VALUFOURYoY+$49.5B · +106%
QoQ+$14.6B · +18%
NASDAQ · NVDA
NVIDIA
AI-accelerated computing · GPU platform
- Earnings release date
- 2026.08.26
- Market data date
- 2026.10.13
- Last checked
- 2026.10.13
PUBLICATION GATEOfficial Facts MatchedThe key facts shown on this page match issuer IR/SEC materials and market data.
View Matched Facts
Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched
01
EARNINGS & GROWTH
Revenue · Profitability · Key Metrics
YoY+$47.9B · +117%
QoQ+$13.8B · +18%
YoY+2.6%p
QoQ+0.1%p
YoY+$8.7B · +56.7%
QoQ−$26.3B · −52.2%
02
EARNINGS ANALYSIS
Stock Analysis · Growth Drivers · Business Model
Data Center Drove Most of the Quarter’s Growth
Most of NVIDIA’s revenue growth came from Data Center. Even from an already large base, continued AI infrastructure investment pushed Data Center to account for most of the quarter’s incremental revenue.
Blackwell Ultra and a Broader Customer Base Drove Growth
Blackwell Ultra expansion was supported by demand from hyperscalers, AI specialists, large enterprises, and national AI infrastructure projects. Data Center growth therefore reflected investment across multiple types of AI infrastructure customers rather than a single customer group.
High Margins Held Through the Blackwell Ultra Transition
GAAP gross margin remained around 75% as the product mix shifted further toward Blackwell Ultra. The quarter shows that rapid product transition and large-scale revenue growth did not materially weaken NVIDIA’s profitability structure.
Profit and Cash Flow Diverged This Quarter
Operating profitability remained strong, but operating cash flow declined sharply from the prior quarter. The change reflected working-capital movements more than deterioration in operating profitability, so receivables, inventory, and payables should be considered alongside earnings.
03
VALUATION · RETURN CALCULATOR
P/E · Multiples · Long-Term Investing
$228.52 × 24.10B · rounded share count
See calculation
FY2026 Q3 Revenue $57.006B
+ FY2026 Q4 Revenue $68.127B
+ FY2027 Q1 Revenue $81.615B
+ FY2027 Q2 Revenue $96.221B
= TTM $302.969B
- Current market cap
- $5.51T
- TTM revenue
- $303.0B
$5.51T ÷ $303.0B = 18.2x
- Current market cap
- $5.51T
- GAAP TTM net income
- $192.9B
$5.51T ÷ $192.9B = 28.6x
GAAP TTM net margin 63.7%TTM vs. Annualized Revenue
Recent-quarter and guidance annualizations are simple quarter-revenue ×4 comparisons, not forecasts for the next 12 months.
View high-point comparison
HIGH-POINT COMPARISON
Sources and calculations checkedAll-Time Closing High
Reached on 2026-10-06Quarter revenue $96.221B ×4
Guidance revenue midpoint $108.000B ×4
At the peakCurrentChange
TTM revenue$302.969B$302.969B+0.0%
Latest quarter$96.221B$96.221B+0.0%
Public guidance$108.0B$108.0B+0.0%
Only information available at the peak is used. Results announced after the peak are not applied retroactively to the valuation at that date. Only results and guidance already public then are used.
The key variables in the information then available were the Blackwell-to-Rubin platform transition, inference, agentic and physical AI demand, Data Center revenue growth, and whether gross margin could remain in the 70% range.
At the peak, FY2026 annual revenue had increased 65% year over year and GAAP gross margin was 71.1%. A P/S of approximately 19.0x needed to be read alongside the durability of growth and margins.
Close $239.24 × 24.10B shares outstanding = approximately $5.77T market cap at the peak.
CURRENT MARKET CAP REQUIREMENTS
Current Market Cap BasisRequirements Implied by the Current Market Cap
Implied 2030 Revenue CAGR14.0% annuallyTTM revenue growth +105.8% YoY
This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions.
Share-count changes and dividends are not included in this calculation.
Conditional Business Scenarios
Conservative · Base · OptimisticCurrent TTM$302.969B
Latest-quarter annualized$384.884B
Guidance-midpoint annualized$432.000B
Assumed 2030 revenue$610.0BRevenue CAGR from TTM 19.1%
CAGR from annualized latest-quarter revenue 12.2%CAGR from annualized guidance midpoint 9.0%
- Assumed 2030 net margin
- 47%Current 63.7%
- Assumed 2030 P/E
- 21.0xCurrent 28.6x
- Converted P/S
- 9.9x
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap$6.02TVs. current +9.3%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares23.09BVs. current -4.2%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$260.77Current $228.52 · +14.1%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+16.0%Implied Share Value Change +14.1% · Dividend Contribution +1.9 ppAnnualized +3.8%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- $5.51T$6.02T
- Shares
- 24.10B23.09B
- Implied Share Value Change
- +14.1%
- Implied Share Value Change
- +14.1%
- Dividend Contribution
- +1.9 pp
- Conditional Total Shareholder Return
- +16.0%
AI computing demand continues to grow, but data-center investment slows and high current profitability gradually declines as product transitions and supply expand.
Assumed 2030 revenue$690.0BRevenue CAGR from TTM 22.8%
CAGR from annualized latest-quarter revenue 15.7%CAGR from annualized guidance midpoint 12.4%
- Assumed 2030 net margin
- 49%Current 63.7%
- Assumed 2030 P/E
- 22.0xCurrent 28.6x
- Converted P/S
- 10.8x
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap$7.44TVs. current +35.1%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares23.07BVs. current -4.3%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$322.39Current $228.52 · +41.1%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+43.0%Implied Share Value Change +41.1% · Dividend Contribution +1.9 ppAnnualized +9.3%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- $5.51T$7.44T
- Shares
- 24.10B23.07B
- Implied Share Value Change
- +41.1%
- Implied Share Value Change
- +41.1%
- Dividend Contribution
- +1.9 pp
- Conditional Total Shareholder Return
- +43.0%
The Blackwell-to-Rubin transition and expanding inference and agentic AI demand continue, while elevated data-center investment supports profitability at greater scale.
Assumed 2030 revenue$775.0BRevenue CAGR from TTM 26.5%
CAGR from annualized latest-quarter revenue 19.1%CAGR from annualized guidance midpoint 15.7%
- Assumed 2030 net margin
- 50%Current 63.7%
- Assumed 2030 P/E
- 23.0xCurrent 28.6x
- Converted P/S
- 11.5x
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap$8.91TVs. current +61.8%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares23.07BVs. current -4.3%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$386.37Current $228.52 · +69.1%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+71.0%Implied Share Value Change +69.1% · Dividend Contribution +1.9 ppAnnualized +14.3%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- $5.51T$8.91T
- Shares
- 24.10B23.07B
- Implied Share Value Change
- +69.1%
- Implied Share Value Change
- +69.1%
- Dividend Contribution
- +1.9 pp
- Conditional Total Shareholder Return
- +71.0%
Data-center AI computing demand and inference and agentic AI usage expand strongly, while product transitions and greater supply support rapid revenue growth and sustained high profitability.
This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.
View scenario history
Conditional Shareholder Return Calculator
P/E and P/S are linked through the assumed net margin.
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap$7.44TVs. current market cap +35.1%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares23.07BVs. current -4.3%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$322.39Current $228.52 · +41.1%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+43.0%Implied Share Value Change +41.1% · Dividend Contribution +1.9 ppAnnualized +9.3%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- $5.51T$7.44T
- Shares
- 24.10B23.07B
- Implied Share Value Change
- +41.1%
- Implied Share Value Change
- +41.1%
- Dividend Contribution
- +1.9 pp
- Conditional Total Shareholder Return
- +43.0%
This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.
Original Sources
Official NVIDIA IR/SEC materials and market data.
Methodology, Terms and Operating Principles
What is GAAP?
GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.
Company-Specific Valuation Assumptions
VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.
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