【英伟达（NVDA.O）】FY26Q4&FY27Q1指引业绩超市场预期，Agentic AI拐点已至——FY26Q4&FY26全年业绩点评（付天姿/王贇）

Core Viewpoint - Nvidia's FY26Q4 and full-year performance exceeded market expectations, with significant revenue and profit growth driven by strong demand in data center and gaming sectors [4][5]. Group 1: Financial Performance - FY26Q4 revenue reached $68.1 billion, a year-over-year increase of 73% and a quarter-over-quarter increase of 20%, surpassing the consensus estimate of $65.9 billion [4]. - FY26 full-year revenue totaled $215.9 billion, reflecting a 65% year-over-year growth [4]. - FY26Q4 Non-GAAP net profit was $39.6 billion, up 79% year-over-year and 25% quarter-over-quarter, exceeding the consensus estimate of $37.5 billion [4]. Group 2: Business Segments - Data Center Business: FY26Q4 revenue was $62.3 billion, a year-over-year increase of 75% and a quarter-over-quarter increase of 22%. The computing segment generated $51.3 billion, up 58% year-over-year [5]. - Gaming Business: FY26Q4 revenue was $3.7 billion, a year-over-year increase of 47% but a quarter-over-quarter decrease of 13%. Full-year revenue reached $16 billion, up 41% year-over-year [6]. - Professional Visualization Business: FY26Q4 revenue was $1.3 billion, a year-over-year increase of 159% and a quarter-over-quarter increase of 74% [6]. - Automotive Business: FY26Q4 revenue was $600 million, a year-over-year increase of 6% and a quarter-over-quarter increase of 2%, with full-year revenue of $2.3 billion, up 39% year-over-year [6]. Group 3: Future Outlook - FY27Q1 revenue guidance is set at $78 billion (±2%), exceeding the consensus estimate of $72.9 billion, with a Non-GAAP gross margin of 75.0% [4]. - The company anticipates strong demand for its new Rubin platform, which is expected to significantly reduce inference token costs and drive future growth in the data center segment [5].