Nvidia reported record revenue of $68.1 billion for its fiscal fourth quarter, up 73% from a year earlier. The results, announced on February 25, 2026, cover the quarter ended January 25.
The company’s data center business generated $62.3 billion, up 75% from a year earlier. Nvidia reported about $51 billion in data center compute revenue, largely from GPUs, and $11 billion in networking revenue, including products such as NVLink.
For fiscal 2026, Nvidia reported revenue of $215.9 billion, an increase of 65% from the previous year.
“The demand for tokens in the world has gone completely exponential,” CEO Jensen Huang said on the earnings call. He said even Nvidia’s six-year-old GPUs in the cloud were fully in use and their pricing was rising.
China sales and competition
Chief Financial Officer Colette Kress said small amounts of H200 products for China-based customers had received U.S. government approval but had not yet generated revenue. She said Nvidia did not know whether China would allow the products to be imported.
The U.S. Bureau of Industry and Security announced on January 13, 2026, that it would review export license applications for the H200 and similar chips on a case-by-case basis, subject to security requirements.
Kress also said Chinese competitors, supported by recent initial public offerings, were making progress and could disrupt the structure of the global AI industry over the long term. Chinese chipmaker Moore Threads held its IPO in December 2025.
OpenAI talks and AI spending
Huang said Nvidia was continuing discussions with OpenAI. “We continue to work with OpenAI toward a partnership agreement. We believe we are close,” he said. He also referenced Nvidia’s partnerships with Anthropic, Meta and Elon Musk’s xAI.
A February 19 report, citing a person familiar with the matter, said Nvidia was close to finalizing a $30 billion investment in OpenAI. That figure remained an unconfirmed reported amount.
In statements filed with the U.S. Securities and Exchange Commission on February 25, Nvidia cautioned that there was “no assurance” an investment would take place.
Huang also addressed concerns about whether major technology companies could sustain their AI infrastructure spending, arguing that computing capacity enabled revenue growth.
“In this new world of AI, compute is revenue. Without compute, there’s no way to generate tokens. Without tokens, there’s no way to grow revenues,” Huang said. He also said the industry was generating “profitable tokens” that were productive for customers and profitable for cloud service providers.
