NVIDIA announces Q1 FY2026 results with $44.1 billion in revenue

NVIDIA has announced its financial results for the first quarter of fiscal 2026, which ended April 27, 2025, and the revenue figures are massive, though not without some serious headwinds. The company raked in $44.1 billion, a 69% increase from the same quarter a year ago and a 12% jump from the previous quarter. The last time we reported on NVIDIA's fiscal quarter earnings, the company was smashing expectations for its second fiscal quarter of 2024, posting what many called a blowout financial quarter with $30 billion in revenue and a massive 122% year-over-year jump.

This time, aside from the revenue, the big headline grabber is a $4.5 billion hit NVIDIA took. This charge is tied to its H20 products for the Chinese market, thanks to the U.S. government deciding on April 9, 2025, that new licenses are needed for export. Before these new rules, H20 products actually sold $4.6 billion in this same quarter, and NVIDIA was unable to ship an additional $2.5 billion worth. This charge dragged GAAP earnings per diluted share down to $0.76 and non-GAAP to $0.81; without it, NVIDIA notes, non-GAAP earnings per share would have been a healthier $0.96.

Despite these challenges, CEO Jensen Huang remains bullish, stating, "Global demand for NVIDIA’s AI infrastructure is incredibly strong." Huang pointed to the Blackwell NVL72 AI supercomputer, now in full-scale production, and a tenfold surge in AI inference token generation in just one year. Data Center revenue certainly reflects this, hitting $39.1 billion, up 73% year-over-year. Gaming also had a record quarter with $3.8 billion in revenue, boosted by new cards like the GeForce RTX 5070 and the upcoming Nintendo Switch 2, which will feature an NVIDIA processor and AI-powered DLSS.

Looking ahead to the second quarter of fiscal 2026, NVIDIA expects revenue around $45.0 billion. Crucially, this forecast already accounts for an estimated $8.0 billion loss in H20 revenue due to those export controls. The company is also working to get its gross margins back into the mid-70% range later in the year, after the H20 charge pushed the Q1 non-GAAP gross margin to 61.0% (it would have been 71.3% without the charge). NVIDIA also announced its next quarterly cash dividend of $0.01 per share, payable on July 3, 2025.

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