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 clinical at capturing the AI boom, but it is fueling that growth by committing to $119B in future payments and $32B in leases. With China access blocked and revenue concentrated in a few fickle hyperscalers, the company has very little margin for error if the AI cycle cools. NVIDIA delivered blowout Q1 results driven by Data Center (Blackwell) where revenue and operating income scaled dramatically, producing exceptional cash flow and a fortress-like liquid position. Yet the filing exposes material structural risks: extensive multi-year manufacturing and lease commitments, aggressive capital returns and private equity investments, concentrated customers, and a regulatory/export-control overhang that has effectively foreclosed China data-center sales. Investors must separate operating performance from large, volatile investment gains when valuing the company.
| 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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