NVDA FY2026-Q4 earnings: The stock fell as attention centered on the $0 China data center compute assumption
The stock fell 5.46% at the first regular close. Revenue was $68.127B, but the Q1 outlook assumed $0 of China Data Center compute revenue.
Key takeaways
- Revenue of $68.127B and Data Center revenue of $62.3B were reported, but the stock fell 5.46% at the first regular close.
- Q1 FY2027 revenue guidance was set at $78.0B +/- 2%.
- The Q1 outlook assumed $0 of China Data Center compute revenue.
- GAAP gross margin was 75.0%, and Non-GAAP gross margin was 75.2%.
Why did the stock fall?
At the first regular close after the release, the stock fell 5.46%. The baseline price was $195.3324, and the reaction price was $184.6748. Reported revenue was $68.127B. Data Center revenue was $62.3B, Gaming revenue was $3.7B, Professional Visualization revenue was $1.3B, and Automotive revenue was $604M. Profitability metrics were also reported. GAAP diluted EPS was $1.76, Non-GAAP diluted EPS was $1.62, GAAP gross margin was 75.0%, and Non-GAAP gross margin was 75.2%. For the next quarter, the company set Q1 FY2027 revenue guidance at $78.0B +/- 2%. The same outlook assumed $0 of China Data Center compute revenue. As interpretation, the stock decline can be read as investors focusing less on the reported revenue scale and Data Center revenue, and more on the $0 China Data Center compute revenue assumption embedded in the next-quarter outlook.
Demand signals
What pressured the stock
This interpretation links official reported numbers with first regular close reaction. Consensus-relative beat/miss wording is not included yet.
Reported numbers
Actual reported numbers from official or allowed sources. Consensus-relative judgments are excluded.
| Metric | Period | Value |
|---|---|---|
| Revenue | FY2026 Q4 | $68.13B |
| Data Center | FY2026 Q4 | $62.3B |
| Gaming revenue | FY2026 Q4 | $3.7B |
| Professional visualization revenue | FY2026 Q4 | $1.3B |
| Automotive revenue | FY2026 Q4 | $604M |
| GAAP EPS | FY2026 Q4 | $1.76 |
| Non-GAAP EPS | FY2026 Q4 | $1.62 |
| GAAP gross margin | FY2026 Q4 | 75.0% |
| Non-GAAP margin | FY2026 Q4 | 75.2% |
| Full-year revenue | FY2026 | $216B |
| Full-year Data Center revenue | FY2026 | $194B |
| Q1 revenue guidance | FY2027 Q1 guidance | $78B +/- 2% |
| China revenue assumption | FY2027 Q1 guidance | $0 |
Market reaction data
Calculated from the first regular-session close after the release.
Analysis evidence
Evidence linking the narrative to official numbers and price data. Expand if you want the detail.
Show 8 evidence items
At the first regular close after the release, the stock fell 5.46%.
Market reactionFY2026 Q4 revenue was reported at $68.127B.
DemandFY2026 Q4 Data Center revenue was $62.3B.
segmentFY2026 Q4 GAAP diluted EPS was $1.76, and Non-GAAP diluted EPS was $1.62.
otherFY2026 Q4 GAAP gross margin was 75.0%, and Non-GAAP gross margin was 75.2%.
marginQ1 FY2027 revenue guidance was set at $78.0B +/- 2%.
GuidanceThe Q1 FY2027 outlook assumed $0 of China Data Center compute revenue.
GuidanceThe stock decline can be interpreted as investors focusing more on the $0 China Data Center compute revenue assumption in the Q1 outlook than on the reported revenue scale and Data Center revenue.
Market reactionSources
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Verification scope
Reported facts
Official reported facts are displayed.
Market reaction
Based on the first regular close after release.
Narrative scope
Narrative links official facts with market reaction.