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NVIDIA Q2 FY2027 Earnings: Results, Q3 Outlook and What Investors Should Watch

NVIDIA’s August 2026 Q2 report topped cited consensus estimates and included a $108 billion Q3 revenue forecast. Here are the results and key factors to watch.
From TheFinanceBase Team3 min to read
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NVIDIA’s Q2 FY2027 report is already out: for the quarter announced August 26, 2026, the company reported $96.2 billion in revenue and guided to $108 billion, plus or minus 2%, for Q3. Its next results call was scheduled for November 17, 2026. The available dated sources do not verify the specific pre-report stock dip implied by the original headline, so this is a review of the reported quarter and the factors investors can watch next—not a prediction for NVDA shares.

What did NVIDIA report for Q2 FY2027?

NVIDIA reported revenue of $96.2 billion for Q2 FY2027, up 106% year over year. Data-center revenue was $89.0 billion, up 117%. The company reported diluted earnings per share of $2.46 under GAAP and $2.22 under its non-GAAP measure, with gross margin of 75.0% on both bases. These are company-reported figures. NVIDIA’s results release provides the reported totals.

Those results exceeded the FactSet consensus estimates reported by the Associated Press: $92.27 billion in revenue and $2.09 per share in earnings excluding certain items. The EPS comparison is not a comparison of GAAP figures: NVIDIA’s $2.22 non-GAAP diluted EPS is the closer measure to the consensus figure, and the two measures may still be calculated differently. The AP report identifies the FactSet estimates it cited.

What did NVIDIA forecast for Q3?

For Q3 FY2027, NVIDIA forecast revenue of $108 billion, plus or minus 2%, and gross margin of 74%, plus or minus 50 basis points. These are management’s expectations, not reported results. The company said it expected growth to be driven primarily by AI Clouds, Industrial, and Enterprise with data center. It also expected hyperscale growth to reaccelerate in Q4 and FY2028 as Vera Rubin supply increased. The results release and Q2 earnings-call transcript lay out the outlook.

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What could shape the outlook?

Memory costs and margins

Management expected gross margin to bottom in Q4 in a range of 71% to 72%, then settle at 72% to 73% in FY2028. CFO Colette Kress said on the Q2 call that memory price increases had exceeded prior expectations and were expected to rise further into the next year. Higher memory costs can pressure margins, while the same supply scarcity reflects demand for AI infrastructure; neither point by itself establishes what future margins or demand will be.

Vera Rubin supply

On the Q2 call, management said Vera Rubin was expected to account for about 20% of data-center revenue in Q3 and that supply was expected to remain a bottleneck through at least the end of FY2028. These are dated company expectations, not a guarantee of shipment levels or revenue.

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Customer investment and execution

NVIDIA’s Q2 FY2027 Form 10-Q says the company commits capital to secure supply and capacity, cloud services, and data-center capacity; some arrangements may require substantial payments over multiple years. It also notes that future demand may depend on whether customers and partners can generate revenue and sustain investment in computing infrastructure. Investors therefore have reason to watch both NVIDIA’s ability to deliver capacity and customers’ ability to keep funding deployments; the filing does not establish that a downturn has occurred.

How should investors read the next report?

NVIDIA’s Q3 FY2027 results call was scheduled for November 17, 2026, according to the Q2 call transcript. A useful assessment separates reported performance from forecasts and focuses on comparable measures rather than treating a single beat or miss as a stock-price signal.

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  • Compare revenue and EPS with consensus available at the time of the report, keeping GAAP and non-GAAP measures distinct.
  • Check reported revenue against the prior $108 billion management forecast and its stated range; do not treat that forecast as an actual result.
  • Track gross margin against the 74% Q3 expectation and listen for updates on memory costs and the later margin outlook.
  • Watch data-center growth, Vera Rubin supply, and whether management’s expected customer and hyperscale demand is materializing.
  • Consider whether customers and partners can sustain AI infrastructure spending, as well as NVIDIA’s capital commitments and execution risks.

A current analyst consensus for the November Q3 report is not established by the cited figures. The FactSet numbers above were estimates for Q2, not Q3. Nor do the reported Q2 results or Q3 guidance establish which direction the stock will move. NVIDIA’s filing warns that risks can cause its securities’ price to decline.

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What did NVIDIA’s CEO say about AI demand?

In the August 26 results release, NVIDIA founder and CEO Jensen Huang described his view this way: “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable.” That is Huang’s characterization of demand, not independent proof of future growth or profitability.

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