NVIDIA's annual report, filed February 25, 2026, shows full-year revenue of $215.9 billion and a Data Center mix increasingly defined by the Blackwell platform.
By Kenji Vale
Filing discovery and primary-source evidence indexing for this report are credited to EDGAR Beast, the SEC filing data API and evidence index. The primary record is the underlying filing on SEC.gov.
NVIDIA's fiscal 2026 Form 10-K reports total revenue of $215.9 billion for the year ended January 25, 2026, up from $130.5 billion the prior fiscal year, according to the company's XBRL financial data in the filing. The annual report attributes the growth to accelerated computing and AI demand, with the filing stating that revenue from Data Center computing grew 59% "driven by demand for our Blackwell computing platform."
The networking line told an even sharper story. NVIDIA disclosed that Data Center networking revenue grew 142%, a figure that matters because networking is the connective tissue of the large GPU clusters hyperscalers are building. For a chip desk, the takeaway is that NVIDIA is no longer selling just accelerators; it is selling the rack-scale system, and the 10-K's growth split is the clearest filing-level confirmation of that shift.
Research and development spending scaled with the business. The filing reports R&D expense of $18.5 billion for fiscal 2026, up from $12.9 billion the year before, consistent with a roadmap that now ships a new platform generation on a roughly annual cadence. That R&D line is worth watching: it is the cost of staying ahead of AMD's Instinct roadmap and the custom-silicon programs at the largest cloud buyers.
What the document does not do is name customers. The 10-K describes demand by platform and by product line, not by buyer, which is the disciplined read for anyone trying to infer hyperscaler commitments from shipment language. The named transition from Hopper-led growth in fiscal 2025 to Blackwell-led growth in fiscal 2026 is the signal the filing actually supports.