NVIDIA (NVDA) Q2 2027 earnings summary

Executive summary

• Q2 FY27 revenue reached a record $96.2 billion, up 106% year-over-year and 18% sequentially, driven by strong Data Center and Compute & Networking growth, with Blackwell Ultra infrastructure ramping.

• Net income for Q2 FY27 was $59.7 billion GAAP (up 126% year-over-year) and $54.0 billion non-GAAP (up 118% year-over-year); diluted EPS was $2.46 GAAP (up 128%) and $2.22 non-GAAP (up 120%).

• Returned nearly $26.0 billion to shareholders in Q2 through share repurchases and dividends; $99.0 billion remains authorized for repurchases.

• Launched Vera Rubin and Groq 3 LPX platforms, with Vera Rubin in full production and expected to be the fastest product ramp in company history.

• Significant supply and capacity commitments increased to $279 billion to meet future demand.

Financial highlights

• Data Center revenue was $89.0 billion, up 117% year-over-year and 18% sequentially; Edge Computing revenue was $7.2 billion, up 27% year-over-year.

• GAAP gross margin was 75.0%, up 2.6 points year-over-year; non-GAAP gross margin also 75.0%.

• GAAP operating income rose 124% year-over-year to $63.7 billion; non-GAAP operating income up 124% to $64.0 billion.

• Free cash flow for Q2 was $21.3 billion.

• Cash, cash equivalents, and marketable debt securities totaled $56.6 billion as of July 26, 2026.

Outlook and guidance

• Q3 FY27 revenue expected at $108.0 billion, plus or minus 2%, with ACIE and Data Center driving sequential growth.

• GAAP and non-GAAP gross margins projected at 74.0%, plus or minus 50 basis points.

• Operating expenses expected at $9.2 billion (GAAP) and $9.0 billion (non-GAAP); full-year tax rates anticipated between 16.0% and 18%.

• No Data Center compute revenue from China assumed in outlook.

• Commitments for supply and capacity rose to $279 billion to address ongoing supply constraints.