Revenue increased from $130.5B in fiscal 2025 to $215.9B in fiscal 2026 overall. Compute Networking revenue went from $116,193M to $193,479M, a 67% increase in current vs 145% prior year increase. Graphics revenue increased 57% in current vs 6% prior. Operating income for Compute Networking rose 57% currently vs 159% prior. Notable adjustment in the magnitude of growth rates reflects evolving business dynamics.
Current filing discloses a 29% increase in compensation and benefits plus 79% increase in compute and infrastructure driving R&D expenses increase; prior filing emphasized 32% compensation increase, 100% compute infrastructure increase, and 234% engineering development costs increase, showing a shift in focus of the contributors.
Prior filing highlights demand driven by Hopper platform and Ethernet for AI revenue, whereas current filing highlights transition to Blackwell computing platform and NVLink fabric ramp as key drivers. Graphics revenue growth drivers changed from GeForce RTX 40 Series to Blackwell architecture sales.
Current filing specifies one direct customer representing 22% and another 14% of total revenue in fiscal 2026, compared to prior filing where sales to direct customers represented 12%, 11%, and 11% for the top customers in fiscal 2025. Indirect customers include AI model makers, enterprises, and public sector entities in current, versus consumer internet companies previously. The method of designating geographic revenue and shifting percentages outside the US also changed (31% in 2026 vs. 41% previously, compared to 53%/56% in prior years).
The current filing introduces a significant charge of $4.5 billion related to H20 excess inventory and purchase obligations in the first quarter of fiscal year 2026, which was not mentioned in the prior filing. This impacted Compute Networking segment operating income and gross margin, reducing the gross margin to 71.1% from 75.0% and contributing to unfavorable inventory provision effects.
On March 2, 2026, NVIDIA's Compensation Committee adopted the Fiscal Year 2027 Variable Compensation Plan, which allows eligible executive officers to earn variable cash payments based on achieving fi...
Persis Drell resigned from the Board of Directors of NVIDIA Corporation and from the Compensation Committee, effective immediately, to pursue a new professional opportunity. The resignation was not du...
Ellen Ochoa resigned from NVIDIA's Board of Directors and the Nominating and Corporate Governance Committee for personal reasons. There are no disagreements with the company. No compensatory arrangeme...
Factor Model (net +0.8)
Factor Model
net +0.8 3.5 / 10Nvidia’s AI revenue surges 85%, faces export risks
Watch: Monitor Nvidia’s upcoming Windows PC launch and Blackwell GPU updates as critical tests for sustained AI demand and stock breakout potential.
Nvidia posted a massive 85% revenue jump in Q1 to $81 billion and expects $91 billion next quarter, driven by AI infrastructure demand and new Vera CPU launches. The company authorized an $80 billion buyback and raised dividends. However, regulatory headwinds pressure Nvidia's China-related AI chip shipments amid U.S. export controls, heightened by investigations of Super Micro Computer's illegal exports with Nvidia chips.
Nvidia's dominant AI growth and robust financials underpin its market leadership and $3 trillion+ valuation potential, though export restrictions and overseas regulatory scrutiny pose substantial risks to China revenue streams.
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Evidence
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Fundamentals & Data ▾
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On March 2, 2026, NVIDIA's Compensation Committee adopted the Fiscal Year 2027 Variable Compensation Plan, which allows eligible executive officers to earn variable cash payments based on achieving fiscal year 2027 revenue goals. The plan sets target award opportunities for named executives based on base salary percentages, with CEO Jen-Hsun Huang's target at $4 million (200% of base salary) and CFO Colette M. Kress and EVP Ajay K. Puri at $1.5 million each (150% of base salary). SEC↗
Persis Drell resigned from the Board of Directors of NVIDIA Corporation and from the Compensation Committee, effective immediately, to pursue a new professional opportunity. The resignation was not due to any disagreement with the company. SEC↗
Ellen Ochoa resigned from NVIDIA's Board of Directors and the Nominating and Corporate Governance Committee for personal reasons. There are no disagreements with the company. No compensatory arrangements or dollar amounts are involved. SEC↗
full analysis
Revenue increased from $130.5B in fiscal 2025 to $215.9B in fiscal 2026 overall. Compute Networking revenue went from $116,193M to $193,479M, a 67% increase in current vs 145% prior year increase. Graphics revenue increased 57% in current vs 6% prior. Operating income for Compute Networking rose 57% currently vs 159% prior. Notable adjustment in the magnitude of growth rates reflects evolving business dynamics.
full analysis
Current filing discloses a 29% increase in compensation and benefits plus 79% increase in compute and infrastructure driving R&D expenses increase; prior filing emphasized 32% compensation increase, 100% compute infrastructure increase, and 234% engineering development costs increase, showing a shift in focus of the contributors.
full analysis
Prior filing highlights demand driven by Hopper platform and Ethernet for AI revenue, whereas current filing highlights transition to Blackwell computing platform and NVLink fabric ramp as key drivers. Graphics revenue growth drivers changed from GeForce RTX 40 Series to Blackwell architecture sales.
full analysis
Current filing specifies one direct customer representing 22% and another 14% of total revenue in fiscal 2026, compared to prior filing where sales to direct customers represented 12%, 11%, and 11% for the top customers in fiscal 2025. Indirect customers include AI model makers, enterprises, and public sector entities in current, versus consumer internet companies previously. The method of designating geographic revenue and shifting percentages outside the US also changed (31% in 2026 vs. 41% previously, compared to 53%/56% in prior years).
full analysis
The current filing introduces a significant charge of $4.5 billion related to H20 excess inventory and purchase obligations in the first quarter of fiscal year 2026, which was not mentioned in the prior filing. This impacted Compute Networking segment operating income and gross margin, reducing the gross margin to 71.1% from 75.0% and contributing to unfavorable inventory provision effects.
Transcript Analysis (2026Q2) ▾
Management presents with strong confidence and high specificity in prepared remarks; some evasion occurs in Q&A on China and competitive dynamics leading to a slight drop in confidence off-script.
- Repeated emphasis on geopolitical uncertainties affecting China shipments
- Strong focus on energy efficiency and performance per watt repeatedly highlighted
- Emphasis on long-term AI infrastructure market size ($3-4 trillion) and AI industrial revolution
- Detailed technical explanation as a defense against competition questions
- No mention of margin pressure or risks besides geopolitical
Track Record (5/10 correct) ▾
Direction History
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