NVIDIA Announces Financial Results for Second Quarter Fiscal 2027
•Revenue of $96.2 billion, up 106% from a year ago
•Data Center revenue of $89.0 billion, up 117% from a year ago
SANTA CLARA, Calif.—Aug. 26, 2026―NVIDIA (NASDAQ: NVDA) today reported revenue for the second quarter ended July 26, 2026, of $96.2 billion, up 18% from the previous quarter and up 106% from a year ago. For the quarter, GAAP and non-GAAP gross margins were both 75.0%. GAAP and non-GAAP earnings per diluted share were $2.46 and $2.22, respectively.
“AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue,” said Jensen Huang, founder and CEO of NVIDIA. “And demand is accelerating. This time last year, one lab alone was driving the buildout; today, we have a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open-model ecosystem and physical AI coming online — with strong momentum across the U.S. and around the world. The AI infrastructure buildout is at full steam. Vera Rubin, now in full production, was built to power exactly this moment.”
During the second quarter of fiscal 2027, NVIDIA returned approximately $26.0 billion to shareholders in the form of shares repurchased and cash dividends. As of the end of the second quarter, the company had approximately $99.0 billion remaining under its share repurchase authorization.
NVIDIA will pay its next quarterly cash dividend of $0.25 per share on October 1, 2026, to all shareholders of record on September 10, 2026.
Q2 Fiscal 2027 Summary
GAAP
($ in millions, except earnings per share)Q2 FY27Q1 FY27Q2 FY26Q/QY/Y
Revenue$96,221$81,615$46,74318 %106 %
Gross margin75.0 %74.9 %72.4 %0.1 pts2.6 pts
Operating expenses$8,408$7,621$5,41310 %55 %
Operating income$63,734$53,536$28,44019 %124 %
Net income$59,688$58,321$26,4222 %126 %
Diluted earnings per share
$2.46$2.39$1.083 %128 %
Non-GAAP
($ in millions, except earnings per share)Q2 FY27Q1 FY27Q2 FY26Q/QY/Y
Revenue$96,221$81,615$46,74318 %106 %
Gross margin75.0 %75.0 %72.5 %—2.5 pts
Operating expenses$8,232$7,449$5,36111 %54 %
Operating income$63,956$53,783$28,54119 %124 %
Net income$53,954$45,548$24,76318 %118 %
Diluted earnings per share
$2.22$1.87$1.0119 %120 %



Outlook
NVIDIA’s outlook for the third quarter of fiscal 2027 is as follows:
•Revenue is expected to be $108.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.
•GAAP and non-GAAP gross margins are expected to be 74.0%, plus or minus 50 basis points.
•GAAP and non-GAAP operating expenses are expected to be approximately $9.2 billion and $9.0 billion, respectively.
For the full year fiscal 2027, NVIDIA expects GAAP and non-GAAP tax rates to be between 16.0% and 18.0%, excluding any discrete items and material changes to NVIDIA’s tax environment.
Highlights
Data Center
•Second-quarter revenue was $89.0 billion, up 18% from the previous quarter and up 117% from a year ago.
•Announced the NVIDIA Vera Rubin platform is ramping into full production with racks running at partners including CoreWeave, Google Cloud, Microsoft Azure, Oracle Cloud Infrastructure and Nebius.
•Revealed that NVIDIA Spectrum™-6 switch systems — supporting both pluggable and co-packaged optics as part of the NVIDIA Vera Rubin platform — are arriving across the world’s gigascale AI factories.
•Unveiled NVIDIA Vera, the first CPU built for AI agents, with broad adoption planned across the world’s leading technology providers.
•Announced that NVIDIA Groq 3 LPX, the interactive AI inference accelerator, is now in full production.
•Introduced new security innovations for NVIDIA Vera BlueField™-4 STX, delivering agentic AI storage processing with in-silicon security for AI factories.
•Launched the NVIDIA DSX™ platform, providing infrastructure builders a complete playbook to design, build and operate AI factories at scale.
•Announced strategic partnerships to establish independent compute financing platforms with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to mobilize over $500 billion of third-party capital for the buildout of AI infrastructure over time, subject to definitive agreements.
•Announced that SpaceXAI will deploy NVIDIA Vera CPUs to accelerate its next generation of agentic AI applications.
•Secured land, power and shell capacity through a partnership with SB Energy at the PORTS-Pike Technology Campus in Ohio to host NVIDIA compute.
•Revealed that NVIDIA Blackwell led across every category in the MLPerf Training 6.0 benchmarks and in AgentPerf, the industry’s first agentic AI infrastructure benchmark.
•Announced new software, open source models and partnerships with the world’s leading software platform providers to build autonomous AI agents for industries and enterprises;


expanded NVIDIA Agent Toolkit with NVIDIA PhysicsNeMo and new and updated NVIDIA CUDA-X™ libraries.
•Launched NVIDIA BioNeMo™ Agent Toolkit, which provides domain-specific tools and skills for the agentic life sciences era.
•Formed the Open Secure AI Alliance with industry leaders to advance AI safety and security.
•Revealed that NVIDIA GPUs with Confidential Computing are now used for confidential inference in Apple’s Private Cloud Compute.
•Expanded Korea’s AI factory ecosystem through strategic partnerships with SK Telecom, NAVER and Brookfield to build sovereign AI infrastructure at gigawatt scale on the NVIDIA DSX platform, as part of a broader NVIDIA-powered national AI push across Korea’s industries and research institutions.
•Announced a multiyear technology partnership with SK hynix to advance next-generation memory for the global AI factory buildout.
•Partnered with the Japan government and industrial leaders to launch the world’s first national AI infrastructure; revealed that Japan’s leading enterprises, startups and research institutions are building industry-specialized AI models with NVIDIA Nemotron™ open models.
•Announced that the NVIDIA Vera Rubin platform delivers world-class supercomputers for science; announced a record 35 new NVIDIA AI HPC supercomputers in development across Europe.
Edge Computing
•Second-quarter Edge Computing revenue was $7.2 billion, up 13% from the previous quarter and up 27% from a year ago.
•Partnered with Microsoft to reinvent the Windows PC with NVIDIA RTX Spark™ — a 1-petaflop superchip with the full CUDA™ and NVIDIA RTX™ ecosystem.
•Announced NVIDIA DGX Station™ for Windows, the world’s most powerful deskside AI supercomputer for developing and running agents on Windows.
•Launched a local AI initiative with optimizations for top open models — DeepSeek v4 Flash, Diffusion Gemma, Nemotron 3.5 Lightning and Qwen 3.8 — and agent harnesses Hermes Agent and OpenClaw across RTX and DGX platforms.
•Expanded the NVIDIA DRIVE Hyperion™ robotaxi-ready platform ecosystem, including strategic collaborations with Foxconn, VinFast, Uber and HUMAIN.
•Introduced NVIDIA Alpamayo 2 Super, the frontier open reasoning model for safe robotaxi and autonomous vehicle development, for commercial use.
•Launched NVIDIA Cosmos™ 3, the world’s first fully open frontier omnimodel for physical AI.
•Announced the NVIDIA Isaac™ GR00T Reference Humanoid Robot, the first open humanoid robot reference design built on NVIDIA Jetson Thor™ and the NVIDIA Isaac GR00T open development platform.
•Announced NVIDIA Halos for Robotics, the industry’s first full-stack safety system for physical AI, unifying AI compute and safety in a single comprehensive platform.
•Released a major collection of open source agent tools and skills for physical AI, enabling developers to turn complex robotics, autonomous vehicle and vision AI workflows into agent-executable tasks.


CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.
Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its second quarter fiscal 2027 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its third quarter of fiscal 2027.
Non-GAAP Measures
To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude acquisition-related and other costs, other, gains/losses from equity securities, net, certain other income and expense, and the associated tax impact of these items where applicable. Beginning in the first quarter of fiscal 2027, NVIDIA’s non-GAAP financial measures no longer exclude stock-based compensation expense. The historical non-GAAP financial information presented has been updated to include stock-based compensation expense. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the users’ overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.
About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in AI and accelerated computing.

###

For further information, contact:
Toshiya HariMylene Mangalindan
Investor RelationsCorporate Communications
NVIDIA CorporationNVIDIA Corporation
IR@nvidia.compress@nvidia.com
Certain statements in this press release including, but not limited to, statements as to: the buildout of AI factories; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell and Vera Rubin, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell and Vera Rubin, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and


partners; expectations with respect to our investments; expectations with respect to our financing arrangements; expectations with respect to technology developments, and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the third quarter of fiscal 2027 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing products and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; NVIDIA’s ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
© 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, BlueField, Cosmos, Nemotron, NVIDIA Isaac, BioNeMo, CUDA-X, NVIDIA DRIVE Hyperion, NVIDIA Spectrum, NVIDIA DSX, NVIDIA RTX, RTX Spark, DGX Station, and Jetson Thor are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.


NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
Three Months EndedSix Months Ended
July 26,July 27,July 26,July 27,
2026202520262025
Revenue$96,221 $46,743 $177,837 $90,805 
Cost of revenue24,079 12,890 44,538 30,284 
Gross profit72,142 33,853 133,299 60,521 
Operating expenses
Research and development 7,054 4,291 13,375 8,280 
Sales, general and administrative1,354 1,122 2,654 2,163 
Total operating expenses8,408 5,413 16,029 10,443 
Operating income63,734 28,440 117,270 50,078 
Other income, net7,773 2,766 24,140 3,039 
Income before income tax71,507 31,206 141,410 53,117 
Income tax expense11,819 4,784 23,400 7,920 
Net income$59,688 $26,422 $118,010 $45,197 
Net income per share:
Basic$2.47 $1.08 $4.87 $1.85 
Diluted$2.46 $1.08 $4.85 $1.84 
Weighted average shares used in per share computation:
Basic24,190 24,366 24,238 24,404 
Diluted24,285 24,532 24,338 24,571 






NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
July 26,January 25,
20262026
ASSETS
Current assets:
Cash and cash equivalents$22,443 $10,605 
Marketable debt securities34,143 39,065 
Marketable equity securities42,783 12,886 
Accounts receivable, net63,059 38,466 
Inventories31,575 21,403 
Prepaid expenses and other current assets3,409 3,180 
Total current assets197,412 125,605 
Property and equipment, net14,285 10,383 
Operating lease assets5,390 2,867 
Goodwill21,125 20,832 
Intangible assets, net2,998 3,306 
Deferred income tax assets12,159 13,258 
Non-marketable securities51,157 22,251 
Other assets 15,746 8,301 
Total assets$320,272 $206,803 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable$15,059 $9,812 
Accrued and other current liabilities26,960 21,352 
Short-term debt1,000 999 
Total current liabilities43,019 32,163 
Long-term debt32,366 7,469 
Long-term operating lease liabilities4,985 2,572 
Other long-term liabilities10,918 7,306 
Total liabilities91,288 49,510 
Shareholders' equity228,984 157,293 
Total liabilities and shareholders' equity$320,272 $206,803 




NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months EndedSix Months Ended
July 26,July 27,July 26,July 27,
2026202520262025
Cash flows from operating activities:
Net income$59,688 $26,422 $118,010 $45,197 
Adjustments to reconcile net income to net cash
provided by operating activities:
Stock-based compensation expense2,027 1,624 3,954 3,099 
Depreciation and amortization1,127 668 2,124 1,280 
Deferred income taxes(602)18 982 (2,160)
Gains from equity securities, net(7,771)(2,247)(23,707)(2,073)
Other315 (100)222 (196)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(22,346)(5,675)(24,590)(4,743)
Inventories(5,784)(3,622)(10,204)(4,880)
Prepaid expenses and other assets(5,497)387 (6,480)946 
Accounts payable1,915 1,314 4,125 2,255 
Accrued and other current liabilities252 (4,053)8,015 3,075 
Other long-term liabilities753 629 1,970 979 
Net cash provided by operating activities24,077 15,365 74,421 42,779 
Cash flows from investing activities:
Proceeds from sales and maturities of debt securities24,592 3,150 26,563 6,739 
Proceeds from sales of equity securities7,215 70 7,241 70 
Purchases of equity securities(15,822)(346)(42,404)(1,245)
Purchases of debt securities(21,777)(7,812)(21,777)(14,108)
Purchases related to property and equipment and intangible assets(2,677)(1,894)(4,434)(3,122)
Acquisitions, net of cash acquired(211)(294)(298)(677)
Other(15)— (15)— 
Net cash used in investing activities(8,695)(7,126)(35,124)(12,343)


Cash flows from financing activities:
Proceeds related to issuance of debt, net of costs24,896 — 24,896 — 
Proceeds related to employee stock plans— — 515 370 
Payments related to repurchases of common stock(19,732)(9,721)(39,044)(23,815)
Dividends paid(6,047)(244)(6,290)(488)
Payments related to employee stock plan taxes(2,402)(1,848)(4,531)(3,380)
Groq, Inc.
(2,944)— (2,944)— 
Principal payments on property and equipment and intangible assets(59)(21)(92)(73)
Other112 — 31 — 
Net cash used in financing activities(6,176)(11,834)(27,459)(27,386)
Change in cash and cash equivalents9,206 (3,595)11,838 3,050 
Cash and cash equivalents at beginning of period13,237 15,234 10,605 8,589 
Cash and cash equivalents at end of period$22,443 $11,639 $22,443 $11,639 


 NVIDIA CORPORATION
 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 ($ In millions, except per share data)
 (Unaudited)
Three Months EndedSix Months Ended
July 26,April 26,July 27,July 26,July 27,
20262026202520262025
GAAP cost of revenue$24,079 $20,458 $12,890 $44,538 $30,284 
GAAP gross profit$72,142 $61,157 $33,853 $133,299 $60,521 
  GAAP gross margin
75.0 %74.9 %72.4 %75.0 %66.6 %
Acquisition-related and other costs (A)46 47 49 93 170 
Other— 28 — 28 4 
Non-GAAP cost of revenue$24,033 $20,383 $12,841 $44,417 $30,110 
Non-GAAP gross profit$72,188 $61,232 $33,902 $133,420 $60,695 
  Non-GAAP gross margin*75.0 %75.0 %72.5 %75.0 %66.8 %
GAAP operating expenses$8,408 $7,621 $5,413 $16,029 $10,443 
Acquisition-related and other costs (A)(176)(172)(37)(348)(74)
Other
— — (15)— (15)
Non-GAAP operating expenses$8,232 $7,449 $5,361 $15,681 $10,354 
GAAP operating income$63,734 $53,536 $28,440 $117,270 $50,078 
Total impact of non-GAAP adjustments to operating income222 247 101 469 263 
Non-GAAP operating income*$63,956 $53,783 $28,541 $117,739 $50,341 
GAAP other income, net$7,773 $16,367 $2,766 $24,140 $3,039 
Gains from equity securities, net(7,771)(15,936)(2,247)(23,707)(2,073)
Other (B)298 26 1 323 2 
Non-GAAP other income, net$300 $457 $520 $756 $968 
GAAP net income$59,688 $58,321 $26,422 $118,010 $45,197 
Total pre-tax impact of non-GAAP adjustments(7,251)(15,663)(2,145)(22,915)(1,808)
Income tax impact of non-GAAP adjustments1,517 2,890 438 4,407 418 
Tax expense from OBBBA**
— — 48 — 48 
Non-GAAP net income*$53,954 $45,548 $24,763 $99,502 $43,855 
Diluted net income per share
GAAP$2.46 $2.39 $1.08 $4.85 $1.84 
Non-GAAP*$2.22 $1.87 $1.01 $4.09 $1.78 
Weighted average shares used in diluted net income per share computation
24,285 24,391 24,532 24,338 24,571 


GAAP net cash provided by operating activities$24,077 $50,344 $15,365 $74,421 $42,779 
Purchases related to property and equipment and intangible assets(2,677)(1,757)(1,894)(4,434)(3,122)
Principal payments on property and equipment and intangible assets(59)(33)(21)(92)(73)
Free cash flow$21,341 $48,554 $13,450 $69,895 $39,584 
*Includes H20 charges/(releases), net, which were $4.5 billion and none for the first quarter, and ($180 million) and insignificant for the second quarter, of fiscal years 2026 and 2027, respectively.
**Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).
(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
Three Months EndedSix Months Ended
July 26,April 26,July 27,July 26,July 27,
20262026202520262025
Cost of revenue$46 $47 $49 $93 $170 
Research and development$170 $167 $29 $337 $57 
Sales, general and administrative$6 $5 $8 $11 $17 
(B) Comprised of net (gains)/losses on equity derivatives, interest expense related to acquisition consideration discount to be paid in the future, share of net (earnings)/losses related to equity method investments, and dividend income on equity securities.





 NVIDIA CORPORATION
 RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
 Q3 FY2027 Outlook
($ in billions)
GAAP gross margin74.0 %
Impact of acquisition-related costs and other costs— 
Non-GAAP gross margin74.0 %
GAAP operating expenses$9.2 
Acquisition-related costs and other costs(0.2)
Non-GAAP operating expenses$9.0