首席财务官关于第四季度及2026财年业绩的评论

We specialize in markets where our computing platforms can provide tremendous acceleration forapplications. These platforms incorporate processors, interconnects, software, algorithms, systems,and services to deliver unique value. Our platforms address four large markets where our expertise is Revenue Revenue for the fourth quarter was a record $68.1 billion, up 73% from a year ago and up 20%sequentially. Fiscal year revenue was a record $215.9 billion, up 65% from a year ago. Data Center revenue for the fourth quarter was a record $62.3 billion, up 75% from a year ago and up22% sequentially, driven by the major platform shifts – accelerated computing and AI. For the fourthquarter, hyperscaler revenue increased and remained our largest customer category at slightly over Data Center compute revenue was a record $51.3 billion, up 58% from a year ago and up 19%sequentially. Networking revenue was a record $11.0 billion, up 263% from a year ago and up 34%sequentially from the introduction and continued ramp of NVLink™ compute fabric for GB200 and Gaming revenue for the fourth quarter was up 47% from a year ago, driven by strong Blackwelldemand. Gaming revenue was down 13% sequentially as channel inventory naturally moderated Professional Visualization revenue for the fourth quarter was up 159% from a year ago and up 74%sequentially, driven by exceptional demand for Blackwell. Automotive revenue for the fourth quarter was up 6% from a year ago and up 2% sequentially, drivenby continued adoption of our self-driving platforms. Gross Margin GAAP and non-GAAP gross margins for the fourth quarter increased from a year ago on lowerinventoryprovisions.GAAP and non-GAAP gross margins increased sequentially as Blackwell Expenses GAAP operating expenses for the fourth quarter were up 45% from a year ago and up 16%sequentially,and non-GAAP operating expenses were up 51%from a year ago and up 21% sequentially. The fourth quarter GAAP increases from a year ago were driven by higher compensationand benefits expense due to employee growth, and compute and infrastructure costs. The non-GAAPincreases were driven by compute and infrastructure costs and compensation and benefits. The Other Income & Expense and Income Tax GAAP other income and expense (OI&E) includes interest income, interest expense, and unrealizednon-marketableand publicly-held equity securities gains or losses.Non-GAAP OI&E excludes Interest income for the fourth quarter was $568 million, up from a year ago and down sequentially,driven by changes in cash, cash equivalents, and debt securities. Net other income for the fourthquarter was $5.6 billion, driven by unrealized gains in non-marketable and publicly-held equity GAAP effective tax rate for the fourth quarter and fiscal year was 14.8% and 15.1%, respectively, anincrease from a year ago primarily due to a lower impact from stock-based compensation tax Balance Sheet and Cash Flow Cash, cash equivalents and marketable securities were $62.6 billion, up from $43.2 billion a year agoand $60.6 billion a quarter ago. The increases primarily reflect higher revenue, partially offset by Accounts receivable was $38.5 billion with 51 days sales outstanding (DSO), down from 53 dayssequentially, driven by timing of cash collections. Inventory was $21.4 billion, up from $19.8 billion sequentially, and total supply-related commitmentswere $95.2 billion. We have strategically secured inventory and capacity to meet demand beyond the Multi-year cloud service agreements were $27.0 billion, up from $26.0 billion sequentially, to supportthe growing needs of our research and development efforts. Cash flow from operating activities was $36.2 billion, up from $16.6 billion a year ago and up from$23.8 billion a quarter ago. The year-on-year and sequential increases reflect growth in revenue. Wereturned$4.1 billion to shareholders in the fourth quarter through$3.8 billion of sharerepurchasesand$243 million of cash dividends.In fiscal 2026,we returned$41.1 billion to Outlook Beginning in the first quarter of fiscal 2027, we will include stock-based compensation expense in ournon-GAAPfinancial measures.Stock-based compensation is a foundational component of our Outlook for the first quarter of fiscal 2027 is as follows: •Revenue is expected to be $78.0 billion, plus or minus 2%. We are not assuming any DataCenter compute revenue from China in our outlook. •GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus orminus 50 basis points, inclusive of a 0.1% impact from stock-based compensation expense. •GAAP and non-GAAP operating expenses are expected to be approximately $7.7 billion and$7.5 billion, respectively, inclusive of $1.9 billion of stock-based compensation expense. For the full year fiscal 2027, we expect GAAP and non-GAAP tax rates to be between 17.0% and19.0%, excluding any discrete items and material changes to our tax environment. For further information, contac