What To Expect From Nvidia Earnings

This article first appeared on GuruFocus.

Nvidia (NASDAQ:NVDA) reports fiscal Q4 2026 results on Wednesday, Feb. 25, after the close. Wall Street expects roughly $65.7 billion in revenue, up 67% year over year, and earnings of $1.52 per share. Despite these projections, the stock has largely consolidated since August 2025.

The macro backdrop remains supportive. Major hyperscalers, including Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOG) (NASDAQ:GOOGL), Meta (NASDAQ:META), and Oracle (NYSE:ORCL), are collectively expected to spend more than $600 billion in 2026 capital expenditures, much of it tied directly to AI infrastructure. That capex trajectory underpins Nvidia’s growth case. If management confirms that customer demand continues to outstrip supply, it would reinforce the view that AI infrastructure buildouts remain in expansion mode rather than digestion.

Investors will focus on Q1 fiscal 2027 guidance, currently estimated around $71 to $72 billion. Gross margins are expected to hold between 73% and 75%. If management raises decisively and reiterates supply constraints, the consolidation likely breaks higher. If guidance simply matches expectations, or if there is even subtle language around normalization or custom silicon pressure, the setup becomes vulnerable to a sell-the-news reaction.