEC filing (Q2 FY25)
Metric evidence
Validated report metrics supporting this snapshot.
- Q2 FY25 · Operating leverage
- Q2 FY25 · Revenue growth momentum
- Q2 FY25 · Profit conversion
- Q2 FY25 · Net margin movement
Q1 FY25Verdict: Very strong quarterView report details
Positive evidence: $14.88B net profit in Q1 FY25
No material downside signals identified.
No new watch conditions triggered.
Source: SEC filing (Q1 FY25)
Metric evidence
Validated report metrics supporting this snapshot.
- Q1 FY25 · Profitability level

Sources and methodology

8 published, validated reports used · Q1 FY25–Q4 FY26 · selected report analysed 2026-08-04

Point-in-time scope: through Q4 FY26; later-quarter data is excluded. Q/Q values are derived from adjacent report metrics; any comparability caveat is shown with the relevant trend above.

Public source linked