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Analysts were strongly bullish in an August 27, 2026 roundup, but that ratings and price-target snapshot is dated; updated October consensus was not verified. NVIDIA’s own Q3 FY2027 outlook, issued after its August results, set a high bar: revenue of $108.0 billion, plus or minus 2%, and gross margin of 74.0%, plus or minus 50 basis points. To assess what analysts may expect ahead of the next report, distinguish that company guidance from analyst estimates and watch supply, product ramps, margins, and how much optimism is already reflected in expectations.
What analysts thought in August—and what is known now
Kiplinger reported on August 27 that S&P Global Market Intelligence tracked 61 analysts: 58 rated NVIDIA Buy or Strong Buy, two rated it Hold, and one rated it Strong Sell. The report gave an average price target of $305.41. These are dated August figures, not verified October ratings or targets; a price target is an analyst estimate, not a promise.
That same pre-release report cited Wall Street expectations of $104.8 billion in Q3 revenue and $2.38 in earnings per share (EPS). Those were expectations before NVIDIA reported Q2 results on August 26, not current October consensus. The research available for this article did not verify updated analyst estimates, ratings, or price targets.
NVIDIA’s latest results and outlook
NVIDIA reported Q2 FY2027 revenue of $96.2 billion, including $89.0 billion from Data Center. The company said revenue was up 106% year over year. These are reported results, not forecasts.
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After those results, NVIDIA projected Q3 revenue of $108.0 billion, plus or minus 2%, and gross margin of 74.0%, plus or minus 50 basis points. The company said this outlook assumed no Data Center compute revenue from China. This is management guidance, not analyst consensus, and remains subject to the risks described in the company’s release.
| Measure | Figure | What it represents |
|---|---|---|
| Q2 FY2027 revenue | $96.2 billion | Reported result |
| Q2 FY2027 Data Center revenue | $89.0 billion | Reported segment result |
| Q3 FY2027 revenue | $108.0 billion, plus or minus 2% | Company outlook |
| Q3 FY2027 gross margin | 74.0%, plus or minus 50 basis points | Company outlook |
Source for results and outlook: NVIDIA’s August 26, 2026 earnings release. The figures are historical results or company projections, not current analyst estimates.
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What could shape analyst expectations
Demand, supply, and the Vera Rubin ramp
Management described demand as strong but said supply remained a constraint, with a bottleneck expected through at least FY2028. On the August earnings call, NVIDIA said production shipments of Vera Rubin had commenced, expected the product to ramp, and projected it would account for about 20% of Q3 Data Center revenue. These are management statements and forecasts, not independent confirmation of shipment outcomes.
Supply availability matters because strong demand does not automatically translate into revenue if products cannot be shipped. Investors can compare subsequent results and disclosures with management’s stated ramp and supply outlook.
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Gross margins and memory costs
NVIDIA said memory costs had risen beyond its prior expectations. Management forecast gross margin in a 71%–72% range in Q4 and 72%–73% in FY2028, while describing potential recovery as price increases took effect. These are uncertain company forecasts, not analyst consensus. They make margin guidance and product mix important points of comparison when new estimates become available.
China and other risks
The Q3 outlook assumed no Data Center compute revenue from China. NVIDIA’s release also identified global economic and political conditions among factors that could materially affect results. Supply-chain reliance, competition, product acceptance, and geopolitical conditions can all affect the company’s ability to meet its outlook.
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How to compare analyst views with company guidance
- Check the date and fiscal quarter for every estimate, rating, and price target. Do not treat the August roundup as an October consensus snapshot.
- Separate analyst estimates from NVIDIA’s official outlook. Compare revenue and EPS estimates with company guidance only when they refer to the same quarter and reporting date.
- Review assumptions about demand, available supply, and Vera Rubin shipments against management’s disclosures.
- Compare margin expectations with the company’s guidance and its comments about memory costs.
- Consider the gap between expectations and results: a company can exceed consensus while its stock reacts weakly if investors expected more. This distinction was highlighted in Kiplinger’s August coverage.
FAQ
What do analysts think of Nvidia stock ahead of earnings?
The latest verified roundup in this research, dated August 27, 2026, reported 58 Buy or Strong Buy ratings among 61 analysts tracked, with two Holds and one Strong Sell. That is a dated snapshot, not verified October consensus.
What is Nvidia’s Q3 FY2027 revenue forecast?
NVIDIA’s August 26, 2026 company outlook projected Q3 FY2027 revenue of $108.0 billion, plus or minus 2%. This is company guidance, not an analyst estimate.
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Are the $104.8 billion revenue and $2.38 EPS figures current analyst estimates?
No. Kiplinger reported them as pre-release Wall Street expectations before NVIDIA’s August 26 results. Updated October consensus was not verified in this research.
Why might Nvidia shares fall after strong earnings?
Investors may focus on whether results and forward guidance exceed expectations, not just whether results are strong in absolute terms. Supply, product ramps, gross margins, and management’s outlook can influence how investors interpret the numbers.
Is the analyst price target a promise?
No. The $305.41 average target reported in the August roundup was a dated analyst estimate. A target is not guaranteed, and it should not be treated as a current October target.
This article is for general information, not personalized investment advice. Sources: NVIDIA’s August 26, 2026 Q2 FY2027 earnings release and earnings call transcript; Kiplinger’s analyst roundup, updated August 27, 2026.
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