10-Q · May 20, 2026
NVIDIA reported robust results for Q1 Fiscal 2027, achieving a record revenue of $81.6 billion and a diluted EPS of $2.39, surpassing consensus estimates. The substantial revenue growth was primarily driven by the Data…
Earnings analysis · 10-Q
NVDA earnings analysis
Filed August 26, 2026 · Our reading of the company's report
The latest report
NVIDIA delivered strong Q2 FY2027 growth, with $96.221 billion of revenue, a $2.22 EPS result, and Data Center revenue of $89.0 billion, all supported by substantial year-over-year expansion and beats versus consensus.…
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NVIDIA delivered strong Q2 FY2027 growth, with $96.221 billion of revenue, a $2.22 EPS result, and Data Center revenue of $89.0 billion, all supported by substantial year-over-year expansion and beats versus consensus. Gross margin was 75.0%, while the company continued aggressive capital returns through $19.7 billion of repurchases and $6.0 billion of dividends. The principal offset is rising execution, financing, and regulatory risk around AI-infrastructure commitments and China/export restrictions; Q3 revenue guidance is $108.0 billion plus or minus 2%, assuming no China Data Center compute revenue.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.22
- Gross margin
- 75.0%
- Segment
- Data Center: $89.0 billion, up 117% year over year; represented approximately 92% of total revenue.
What stood out
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Revenue materially beat consensus
Q2 FY2027 revenue was $96.221 billion, exceeding the $92.111 billion consensus estimate by $4.110 billion, or 4.5%. Revenue increased from $81.61 billion in the prior sequential period and from $46.74 billion in the comparable historical period provided.
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EPS exceeded consensus
Reported EPS was $2.22 versus the $2.09 consensus estimate, a $0.13, or 6.2%, beat. The earnings row identifies Q2 FY2027 as the current reporting period.
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Data Center remained the growth engine
Data Center revenue reached $89.0 billion, up 117% year over year, making it the primary contributor to the quarter’s growth. Data Center revenue was approximately 92% of total revenue of $96.221 billion.
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Gross margin remained elevated
GAAP gross margin was 75.0%, up 0.1 percentage point from 74.9% in the prior sequential period and 2.6 points from 72.4% in the comparable historical period provided.
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Large-scale capital returns continued
NVIDIA repurchased 94.4 million shares for $19.7 billion during the quarter and had $99.3 billion remaining under its authorization as of July 26, 2026.
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Dividend increased sharply
The company paid $6.0 billion in quarterly cash dividends after increasing its quarterly dividend from $0.01 to $0.25 per share on May 18, 2026.
What to watch
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Infrastructure commitments raise execution risk
NVIDIA added risk disclosure covering commitments to secure supply and capacity, cloud services, and data-center leases, as well as customer-support arrangements. Extended payment terms under large, multi-quarter agreements will affect operating cash-flow timing, and the company may have to purchase unused AI-cloud capacity; the filing also notes $33.5 billion of senior notes outstanding as of July 26, 2026.
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China restrictions constrain demand
The company stated that it was effectively foreclosed from China’s data-center compute market as of the end of Q2 FY2027. It incurred a $0.4 billion H200 excess-inventory and purchase-obligation charge during the first half, while licensed H200 shipments represented less than 1% of the most recent quarter’s Data Center revenue; those shipments also face a 25% U.S. tariff that NVIDIA has been unable to pass to customers.
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Regulatory scrutiny is broadening
The filing expanded discussion of regulatory and antitrust exposure, including information requests from regulators in the European Union, United States, United Kingdom, China, and South Korea. It specifically identified a French Competition Authority inquiry into whether gaming and Data Center GPUs are separate product categories, which could affect export controls applicable to gaming products in France and Europe.
Management's outlook
Management provided Q3 FY2027 revenue guidance of $108.0 billion, plus or minus 2%, implying a range of $105.84 billion to $110.16 billion. GAAP and non-GAAP gross margin are expected at 74.0%, plus or minus 50 basis points. The outlook assumes no Data Center compute revenue from China; the filing does not disclose whether this outlook was raised, maintained, or lowered versus prior guidance.
Earlier filings 4
10-K · February 25, 2026
NVIDIA positions itself as a data-center-scale AI infrastructure company with a full-stack platform strategy (GPUs, CPUs, DPUs, interconnects, systems, software and models). The company reported a strong Q4 with revenue…
10-Q · August 27, 2025
NVIDIA reported a strong quarter with revenue of $46,743 million and diluted EPS of $1.08, both beating consensus, driven by continued momentum in the first half (six‑month revenue $90,805 million). Margins improved…
10-Q · November 20, 2024
NVIDIA reported third-quarter revenue of $35,082 million, up from $18,120 million a year ago, with gross profit of $26,156 million and diluted EPS of $0.78 (vs $0.37 YoY). Operating income was $21,869 million (operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.