Nvidia is scheduled to report second-quarter fiscal 2027 results on Wednesday, August 26, 2026. The quarter ended July 26, and the company expects to release results at approximately 1:20 p.m. Pacific time, followed by its earnings call at 2:00 p.m. Pacific, or 5:00 p.m. Eastern.
Nvidia’s official revenue midpoint is already exceptionally high at $91 billion. That means the central question for NVDA investors is unlikely to be simply whether the company beats the quarter. The market is more likely to focus on the next-quarter outlook, Blackwell Ultra execution, gross-margin durability, supply availability, China-related sales, and whether hyperscalers are still increasing AI infrastructure spending quickly enough to support Nvidia’s valuation.
This preview reflects information available as of August 9, 2026. Consensus estimates, NVDA’s share price, valuation and options pricing can change before the report.
Nvidia earnings date and time
| Item | Details |
|---|---|
| Report date | Wednesday, August 26, 2026 |
| Fiscal period | Second quarter of fiscal 2027 |
| Quarter ended | July 26, 2026 |
| Press release | Approximately 1:20 p.m. Pacific time |
| Earnings call | 2:00 p.m. Pacific time / 5:00 p.m. Eastern time |
Nvidia is expected to publish written CFO commentary before the call. Management’s prepared remarks will be followed by analyst questions. Investors can use Nvidia’s official webcast and event page or review the company’s reporting announcement.
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This is a quarterly earnings report, not an annual report. Its importance extends beyond Nvidia because the company is a major supplier to the AI infrastructure buildout and its results can influence semiconductor stocks, cloud companies and the broader market.
Nvidia’s official Q2 FY27 guidance
The most important starting point is Nvidia’s own forecast. The company guided to the following results when it reported first-quarter fiscal 2027 earnings:
| Metric | Q2 FY27 company guidance |
|---|---|
| Revenue midpoint | $91.0 billion |
| Revenue range | $89.18 billion to $92.82 billion |
| GAAP gross margin | 74.9%, plus or minus 0.5 percentage point |
| Non-GAAP gross margin | 75.0%, plus or minus 0.5 percentage point |
| GAAP operating expenses | Approximately $8.5 billion |
| Non-GAAP operating expenses | Approximately $8.3 billion |
| China Data Center compute revenue assumption | None |
The revenue range is calculated from Nvidia’s $91 billion midpoint and its stated plus-or-minus 2% range. The midpoint would represent approximately 11.5% sequential growth from Q1 FY27 revenue of $81.615 billion and approximately 95% year-over-year growth from Q2 FY26 revenue of $46.743 billion.
The China assumption is particularly important. Nvidia is not saying that it expects no revenue of any kind from customers headquartered in China. It is saying that its Q2 forecast assumes no Data Center compute revenue from China. Any approved H200 shipments or other qualifying sales could therefore be incremental to the official baseline, but they are not required for Nvidia to meet the published guide.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallThese figures come from Nvidia’s first-quarter fiscal 2027 earnings release. The $91 billion figure is company guidance, not an independent Wall Street forecast.
What Wall Street expects
Public estimate providers were clustered close to Nvidia’s guide as of August 9:
| Source | Revenue estimate | EPS estimate | How to read it |
|---|---|---|---|
| Zacks | $91.71 billion | $2.09 | Provider consensus based on 10 revenue and 12 EPS estimates; EPS should be treated as an adjusted-estimate convention unless the current page says otherwise. |
| TheStreet Pro | $91.91 billion | $2.08 | Provider estimate, generally using an adjusted-EPS convention; verify the methodology on the live page. |
| Nvidia guidance | $91.00 billion midpoint | Not provided directly | Nvidia guides revenue, margins and operating expenses rather than a specific EPS result. |
The prior-year comparison is approximately $46.743 billion of revenue and about $1.05 of EPS in the supplied estimate snapshot. The $1.05 figure must be checked for its accounting definition before being compared with either $2.08 or $2.09. Nvidia reports GAAP diluted EPS and Nvidia-defined non-GAAP diluted EPS, while estimate providers may use their own adjusted-EPS methodology.
For that reason, an investor should not describe the consensus numbers as GAAP EPS without confirming the provider’s label. The cleanest benchmark is revenue versus Nvidia’s guide, followed by a like-for-like comparison of the reported EPS definition with the estimate definition.
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Nvidia’s first-quarter results established a very high operating baseline. Revenue reached $81.615 billion, up 20% sequentially and 85% year over year. Data Center revenue was $75.246 billion, up 21% sequentially and 92% year over year. Edge Computing revenue was $6.369 billion, up 10% sequentially and 29% year over year.
| Metric | Q1 FY27 | Q4 FY26 | Q1 FY26 |
|---|---|---|---|
| Revenue | $81.615B | $68.127B | $44.062B |
| GAAP gross margin | 74.9% | 75.0% | 60.5% |
| GAAP operating expenses | $7.621B | $6.794B | $5.030B |
| GAAP net income | $58.321B | $42.960B | $18.775B |
| GAAP diluted EPS | $2.39 | $1.76 | $0.76 |
| Non-GAAP gross margin | 75.0% | 75.1% | 60.8% |
| Non-GAAP diluted EPS | $1.87 | $1.59 | $0.78 |
Nvidia said Q1 Data Center growth was driven by the ramp of its Blackwell 300 products and demand for InfiniBand, Spectrum-X Ethernet and NVLink networking products. Blackwell represented the majority of system shipments. The detailed results are available in Nvidia’s Q1 FY27 release and Form 10-Q.
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Use Nvidia’s new reporting structure for Q2
Beginning in fiscal 2027, Nvidia changed how it presents its market platforms. The new structure is more relevant to this report than older earnings previews that separately emphasized Gaming, Automotive, Professional Visualization and OEM categories.
| Platform | Subcategories or coverage | Q1 FY27 revenue | Year-over-year growth |
|---|---|---|---|
| Data Center | Hyperscale and ACIE | $75.246B | 92% |
| Hyperscale | Large cloud and internet customers | $37.869B | 115% |
| ACIE | AI Clouds, Industrial and Enterprise, including sovereign demand | $37.377B | 74% |
| Edge Computing | PCs, game consoles, workstations, AI-RAN base stations, robotics and automotive | $6.369B | 29% |
Nvidia said Hyperscale revenue was approximately half of Data Center revenue, with the other half coming from AI clouds, industrial, enterprise and sovereign customers. In Q2, investors should compare both Hyperscale and ACIE growth rather than treating all Data Center revenue as one uniform demand stream. The new presentation is described in Nvidia’s Q1 FY27 filing.
The five issues most likely to matter after the report
1. Q3 guidance may matter more than the Q2 headline
Nvidia has already given investors a $91 billion Q2 target, and analyst estimates are only modestly above that midpoint. A small revenue beat could therefore be less important than what management says about the following quarter.
A strong report would ideally show that Q3 demand remains visible, production is scaling and customer deployments are not being pushed out. Investors should listen for:
- Whether Q3 revenue guidance is above the level implied by current estimates.
- Whether management expects continued sequential Data Center growth.
- Whether customer orders are converting into shipments on schedule.
- Whether capacity, power, networking or installation constraints are limiting revenue.
- Whether demand is broadening beyond a small group of hyperscalers.
A result can beat $91 billion and still disappoint if the next-quarter outlook fails to support the growth rate already embedded in the stock. Conversely, a modest Q2 beat could be well received if Nvidia raises forward expectations and describes strong visibility.
2. Blackwell Ultra execution and the platform transition
The key Blackwell questions are not limited to whether Blackwell is selling. Investors should ask whether the product transition is increasing Nvidia’s total system revenue without creating a margin or delivery problem.
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- Did Blackwell 300 shipments increase sequentially?
- Did Blackwell Ultra contribute meaningfully to Q2 revenue?
- Are supply constraints limiting sales, or is customer demand slowing?
- Are InfiniBand, Spectrum-X Ethernet and NVLink networking products growing alongside GPU systems?
- Did product mix, HBM costs, packaging or system integration affect gross margin?
- Are customers taking current Blackwell systems, or delaying purchases while they wait for Vera Rubin?
These terms describe different stages of the commercial process:
- Demand means customers express a need or intend to buy.
- Orders may mean bookings, purchase commitments or other commercial arrangements.
- Shipments mean hardware has been delivered.
- Revenue recognition means Nvidia has recorded revenue under the applicable accounting rules.
- Roadmap commentary describes a future platform and is not evidence of current-quarter revenue.
A customer’s announced data-center project is therefore not interchangeable with Nvidia revenue in Q2. The strongest evidence will be reported shipments, platform revenue, customer deployment commentary and the forward guide.
3. Vera Rubin could help the roadmap—or create a pause
Nvidia introduced its Vera Rubin platform in its Q1 FY27 materials, including the Vera CPU and BlueField-4 STX. The company has positioned Rubin as the next major platform after Blackwell.
Management’s comments should clarify:
- Whether Rubin remains on schedule.
- Whether customers are qualifying or pre-ordering Rubin systems.
- Whether Rubin expands Nvidia’s addressable market.
- Whether customers are delaying Blackwell purchases to wait for Rubin.
- Whether Rubin is a future roadmap item or a near-term revenue contributor.
Unless Nvidia reports Rubin revenue or specifically says it has begun recognizing it, investors should not count anticipated Rubin sales as Q2 revenue. At the same time, early customer qualification can be a positive signal for future demand if it does not cannibalize current Blackwell deployments.
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4. Gross-margin durability
Nvidia guided to approximately 75% gross margin for Q2, with a 74.9% GAAP midpoint and a 75.0% non-GAAP midpoint. The quarter will test whether those margins are durable as Blackwell Ultra, networking products and newer system configurations become a larger part of the mix.
Q1 GAAP gross margin was 74.9% and non-GAAP gross margin was 75.0%, roughly flat sequentially. However, the year-over-year comparison benefited from the absence of the prior year’s $4.5 billion H20-related charge. Nvidia’s Q1 filing also reported $1.1 billion of inventory and excess-purchase-obligation provisions, compared with $5.3 billion in Q1 FY26, which included the H20 charge. The Q1 FY27 provisions reduced gross margin by approximately 1.2 percentage points.
The conclusion is that the margin comparison should not be described as purely operational improvement. It includes a substantial prior-year accounting comparison effect. For Q2, listen for:
- New inventory provisions or excess-purchase obligations.
- HBM, advanced-packaging, server-assembly and logistics costs.
- Blackwell Ultra’s margin profile relative to earlier products.
- Networking mix effects.
- Any impact from tariffs, inspections or China-related costs.
5. Operating expenses and operating leverage
Nvidia’s Q1 GAAP operating expenses rose to $7.621 billion, up 52% year over year and 12% sequentially. The company cited higher compensation, compute and infrastructure costs, and engineering materials for new products.
Q2 guidance calls for approximately $8.5 billion of GAAP operating expenses and $8.3 billion of non-GAAP operating expenses. That represents roughly 11.5% sequential growth in GAAP operating expenses from Q1. Expense growth can be healthy if it funds new architectures, software and infrastructure that support future revenue. It becomes a concern if expenses rise faster than the company’s ability to convert demand into profitable sales.
China: potential upside, but not part of the baseline
China is one of the easiest areas to misread in Nvidia’s report. The company’s Q2 guide assumes no Data Center compute revenue from China. In Q1 FY27, Nvidia said it shipped no Data Center Hopper products to China, compared with $4.6 billion in Q1 FY26.
Nvidia nevertheless reported $4.55 billion of Q1 revenue based on the headquarters location of customers in China, including Hong Kong. That figure is a geographic revenue measure, not a statement that Nvidia generated $4.55 billion of China Data Center compute revenue. Nvidia says geographic revenue is based on customer headquarters, while end-customer locations and shipping destinations may differ. Uncontrolled products, including gaming and workstation GPUs, can still be shipped to China.
In January 2026, the U.S. Commerce Department changed its policy to allow case-by-case review of H200 exports to China, subject to conditions. The Bureau of Industry and Security announcement describes the policy. But a July 14 Reuters report said a U.S. official told Congress that only very few H200 chips had shipped to China or Hong Kong. Blackwell remained barred from direct export to China according to that reporting. Other coverage likewise characterized H200 shipments as very limited.
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The right framework is:
- Export approval is not the same as a completed shipment.
- A shipment is not automatically recognized revenue in the same quarter.
- U.S. approval does not guarantee Chinese import approval.
- One-time or low-volume H200 shipments may not establish a durable revenue stream.
- China upside is incremental to Nvidia’s Q2 baseline rather than necessary to meet it.
Hyperscaler spending supports demand, but does not prove Nvidia revenue
Large cloud companies remain the most important external demand indicator for Nvidia. Their capital-spending plans suggest that AI infrastructure investment is still enormous, but investors must distinguish between high spending and accelerating spending.
- Microsoft: Its latest available official earnings-call materials described $31.9 billion of quarterly capital expenditures, with roughly two-thirds allocated to short-lived assets such as GPUs and CPUs. Microsoft expected more than $40 billion of capital expenditures in the following quarter and said it expected to remain capacity-constrained at least through 2026. See the company’s official earnings materials.
- Meta: Meta’s Q2 FY26 release raised or narrowed its 2026 capital-expenditure outlook to $130 billion-$145 billion. Its earnings release provides the company’s outlook.
- Alphabet: Alphabet increased its 2026 capital-spending plan by $15 billion and said another significant increase was expected in 2027. It also began recognizing revenue from its own TPU chips, which adds a custom-silicon competitive consideration for Nvidia.
- Industry-wide spending: Reuters reported that combined hyperscaler capital-expenditure estimates had risen to approximately $730 billion by July 2026. The same reporting highlighted investor concerns about free-cash-flow pressure and whether the spending pace can continue.
This produces two separate questions for Nvidia investors:
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- Are hyperscalers still spending heavily on AI infrastructure?
- Are they increasing spending fast enough to support Nvidia’s future estimates and valuation?
High capital spending is supportive of near-term Nvidia demand, but it can also increase customer debt, depreciation and free-cash-flow pressure. Custom chips such as Alphabet’s TPUs could take some workloads away from Nvidia over time. AI monetization remains important because customers may eventually moderate spending if returns do not justify the infrastructure outlay. Hyperscaler capex is useful corroborating evidence, not proof of Nvidia’s realized Q2 orders or revenue.
TSMC and the supply-chain question
TSMC reported Q2 2026 revenue of $40.2 billion, at the top of its guidance range, and guided Q3 revenue to $44.6 billion-$45.8 billion. It forecast Q3 gross margin of 65%-67%. TSMC’s quarterly results provide a useful indicator of continued advanced-chip demand.
However, TSMC’s results do not prove that Nvidia will beat its Q2 forecast. Nvidia’s revenue also depends on advanced packaging, HBM availability, server assembly, networking components, power and cooling infrastructure, customer installation schedules, product mix and the timing of revenue recognition.
Nvidia’s filing warns that manufacturing lead times can exceed 12 months. Long-term supply commitments can protect the company when demand is strong, but they can also create shortages, excess inventory or purchase obligations if customer forecasts change. Investors should listen for whether supply remains the main constraint or whether Nvidia is beginning to build inventory ahead of demand.
EPS comparisons require extra care in fiscal 2027
Beginning in Q1 FY27, Nvidia changed its non-GAAP financial measures so that stock-based compensation expense was no longer excluded. Historical non-GAAP information was recast to include stock-based compensation.
This change creates several potential comparison errors:
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- Comparing current non-GAAP EPS with an older, unrecast estimate.
- Assuming every provider’s EPS estimate uses Nvidia’s current non-GAAP definition.
- Comparing GAAP EPS with adjusted EPS.
- Assuming the difference between GAAP and non-GAAP EPS has the same meaning it did in earlier fiscal years.
Every EPS figure should be labeled as one of the following:
- GAAP diluted EPS: Nvidia’s reported earnings under generally accepted accounting principles.
- Nvidia non-GAAP diluted EPS: Nvidia’s own adjusted measure, now including stock-based compensation under the fiscal 2027 methodology.
- Analyst adjusted EPS: A provider’s estimate that may use a different set of exclusions.
- Provider-specific estimate: A figure that requires checking the methodology before making a direct comparison.
Risks that could change the earnings reaction
- Export controls: Additional U.S. restrictions, licensing delays or Chinese import limitations could constrain China-related upside.
- Supply-chain commitments: Manufacturing lead times above 12 months create execution risk if demand forecasts change.
- HBM and advanced packaging: Component or packaging shortages can limit shipments even when orders remain strong.
- Customer concentration: A small number of very large buyers can make Nvidia’s growth sensitive to changes in their deployment schedules and budgets.
- Rubin transition risk: Customers waiting for the next architecture could delay Blackwell purchases, while an overly aggressive Blackwell ramp could create inventory risk.
- AI-spending sustainability: Slower hyperscaler spending growth, rising debt, weak free cash flow or disappointing AI monetization could pressure future orders.
- Competition: Custom silicon and rival accelerators could reduce Nvidia’s share of some workloads.
- Inventory provisions: New charges would pressure gross margin and could signal that product demand or timing is changing.
What could happen to NVDA after earnings?
The report should be evaluated through scenarios rather than a fixed price prediction. Nvidia can post record revenue and still see its shares fall if investors expected more. Conversely, a result that appears only modestly above the guide could lift the stock if the forward outlook improves.
| Scenario | What it would likely include | How investors may interpret it |
|---|---|---|
| Bull case | Revenue above $91 billion, a stronger Q3 outlook, meaningful Blackwell Ultra contribution, margins near 75%, continued networking growth and evidence that supply—not demand—is the main constraint. | Estimates may move higher if the growth runway and profitability appear durable. |
| Base or mixed case | Q2 meets or slightly exceeds expectations, margins remain near guidance, but Q3 guidance is merely in line or management gives limited visibility. | The stock reaction may depend on valuation, positioning and how much optimism was already priced in. |
| Bear case | Q3 guidance falls short, margins weaken, inventory provisions rise, customers delay Blackwell for Rubin or management reports slower hyperscaler, enterprise or sovereign demand. | Investors may reduce future estimates even if Q2 revenue beats the company’s target. |
A China-related revenue surprise may also receive a mixed response. If it comes from small, one-time H200 shipments or carries unfavorable economics, investors may discount it rather than treat it as recurring growth.
Valuation context and capital allocation
The latest available quote before August 9 showed NVDA at $223.96, with an approximate market capitalization of $5.46 trillion and a trailing P/E ratio of approximately 34.1. These are only a pre-publication snapshot. Check Nvidia’s official stock quote page for an updated price and valuation before relying on those figures.
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At this scale, the stock’s reaction will depend on future earnings revisions, not only on the absolute size of the quarter. Investors may also pay attention to Nvidia’s additional $80 billion share-repurchase authorization announced in May 2026. An authorization gives the company permission to buy shares; it does not mean Nvidia will repurchase $80 billion immediately or that the authorization itself creates immediate EPS growth.
No fixed options-implied earnings move is included here because it changes with NVDA’s share price, expiration, implied volatility, selected at-the-money strike and time remaining before August 26.
Investor checklist for the Nvidia report
After the release, review the numbers and commentary in this order:
- Revenue versus the $91 billion midpoint, the $89.18 billion-$92.82 billion company range and current provider estimates.
- Data Center growth and the separate performance of Hyperscale and ACIE.
- Edge Computing growth, including whether weakness outside Data Center is becoming material.
- Blackwell 300 shipments and the size and timing of Blackwell Ultra revenue.
- Q3 revenue guidance and the assumptions behind it.
- GAAP and non-GAAP gross margin, including the effect of product mix and any new provisions.
- GAAP and non-GAAP operating expenses versus the $8.5 billion and $8.3 billion guides.
- Inventory and excess-purchase-obligation provisions.
- HBM, advanced packaging, networking, power, cooling and server-assembly constraints.
- China revenue, H200 shipment volumes and whether any China sales are recurring and profitable.
- Vera Rubin timing, customer qualification and any evidence of Blackwell order delays.
- Hyperscaler demand, customer deployments, enterprise and sovereign demand, and signs of custom-chip competition.
- CFO commentary on cash flow, supply commitments, customer concentration and capital allocation.
The most useful answer may not be in the headline release. It may come during the question-and-answer session, when analysts ask whether orders are accelerating, whether customers are waiting for Rubin and whether Nvidia can maintain roughly 75% gross margins while scaling its next platform.
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Frequently Asked Questions
When does Nvidia report Q2 fiscal 2027 earnings?
Nvidia is scheduled to report on Wednesday, August 26, 2026. The fiscal quarter ended July 26, 2026. The results are expected at approximately 1:20 p.m. Pacific time, followed by the earnings call at 2:00 p.m. Pacific, or 5:00 p.m. Eastern.
What is Nvidia’s official revenue target for Q2 FY27?
Nvidia guided to $91.0 billion of revenue, plus or minus 2%. That implies a range of approximately $89.18 billion to $92.82 billion. The company also guided to roughly 75% gross margin and assumed no China Data Center compute revenue.
Why might Nvidia stock fall after a revenue beat?
The stock can decline if the next-quarter outlook is below investor expectations, gross margins weaken, customers delay Blackwell purchases for Vera Rubin, China-related sales are viewed as one-time, or the valuation already reflects a larger beat. Earnings reactions depend on forward estimates and expectations, not only the reported quarter.
Are Nvidia’s Q2 EPS estimates GAAP or adjusted?
The $2.08-$2.09 figures cited from TheStreet Pro and Zacks are provider EPS estimates and should generally be treated as adjusted-EPS estimates unless the live provider pages explicitly label them otherwise. Nvidia’s own GAAP and non-GAAP EPS definitions must be compared separately, especially because Nvidia changed its non-GAAP methodology in fiscal 2027.
The Bottom Line
Bottom line: Nvidia’s Q2 FY27 report is scheduled for August 26, with management already targeting $91 billion of revenue. A high-quality bullish result would pair a revenue beat with stronger Q3 guidance, sustained margins near 75%, solid Blackwell Ultra execution, growing networking revenue and evidence that customer demand remains ahead of supply. The main disappointment risk is not necessarily missing Q2 revenue; it is a forward outlook that suggests hyperscaler spending is slowing, customers are waiting for Rubin, margins are under pressure or supply commitments are becoming excessive.
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