Transcripts for Nvidia’s latest earnings call have been published online, discussing revenue for Q4 2025, as well as full-year results. The company announced its financial results yesterday, with some massive gains – full-year revenue is $215.9 billion, up 65%. However, while the company celebrates breaking records, gamers will continue to experience diminished stock, likely as a result of industry-wide memory shortages.

Unsurprisingly, AI remains the biggest driver of profit, with Data Center accounting for $193.7 billion of full-year revenue. Quarterly Data Center revenue was up $62.3 billion in the final quarter of the year, which is up 22% compared to Q3 2025 and up a whopping 75% compared to this time last year. For comparison, gaming revenue a record $16 billion, up 41% over the year.

Gaming revenue is way up, but supply constraints are coming

[Q4] “Gaming revenue of $3,700,000,000 increased 47% year on year, driven by strong Blackwell demand and improved supply. GeForce RTX is the leading platform for PC gamers, creators, and developers. In Q4, we added several new technologies and advancements, including DLSS 4.5, which uses AI to bring game visuals to a new level, and 35% faster LLM inference across leading AI PC frameworks.

Looking ahead, while end demand for our products remains strong and channel inventory levels are healthy, we expect supply constraints to be the headwind to Gaming in Q1 and beyond.”

Colette Kress, Chief Financial Officer of Nvidia, transcript via The Motley Fool

Nvidia maintains that “channel inventory levels are healthy,” but that hasn’t stopped GPU prices from climbing for consumers as shortages become increasingly problematic. In any case, the company admits that supply constraints will be a factor for gaming in Q1 and beyond. You may remember that no new GPUs were announced at CES 2026 early last month, and there is currently no word on whether Nvidia plans to refresh its existing RTX 50 series GPUs with new Super models.

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Jack Goodall

At PC Guide, Jack is mostly responsible for reporting on hardware deals. He also specializes in monitors, TVs, and headsets and can be found putting his findings together in a review or best-of guide.