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NVIDIA beat Wall Street’s expectations for its first quarter of fiscal 2027, reporting $81.615 billion in revenue and $1.76 in adjusted earnings per share. The quarter ended April 26, 2026, and NVIDIA announced the results on May 20. Data Center sales—led, the company said, by the ramp of its Blackwell products and demand for networking solutions—accounted for most of the revenue.
Did NVIDIA beat expectations in Q1 FY2027?
Yes. NVIDIA’s reported revenue exceeded the FactSet analyst average reported by The Associated Press, and its adjusted earnings per share also came in above that estimate. The comparison is like for like: revenue against revenue, and adjusted earnings against adjusted earnings.
| Measure | FactSet average estimate, as reported by AP | NVIDIA reported result |
|---|---|---|
| Revenue | $78.91 billion | $81.615 billion |
| Adjusted diluted earnings per share | $1.75 | $1.76 non-GAAP |
AP reported the FactSet estimates and characterized the results as surpassing expectations. NVIDIA’s official release reports the company’s actual results. NVIDIA’s Q1 FY2027 results and AP’s earnings report provide the underlying figures.
What drove the quarter’s revenue?
Data Center generated $75.2 billion, up 21% from the preceding quarter and 92% from Q1 FY2026, according to NVIDIA. That was the dominant part of the company’s $81.615 billion in total revenue and grew faster year over year than total revenue, which was up 85%.
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NVIDIA linked Data Center performance to the ramp of its Blackwell products and demand for InfiniBand, Spectrum-X Ethernet, and NVLink networking solutions. That is the company’s explanation for its results, not independent proof that any single product or broader AI-chip demand caused the growth. The reported segment revenue is NVIDIA’s own business performance; it is not a market-wide measure of AI chip demand.
Which earnings-per-share figure should investors use?
NVIDIA reported Q1 FY2027 diluted earnings per share of $2.39 on a GAAP basis and $1.87 on a non-GAAP basis. AP’s FactSet comparison was $1.75 per share excluding one-time items, so the relevant comparison is with NVIDIA’s non-GAAP figure, not its GAAP EPS.
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NVIDIA said that beginning in Q1 FY2027, its non-GAAP measures no longer exclude stock-based compensation; its release also provides reconciliations to GAAP measures. The differing accounting bases matter when comparing results with estimates or with earlier periods.
What did NVIDIA forecast after Q1?
Alongside the May results, NVIDIA forecast Q2 FY2027 revenue of $45.0 billion, plus or minus 2%. It said this outlook did not assume Data Center compute revenue from China. At the time, AP reported a FactSet analyst average forecast of $87.29 billion for the then-current quarter. These were competing forward-looking figures—not actual Q2 results—and the substantial gap should not be mistaken for a comparison of realized revenue with an estimate.
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What happened after the Q1 report?
NVIDIA subsequently reported Q2 FY2027 results on August 26, 2026. Revenue was $96.221 billion, up 106% year over year, and Data Center revenue was $89.0 billion, up 117%. Q2 non-GAAP diluted EPS was $2.22 and GAAP diluted EPS was $2.46. These later results are context unavailable when the May Q1 report was released; they are not part of Q1’s results or its original guidance.
With its Q2 release, NVIDIA forecast Q3 FY2027 revenue of $108.0 billion, plus or minus 2%, again assuming no Data Center compute revenue from China. The Q2 FY2027 release contains the reported results and updated outlook.
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What does the beat say—and not say—about NVIDIA shares?
The results show NVIDIA exceeded the cited contemporaneous consensus estimates and posted strong growth in its largest reported business segment. They do not establish the trajectory of the entire AI-chip market or determine how the stock will perform. AP reported that investors remained concerned about the possibility of a slowdown following a multi-year boom; that was market context at the time, not a forecast of what would happen next.
NVIDIA CEO Jensen Huang described the expansion in the company’s Q1 release this way: “The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed.” This is management’s characterization, not an independent measurement of infrastructure spending.
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Sources: NVIDIA Q1 FY2027 results, May 20, 2026; The Associated Press, May 20, 2026; NVIDIA Q2 FY2027 results, August 26, 2026.
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