NVIDIA (NVDA) Earnings Date & Reports

Key Takeaways

• NVIDIA is scheduled to report fiscal second-quarter 2027 results on Wednesday, August 26, after the market close. The quarter ended July 26, 2026.
• Company-issued guidance calls for revenue of $91 billion, plus or minus 2%, which would represent roughly 80% year-over-year growth from the $46.7 billion reported in the same quarter a year ago.
• Wall Street consensus estimates sit slightly above the midpoint of guidance, with analysts forecasting approximately $91.7 billion in revenue and non-GAAP earnings per share (EPS) of around $2.08.
• All eyes are on Data Center revenue and gross margin durability, as investors look for confirmation that hyperscaler AI infrastructure spending remains robust and that NVIDIA's pricing power is intact.
• Post-earnings stock reactions have become increasingly muted. Despite beating estimates in each of the past several quarters, NVIDIA shares have often drifted lower following results, raising the bar for what it takes to impress the market.
• Analyst sentiment remains overwhelmingly bullish, with BofA projecting revenue as high as $94–$95 billion and maintaining a $350 price objective, citing the stock's lowest forward price-to-earnings (P/E) multiple in a decade.

Earnings Context and Why It Matters

NVIDIA's quarterly earnings have become one of the most closely watched events on the global financial calendar, and for good reason. As the dominant supplier of the GPUs (Graphics Processing Units) that power the artificial intelligence revolution, NVIDIA has evolved from a semiconductor company into the infrastructure backbone of the AI economy. Its fiscal second-quarter 2027 report lands at a moment when Big Tech has collectively pledged roughly $650 billion in AI-related capital expenditures for 2026, yet questions about the durability and return on that spending are growing louder. The upcoming report will test whether demand continues to outpace even the most optimistic supply projections, and whether NVIDIA can sustain its remarkable growth trajectory from an ever-larger revenue base. With the stock trading near $224 and approaching its 52-week high, the stakes for this print are exceptionally high.

Earnings Expectations

For the fiscal second quarter of 2027, NVIDIA guided revenue to approximately $91 billion, with a variance of plus or minus 2%. That midpoint represents roughly 80% year-over-year growth, though it also implies a sequential increase of about 11.5% from the record $81.6 billion delivered in the first quarter. The company guided non-GAAP (adjusted) gross margin to approximately 75.0%, plus or minus 50 basis points, signaling that management expects pricing power to hold steady even as it scales production of its Blackwell architecture at an unprecedented pace. Notably, guidance assumes zero Data Center compute revenue from China, making the report a clean read on non-China AI infrastructure demand.

Wall Street consensus has edged above the midpoint of guidance. Analysts expect revenue of roughly $91.7 billion, with estimates ranging from $90.3 billion to $96.7 billion. Non-GAAP EPS consensus sits near $2.08, which would mark a significant jump from the $0.91 reported in the year-ago period. BofA Global Research, which rates NVIDIA a Buy with a $350 price target, projects an even stronger beat, modeling revenue of $94–$95 billion. The brokerage also expects third-quarter revenue guidance of $107–$108 billion, well above the current consensus of approximately $104 billion.

Beyond the headline numbers, investors will scrutinize Data Center revenue — particularly the split between Hyperscale customers and the broader ACIE (AI cloud, industrial, and enterprise) segment — to gauge whether AI demand is broadening beyond a handful of mega-cap buyers. Networking revenue, which nearly tripled year over year in the prior quarter, is another key barometer for AI cluster scale and complexity. Gross margin trends, supply chain commentary, and any updates on the upcoming Vera Rubin platform transition will round out the mosaic.

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Market Reaction and Investor Sentiment

Investor sentiment heading into NVIDIA's August 26 report is cautiously optimistic but increasingly demanding. The stock has rallied roughly 18% year to date and is trading within striking distance of its 52-week high of $236.54, supported by a wave of positive developments: SpaceX announced it will use NVIDIA's Vera Rubin architecture exclusively, Corvex signed a multi-year Blackwell GPU infrastructure agreement, and Anthropic reportedly committed to a six-year, $10 billion computing deal involving NVIDIA-backed infrastructure. Yet the market's reaction function has shifted. In recent quarters — including after the strong Q1 FY2027 beat in May — NVIDIA shares have drifted lower post-earnings, a pattern that suggests the market has already priced in exceptional performance and now demands upside surprises of increasing magnitude. With a forward P/E ratio in the low 20s — the lowest in ten years by some measures — valuation is not stretched by historical standards, but the stock's elevated absolute price and market capitalization mean any disappointment on guidance, margins, or demand breadth could trigger sharp downside. The options market is pricing in significant volatility around the event, reflecting the binary nature of the setup.

Forward Outlook and Key Factors to Monitor

After the Q2 report, the market's attention will pivot rapidly to what comes next — and the bar is already set extraordinarily high.

The most critical item is third-quarter guidance. Consensus currently projects approximately $104 billion in revenue for the fiscal third quarter, but bullish analysts at BofA and elsewhere expect NVIDIA to guide toward $107–$108 billion. A guidance figure above $105 billion would likely reinforce confidence that the AI infrastructure cycle has years of runway remaining. A number closer to the consensus midpoint, by contrast, could stoke fears that growth is beginning to decelerate from its breakneck pace.

Investors should also monitor the Vera Rubin product transition. NVIDIA has confirmed that Vera Rubin production shipments are expected to begin in the second half of the fiscal year, with CEO Jensen Huang describing a potential $1 trillion in cumulative Blackwell and Rubin revenue from 2025 through calendar 2027. Any update on the timing, scale, or customer adoption of Vera Rubin — including the new Vera CPU, which opens an estimated $200 billion addressable market — will be closely parsed. On the margin front, memory costs are rising and now account for 40–50% of total build costs in some configurations. While analysts at BofA estimate the margin headwind at a manageable 60 basis points, investors will look for confirmation that NVIDIA can sustain gross margins in the mid-70s range as the product mix evolves.

Finally, the broader AI spending backdrop remains both a tailwind and a risk. Hyperscaler capital expenditure plans continue to expand, but questions about the return on those investments persist. If enterprise and sovereign AI demand — captured in NVIDIA's ACIE segment — continues to grow alongside hyperscale spending, the demand story becomes far more durable. Conversely, if growth narrows to a concentrated set of mega-cap customers, concerns about a spending peak may intensify. Supply chain constraints, particularly around advanced packaging and high-bandwidth memory, also remain wild cards that could shift revenue timing across quarters.

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