Nvidia FY2026 Q1: $44.06 billion of revenue, margin hit by H20 charge
Nvidia's April quarter showed $44.06 billion of revenue, up 69.0% from a year ago, but a $4.5 billion H20 export charge cut gross margin to 60.5% from 78.4%. Excluding it, non-GAAP gross margin was 71.3% and adjusted non-GAAP earnings per share were $0.96 rather than $0.81. Read this quarter as a policy event, not an operating one.
1 · Expected vs. Actual
Free preview belowGAAP earnings per share came to $0.76, down 15.0% from the prior quarter, and non-GAAP was $0.81. Excluding the $4.5 billion H20 charge and its related tax impact, non-GAAP earnings per share would have been $0.96. Net income of $18.78 billion still rose 26.0% from a year ago, and operating cash flow of $27.41 billion comfortably covered $14.10 billion of buybacks.
Revenue of $44.06 billion rose 12.0% from the prior quarter and 69.0% from a year ago, with Data Center at $39.11 billion and Networking at $4.96 billion. Data Center alone grew 73.0% year over year, so this is still an AI infrastructure story rather than a broad chip story. Note that $4.6 billion of H20 products did ship in the quarter before the new export licensing rules took hold.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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