Nvidia's annual net profit exceeds 800 billion, China H20 revenue reaches 400 million

According to CNBC, South China Morning Post, and NVIDIA’s website, on February 25th local time, NVIDIA announced its Q4 FY2026 financial results and full-year FY2026 performance.

In this quarter, NVIDIA’s revenue and net profit both exceeded Wall Street expectations, reaching $68.13 billion (approximately RMB 4.68 trillion), up 73% year-over-year and 20% quarter-over-quarter; non-GAAP net profit was $39.55 billion (approximately RMB 271.69 billion), up 79% year-over-year and 25% quarter-over-quarter.

Among them, data center revenue reached $62.3 billion, up 22% quarter-over-quarter and 75% year-over-year. The report states that over 91% of the company’s sales come from the data center division, which includes its leading AI chips.

For the full fiscal year 2026, NVIDIA’s revenue reached $215.94 billion (approximately RMB 1.4834 trillion), a 65% increase year-over-year; net profit was $120.08 billion (approximately RMB 824.89 billion), also up 65% year-over-year.

In Q4, NVIDIA’s GAAP and non-GAAP gross margins were 75.0% and 75.2%, respectively; for the full FY2026, GAAP and non-GAAP gross margins were 71.1% and 71.3%.

NVIDIA Website

NVIDIA founder and CEO Jensen Huang stated that computing demand is growing exponentially, and the inflection point for agentic AI has arrived. “With NVLink technology, NVIDIA’s Grace Blackwell chip is now a leader in reasoning, reducing the cost per token by an order of magnitude, and Vera Rubin will further solidify our leading position.”

He pointed out, “Enterprise use of agents is rapidly increasing, and our customers are investing heavily in AI computing. These ‘factories’ will drive the AI industrial revolution and future growth.”

NVIDIA’s annual report shows that in August 2025, the U.S. government granted the company a license to sell H20 to Chinese customers, generating approximately $60 million (about RMB 400 million) in H20 revenue.

NVIDIA CFO Colette Kress stated during the earnings call that although the U.S. government approved a small number of H200 products for Chinese customers, no revenue has been generated so far, and China’s import situation remains uncertain.

Kress also said, “Our competitors in China are making progress, especially with recent IPOs, and in the long term, they could disrupt the global AI industry landscape.”

It is reported that NVIDIA’s outlook for Q1 FY2027 is expected to achieve revenue of $78 billion, with a variance of ±2%; GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, with a variance of ±50 basis points. Notably, NVIDIA’s outlook does not include revenue from data center computing business in China.

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