NVDA

NVIDIA's Compensation Committee adopted the Variable Compensation Plan for Fiscal Year 2027 (ending January 31, 2027), setting cash bonus targets for named executive officers tied to FY2027 revenue goals — CEO Jensen Huang's target is $4M (200% of base salary) and the four EVPs each have a $1.5M target (150% of base salary), with threshold, base, and stretch achievement levels established.

Revenue surged 65% to $215.9B in fiscal year 2026, driven almost entirely by the Blackwell platform transition across both segments. Compute & Networking, the dominant segment at $193.5B, grew 67% as Data Center compute rose 59% and Data Center networking exploded 142% on NVLink fabric ramp for GB200/GB300 systems alongside Ethernet and InfiniBand growth. Graphics added $8.2B incrementally (+57%), also Blackwell-driven. Customer concentration intensified: one direct customer hit 22% of revenue, another 14%, both concentrated in Compute & Networking, and one AI research and deployment company contributed meaningfully through cloud purchasing chains. Gross margin compressed 390bps to 71.1%, reflecting two forces: the product mix shift from Hopper HGX systems to full-scale Blackwell datacenter solutions (higher complexity, higher cost) and a $4.5B H20 excess inventory and purchase obligation charge taken in Q1 FY2026 after export control actions effectively stranded that product. Total inventory provisions net of releases hit a 2.6% gross margin drag for the year versus 2.3% the prior year. Operating leverage partially offset this — opex as a percent of revenue fell to 10.7% from 12.6% — but absolute R&D spending jumped 43% to $18.5B, driven by a 79% surge in compute and infrastructure costs alongside headcount-driven compensation growth, signaling continued aggressive investment in next-generation platforms. Operating income reached $139.3B at a 64.5% operating margin, with Compute & Networking contributing $130.1B (+57%) and Graphics $9.2B (+80%). Below the line, other income spiked to $9.0B versus $1.0B in FY2025, almost entirely from unrealized gains on non-marketable and publicly-held equity securities including the Intel common stock position, which inflated reported pre-tax income but is non-cash and non-recurring. Net income margin held nearly flat at 55.6% versus 55.8%, masking a higher effective tax rate of 15.1% versus 13.4%. Geographic mix shifted materially toward the U.S., with international revenue falling to 31% of total from 41%, reflecting both Blackwell demand concentration among domestic hyperscalers and ongoing export restrictions constraining shipments to certain markets.

NVIDIA reported Q4 and full fiscal year 2026 financial results (quarter ended January 25, 2026), with the press release and CFO Colette Kress's commentary filed as exhibits.

Persis Drell resigned from NVIDIA's Board of Directors, including her seat on the Compensation Committee, effective January 20, 2026, to pursue a new professional opportunity — not due to any disagreement with the company.

Revenue surged 62% year-over-year to $57.0B in Q3 FY2026 and $147.8B for the first nine months, driven almost entirely by Compute & Networking, which grew 64% YoY on both timeframes. The three cited demand catalysts are accelerated computing, powerful AI models, and agentic applications, with Data Center networking up 105% YoY for the nine-month period as NVLink fabric for GB200/GB300, XDR InfiniBand, and Ethernet for AI all scaled simultaneously. Customer concentration is intensifying — four direct customers exceeded 10% of Q3 revenue individually, collectively accounting for 61% of the quarter, a materially more concentrated mix than the prior year. Graphics revenue also accelerated, up 51% in Q3, driven by Blackwell architecture adoption. Gross margin compressed to 73.4% in Q3 FY2026 from 74.6% a year ago, and to 69.3% for the nine-month period from 75.8%, reflecting the product transition from Hopper HGX systems to full-scale Blackwell datacenter solutions and a $4.5B H20 inventory and purchase obligation charge recorded in Q1 FY2026. The H20 charge weighed 3.7 percentage points on nine-month gross margin; Q3 alone saw only a 0.1-point net drag as prior reserves were partially released. Operating margins held firm — Q3 operating income as a percent of revenue was 63.1% versus 62.3% a year ago — because opex leverage more than offset gross margin pressure, with R&D and SG&A declining as a percentage of revenue despite absolute dollar growth of 39% and 26%, respectively. Below the operating line, other income jumped to $1.36B in Q3 and $3.42B for nine months versus $36M and $301M in the prior-year periods, almost entirely from unrealized gains on publicly-held and non-marketable equity securities, which added roughly 2.4 points to Q3 revenue as a percentage. Net income margin reached 55.9% in Q3, up from 54.9%, though the nine-month figure of 52.3% trails last year's 55.6% due to the H20 charge. The effective tax rate rose meaningfully — 10.6% in Q3 versus 8.6% — signaling that the tax benefit mix is shifting as income scales. U.S.-headquartered customers now represent 69% of Q3 revenue versus 56% a year ago, reflecting either export control dynamics limiting international shipments or a relative acceleration in domestic hyperscaler and CSP deployment.

NVIDIA reported Q3 fiscal 2026 earnings (quarter ended October 26, 2025) via press release and CFO commentary from Colette Kress attached as exhibits — the primary disclosure is Item 2.02 results of operations, with Item 9.01 covering the exhibits themselves.