NVDAMETA
NVDA CY4Q25: Results and Outlook Exceeding Elevated Expectations
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Beat-and-raise print, $78bn guide and 75% GMs; networking +3.5x, Rubin sampling set stage for 2026+ upside.
NVIDIA delivered another quarter of exceptional performance, with both CY4Q25 earnings results and CY1Q26 guidance once again exceeding market expectations. The company reported CY4Q25 revenue of $68.1bn, surpassing the sell-side and buy-side consensus of $66bn and $68bn, respectively. Furthermore, management guided CY1Q26 revenue to $78bn±2%, ahead of the sell-side/buy-side consensus of $72/75bn. This robust momentum supports management’s outlook for continued top-line growth throughout 2026, with total annual revenue projected to surpass the previously estimated $500bn milestone driven by the Blackwell and Rubin product cycles.
The company’s profitability remains resilient, with CY4Q25 and CY1Q26 gross margins coming in line with consensus at 75%. Management expects gross margins to hold steady in the mid-70s for the full year, a testament to the immense pricing power inherent in the CUDA ecosystem and NVIDIA’s integrated system-level designs.
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