This has been an extraordinary year for NVIDIA and for computing. Every 10 to 15 years the computer industry resets: mainframe to PC, PC to internet, internet to cloud, cloud to mobile cloud. This reset is bigger. For 60 years, humans wrote software and computers executed instructions. That paradigm has changed. With AI, computers can understand, reason, plan, use tools, and do useful work. A computer is no longer just a tool. In the age of AI it is an assistant that uses tools. And by extension, the data center is no longer a tool shed. It is an AI factory of digital assistants—an infrastructure for producing digital intelligence. NVIDIA is building the computing infrastructure for this new era.
Two years ago, generative AI captured the world's attention. ChatGPT could write, draw, summarize, and answer questions. Then reasoning AI learned to think through problems. Agentic AI has now arrived. Agents can use tools, access memory, write code, call other agents, test results, and keep working until the job is done. Software coding is the first major enterprise breakout use case. This is important. AI is now useful. When AI does useful work, tokens become valuable, and when tokens become profitable, demand for compute accelerates.
Look at the evidence. GitHub developers merged 300 million pull requests in 2023, 400 million in 2024, and 500 million in 2025—a clear steady climb. But in the first few months of 2026, the pace nearly tripled. Clearly, 30 million software developers earn roughly $3 trillion in salary each year. And their work underpins $800 trillion of global economic activity. With agents, that same workforce is now generating nearly $9 trillion of output—$6 trillion more.
Coding is only one of the demand drivers. Useful AI has arrived. The ROI question of AI has been answered. And every industry is racing to adopt agentic AI. NVIDIA revenue grew 65% to $216 billion. Operating income rose 60% to $130 billion. Diluted EPS increased 67% to $4.90. We generated $103 billion in operating cash flow and returned $41 billion to shareholders. Data center revenue of $194 billion increased 68%. Blackwell has significantly broadened NVIDIA's infrastructure footprint across a diverse set of hyperscalers, cloud, AI lab, industrial enterprise, and sovereign customers.
Model builders and hyperscalers have each cumulatively deployed hundreds of thousands of Blackwell GPUs. AI factory build-outs continue to rapidly expand across major industries. Companies like Capital One, Hyundai Motor Group, Jane Street, and Lilly are scaling NVIDIA infrastructure to deploy AI. International revenue more than tripled to over $30 billion. Nearly 40 countries representing $50 trillion in GDP are building AI factories powered by NVIDIA infrastructure. AI infrastructure is no longer experimental. It is in production.
AI is more than a model. It's a new industry. You can think of it as a five-layer cake: energy, chips and systems, infrastructure, models and applications. Traditional data centers store and serve files. AI factories manufacture tokens. Tokens become code, answers, designs, actions, and services. Useful AI is profitable. Every token is a unit of profit. And that is why demand for compute is extraordinary. Customers are not buying computers. They're building revenue-generating AI factories. The architecture of the factory matters. The question is how much revenue the factory can produce and at what cost.
Inference is the process of generating tokens, and NVIDIA Blackwell sets the standard. In SemiAnalysis InferenceX benchmark, Blackwell is recognized as the inference king—delivering the lowest cost per token and 30 times higher token throughput than the next best platform. This is why architecture is critical. NVIDIA systems may not be the cheapest to purchase, but NVIDIA generates the lowest cost tokens, the highest token throughput, and the most revenues.
Vera Rubin is the next step. Hopper was built for pre-training. Blackwell brought inference to rack scale. Vera Rubin is built for agents. Agentic AI changes the computing pattern. Agents think, use tools, access databases, retrieve memory, execute code, and call applications repeatedly until the task is done. Large language models on GPUs drive the thinking and the CPUs must keep up. If the CPU becomes a bottleneck, the GPUs sit idle. And in an AI factory, idle GPUs are lost revenue. That is why Vera matters. Vera is the CPU for agents. Rubin is the GPU for thinking. NVLink, Spectrum-X, storage and security on BlueField, and software brings the systems together.
NVIDIA in fact is the only company with three networking businesses. NVLink scale-up connects the GPUs in a rack into one giant computer. Spectrum-X is the Ethernet built for AI. It scales out and across AI factories. And it is now larger than all other Ethernet networking peers combined. InfiniBand provides the lowest latency network for the world's largest AI and scientific systems. Together, they enable optimization of the AI factory from the GPU to the rack, across the data center, and across data centers.
Vera Rubin is not a chip. It is an AI factory platform. And the ecosystem is already moving. Vera Rubin is in full production and every major model builder, public cloud, AI cloud, and hyperscaler is preparing to build on it. Vera opens an entire new market. Until now, every CPU was built for people. We live in a world measured in seconds. Agents live in a world measured in nanoseconds. Every moment a CPU keeps an agent waiting is a moment the most expensive thing in the building—the GPUs—sits idle. So we built a brand new CPU from the ground up for agents.
This is a new market. CPUs for humans were sliced and rented per core. Agents don't rent cores, but demand ultra-fast responses. There will be billions of agents and they will need a CPU built for them. We believe Vera will be one of the most significant product launches in our company's history. And the orders are already coming in.
CUDA is one of the most important investments we have ever made. For 20 years, we've been dedicated to one architecture for accelerated computing. The installed base attracts developers. Developers create breakthrough applications. Applications create new markets. New markets expand the installed base. That flywheel is accelerating. CUDA X is the library stack built on top of CUDA. These libraries are the crown jewels of NVIDIA. They solve some of the hardest problems in science and industry: computational lithography, optimization, genomics, physics, data processing, robotics, AI, radio networks, and more. Now, these libraries are becoming tools for agents. This week, we announced BioNeMo, a suite of digital biology and drug discovery tools for agents.
NVIDIA is vertically integrated and horizontally open. We build the full stack so that we can optimize the system end to end. Then we open it so the whole industry can build on it. Our business is broad and becoming more diverse. To make it easier to understand our business, we now describe NVIDIA through two market platforms: data center and edge computing. In data center, we serve two markets—hyperscale and what we call AC or AI cloud, industrial and enterprise. Our customer base is diverse and growing. Edge computing includes PCs, workstations, gaming, AI base stations, robotics and automotive. The reason we can serve all these markets is because we have one architecture, one software stack, and a rich ecosystem.
Physical AI is the next wave of growth for NVIDIA. Physical AI is agentic AI in the real world. Robots, cars, and factories will perceive, reason, plan, and operate in dynamic environments. NVIDIA pioneers this field and builds the full loop. AI factories train models. Omniverse simulates them in virtual worlds. NVIDIA chips and computers operate in the robot. And Cosmos is the world foundation model that powers it all. Robots and robotic systems are being built across industries from transportation, manufacturing, surgical robotics, to hospitality service.
The last several months have seen tremendous acceleration in AI. Let me leave you with this: Useful AI has arrived and it is profitable. And so, compute is revenue. Vera Rubin is in full production. Vera is opening a brand new CPU market built for agents. And every enterprise is becoming an agent company. And they run on NVIDIA. The age of AI is moving at full steam. And NVIDIA is building the infrastructure to power it. As we grow, we will continue to scale R&D, invest in our ecosystem, and return capital to shareholders. We recently announced a significant increase in our dividend and stock buyback program. We plan to return 50% or more of our free cash flow to shareholders this year, next year, and beyond. Thank you.
As I mentioned during my presentation, AI is more than a model. It represents a fundamental shift in computing. For the first time in 60 years, computing is being reinvented from largely retrieving, storing, and sending information to generating intelligence with AI. Tokens are the fundamental unit of intelligence. They're manufactured in a new type of data center called an AI factory and monetized to generate revenue. The more compute, the more tokens, the more revenue. This build-out will be measured in decades, similar to other essential infrastructure initiatives including the electric grid, transportation systems, and the internet. We believe this will become the largest infrastructure build-out in human history.
Agentic AI is accelerating infrastructure investments as for the first time, AI is doing real work and creating real economic value. As organizations seek to manufacture intelligence at scale, demand for AI factories will extend far beyond today's clouds to enterprises, sovereign nations, and regional AI clouds. NVIDIA is uniquely enabled and uniquely enables AI factory build-outs with our full stack, end-to-end co-designed infrastructure and a large ecosystem of partners supporting these initiatives.
The next major leg of growth is physical AI, which is only beginning. Over time, AI will move beyond the digital world into robotaxis, humanoid robots, and industrial systems, enabling these machines to perceive, reason, and act with agency in the physical world. Powering physical AI will require a new wave of infrastructure investment. Here, NVIDIA provides AI infrastructure, Omniverse simulation and digital twin platforms, open models, Jetson Thor embedded compute, and software stacks to develop and deploy physical AI at scale. We have a long runway of growth ahead of us.
NVIDIA has long been a leading American innovator for over three decades and is a core part of the United States AI and semiconductor industrial base. For over a decade, NVIDIA designed, built, and delivered the first AI supercomputer to American AI researchers. And since that time, has remained dedicated to keeping American researchers, academics, startups, and businesses at the frontier of AI. America's safety, security, and prosperity depend on leadership across all five layers of the AI stack—from energy, chips, infrastructure, models to applications. Supporting frontier systems strengthens that leadership, creates high-skilled American jobs, helps reindustrialize our nation, and reinforces both economic and national security.
America's technology leadership is one of our national treasures. NVIDIA is proud to be one of its core pillars. We are an American company building American technology, investing in American workers, and supporting a broader industrial base that helps ensure that the United States, not strategic competitors, shapes the future of AI. AI is a once-in-a-generation opportunity to re-industrialize America with chips and systems manufacturing, bring back advanced manufacturing jobs, upgrade our aging power grid, and invest in sustainable energy.
Because of AI, we have the profits and scale to invest in partners such as Intel, Micron, TSMC, Wistron, Foxconn, Ampere, Marvell, Corning, Coherent, and Lumentum, all of which are hiring and building factories in the United States to support NVIDIA's business and the broader AI ecosystem. This deep US-anchored ecosystem enhances supply chain resilience and supports long-term value creation for our shareholders. In the energy sector, companies such as Caterpillar, GE Vernova, and Vertiv, along with partners in nuclear and renewable energy—we're working with them to enhance America's power generation and grid capabilities. This buildout of resilient modern infrastructure is essential to enable America to lead this next industrial revolution and to ensure that our AI infrastructure is secure, reliable, and domestically anchored.
