We delivered another outstanding quarter with record revenue, operating income, and free cash flow. Total revenue of $68 billion was up 73% year-over-year, accelerating from Q3. Demand for our Blackwell architecture, extreme co-designed at data center scale, continues to strengthen as inference deployments grow, in addition to training. The transition to accelerated computing and the infusion of AI across existing hyperscale workloads continue to fuel our growth.
On a full-year basis, data center generated revenue of $194 billion, up 68% year-over-year. We look ahead, we expect sequential revenue growth throughout calendar 2026, exceeding what was included in the $500 billion Blackwell and Rubin revenue opportunity we shared last year. We believe we have inventory and supply commitments in place to address future demand, including shipments extending into calendar 2027. Customers make critical architectural decisions based on performance per watt, given these constraints and the need to maximize AI factory revenue.
Continuous optimization of CUDA software helped deliver up to five times better performance on GB200 NVL72 just within four months. Q4 data center revenue of $62 billion increased 75% year-over-year and 22% sequentially, driven primarily by sustained strength in Blackwell and the Blackwell Ultra ramp. With NVIDIA infrastructure in high demand, even Hopper and much of the six-year-old Ampere-based products are sold out in the cloud. Today, 9 GW of infrastructure on Blackwell are deployed and consumed by the major cloud service providers, hyperscalers, AI model makers, and enterprises.
| Metric | Period | Current guidance |
|---|---|---|
| Sequential revenue growth | Throughout calendar 2026 | expect sequential revenue growth throughout CY2026, exceeding what was in the $500B opportunity; supply commitments extend into calendar 2027 |
| Gross margin | FY2027 | working to hold in the mid-70s long term, sustained by generational performance-per-watt leaps |
| Gaming revenue | Q1 FY2027 and beyond | supply/memory constraints a headwind; full-year FY2027 growth too early to call |
| Vera Rubin production shipments | 2H FY2027 | on track to commence production shipments in the second half of the year; expect every cloud model builder to deploy it |
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +73% | Record $68B accelerating from Q3, with a record $11B sequential data center addition across a diversifying customer base. |
| Data center revenue (Q4) | +75% | Sustained Blackwell strength and the Blackwell Ultra ramp; +22% sequentially. |
| Full-year data center revenue | +68% | $194B, scaling nearly 13x since ChatGPT in FY2023. |
| Networking revenue | +3.5x | $11B on record scale-up (NVLink 72) and scale-out demand; full-year >$31B. |
| Professional visualization | +159% | $1.3B (first time over $1B, +74% sequential) on RTX PRO Blackwell workstation demand. |
| Gaming revenue | +47% | $3.7B on strong Blackwell GeForce demand and improved supply. |
| Automotive revenue | +6% | $604M driven by robust demand for self-driving solutions. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Agentic AI inflection | agentic AI emerging / early | 'ChatGPT moment of agentic AI has arrived'; Claude Code, Claude Cowork and OpenAI Codex reached useful intelligence with profitable tokens and skyrocketing adoption | — |
| Blackwell vs Rubin transition | GB300 two-thirds of Blackwell (Q3) | Grace Blackwell ~two-thirds of data center revenue, 9 GW deployed; first Vera Rubin samples shipped, 2H production, Rubin cuts inference token cost up to 10x vs Blackwell | — |
| Hyperscaler CapEx | ~$600B (Q3) | top-five cloud/hyperscaler 2026 CapEx approaching $700B, up nearly $120B since the start of the year; they are ~50% of data center revenue | — |
| China | H20 orders never materialized (~$50M in Q3) | small H200 amounts approved but zero revenue and uncertain imports; IPO-funded Chinese competitors a long-term risk | — |
| Customer diversification | hyperscaler-led | top-five hyperscalers just over 50% of data center revenue; faster growth from model makers, enterprises, sovereigns and supercomputing | — |
| Ecosystem investments | OpenAI/Anthropic partnerships announced (Q3) | $10B Anthropic investment closed, Meta deploying millions of Blackwell/Rubin GPUs, Groq low-latency inference licensing (Mellanox-style extension) | — |