NVIDIA reported revenue of $44.1 billion for the first quarter of fiscal 2026, a 12% increase from the previous quarter and a 69% increase from the same period last year. Data Center revenue was $39.1 billion, up 10% from Q4 and 73% from a year ago. On April 9, 2025, the U.S. government informed NVIDIA that a license is required for exports of its H20 products to China.
As a result, the company incurred a $4.5 billion charge in Q1 associated with H20 excess inventory and purchase obligations as demand diminished. Prior to the new export licensing requirements, sales of H20 products were $4.6 billion for the quarter, with an additional $2.5 billion of H20 revenue affected by the restrictions. GAAP and non-GAAP gross margins for the quarter were 60.5% and 61.0%, respectively.
Excluding the $4.5 billion charge, first-quarter non-GAAP gross margin would have been 71.3%. GAAP and non-GAAP earnings per diluted share were $0.76 and $0.81, respectively. Without the charge and related tax impact, non-GAAP diluted earnings per share would have been $0.96.
Jensen Huang, founder and CEO of NVIDIA, said, “Our breakthrough Blackwell NVL72 AI supercomputer — a ‘thinking machine’ designed for reasoning— is now in full-scale production across system makers and cloud service providers.
Nvidia achieves strong Q1 growth
Global demand for NVIDIA’s AI infrastructure is incredibly strong.
AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate. Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation.”
NVIDIA will pay its next quarterly cash dividend of $0.01 per share on July 3, 2025, to all shareholders of record on June 11, 2025. For Q2 fiscal 2026, NVIDIA expects revenue to be $45.0 billion, plus or minus 2%.
GAAP and non-GAAP gross margins are expected to be 71.8% and 72.0%, respectively, plus or minus 50 basis points. GAAP and non-GAAP operating expenses are expected to be approximately $5.7 billion and $4.0 billion, respectively. Full-year fiscal 2026 operating expense growth is expected to be in the mid-30% range.
GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items. NVIDIA announced several initiatives to expand AI infrastructure and collaboration with strategic partners such as HUMAIN, Oracle, and SoftBank Group. The company also introduced the Blackwell cloud instances now available on AWS, launched a modding platform for gamers that attracted over 2 million users, announced the Nintendo Switch 2 powered by an NVIDIA processor, and continues its collaboration with General Motors on next-generation automotive technologies.