NVIDIA Announces Financial Results for First Quarter Fiscal 2026

[Nomad76]

NVIDIA today reported revenue for the first quarter ended April 27, 2025, of $44.1 billion, up 12% from the previous quarter and up 69% from a year ago.

On April 9, 2025, NVIDIA was informed by the U.S. government that a license is required for exports of its H20 products into the China market. As a result of these new requirements, NVIDIA incurred a $4.5 billion charge in the first quarter of fiscal 2026 associated with H20 excess inventory and purchase obligations as the demand for H20 diminished. Sales of H20 products were $4.6 billion for the first quarter of fiscal 2026 prior to the new export licensing requirements. NVIDIA was unable to ship an additional $2.5 billion of H20 revenue in the first quarter.



For the quarter, GAAP and non-GAAP gross margins were 60.5% and 61.0%, respectively. Excluding the $4.5 billion charge, first quarter non-GAAP gross margin would have been 71.3%.

For the quarter, GAAP and non-GAAP earnings per diluted share were $0.76 and $0.81, respectively. Excluding the $4.5 billion charge and related tax impact, first quarter non-GAAP diluted earnings per share would have been $0.96.

"Our breakthrough Blackwell NVL72 AI supercomputer—a 'thinking machine' designed for reasoning—is now in full-scale production across system makers and cloud service providers," said Jensen Huang, founder and CEO of NVIDIA. "Global demand for NVIDIA's AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate. Countries around the world are recognizing AI as essential infrastructure—just like electricity and the internet—and NVIDIA stands at the center of this profound transformation."

NVIDIA will pay its next quarterly cash dividend of $0.01 per share on July 3, 2025, to all shareholders of record on June 11, 2025.

Outlook
NVIDIA's outlook for the second quarter of fiscal 2026 is as follows:

• Revenue is expected to be $45.0 billion, plus or minus 2%. This outlook reflects a loss in H20 revenue of approximately $8.0 billion due to the recent export control limitations.
• GAAP and non-GAAP gross margins are expected to be 71.8% and 72.0%, respectively, plus or minus 50 basis points. The company is continuing to work toward achieving gross margins in the mid-70% range late this year.
• GAAP and non-GAAP operating expenses are expected to be approximately $5.7 billion and $4.0 billion, respectively. Full year fiscal 2026 operating expense growth is expected to be in the mid-30% range.
• GAAP and non-GAAP other income and expense are expected to be an income of approximately $450 million, excluding gains and losses from non-marketable and publicly-held equity securities.
• GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items.

Highlights
NVIDIA achieved progress since its previous earnings announcement in these areas:

Data Center

• First-quarter revenue was $39.1 billion, up 10% from the previous quarter and up 73% from a year ago.
• Announced that NVIDIA is building factories in the U.S. and working with its partners to produce NVIDIA AI supercomputers in the U.S.
• Introduced NVIDIA Blackwell Ultra and NVIDIA Dynamo for accelerating and scaling AI reasoning models.
• Announced partnership with HUMAIN to build AI factories in the Kingdom of Saudi Arabia to drive the next wave of artificial intelligence development.
• Unveiled Stargate UAE, a next-generation AI infrastructure cluster in Abu Dhabi, United Arab Emirates, alongside strategic partners G42, OpenAI, Oracle, SoftBank Group and Cisco.
• Revealed plans to work with Foxconn and the Taiwan government to build an AI factory supercomputer.
• Announced NVIDIA is speeding the IT infrastructure transition to enterprise AI factories with NVIDIA RTX PRO Servers.
• Unveiled NVLink Fusion for industry to build semi-custom AI infrastructure with NVIDIA's partner ecosystem.
• Announced NVIDIA Spectrum-X and NVIDIA Quantum-X silicon photonics networking switches to scale AI factories to millions of GPUs.
• Introduced the NVIDIA DGX SuperPOD built with NVIDIA Blackwell Ultra GPUs to provide AI factory supercomputing for agentic AI reasoning.
• Announced joint initiatives with Alphabet and Google to advance agentic AI solutions, robotics and drug discovery.
• Announced integration between NVIDIA accelerated computing and inference software with Oracle's AI infrastructure.
• Revealed that NVIDIA Blackwell cloud instances are now available on AWS, Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure.
• Announced that the NVIDIA Blackwell platform set records in the latest MLPerf inference results, delivering up to 30x higher throughput.
• Announced NVIDIA DGX Cloud Lepton to connect developers to NVIDIA's global compute ecosystem.
• Launched the open Llama Nemotron family of models with reasoning capabilities, providing a foundation for creating advanced AI agents.
• Introduced the NVIDIA AI Data Platform, a customizable reference design for AI inference workloads.
• Announced the opening of a research center in Japan that hosts the world's largest quantum research supercomputer.

Gaming and AI PC

• First-quarter Gaming revenue was a record $3.8 billion, up 48% from the previous quarter and up 42% from a year ago.
• Announced the NVIDIA GeForce RTX 5070 and RTX 5060, bringing Blackwell graphics to gamers at prices starting from $299 for desktops and $1,099 for laptops.
• Unveiled NVIDIA DLSS 4 is now available in over 125 games, including Black Myth Wukong, DOOM: The Dark Ages, Indiana Jones and the Great Circle, Marvel Rivals and Star Wars Outlaws.
• Announced the Nintendo Switch 2 is powered by an NVIDIA processor and AI-powered DLSS, delivering up to 4K gaming.
• Launched the NVIDIA RTX Remix modding platform, attracting over 2 million gamers, alongside the release of the Half-Life 2 RTX demo.

Professional Visualization

• First-quarter revenue was $509 million, flat with the previous quarter and up 19% from a year ago.
• Announced the NVIDIA RTX PRO Blackwell series for workstations and servers.
• Unveiled NVIDIA DGX Spark and DGX Station personal AI supercomputers powered by the NVIDIA Grace Blackwell platform.
• Announced that leading industrial software and service providers Accenture, Ansys, Databricks, SAP, Schneider Electric with ETAP, and Siemens are integrating the
• NVIDIA Omniverse platform into their solutions to accelerate industrial digitalization with physical AI.

Automotive and Robotics

• First-quarter Automotive revenue was $567 million, down 1% from the previous quarter and up 72% from a year ago.
• Announced a collaboration with General Motors on next-generation vehicles, factories and robots using NVIDIA Omniverse, NVIDIA Cosmos and NVIDIA DRIVE AGX.
• Launched NVIDIA Halos, a unified safety system combining NVIDIA's automotive hardware, software and advanced AV safety AI research.
• Announced NVIDIA Isaac GR00T N1, the world's first open humanoid robot foundation model, followed by NVIDIA Isaac GR00T N1.5; NVIDIA Isaac GR00T-Dreams, a blueprint for generating synthetic motion data; and NVIDIA Blackwell systems to accelerate humanoid robot development.
• Released new NVIDIA Cosmos world foundation models and physical AI data tools.

View at TechPowerUp Main Site | Source

 

[freeagent]

Gross.

 

[wNotyarD]

Gross.

Margins?

 

[Fluffmeister]

Margins?

I see what you did there!

 

[Cr4zy]

All that money to sell your gaming gpus a tier behind where they should be and provide the worst driver releases for the last 6 months, really is looking up for this small company

 

[ThomasK]

All that money to sell your gaming gpus a tier behind where they should be and provide the worst driver releases for the last 6 months, really is looking up for this small company

Nvidia's last show made very clear that gamers aren't its focus anymore. Yet people keep buying it, so serves them right.

 

[RogueSix]

Awesome. Extremely impressive numbers once again in spite of the tariff shenanigans and China export restrictions. Rock on, nVidia!

As for driver issues, I haven't had a single one with my RTX 4090 and I have gone through the entire 576.xx series (GRD and hotfixes... every single one). Currently on 576.52 and the latest game I have played flawlessly (zero issues, zero crashes, as always) was DOOM The Dark Ages which I have played for ~37 hours (100%) with everything maxed at 4K/DLSS Quality. It was glorious. Technical per-fucking-fection! Thanks, nVidia!

And, as coincidence would have it, I just received my RTX 5090 (MSI Suprim Liquid SOC) in the mail today. It finally dropped below €2900 here in EU last week so I pulled the trigger before buying American graphics card impossible in EU or some crazy shit like that (you never know...). I will install it tomorrow and the RTX greatness shall prevail!

nVidia 4ever

 

[watzupken]

I feel a lot of these revenue is derived from panic buying before tariffs and tightening of export control.

 

[Dr. Dro]

Nvidia's last show made very clear that gamers aren't its focus anymore. Yet people keep buying it, so serves them right.

Yeah, dude. I'll buy... a 9070 XT, right?

I can't even buy a product that AMD doesn't sell, that is, a high end GPU. If you think things are bad, they can and will get a lot worse, and there is nothing anyone can do about it. We gamers are no longer the priority for the vendors, and I'm including Intel on this. With Nvidia's strong gaming division at <10% of the data center revenue, and pro visualization (RTX Pro) being effectively a rounding error in their budget, it's a miracle things are as they stand.

 

[Prima.Vera]

Awesome. Extremely impressive numbers once again in spite of the tariff shenanigans and China export restrictions. Rock on, nVidia!

As for driver issues, I haven't had a single one with my RTX 4090 and I have gone through the entire 576.xx series (GRD and hotfixes... every single one). Currently on 576.52 and the latest game I have played flawlessly (zero issues, zero crashes, as always) was DOOM The Dark Ages which I have played for ~37 hours (100%) with everything maxed at 4K/DLSS Quality. It was glorious. Technical per-fucking-fection! Thanks, nVidia!

And, as coincidence would have it, I just received my RTX 5090 (MSI Suprim Liquid SOC) in the mail today. It finally dropped below €2900 here in EU last week so I pulled the trigger before buying American graphics card impossible in EU or some crazy shit like that (you never know...). I will install it tomorrow and the RTX greatness shall prevail!

nVidia 4ever

You sir are the true definition of a Fanbuoy.

 

[Visible Noise]

Gaming sales up 48%.

But I read on this very forum every day that Nvidia doesn’t care about gamers and doesn’t make gaming GPUs anymore.

Also that they have been intentionally holding back supply.

Just think how much they could have sold if they had a gaming product and didn’t restrict supply!

 

[renz496]

Gaming sales up 48%.

But I read on this very forum every day that Nvidia doesn’t care about gamers and doesn’t make gaming GPUs anymore.

Also that they have been intentionally holding back supply.

Just think how much they could have sold if they had a gaming product and didn’t restrict supply!

people say those 50 series were collecting dust on store shelves and AMD RX9070XT alone end up selling more than the entire 50 series line up.

 

[igormp]

and pro visualization (RTX Pro) being effectively a rounding error in their budget, it's a miracle things are as they stand.

Fwiw, the RTX Pro moniker is used for both the datacenter as well as the workstation products.
Most of the sales of such products should fall in the data center category, I guess, hence why the "professional visualization" numbers are so low.

 

[3DVCash]

Gaming sales up 48%.

I mean, ofc gaming revenue would be up. Q1 is the quarter with the bulk of the 50 series launch.

Comparing that to Q4 2024 when there was little to no stock and Q1 from a year ago with the Ada refresh was always going to look favorable.

 

[nguyen]

3.8 billions from gaming revenue, PC gaming is going strong

 

[JustBenching]

Gaming sales up 48%.

But I read on this very forum every day that Nvidia doesn’t care about gamers and doesn’t make gaming GPUs anymore.

Also that they have been intentionally holding back supply.

Just think how much they could have sold if they had a gaming product and didn’t restrict supply!

Well it is true that they don't really care about the gaming market- but since everyone else cares even less- nvidia remains the top choice.

 

[Bwaze]

Nice results for Gaming, last time it was this high was in 2022, on the cryptohigh. Of course, this is not "Gaming", it's "Gaming and AI PC", and I bet all the RTX 5090 smuggling to China has very little to do with video games.

And I see the reasoning for purchases here. Lots of people don't have RTX 40x0 cards, and even though this generation didn't achieve normal generational uplift, they are still big upgrade for people with older generation cards.

And also, a lot of people don't believe RTX 60x0 release will be very different, it might be delayed and even worse, the way Nvidia stumbles with hardware problems, drivers and their apparent war on reviewers.

 

[Luminescent]

Damn, it worked!
Controlling the media, planed shortages, barely usable graphics cards at low prices, no more 1060 6gb mistakes, they are good.
Imagine buying Nvidia stocks just few years ago before they exploded, we would be rich right now.

 

[mama]

View attachment 401681
Nice results for Gaming, last time it was this high was in 2022, on the cryptohigh. Of course, this is not "Gaming", it's "Gaming and AI PC", and I bet all the RTX 5090 smuggling to China has very little to do with video games.

And I see the reasoning for purchases here. Lots of people don't have RTX 40x0 cards, and even though this generation didn't achieve normal generational uplift, they are still big upgrade for people with older generation cards.

And also, a lot of people don't believe RTX 60x0 release will be very different, it might be delayed and even worse, the way Nvidia stumbles with hardware problems, drivers and their apparent war on reviewers.

Just to be clear, we just finished Q1 25. The rest is Nvidia guessing.

 

[JustBenching]

Yeah, dude. I'll buy... a 9070 XT, right?

I can't even buy a product that AMD doesn't sell, that is, a high end GPU. If you think things are bad, they can and will get a lot worse, and there is nothing anyone can do about it. We gamers are no longer the priority for the vendors, and I'm including Intel on this. With Nvidia's strong gaming division at <10% of the data center revenue, and pro visualization (RTX Pro) being effectively a rounding error in their budget, it's a miracle things are as they stand.

The company that doesn't care about us - consumers - still wastes big dies for consumer halo products. On the other hand, the company that cares about us - consumers - has stopped making high end big dies chips and prefers to sell them for AIAIAIAI. Go figure

 

[Bwaze]

Just to be clear, we just finished Q1 25. The rest is Nvidia guessing.

No. Nvidia's Fiscal Year is labeled with the year it ends in, so first quarter of Fiscal year 2026 is actually from end of January 2025 to May 2025.

Constant source of confusion. Also, graphs often mix labels or data between calendar year and Nvidia's fiscal year, annoyingly.

 

[Dirt Chip]

Going top end with NV in the past few gen's shape to be so sort of 'Handicap principle' where you show off how much diminishing return you can bear..
Paying big dollar on the GPU is part of it's feature...

And on the subject, NV is racing to mars, thay already passed the moon.

 

[Rightness_1]

At this point it's only a matter of time before NV decide to stop making "gaming" GPU's.

 

[Bwaze]

Why? Previous quarter showed sharp fall in "Gaming and AI PC", this quarter shows stellar growth. Of course we have no idea how much of this is strictly "Gaming", but that's all according to plan - Nvidia can focus on AI, servers, but at the same time claim complete supremacy in gaming - and show their revenue numbers (that we know they can doctor as they see fit, as they did with crypto revenues).

 

[Chomiq]

Get some extra billions from them and tax them even more for shipping AI chips to China.