NVIDIA Announces Financial Results for Second Quarter Fiscal 2027
NVIDIA Announces Financial Results for Second Quarter Fiscal 2027 • Revenue of $96.2 billion, up 106% from a year ago
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.
• 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.
• 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.
• 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.
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.
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.
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.
NVIDIA (NASDAQ: NVDA) is the world leader in AI and accelerated computing. ### For further information, contact:
Toshiya Hari Mylene Mangalindan Investor Relations Corporate Communications NVIDIA Corporation NVIDIA Corporation IR@nvidia.com press@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.
Cash flows from financing activities: Proceeds related to issuance of debt, 24,896 — 24,896 — net of costs Proceeds related to — — 515 370 employee stock plans Payments related to repurchases of -19,732 -9,721 -39,044 -23,815 common stock Dividends paid -6,047 -244 -6,290 -488 Payments related to employee stock plan -2,402 -1,848 -4,531 -3,380 taxes Groq, Inc. -2,944 — -2,944 — Principal payments on property and -59 -21 -92 -73 equipment and intangible assets Other 112 — 31 — Net cash used in -6,176 -11,834 -27,459 -27,386 financing activities Change in cash and 9,206 -3,595 11,838 3,050 cash equivalents Cash and cash equivalents at 13,237 15,234 10,605 8,589 beginning of period Cash and cash equivalents at end $ 22,443 $ 11,639 $ 22,443 $ 11,639 of period
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NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK Q3 FY2027 Outlook -$ in billions GAAP gross margin 74.0 % Impact of acquisition-related — costs and other costs Non-GAAP gross 74.0 % margin GAAP operating $ 9.2 expenses Acquisition-related -0.2 costs and other costs Non-GAAP operating $ 9.0 expenses
Full text with the tables
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 $0.25 per share on October
1, 2026, to all shareholders of record on September 10, 2026.
Q2 Fiscal 2027 Summary
G…
($
in
m… Q2 Q1 Q2
e… FY… FY… FY… Q/Q Y…
e…
p…
s…
R… $9… $8… $4… 18 % 106 %
G… 75… % 74… % 72… % 0.1 2…
m… pts p…
O… $8… $7… $5… 10 % 55 %
e…
O… $6… $5… $2… 19 % 124 %
i…
N… $5… $5… $2… 2 % 126 %
i…
D…
e… $2… $2… $1… 3 % 128 %
p…
s…
N…
($
in
m… Q2 Q1 Q2
e… FY… FY… FY… Q/Q Y/Y
e…
p…
s…
R… $9… $8… $4… 18 % 106 %
G… 75… % 75… % 72… % — 2.5
m… pts
O… $8… $7… $5… 11 % 54 %
e…
O… $6… $5… $2… 19 % 124 %
i…
N… $5… $4… $2… 18 % 118 %
i…
D…
e… $2… $1… $1… 19 % 120 %
p…
s…
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 Hari Mylene Mangalindan
Investor Relations Corporate Communications
NVIDIA Corporation NVIDIA Corporation
IR@nvidia.com press@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)
Thr… Six
Mon… Mon…
End… July July End… July July
2026 26, 2025 27, 2026 26, 2025 27,
──────────────────────────────────────────────────────────────────────────────
Re… $ 96,… $ 46,… $ 177… $ 90,8…
Co…
of 24,… 12,… 44,… 30,2…
re…
Gr… 72,… 33,… 133… 60,5…
pr…
Op…
ex…
Res…
and 7,0… 4,2… 13,… 8,280
dev…
Sal…
gen… 1,3… 1,1… 2,6… 2,163
and
adm…
Tot…
ope… 8,4… 5,4… 16,… 10,4…
exp…
Op… 63,… 28,… 117… 50,0…
in…
Ot…
in… 7,7… 2,7… 24,… 3,039
net
In…
be… 71,… 31,… 141… 53,1…
in…
tax
In…
tax 11,… 4,7… 23,… 7,920
ex…
Net $ 59,… $ 26,… $ 118… $ 45,1…
in…
Net
in…
per
sh…
Bas… $ 2.47 $ 1.08 $ 4.87 $ 1.85
Dil… $ 2.46 $ 1.08 $ 4.85 $ 1.84
We…
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co…
Bas… 24,… 24,… 24,… 24,4…
Dil… 24,… 24,… 24,… 24,5…
NVIDIA
CORPORA…
CONDENS…
CONSOLI…
BALANCE
SHEETS
(In
million…
(Unaudi…
ASSETS January
Current July 26, 25,
assets: 2026 2026
──────────────────────────────────────────────────────────────────────────────
Cash and
cash $ 22,443 $ 10,605
equivale…
Marketab…
debt 34,143 39,065
securiti…
Marketab…
equity 42,783 12,886
securiti…
Accounts
receivab… 63,059 38,466
net
Inventor… 31,575 21,403
Prepaid
expenses
and other 3,409 3,180
current
assets
Total
current 197,412 125,605
assets
Property
and 14,285 10,383
equipme…
net
Operati…
lease 5,390 2,867
assets
Goodwill 21,125 20,832
Intangi…
assets, 2,998 3,306
net
Deferred
income 12,159 13,258
tax
assets
Non-mar… 51,157 22,251
securit…
Other 15,746 8,301
assets
Total $ 320,272 $ 206,803
assets
LIABILI…
AND
SHAREHO…
EQUITY
Current
liabili…
Accounts $ 15,059 $ 9,812
payable
Accrued
and other 26,960 21,352
current
liabilit…
Short-te… 1,000 999
debt
Total
current 43,019 32,163
liabilit…
Long-te… 32,366 7,469
debt
Long-te…
operati… 4,985 2,572
lease
liabili…
Other
long-te… 10,918 7,306
liabili…
Total 91,288 49,510
liabilit…
Shareho… 228,984 157,293
equity
Total
liabilit…
and $ 320,272 $ 206,803
sharehol…
equity
NVID…
CORP…
COND…
CONS…
STAT…
OF
CASH
FLOWS
(In
mill…
(Una… Three Six
Cash Months Months
flows Ended Ended
from July July July July
oper… 26, 27, 26, 27,
acti… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 59,688 $ 26,422 $ 118,0… $ 45,1…
inco…
Adju…
to
reco…
net
inco…
to
net
cash
prov…
by
oper…
acti…
Stoc…
comp… 2,027 1,624 3,954 3,099
expe…
Depr…
and 1,127 668 2,124 1,280
amor…
Defe…
inco… -602 18 982 -2,1…
taxes
Gains
from
equi… -7,771 -2,247 -23,7… -2,0…
secu…
net
Other 315 -100 222 -196
Chan…
in
oper…
asse…
and
liab…
net
of
acqu…
Acco… -22,3… -5,675 -24,5… -4,7…
rece…
Inve… -5,784 -3,622 -10,2… -4,8…
Prep…
expe…
and -5,497 387 -6,480 946
other
asse…
Acco… 1,915 1,314 4,125 2,255
paya…
Accr…
and
other 252 -4,053 8,015 3,075
curr…
liab…
Other
long… 753 629 1,970 979
liab…
Net
cash
prov… 24,077 15,365 74,421 42,7…
by
oper…
acti…
Cash
flows
from
inve…
acti…
Proc…
from
sales
and 24,592 3,150 26,563 6,739
matu…
of
debt
secu…
Proc…
from
sales 7,215 70 7,241 70
of
equi…
secu…
Purc…
of -15,8… -346 -42,4… -1,2…
equi…
secu…
Purc…
of -21,7… -7,812 -21,7… -14,…
debt
secu…
Purc…
rela…
to
prop…
and -2,677 -1,894 -4,434 -3,1…
equi…
and
inta…
asse…
Acqu…
net
of -211 -294 -298 -677
cash
acqu…
Other -15 — -15 —
Net
cash
used -8,695 -7,126 -35,1… -12,…
in
inve…
acti…
Cash flows from
financing
activities:
Proceeds related to
issuance of debt, 24,896 — 24,896 —
net of costs
Proceeds related to — — 515 370
employee stock plans
Payments related to
repurchases of -19,732 -9,721 -39,044 -23,815
common stock
Dividends paid -6,047 -244 -6,290 -488
Payments related to
employee stock plan -2,402 -1,848 -4,531 -3,380
taxes
Groq, Inc. -2,944 — -2,944 —
Principal payments
on property and -59 -21 -92 -73
equipment and
intangible assets
Other 112 — 31 —
Net cash used in -6,176 -11,834 -27,459 -27,386
financing activities
Change in cash and 9,206 -3,595 11,838 3,050
cash equivalents
Cash and cash
equivalents at 13,237 15,234 10,605 8,589
beginning
of period
Cash and cash
equivalents at end $ 22,443 $ 11,639 $ 22,443 $ 11,639
of
period
N…
C…
R…
OF
G…
TO
N…
F…
M…
… ($
… In
… m…
… e…
… p…
… s…
… d…
… (…
… A…
… a…
… o…
… c…
… (…
… O…
… A…
… a…
… o…
… c…
… (…
… O…
… T…
… i…
… of
… n…
… a…
… to
… o…
… i… 2… 2… 1… 4… 3…
… G… 7… 6… 3… 1… 6…
… f… 7… 7… 7… 7… 6…
… e… 46 47 49 93 1…
… s… — 28 — 28 4
… n… 2… 2… 1… 4… 3…
… O… 7… 6… 3… 1… 6…
… (… 7… 7… 7… 7… 6…
… T… 8… 7… 5… 1… 1…
… p… (… (… (… (… (…
… i… — — (… — (…
… of 8… 7… 5… 1… 1…
… n… 6… 5… 2… 1… 5…
… a… 2… 2… 1… 4… 2…
… I… 6… 5… 2… 1… 5…
… t… 7… 1… 2… 2… 3…
… i… (… (… (… (… (…
… of 2… 26 1 3… 2
… n… T… 3… 4… 5… Six 7… 9…
… a… M… 5… 5… 2… Mo… 1… 4…
… T… E… (… (… (… En… (… (…
… e… J… 1… Ap… 2… Ju… 4… Ju… 4… Ju… 4…
… f… 2… — % 26, — % 27, 48 % 26, — % 27, 48 %
… O… 2… 5… % 20… 4… % 20… 2… % 20… 9… % 20… 4… %
──────────────────────────────────────────────────────────────────────────────
G… $ 2… $ 2… $ 1… $ 4… $ 1…
N… $ 2… $ 1… $ 1… $ 4… $ 1…
…
…
…
…
…
… 2… 2… 2… 2… 2…
…
…
…
…
…
GAAP
net
cash
pro… $ 24,0… $ 50,344 $ 15,3… $ 74,421 $ 42,7…
by
ope…
act…
Purch…
relat…
to
prope…
and -2,6… -1,757 -1,8… -4,434 -3,1…
equip…
and
intan…
assets
Princ…
payme…
on
prope…
and -59 -33 -21 -92 -73
equip…
and
intan…
assets
Free
cash $ 21,3… $ 48,554 $ 13,4… $ 69,895 $ 39,5…
flow
*In…
H20
cha…
net,
whi…
were
$4.5
bil…
and
none
for
the
fir…
qua…
and
($1…
mil…
and
ins…
for
the
sec…
qua…
of
fis…
yea…
2026
and
202…
res…
**T…
exp…
inc…
rep…
imp…
from
OBB…
(One
Big
Bea…
Bill
Act…
(A)
Ac…
and
ot…
co…
are
co…
of
am…
of
in…
as…
tr…
co…
and
ce…
co…
ch…
and
are
in…
in
the
fo…
li…
it…
Thr… Six
Mon… Mon…
End… End…
July Apr… July July July
26, 26, 27, 26, 27,
2026 2026 2025 2026 2025
Cost
of $ 46 $ 47 $ 49 $ 93 $ 170
rev…
Res…
and $ 170 $ 167 $ 29 $ 337 $ 57
dev…
Sal…
gen… $ 6 $ 5 $ 8 $ 11 $ 17
and
adm…
(B)
Co…
of
net
(g…
on
eq…
de…
in…
ex…
re…
to
ac…
co…
di…
to
be
pa…
in
the
fu…
sh…
of
net
(e…
re…
to
eq…
me…
in…
and
di…
in…
on
eq…
se…
NVIDIA CORPORATION
RECONCILIATION OF
GAAP TO NON-GAAP
OUTLOOK
Q3 FY2027 Outlook
-$ in billions
GAAP gross margin 74.0 %
Impact of
acquisition-related —
costs and other costs
Non-GAAP gross 74.0 %
margin
GAAP operating $ 9.2
expenses
Acquisition-related -0.2
costs and other costs
Non-GAAP operating $ 9.0
expenses