NVIDIA Corporation Revenue & Financials

The number that matters most in NVIDIA's FY2026 results isn't the $215.9 billion in revenue — it's the $120.1 billion in net income. A 55.6% net margin on a hardware business. That's not supposed to happen in semiconductors. Intel at its peak managed maybe 25-30%. Qualcomm hovers around 20-25%. NVIDIA is operating in a different economic universe because it's selling a platform, not a component, and the platform has no close substitute at the scale customers need. The growth trajectory is almost absurd when you write it out: FY2024 revenue was $60.9 billion. FY2025 was $130.5 billion. FY2026 was $215.9 billion. That's 3.5x growth in two years for a company that was already enormous. Q4 FY2026 alone — $68.1 billion, up 73% year-over-year — would have been a record full-year revenue for most semiconductor companies. Data Center Networking deserves its own paragraph. It surged 263% year-over-year in Q4 to $11 billion. That's the Mellanox acquisition transforming from a strategic bet into a revenue engine. NVLink fabric for GB200 systems is now essential infrastructure, not optional. The per-employee economics are instructive: $6 million in revenue and $3.3 million in profit per person. NVIDIA has 36,000 employees generating more profit than companies with ten times the headcount. The fabless model means capital expenditures stay modest relative to revenue — TSMC bears the fab cost — so free cash flow generation is extraordinary. Market cap reached $5.7 trillion by mid-May 2026. The company added $591 billion in four trading days that month — more than Oracle's entire market capitalization. Stock trades around $215-235 per share on NASDAQ. The valuation implies investors believe this growth continues for years. If they're wrong, the correction will be historic.