NVIDIA (NVDA) Earnings Date & Reports

Key Takeaways

• NVIDIA reported record second-quarter fiscal 2027 revenue of $96.2 billion, up 106% year over year and 18% sequentially.
• Non-GAAP (a measure that excludes certain one-time and non-cash items) earnings per share reached $2.22, beating the consensus estimate of $2.09 by $0.13.
• Data center revenue climbed to $89.0 billion, up 117% year over year, driven by demand for Blackwell Ultra infrastructure.
• GAAP and non-GAAP gross margins both held at 75.0%, roughly flat with the prior quarter.
• The company guided third-quarter fiscal 2027 revenue to $108 billion, plus or minus 2%, and forecast roughly 70% revenue growth for fiscal 2028.

Earnings Context and Why It Matters

NVIDIA's quarterly earnings have become a barometer for the entire artificial intelligence (AI) economy, not just the semiconductor sector. As the leading supplier of accelerated computing and AI infrastructure, the company's results offer one of the clearest real-time signals of how aggressively cloud providers, enterprises, and sovereign customers are investing in data centers. Coming off a quarter in which revenue roughly doubled year over year, this report was closely watched for evidence that AI capital spending remains durable, that supply constraints are easing, and that margins can hold up as new platforms ramp. For investors, the stakes extended well beyond NVIDIA itself, given the company's role as a bellwether for AI hardware demand.

Reported Results

For the second quarter of fiscal 2027, ended July 26, 2026, NVIDIA reported total revenue of $96.2 billion, an increase of 106% from $46.7 billion a year earlier and 18% from $81.6 billion in the prior quarter. The figure came in above the Wall Street consensus estimate of roughly $92.3 billion.

GAAP diluted earnings per share (EPS) were $2.46, while non-GAAP diluted EPS were $2.22. Both measures improved sharply from the year-ago period, when GAAP and non-GAAP EPS were $1.08 and $1.01, respectively. Non-GAAP EPS of $2.22 exceeded the consensus estimate of $2.09 by $0.13.

The data center segment, which now drives the overwhelming majority of revenue, generated $89.0 billion, up 117% year over year and 18% sequentially, fueled by the ramp of Blackwell Ultra systems. Edge computing revenue reached $7.2 billion, up 27% year over year. GAAP and non-GAAP gross margins both held at 75.0%, while GAAP net income rose 126% year over year to $59.7 billion.

For the third quarter of fiscal 2027, NVIDIA guided revenue to $108 billion, plus or minus 2%, with GAAP and non-GAAP gross margins of approximately 74%, plus or minus 50 basis points.

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Market Reaction and Investor Sentiment

Reaction to NVIDIA's second-quarter report was positive but measured. The stock rose sharply in the session immediately following the release before giving back some of those gains in subsequent trading, a pattern consistent with profit-taking after a strong run. Analysts largely responded by raising price targets, reflecting confidence in the company's growth trajectory. Sentiment remained broadly constructive, supported by the revenue beat, record data center momentum, and above-consensus guidance for the following quarter. At the same time, investors weighed modest near-term gross margin pressure tied to memory costs, as well as questions about how long the current pace of hyperscale capital spending can be sustained.

Forward Outlook and Key Factors to Monitor

NVIDIA's forward guidance signals that management expects the growth story to continue. Third-quarter fiscal 2027 revenue guidance of $108 billion implies roughly 12% sequential growth from an already record base. The company also indicated that its next-generation Vera Rubin platform is expected to represent about 20% of data center revenue in the third quarter, marking an important transition as the newest architecture begins to ramp.

One area investors will watch closely is gross margin. Management guided third-quarter gross margins to approximately 74%, citing higher memory costs, and suggested margins could trough in the 71% to 72% range in the fourth quarter before stabilizing in fiscal 2028. Because each percentage point of margin on this revenue base is worth more than $1 billion, this trajectory will be a key focus of upcoming reports.

Beyond near-term margins, the broader question is whether AI-related capital expenditure by large cloud providers remains robust. NVIDIA's guidance for roughly 70% revenue growth in fiscal 2028, framed as supply-constrained, depends on continued capacity expansion across the industry. Investors should also monitor customer concentration, the ramp of custom silicon from major buyers, and any shifts in export-control policy. These factors, rather than headline revenue alone, are likely to shape how the market interprets NVIDIA's next several quarters.

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