NVIDIA Inc (NASDAQ:NVDA) posted strong results for FY26 Q1, with revenue coming in at $44.06 billion and non-GAAP earnings per share of $0.81—both exceeding expectations. Free cash flow reached a record $26.1 billion, highlighting the company’s exceptional profitability. The performance was particularly impressive given the headwinds from expanded export controls impacting sales to China.
NVIDIA estimated a revenue loss of approximately $7 billion in Q1 and expects another $8 billion impact in Q2 due to these restrictions. Despite the significant disruption, strong global demand for AI inference workloads—partly driven by the success of models like DeepSeek and Qwen—helped offset some of the shortfall. Still, the new controls essentially shut NVIDIA out of what it considers a $50 billion total addressable market in China.
On the product front, it was encouraging to hear that Blackwell GB200 systems are now deploying at scale, supported by ongoing supply chain expansion. NVIDIA also reaffirmed that Blackwell Ultra and GB300 are on track, with lessons from the current Blackwell launches expected to shorten its ramp timelines.
CEO Jensen Huang also had praise for Trump, particularly applauding the reversal of Biden-era AI diffusion policies. His positive comments may help loosen the current export controls and a reentry into the Chinese market.
For more details, key highlights, and commentary, check out the high-level earnings summary.
