Q4 2025 NVIDIA Corp Earnings Call Transcript
Key Points
- NVIDIA Corp (NVDA) reported a record revenue of $39.3 billion for Q4, up 12% sequentially and 78% year-on-year, surpassing their outlook.
- Data center revenue for fiscal 2025 was $115.2 billion, more than doubling from the prior year, driven by strong demand for Blackwell and Hopper 200 products.
- The Blackwell product ramp is the fastest in the company's history, with $11 billion in revenue generated in Q4 alone.
- NVIDIA's inference demand is accelerating, with Blackwell offering up to 25x higher token throughput and 20x lower cost compared to previous models.
- Enterprise revenue increased nearly 2x year-on-year, driven by demand for model fine-tuning and AI workflows.
- Networking revenue declined 3% sequentially, although it is expected to return to growth in Q1.
- Gaming revenue decreased 22% sequentially and 11% year-on-year, impacted by supply constraints.
- GAAP gross margins were down sequentially due to the initial deliveries of the Blackwell architecture.
- China's data center sales remain well below previous levels due to export controls, with no expected change in the near future.
- The complexity and customization of Blackwell systems present challenges in manufacturing and gross margin improvements.
Good afternoon. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to NVIDIA's fourth-quarter earnings call. (Operator Instructions)
Thank you. Stewart Stecker, you may begin your conference.
Thank you. Good afternoon, everyone, and welcome to NVIDIA's conference call for the fourth quarter of fiscal 2025. With me today from NVIDIA are Jensen Huang, President and Chief Executive Officer; and Colette Kress, Executive Vice President and Chief Financial Officer.
I'd like to remind you that our call is being webcast live on NVIDIA's Investor Relations website. The webcast will be available for replay until the conference call to discuss our financial results for the first quarter of fiscal 2026. The content of today's call is NVIDIA's property. It can't be reproduced or transcribed without prior written consent.
During this call, we may make forward-looking statements based on current expectations. These are subject to a number
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