Nvidia(NVDA) - 2026 Q1 - Quarterly Results

Revenue Performance - Revenue for Q1 FY26 was $44.1 billion, up 12% from Q4 FY25 and up 69% from Q1 FY25[1] - Data Center revenue reached $39.1 billion, increasing 10% from the previous quarter and 73% year-over-year[5] - Revenue for the three months ended April 27, 2025, was $44,062 million, a 69.2% increase from $26,044 million in the same period of 2024[23] Profitability Metrics - GAAP gross margin was 60.5%, while non-GAAP gross margin was 61.0%; excluding a $4.5 billion charge, non-GAAP gross margin would have been 71.3%[3] - Gross profit for the same period was $26,668 million, resulting in a gross margin of 60.5%, compared to 78.4% in the prior year[23][29] - Net income increased to $18,775 million, or $0.76 per diluted share, up from $14,881 million, or $0.60 per diluted share, year-over-year[23][30] - Non-GAAP net income for the three months ended April 27, 2025, was $19,894 million, reflecting a strong performance compared to $15,238 million in the same period last year[29] - The company expects a GAAP gross margin of 71.8% for Q2 FY2026, with a non-GAAP gross margin projected at 72.0%[34] Charges and Expenses - The company incurred a $4.5 billion charge due to H20 excess inventory and purchase obligations, impacting overall revenue[2] - Operating expenses for Q2 FY2026 are anticipated to be $5,700 million, with non-GAAP operating expenses expected to be $4,000 million after adjustments[34] Cash Flow and Assets - Cash flows from operating activities were $27,414 million, significantly higher than $15,345 million in the same quarter of the previous year[27] - The company reported a significant increase in cash and cash equivalents, ending the period with $15,234 million compared to $7,587 million in the same quarter last year[27] - Total assets rose to $125,254 million, up from $111,601 million at the end of the previous quarter[25] - Total liabilities increased to $41,411 million, compared to $32,274 million in the prior quarter[25] Future Outlook - NVIDIA expects Q2 FY26 revenue to be approximately $45.0 billion, reflecting a loss of about $8.0 billion in H20 revenue due to export control limitations[7] - The company is working towards achieving gross margins in the mid-70% range by late FY26[7] Product Developments - NVIDIA announced plans to build factories in the U.S. and collaborate with partners to produce AI supercomputers domestically[10] - The company unveiled several new products, including NVIDIA Blackwell Ultra and NVIDIA Dynamo for AI reasoning models[10] Gaming Revenue - First-quarter Gaming revenue was a record $3.8 billion, up 48% from the previous quarter and 42% year-over-year[9] Dividends - NVIDIA's next quarterly cash dividend will be $0.01 per share, payable on July 3, 2025[4]