Nvidia reported first-quarter fiscal 2026 revenue of $44.1 billion on May 20, up 12% sequentially and 69% year over year. Data center revenue reached $39.1 billion, climbing 73% from a year earlier as hyperscalers continued ramping AI training and inference clusters built on Blackwell.
The quarter included a $4.5 billion charge tied to excess H20 inventory and purchase obligations after the U.S. government's April 9 export licensing rule cut off China shipments. Nvidia booked $4.6 billion in H20 sales before the restriction and said it was unable to ship a further $2.5 billion. Excluding the charge, non-GAAP gross margin would have been 71.3% instead of the reported 61.0%. GAAP net income still landed at $18.8 billion ($0.76 diluted EPS).
CEO Jensen Huang said "AI inference token generation has surged tenfold in just one year" and forecast Q2 revenue of $45.0 billion plus or minus 2%, with roughly $8 billion in additional H20 revenue assumed lost.