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The announcement was released on February 22, 2023, for the quarter and fiscal year ended January 29, 2023. NVIDIA’s fiscal year does not match the calendar year.
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Quick summary
- Q4 fiscal 2023 revenue: $6.051 billion, down 21% year over year and up 2% sequentially.
- Q4 diluted EPS: $0.57 on a GAAP basis and $0.88 on a non-GAAP basis.
- Fiscal 2023 revenue: $26.974 billion, essentially flat from $26.914 billion in fiscal 2022.
- Fiscal 2023 Data Center revenue: $15.005 billion, up 41%.
- Fiscal 2023 Gaming revenue: $9.067 billion, down 27%.
- Q1 fiscal 2024 revenue guidance: approximately $6.50 billion, plus or minus 2%.
The full announcement is available in NVIDIA’s official earnings release.
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Fourth quarter
| Measure | Q4 FY23 | Year over year | Sequentially |
|---|---|---|---|
| Revenue | $6.051 billion | -21% | +2% |
| GAAP gross margin | 63.3% | -2.1 percentage points | +9.7 points |
| GAAP operating income | $1.257 billion | -58% | +109% |
| GAAP net income | $1.414 billion | -53% | +108% |
| GAAP diluted EPS | $0.57 | -52% | +111% |
| Non-GAAP net income | $2.174 billion | -35% | +49% |
| Non-GAAP diluted EPS | $0.88 | -33% | +52% |
The sequential improvement matters, but it should not be confused with a full recovery. Q4 revenue increased from $5.931 billion in Q3 fiscal 2023, yet remained well below the $7.643 billion reported in Q4 fiscal 2022.
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Full fiscal year
| Measure | FY23 | Year over year |
|---|---|---|
| Revenue | $26.974 billion | Essentially flat |
| GAAP gross margin | 56.9% | -8.0 percentage points |
| GAAP operating income | $4.224 billion | -58% |
| GAAP net income | $4.368 billion | -55% |
| GAAP diluted EPS | $1.74 | -55% |
| Non-GAAP net income | $8.366 billion | -26% |
| Non-GAAP diluted EPS | $3.34 | -25% |
Flat annual revenue therefore did not mean flat financial performance. NVIDIA’s fiscal-year GAAP gross margin fell from 64.9% to 56.9%, while operating expenses increased 50%. The combination of lower margins and higher expenses helps explain the much larger decline in operating income, net income and GAAP EPS.
GAAP and non-GAAP figures are different accounting measures. They should not be combined or treated as interchangeable; NVIDIA provides reconciliations for its non-GAAP measures in the earnings release.
Business segments: Data Center strength offset gaming weakness
| Segment | Q4 FY23 revenue | Q4 year over year | FY23 revenue | FY23 year over year |
|---|---|---|---|---|
| Data Center | $3.616 billion | +11% | $15.005 billion | +41% |
| Gaming | $1.831 billion | -46% | $9.067 billion | -27% |
| Professional Visualization | $226 million | -65% | $1.541 billion | -27% |
| Automotive and Embedded | $294 million | +135% | $903 million | +60% |
Data Center
Data Center was the most important growth engine in the release. Fiscal-year revenue reached $15.005 billion, up 41%, making the segment substantially larger than Gaming on an annual basis. Q4 revenue rose 11% year over year to $3.616 billion, although it declined 6% from the preceding quarter.
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Gaming
Gaming revenue fell 46% year over year to $1.831 billion in Q4 and declined 27% for the fiscal year to $9.067 billion. The segment did improve 16% sequentially in Q4, which suggested some near-term stabilization, but one quarter of sequential growth did not establish that the downturn had ended.
NVIDIA discussed the post-pandemic gaming environment and highlighted its Ada Lovelace graphics architecture and AI-based rendering capabilities. The annual comparison nevertheless showed that Gaming remained under significant pressure.
Professional Visualization
Professional Visualization was a smaller but sharply contracting business. Q4 revenue fell 65% year over year to $226 million, while fiscal-year revenue declined 27% to $1.541 billion. Revenue increased 13% sequentially in Q4.
NVIDIA pointed to products and platforms including Omniverse, RTX ray tracing and path tracing, and enterprise 3D workflows. The reported numbers showed that these opportunities had not yet offset the segment’s annual decline.
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Automotive and Embedded
Automotive and Embedded produced record Q4 revenue of $294 million, up 135% year over year and 17% sequentially. Fiscal-year revenue also reached a record, at $903 million, up 60%.
The growth rate was notable, but scale is essential to the interpretation. Fiscal-year Automotive and Embedded revenue was still much smaller than Data Center’s $15.005 billion and Gaming’s $9.067 billion. It was a fast-growing business, not yet a comparable contributor to total revenue.
Why generative AI dominated the announcement
CEO Jensen Huang described AI as being at an “inflection point,” and NVIDIA presented generative AI and large language models as an opportunity spanning much more than individual graphics processors.
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This framing was strategically important because it positioned NVIDIA as a platform provider combining hardware, software, systems and services. But the distinction between strategy and reported results matters: the quarter still showed a 21% annual revenue decline and a 53% annual decline in GAAP net income. The release described AI demand and NVIDIA’s product direction; it did not prove that generative AI had already produced a separately measurable surge in company revenue.
In that sense, the announcement captured a transition. The legacy Gaming business was contracting, while Data Center was growing and management was preparing investors for a potentially broader AI market. Whether that opportunity would translate into sustained revenue and margin expansion remained an open question at the time.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Q1 fiscal 2024 outlook
NVIDIA guided for Q1 fiscal 2024 revenue of approximately $6.50 billion, plus or minus 2%. That implied a meaningful sequential increase from Q4’s $6.051 billion, although guidance was not a guarantee and should not be confused with an actual result.
| Guidance item | Q1 FY24 outlook |
|---|---|
| Revenue | Approximately $6.50 billion, plus or minus 2% |
| GAAP gross margin | 64.1%, plus or minus 50 basis points |
| Non-GAAP gross margin | 66.5%, plus or minus 50 basis points |
| GAAP operating expenses | Approximately $2.525 billion |
| Non-GAAP operating expenses | Approximately $1.775 billion |
| Other income and expense | Approximately $50 million of income, excluding gains and losses from non-affiliated investments |
| Tax rate | 13%, plus or minus 1 percentage point, excluding discrete items |
The margin outlook was particularly significant. After fiscal 2023’s annual gross-margin deterioration, management expected both GAAP and non-GAAP gross margins to improve in the following quarter. Investors would therefore have been evaluating not only whether revenue could rise, but also whether the company could convert that growth into stronger profitability.
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Shareholder returns and dividend details
NVIDIA returned $1.15 billion to shareholders through share repurchases and cash dividends during Q4 fiscal 2023. For the full fiscal year, shareholder returns totaled $10.44 billion.
The company announced a quarterly dividend of $0.04 per share, with a March 8, 2023 record date and a scheduled March 29, 2023 payment date. Those dates describe the company’s announcement and schedule; they are not, by themselves, evidence that the payment had already been completed.
Investor-relations and earnings-call context
NVIDIA scheduled its earnings call for February 22, 2023, at 2 p.m. Pacific time, or 5 p.m. Eastern time. The company said its CFO commentary would be provided in writing ahead of the call. Its earlier conference-call notice described the call as covering the fourth-quarter and fiscal-year results and explained the timing of the CFO commentary.
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Webcast and replay availability can change over time, so the original announcement should be treated as historical context rather than a guarantee that every event link remains active.
What the results meant
NVIDIA’s fiscal 2023 report contained two stories at once. The first was a cyclical and operational slowdown: Q4 revenue, Gaming revenue, margins and profitability were all materially weaker than a year earlier. The second was a business-mix shift: Data Center grew strongly for the year, Automotive and Embedded posted rapid percentage growth, and management placed generative AI at the center of its platform strategy.
The most accurate summary is therefore neither “NVIDIA had a strong quarter” nor “NVIDIA’s business was stagnant.” Consolidated fiscal-year revenue was essentially flat, but the composition of that revenue was changing. The key forward-looking question was whether rising AI-related demand could become large and durable enough to offset weakness in Gaming and other businesses while restoring margins and earnings growth.
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