Nvidia has closed its fiscal year with $68.1 billion of revenue in a single quarter, up 73 percent from the same three months a year earlier, and it expects the current quarter to be larger again. NVIDIA guided to $78.0 billion for the first quarter of fiscal 2027, plus or minus 2 percent. The quarter just reported ended on January 25, 2026, and the full fiscal year came to $215.9 billion.
Almost all of that money arrives through one door. In the commentary NVIDIA filed with the results, chief financial officer Colette Kress wrote: "Data Center revenue for the fourth quarter was a record $62.3 billion, up 75% from a year ago and up 22% sequentially, driven by the major platform shifts – accelerated computing and AI." The piece growing fastest inside that data center number is not the chips at all. Networking, the plumbing that lets thousands of GPUs behave like one enormous processor, brought in a record $11.0 billion, up 263 percent.
That number deserves a moment. Think of a rack of GPUs as a kitchen full of chefs. Adding chefs only helps if they can hand ingredients to each other quickly, and Nvidia has spent years selling the pass-through counters as well as the cooks. The company credits the jump to NVLink, pronounced en-vee-link, its compute fabric for GB200 and GB300 systems, plus growth in Ethernet and InfiniBand.
Jensen Huang, founder and chief executive, framed the quarter as a demand story: "Computing demand is growing exponentially — the agentic AI inflection point has arrived." Agentic AI is the industry's term for a model that carries out a multi-step task on its own, booking the flight instead of describing how flights get booked. Huang also said: "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."
The most interesting line in the outlook is a subtraction. Nvidia said it is not assuming any Data Center compute revenue from China in the $78.0 billion forecast, so that revenue sits at zero and compute sold there would be upside. The exclusion covers compute alone and says nothing of networking, Gaming or the other segments.
There is an oddity in the profit figures worth pausing on. GAAP net income for the quarter was $42.96 billion, higher than the non-GAAP figure of $39.55 billion, which is the reverse of the usual arrangement. Nvidia booked $5.6 billion of net other income driven by unrealized gains on equity stakes, including its previously announced investment in Intel's common stock, and its non-GAAP measures strip those gains back out. Paper gains on shares it has not sold flattered the headline profit.
Definitions are about to shift again. Beginning with the first quarter of fiscal 2027, the company will stop excluding stock-based compensation from its non-GAAP measures, and it expects $1.9 billion of that expense inside the roughly $7.5 billion of non-GAAP operating expenses it has guided to. Comparing the coming quarters with the ones behind them gets harder from here.
Supply is the constraint that keeps surfacing. Inventory rose to $21.4 billion from $19.8 billion three months earlier, and total supply-related commitments reached $95.2 billion, which is Nvidia paying now to reserve manufacturing it will need later. Gaming brought in $3.7 billion and grew 47 percent from a year ago, yet it fell 13 percent from the previous quarter, and the company expects supply constraints to weigh on that business in the first quarter of fiscal 2027 and beyond. Gamers, it seems, are queuing behind the data centers.
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