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NVIDIA’s next report is for the third quarter of fiscal 2027. The company’s current baseline is $108.0 billion in revenue, plus or minus 2%, and gross margin of 74.0%, plus or minus 50 basis points. Those are management’s forecasts, not guaranteed results. NVIDIA has not confirmed the report date in the sources available as of October 4, 2026, and there is no sufficiently consistent, date-stamped Q3 analyst consensus to present as the prevailing Wall Street estimate.
What NVIDIA has guided for Q3 FY2027
NVIDIA’s official guidance is the clearest benchmark for the upcoming quarter. The company expects revenue of $108.0 billion, with a range of plus or minus 2%. Its outlook calls for both GAAP and non-GAAP gross margin of 74.0%, plus or minus 50 basis points. NVIDIA also expects GAAP operating expenses of about $9.2 billion and non-GAAP operating expenses of about $9.0 billion. The company’s FY2027 tax-rate outlook is 16% to 18%, excluding discrete items and material changes in the tax environment. NVIDIA’s Q2 FY2027 results release sets out these estimates.
The revenue guide implies a range of approximately $105.84 billion to $110.16 billion. That is a calculation from the company’s stated $108.0 billion forecast and 2% tolerance, not a separate NVIDIA forecast. NVIDIA said its outlook assumes no Data Center compute revenue from China, so such revenue should not be treated as already included in the baseline.
What the last quarter showed
NVIDIA reported Q2 FY2027 revenue of $96.2 billion for the quarter ended July 26, 2026, up 18% from the prior quarter and 106% year over year. Data Center revenue was $89.0 billion, up 18% sequentially and 117% year over year. NVIDIA attributed the Data Center increase to the ramp of Blackwell Ultra infrastructure. These actual results establish the scale of the business entering Q3; they are not forecasts for the next quarter. NVIDIA’s results release reports the figures.
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The Associated Press reported that Q2 revenue of $96.22 billion exceeded a FactSet analyst consensus of $92.27 billion, while adjusted earnings per share of $2.22 exceeded a FactSet consensus of $2.09. Those consensus figures refer to the completed Q2 report, not Q3 estimates. The Associated Press report provides that historical comparison.
What to watch in Data Center and the product transition
Blackwell shipments
NVIDIA’s Q2 Form 10-Q says Blackwell accounted for the majority of system shipments in that quarter. The next report can show whether shipments and deployments continued to meet the company’s expectations, but the Q2 mix alone does not establish Q3 shipment volume. NVIDIA’s SEC filings include the Q2 FY2027 10-Q.
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Vera Rubin’s early contribution
NVIDIA said production shipments of Vera Rubin began in Q3 FY2027. On the Q2 earnings call, CFO Colette Kress said the company expected Vera Rubin to account for about 20% of Q3 Data Center revenue. This is management’s expected mix, not a reported result or a guarantee that the contribution will arrive on schedule. The release described Vera Rubin as ramping into full production, with racks running at partners including CoreWeave, Google Cloud, Microsoft Azure, Oracle Cloud Infrastructure and Nebius; partner deployment activity does not establish that any particular purchase or revenue is assured. NVIDIA’s investor presentations and earnings materials provide the company’s call and release information.
Margins, supply and costs
The 74.0% gross-margin forecast is a key execution test alongside revenue. On the earnings call, management said supply was expected to remain a bottleneck at least through the end of FY2028. It also described memory pricing as unusually difficult, with increases larger than previously expected and rising into the next year. Those cost and supply conditions could affect the pace of shipments and the ability to meet margin expectations.
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Management said it expected gross margins to bottom in Q4 at 71% to 72%, then reach 72% to 73% in FY2028 as price increases took effect. These are forward-looking management expectations for later periods, not Q3 guidance or actual results. NVIDIA’s Q2 Form 10-Q also warns that demand estimates can be inaccurate and that production complexity and supply constraints can create revenue volatility. The filing cautions against undue reliance on forward-looking statements because actual results may differ materially. The company’s filings page links to the Form 10-Q.
NVIDIA earnings date and analyst expectations
As of October 4, 2026, NVIDIA had not confirmed the date of its Q3 FY2027 earnings report in the sources reviewed. MarketBeat listed November 18, 2026 as an estimated date and said it was not company-confirmed; other surfaced calendars gave different dates. Treat the report as expected in November, not as scheduled for a confirmed day, and check NVIDIA’s investor calendar for an official announcement. MarketBeat’s earnings page labels its date an estimate.
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There is also no single current Q3 analyst consensus that can be stated reliably from the available figures. Third-party pages differed on Q3 EPS estimates and report dates, and did not provide a consistent, sufficiently current basis for choosing a prevailing estimate. NVIDIA’s $108.0 billion revenue guide is therefore the defensible baseline here, not an analyst consensus. Any comparison with a live estimate should identify the provider, its as-of date, and whether the metric is GAAP or adjusted.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to assess the report when it arrives
Use the company’s stated measures as benchmarks, and keep actual results separate from forward-looking commentary.
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- Compare reported revenue with the $108.0 billion guide and its approximately $105.84 billion to $110.16 billion range.
- Compare gross margin with the 74.0% outlook, noting whether NVIDIA reports GAAP or non-GAAP results.
- Look at Data Center revenue and management’s Q3 expectation that Vera Rubin would contribute about 20% of that revenue.
- Assess shipment execution alongside the company’s comments on supply constraints.
- Watch for updates on memory costs and the expected margin trajectory.
- When using an analyst estimate, verify its date, source and accounting basis instead of treating one third-party figure as consensus.
NVIDIA’s forecast and product-ramp statements are forward-looking and subject to the risks described in its filings; they do not predict a share-price move. The Associated Press quoted CEO Jensen Huang describing the broader demand backdrop after Q2: “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue.” That statement is context, not a substitute for the reported Q3 figures. The Associated Press coverage attributes the quote to Huang.
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