Santa Clara, CA · Founded 1993 · 42,000 employees
NVIDIA generated $215.9B in revenue for fiscal year 2026, a +65.5% year-over-year change. Gross margin was 71.1%. Net income reached $120.1B.
NVIDIA is riding an unprecedented AI wave, but its financial flexibility is being squeezed by $76B in fixed commitments and aggressive buybacks just as export controls threaten to permanently sever access to the Chinese market. NVIDIA delivered extraordinary top-line growth in FY2026 — $215.9B revenue (up 65% y/y) driven by Data Center ($193.7B) and record Q4 Data Center of $62.3B — but the filing contains several high‑impact caveats investors must treat as real risks rather than marketing. Key red flags: a $4.5B H20 charge tied to U.S. export controls, a rapid build‑out of illiquid and private investments (non-marketable equity securities of $22.3B), massive forward supply commitments ($95.2B) and concentrated revenue exposure to a few large customers (one direct customer = 22% of FY26 revenue). These items materially change balance-sheet and recovery dynamics despite huge operating cash flow ($102.7B FY26).
| Fiscal Year | Revenue | YoY Growth | Gross Margin | Op. Margin | Net Income | EPS |
|---|---|---|---|---|---|---|
| FY2026 | $215.9B | +65.5% | 71.1% | 60.4% | $120.1B | $4.90 |
| FY2025 | $130.5B | +114.2% | 75.0% | 62.4% | $72.9B | $2.94 |
| FY2024 | $60.9B | +125.9% | 72.7% | 54.1% | $29.8B | $11.93 |
| FY2023 | $27.0B | +0.2% | 56.9% | 15.7% | $4.4B | $1.74 |
| FY2022 | $26.9B | +61.4% | 64.9% | 37.3% | $9.8B | $3.85 |
| FY2021 | $16.7B | +52.7% | 62.3% | 27.2% | $4.3B | $6.90 |
| FY2020 | $10.9B | -6.8% | 62.0% | 26.1% | $2.8B | $4.52 |
| FY2019 | $11.7B | — | 61.2% | 32.5% | $4.1B | $6.63 |
| Fiscal Year | Operating Cash Flow | Capital Expenditures | Free Cash Flow | Investing | Financing |
|---|---|---|---|---|---|
| FY2026 | $102.7B | $-6.0B | $96.7B | $-52.2B | $-48.5B |
| FY2025 | $64.1B | $-3.2B | $60.9B | $-20.4B | $-42.4B |
| FY2024 | $28.1B | $-1.1B | $27.0B | $-10.6B | $-13.6B |
| FY2023 | $5.6B | $-1.8B | $3.8B | $7.4B | $-11.6B |
| FY2022 | $9.1B | $-976.0M | $8.1B | $-9.8B | $1.9B |
| FY2021 | $5.8B | $-1.1B | $4.7B | $-19.7B | $3.8B |
| FY2020 | $4.8B | $-344.0M | $4.4B | $6.1B | $-792.0M |
| FY2019 | $3.7B | $-397.0M | $3.3B | $-4.1B | $-2.9B |
| Fiscal Year | Total Assets | Total Liabilities | Total Equity | Cash | Total Debt |
|---|---|---|---|---|---|
| FY2026 | $206.8B | $49.5B | $157.3B | $10.6B | $8.5B |
| FY2025 | $111.6B | $32.3B | $79.3B | $8.6B | $8.5B |
| FY2024 | $65.7B | $22.8B | $43.0B | $7.3B | $9.7B |
| FY2023 | $41.2B | $19.1B | $22.1B | $3.4B | $11.0B |
| FY2022 | $44.2B | $17.6B | $26.6B | $2.0B | $10.9B |
| FY2021 | $28.8B | $11.9B | $16.9B | $847.0M | $7.0B |
| FY2020 | $17.3B | $5.1B | $12.2B | $10.9B | $2.0B |
| FY2019 | $13.3B | $4.0B | $9.3B | $782.0M | $2.0B |
NVIDIA generated $215.9B in revenue for fiscal year 2026. That represents a +65.5% change from $130.5B in fiscal year 2025.
Yes, NVIDIA is profitable. The company reported net income of $120.1B in fiscal year 2026, representing a net profit margin of 55.6%. In the prior fiscal year 2025, net income was $72.9B.
NVIDIA's gross margin for fiscal year 2026 was 71.1%, calculated from gross profit of $153.5B on revenue of $215.9B. Over the past 5 years, gross margins have ranged between 57% and 75%.
NVIDIA employs approximately 42,000 people worldwide. The company is headquartered in Santa Clara, CA and was founded in 1993.
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