Nvidia (NVDA): $216 billion of revenue, 90% of it from data centers — and the gains hidden in its profit

Nvidia names its fiscal year after the January in which it ends. Fiscal 2026 ran from January 27, 2025 to January 25, 2026, and in it the company sold $215.9 billion of products, 65.5% more than in fiscal 2025 and three and a half times the $60.9 billion of fiscal 2024. Net income was $120.1 billion. At the Oct 6, 2026 close of $239.24 — the highest close in its history — its 24.147 billion shares were worth $5.78 trillion.

What it sells

Data center sales — the chips and systems that train and run AI models, plus the networking that connects them — were about 90% of revenue. Networking grew fastest, more than doubling. From fiscal 2027 Nvidia reports revenue in two new groups, data center and edge computing, so the categories above cannot be extended into this year.

Customers are concentrated. Two direct customers accounted for 22% and 14% of fiscal 2026 revenue. By customer headquarters, the United States took $149.6 billion, Taiwan $42.3 billion and China including Hong Kong $19.7 billion, down from $25.0 billion. Nvidia itself estimates that most data center revenue billed to Taiwan-based customers ends up with end customers in the United States and Europe, so the headquarters split says little about where the chips are used.

The margins

The compute and networking segment earned $130.1 billion of operating profit on $193.5 billion of revenue, a 67.3% margin; graphics earned $9.2 billion on $22.5 billion. After $8.9 billion of costs Nvidia does not allocate to segments — mostly stock-based pay and corporate expenses — operating profit was $130.4 billion, a 60.4% margin on all revenue.

Read the profit line carefully

Over the twelve months to July 2026, Nvidia’s net income was $192.9 billion, but $30.6 billion of that (before tax) came from gains on its stakes in other companies. In the first half of fiscal 2027 alone those gains were $23.7 billion, which the company describes as primarily unrealized. That is why the usual price-to-earnings ratio flatters the stock: on reported net income it is 30.0, while market value divided by operating profit — which excludes those gains — is 29.2.

Fiscal 2026 had its own one-off in the other direction: a $4.5 billion charge in the first quarter for excess inventory and purchase obligations of H20 chips, after new U.S. export rules for China. Further back, fiscal 2023 profit fell 55% and included a $1.35 billion write-off when Nvidia dropped its deal to buy Arm from SoftBank over regulatory challenges.

Growth has not slowed in absolute terms. In the first half of fiscal 2027 (to July 26, 2026), revenue was $177.8 billion, against $90.8 billion a year earlier.

From a 1999 IPO to six stock splits

Jensen Huang co-founded Nvidia in 1993 and has been its president and chief executive ever since; he owned 870.6 million shares, 3.58% of the company, in March 2026. Nvidia went public on January 22, 1999, selling 3.5 million shares at $12.00 to raise $42 million. Six splits later — the most recent a 10-for-1 in June 2024 — each IPO share is 480 shares, so the IPO price is $0.025 in today’s terms.

$1,000 invested at that price would have been worth about $9.57 million at the Oct 6, 2026 close, or about $10.46 million with dividends reinvested. Buyers at the first day’s close paid $19.69, 64% above the IPO price.

Key milestones from its filings: the CUDA platform in 2006, which opened GPUs to general-purpose computing; the purchase of Mellanox, the networking business, for $7.13 billion in April 2020; and three 2026 announcements — raising the quarterly dividend from $0.01 to $0.25 a share with another $80 billion of buybacks (May), a partnership with SB Energy for an AI data center campus in Ohio, with an OpenAI affiliate as tenant and Nvidia’s guarantees capped at $105 billion (August), and an agreement to buy Hugging Face for about $11.9 billion, expected to close in the first half of 2027 (September).

Who owns it, and who sold

Fifteen of the 38 managers this site tracks reported Nvidia at the end of June 2026, up from nine at the end of 2021. The largest position among them is Baillie Gifford’s, worth $8.38 billion at the June 30 price of $200.09. In the second quarter Cliff Asness and Renaissance Technologies added the most, while Steve Cohen cut his stake by 94% and Dan Loeb and Daniel Sundheim sold out.

No insider bought Nvidia stock on the open market in the twelve months to Oct 6, 2026. Insiders sold $563 million through pre-arranged 10b5-1 plans — including $222.7 million by Jensen Huang, $183.0 million by Ajay Puri and $63.4 million by chief financial officer Colette Kress — and $1.55 billion without one, almost all by director Mark Stevens ($1.50 billion, through his trust). Several of Huang’s Form 4 lines are transfers between family trusts and gifts to his foundation, not sales.

Dividend

Nvidia has paid a quarterly dividend since December 2012, but it was a token $0.01 a share until May 2026. At the new $0.25 a quarter, the yield at $239.24 is 0.42%.

These are historical figures from Nvidia’s filings, not a forecast or investment advice. The Nvidia page has the same data, updated daily.