Jul 2026 (Q2 FY27) — Aug 26, 2026
NVIDIA Q2 FY27 — Record Revenue and Strong AI Demand Drive Growth Amid Supply Constraints
Read the full callNVIDIA (NVDA) earnings
- Jul 2026
- Jul 2026 (Q2 FY27)
- Jan 2026
NVIDIA develops chips, systems and software for AI, data centers, gaming and professional graphics.
NVIDIA earnings: last reported Wed, 26 Aug 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 96,221 | +105.9% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 66.2 | +5.4 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 59,688 | +125.9% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
29 of 36 judged targets kept · 29 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly non-GAAP gross margin | 75%, plus or minus 50 basis points | Jan 2026 | GAAP gross margin was 74.9% and non-GAAP gross margin was 75%, largely flat sequentially by Blackwell systems continued to account for most of our shipments. | Achieved |
| Full-year non-GAAP effective tax rate | 17% to 19% | Jan 2026 | For the full year 2027, we expect GAAP and non-GAAP tax rates to be between 16% and 18% ... This is lower than our prior expectation of 17% to 19% due to changes in geographic mix. | Revised Up |
| Blackwell and Rubin revenue visibility (2025 through calendar 2027) | $1 trillion | Apr 2026 | We are continuing to work vigorously on our supply chain ecosystem to address the incredible demand we see ahead of us, giving us full confidence in the $1 trillion in Blackwell and Rubin revenue we foresee from 2025 through calendar 2027. | New |
7 of NVIDIA CORP's 65 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 62 more targets are in the full ledger.
Claimed
- Total revenue of $96 billion, more than doubled year-over-year, accelerating for the fourth consecutive quarter.
- Data Center revenue increased 18% quarter-over-quarter to $89 billion, with strong contributions from Hyperscale and ACIE segments.
- ACIE revenue grew 25% sequentially and 138% year-over-year to $40 billion, driven by Neo cloud capacity additions.
- Networking business achieved record revenue, growing 18% sequentially, with Spectrum-X Ethernet up 2.6x year-over-year.
- Returned a record $26 billion to shareholders in Q2 FY27, comprising $20 billion in share repurchases and $6 billion in dividends.
Qualified
- Expected fiscal year 2028 revenue growth of approximately 70% is supply-constrained, despite much higher demand.
- GAAP and non-GAAP gross margins are expected to decline to 74% (plus or minus 50 basis points) in Q3 FY27 due to extreme memory pricing.
- Gross margins are projected to bottom in Q4 FY27 at 71% to 72% before settling at 72% to 73% in fiscal year 2028.
- Less than 1% of total data center revenue in Q2 FY27 came from China, with no China data center compute revenue in the forward outlook due to geopolitical uncertainty.
- Inventory increased to $32 billion and Days of Sales Outstanding (DSO) rose to 60 days, reflecting preparation for VeraRubin launch and extended payment terms.
Price
$217.09 +1.38% · +$2.96
Performance +18.5% 1Y
1Y: $183.22 on 17 Oct 2025 → $217.09. High $239.24 (6 Oct 2026), low $165.17 (30 Mar 2026).
- Previous close
- $214.13
- 52-week range
- $165.17 – $239.24
- One year
- +18.86%
Overview
- Symbol
- NVDA
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
What NVIDIA does
Based on the company's own presentations, annual report and earnings calls.
NVIDIA designs processors, networking equipment and software that help computers handle demanding workloads. Its data-center platforms are used to train and run AI models, while its graphics products serve gaming and professional visualization. The business reports two segments: Compute & Networking, which includes data-center and automotive platforms, and Graphics, which includes GeForce and workstation GPUs. NVIDIA combines its chips with systems and tools such as CUDA, giving developers a platform for building accelerated applications.
Segments
- Compute & Networking
- Graphics
Founded 1993Headquarters Santa Clara, California, United StatesEmployees 42,000 (FY2026) Company website
Guidance
What management said, and what became of it
29 of 36 judged targets kept · 29 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly non-GAAP gross margin | 75%, plus or minus 50 basis points | Jan 2026 | GAAP gross margin was 74.9% and non-GAAP gross margin was 75%, largely flat sequentially by Blackwell systems continued to account for most of our shipments. | Achieved |
| Full-year non-GAAP effective tax rate | 17% to 19% | Jan 2026 | For the full year 2027, we expect GAAP and non-GAAP tax rates to be between 16% and 18% ... This is lower than our prior expectation of 17% to 19% due to changes in geographic mix. | Revised Up |
| Blackwell and Rubin revenue visibility (2025 through calendar 2027) | $1 trillion | Apr 2026 | We are continuing to work vigorously on our supply chain ecosystem to address the incredible demand we see ahead of us, giving us full confidence in the $1 trillion in Blackwell and Rubin revenue we foresee from 2025 through calendar 2027. | New |
Claimed
- Total revenue of $96 billion, more than doubled year-over-year, accelerating for the fourth consecutive quarter.
- Data Center revenue increased 18% quarter-over-quarter to $89 billion, with strong contributions from Hyperscale and ACIE segments.
- ACIE revenue grew 25% sequentially and 138% year-over-year to $40 billion, driven by Neo cloud capacity additions.
- Networking business achieved record revenue, growing 18% sequentially, with Spectrum-X Ethernet up 2.6x year-over-year.
- Returned a record $26 billion to shareholders in Q2 FY27, comprising $20 billion in share repurchases and $6 billion in dividends.
Qualified
- Expected fiscal year 2028 revenue growth of approximately 70% is supply-constrained, despite much higher demand.
- GAAP and non-GAAP gross margins are expected to decline to 74% (plus or minus 50 basis points) in Q3 FY27 due to extreme memory pricing.
- Gross margins are projected to bottom in Q4 FY27 at 71% to 72% before settling at 72% to 73% in fiscal year 2028.
- Less than 1% of total data center revenue in Q2 FY27 came from China, with no China data center compute revenue in the forward outlook due to geopolitical uncertainty.
- Inventory increased to $32 billion and Days of Sales Outstanding (DSO) rose to 60 days, reflecting preparation for VeraRubin launch and extended payment terms.
The full ledger
Open NVIDIA CORP’s full ledger
A free account opens 5 company ledgers a month. All 65 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q1 FY27) — May 20, 2026
NVIDIA Q1 FY27 — Blackwell Ramp and Vera CPU Launch Drive Record Results
Read the full callJan 2026 (Q4 FY26) — Feb 25, 2026
NVIDIA Q4 FY26 — Record Revenue and Data Center Growth Driven by AI Inflection
Read the full callEvery analysed call
NVIDIA earnings calls (NVDA)
Financials
What the filings say
Net profit, year on year: +126% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 35,082 | 39,331 | 44,062 | 46,743 | 57,006 | 68,127 | 81,615 | 96,221 |
| Operating profit | 21,869 | 24,033 | 21,638 | 28,440 | 36,010 | 44,299 | 53,536 | 63,734 |
| Operating margin | 62.3% | 61.1% | 49.1% | 60.8% | 63.2% | 65.0% | 65.6% | 66.2% |
| Other income | 447 | 1,184 | 272 | 2,766 | 1,926 | 6,099 | 16,367 | 7,773 |
| Interest | 61 | 61 | 63 | 62 | 61 | 73 | 102 | 227 |
| Profit before tax | 22,316 | 25,217 | 21,910 | 31,206 | 37,936 | 50,398 | 69,903 | 71,507 |
| Tax rate | 13.5% | 12.4% | 14.3% | 15.3% | 15.9% | 14.8% | 16.6% | 16.5% |
| Net profit | 19,309 | 22,091 | 18,775 | 26,422 | 31,910 | 42,960 | 58,321 | 59,688 |
| EPS ($ per share) | 0.79 | — | 0.77 | 1.08 | 1.31 | — | 2.40 | 2.47 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 3 | 3 | 2 | 25 | 24 | 24 |
| Reserves | 12,565 | 14,971 | 18,908 | 16,235 | 10,171 | 29,817 | 68,038 | 146,973 |
| Total liabilities | 3,950 | 5,111 | 11,898 | 17,575 | 19,081 | 22,750 | 32,274 | 49,510 |
| Fixed assets | 1,404 | 1,674 | 2,149 | 2,778 | 3,807 | 3,914 | 6,283 | 10,383 |
| Investments | 6,640 | 1 | 10,714 | 19,218 | 9,907 | 18,704 | 34,621 | — |
| Total assets | 13,292 | 17,315 | 28,791 | 44,187 | 41,182 | 65,728 | 111,601 | 206,803 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,743 | 4,761 | 5,822 | 9,108 | 5,641 | 28,090 | 64,089 | 102,718 |
| Cash from investing | -4,097 | 6,145 | -19,675 | -9,830 | 7,375 | -10,566 | -20,421 | -52,228 |
| Cash from financing | -2,866 | -792 | 3,804 | 1,865 | -11,617 | -13,633 | -42,359 | -48,474 |
| Net cash flow | -3,220 | 10,114 | -10,049 | 1,143 | 1,399 | 3,891 | 1,309 | 2,016 |
| Capital expenditure | — | — | — | -976 | -1,833 | -1,069 | -3,236 | -6,042 |
| Free cash flow | — | — | — | 8,132 | 3,808 | 27,021 | 60,853 | 96,676 |
NVDA revenue by segment
| Segment | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Compute and Networking | — | 92% | 90% | 88% | 89% | 90% | 91% | 92% | +113.6% |
| Graphics | — | 8% | 10% | 12% | 11% | 10% | 9% | 8% | +46.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2027 · share of revenue
- US 62%
- TW 28% ↑ 13 pt
- China Including Hong Kong 8% ↓ 7 pt
- Other Countries 1%
As NVDA cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
310 filings between Oct 20, 2025 and Oct 7, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.97B
240 sales by 12 insiders
88% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 28
- Award — granted as compensation
- 22
- Tax withheld — shares kept back by the company to cover tax
Also filed: 15 gifts, 5 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| STEVENS MARK A | — | $1.50B | Sep 18, 2026 |
| Puri Ajay K | — | $183.00M | Mar 18, 2026 |
| HUANG JEN HSUN | — | $83.24M | Oct 29, 2025 |
| Kress Colette | — | $63.35M | Sep 17, 2026 |
| Shoquist Debora | — | $56.19M | Dec 12, 2025 |
| JONES HARVEY C | — | $44.33M | Dec 15, 2025 |
| Robertson Donald F Jr | — | $20.56M | Mar 20, 2026 |
| Teter Timothy S. | — | $13.32M | Sep 21, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 7, 2026 | COXE TENCH Director | Gift 10b5-1 plan | 500,000 | $0 |
| Sep 21, 2026 | Teter Timothy S. EVP, General Counsel and Sec | Sale 10b5-1 plan | 4,499 | $1.01M |
| Sep 21, 2026 | Teter Timothy S. EVP, General Counsel and Sec | Sale 10b5-1 plan | 12,483 | $2.77M |
| Sep 21, 2026 | Teter Timothy S. EVP, General Counsel and Sec | Sale 10b5-1 plan | 13,478 | $3.01M |
| Sep 18, 2026 | STEVENS MARK A Director | Sale | 10,000 | $2.20M |
| Sep 18, 2026 | STEVENS MARK A Director | Sale | 1,356,000 | $297.94M |
| Sep 17, 2026 | HUANG JEN HSUN President and CEO | Gift | 438,000 | $0 |
| Sep 17, 2026 | Kress Colette EVP & Chief Financial Officer | Sale 10b5-1 plan | 4,681 | $1.02M |
| Sep 17, 2026 | Kress Colette EVP & Chief Financial Officer | Sale 10b5-1 plan | 9,868 | $2.17M |
| Sep 17, 2026 | Kress Colette EVP & Chief Financial Officer | Sale 10b5-1 plan | 20,369 | $4.46M |
| Sep 16, 2026 | GAWEL SCOTT Principal Accounting Officer | Tax withheld | 2,932 | $622.1K |
| Sep 16, 2026 | HUANG JEN HSUN President and CEO | Tax withheld | 45,728 | $9.70M |
| Sep 16, 2026 | Teter Timothy S. EVP, General Counsel and Sec | Tax withheld | 35,738 | $7.58M |
| Sep 16, 2026 | Kress Colette EVP & Chief Financial Officer | Tax withheld 10b5-1 plan | 40,747 | $8.65M |
| Sep 16, 2026 | Shoquist Debora EVP, Operations | Tax withheld | 35,008 | $7.43M |
| Sep 9, 2026 | Parker Nicholas P. EVP, Worldwide Field Ops | Award | 160,418 | $0 |
| Sep 4, 2026 | STEVENS MARK A Director | Sale | 237,820 | $54.98M |
| Sep 4, 2026 | STEVENS MARK A Director | Sale | 182,628 | $42.64M |
| Sep 4, 2026 | STEVENS MARK A Director | Sale | 197,180 | $45.43M |
| Sep 4, 2026 | STEVENS MARK A Director | Sale | 4,611 | $1.08M |
| Sep 3, 2026 | STEVENS MARK A Director | Sale | 198,707 | $45.24M |
| Sep 3, 2026 | STEVENS MARK A Director | Sale | 1,293 | $295.2K |
| Sep 3, 2026 | STEVENS MARK A Director | Sale | 200,000 | $45.97M |
| Sep 2, 2026 | COXE TENCH Director | Gift 10b5-1 plan | 500,000 | $0 |
| Sep 2, 2026 | STEVENS MARK A Director | Sale | 300,000 | $66.88M |
| Sep 2, 2026 | STEVENS MARK A Director | Sale | 300,000 | $67.22M |
| Sep 2, 2026 | STEVENS MARK A Director | Sale | 300,000 | $67.88M |
| Sep 2, 2026 | STEVENS MARK A Director | Sale | 300,000 | $66.02M |
| Sep 1, 2026 | STEVENS MARK A Director | Sale | 63,501 | $13.97M |
| Aug 31, 2026 | Teter Timothy S. EVP, General Counsel and Sec | Sale 10b5-1 plan | 9,395 | $2.05M |
| Aug 31, 2026 | Teter Timothy S. EVP, General Counsel and Sec | Sale 10b5-1 plan | 6,692 | $1.45M |
| Aug 31, 2026 | Teter Timothy S. EVP, General Counsel and Sec | Sale 10b5-1 plan | 13,913 | $3.03M |
| Aug 31, 2026 | STEVENS MARK A Director | Sale | 447,400 | $98.47M |
| Aug 31, 2026 | STEVENS MARK A Director | Sale | 137,600 | $30.40M |
| Aug 10, 2026 | NORA JOHNSON SUZANNE M Director | Award | 1,148 | $0 |
| Aug 10, 2026 | NORA JOHNSON SUZANNE M Director | Award | 1,262 | $0 |
| Aug 5, 2026 | COXE TENCH Director | Gift 10b5-1 plan | 500,000 | $0 |
| Jul 1, 2026 | COXE TENCH Director | Gift 10b5-1 plan | 500,000 | $0 |
| Jun 25, 2026 | JONES HARVEY C Director | Award | 1,211 | $0 |
| Jun 25, 2026 | COXE TENCH Director | Award | 1,211 | $0 |
| Jun 25, 2026 | SEAWELL A BROOKE Director | Award | 1,211 | $0 |
| Jun 25, 2026 | Dabiri John Director | Award | 1,211 | $0 |
| Jun 25, 2026 | Neal Stephen C Director | Award | 1,211 | $0 |
| Jun 25, 2026 | Shah Aarti S. Director | Award | 1,211 | $0 |
| Jun 25, 2026 | LORA MELISSA Director | Award | 1,211 | $0 |
| Jun 25, 2026 | HUDSON DAWN E Director | Award | 1,211 | $0 |
| Jun 25, 2026 | STEVENS MARK A Director | Award | 1,211 | $0 |
| Jun 18, 2026 | STEVENS MARK A Director | Sale | 319,385 | $66.97M |
| Jun 18, 2026 | STEVENS MARK A Director | Sale | 565,615 | $119.03M |
| Jun 17, 2026 | Shoquist Debora EVP, Operations | Tax withheld | 35,012 | $7.26M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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