NVIDIA (NVDA) Q2 FY2027: Revenue $96.22B, Non-GAAP EPS $2.22

Consensus vs reported

EPS · NON-GAAP BEAT +6%

$2.22

vs $2.10 expected

QoQ+18.7%

YoY+120%

Revenue BEAT +4%

$96.22B

vs $92.20B expected

QoQ+17.9%

YoY+105.9%

QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.

The quarter in short

Revenue $96.22B, up 105.9% year over year and 17.9% on the quarter. Non-GAAP EPS $2.22, up 120% year over year and 18.7% on the quarter. GAAP EPS $2.46. Free cash flow $21.40B, up 58.9% year over year and down 56.0% on the quarter. Non-GAAP EPS beat consensus by 6%. Rule of 40 score +128.

Reported this quarter

Revenue

$96.22B

QoQ +17.9% YoY +105.9%

EPS · NON-GAAP

$2.22

QoQ +18.7% YoY +120%

EPS · GAAP

$2.46

QoQ +2.9% YoY +127.8%

Free Cash Flow

$21.40B

QoQ −56.0% YoY +58.9%

Gross Margin

75.0%

QoQ +0.1 pp YoY +2.6 pp

FCF Margin

22.2%

QoQ −37.3 pp YoY −6.6 pp

P/E Ratio

25.4

QoQ −17.0% YoY −49.9%

Each tile opens the full quarterly series. Download the numbers as CSV or JSON.

What we learned

Growth accelerated again, for a fourth consecutive quarter. Revenue of $96.221B, +105.9% year over year and +17.9% sequentially , against a $91.0B guide. Data Center was $89.0B, up 117%.
The company guided a full year ahead for the first time, and capped it at supply. Fiscal 2028 revenue is expected to grow approximately 70% , while the CFO said customer forecasts point to a doubling. Supply is expected to bind at least through the end of fiscal 2028 .
Gross margin is going down, and Nvidia said so unprompted. 75.0% today → 74% in October → a 71–72% trough in January → 72–73% for fiscal 2028. Memory is the named cause, and supply commitments went from $119B to $279B in one quarter , primarily to procure it.
A third of the quarter's profit did not convert to cash. Operating cash flow fell to $24.1B from $50.3B on a $22.3B receivables build and a $5.8B inventory build; DSO went 45 → 60 days . Nvidia still returned a record $26.0B and issued $25B of notes to do it.
GAAP EPS ($2.46) exceeded non-GAAP EPS ($2.22) because $7.8B of equity-securities gains sit in GAAP other income — and the CFO put a number on the related exposure: labs whose purchases lean on Nvidia's balance sheet are roughly a quarter of next year's business , ag…

Coverage around this release

R40 Microsoft Already Told You It Builds a Gigawatt a Quarter. The 26-Gigawatt Leak Is Six More Years of It. In-Depth · Sep 11, 2026 R40 NVIDIA Filed an 8-K to Buy Hugging Face for $11.9 Billion. It Filed Nothing to Pay Groq $17 Billion. News · Sep 10, 2026 R40 Huawei's Best AI Chip Is Indicated at 250,000 Yuan. The B200 Comparison Came From One Unnamed Source. News · Sep 10, 2026 R40 Nvidia's Up-To-2GW Australian Buildout by 2027 Names an 800MW Campus IREN Energises From 2028. News · Sep 10, 2026 R40 The Same 87.5% on ARC-AGI-1 Cost $4,560 in 2024 and 30 Cents in 2026. ARC-AGI-4 Lands in 2027. In-Depth · Sep 6, 2026 R40 Anthropic Doesn't Trade. It Is Already a $53.4B Line in Amazon's Quarter and Two-Thirds of Microsoft's Beat. In-Depth · Sep 5, 2026 R40 Anthropic Is Helping Google Build a $67.9B Answer to Nvidia's $108.5B Financing Machine. News · Aug 31, 2026 R40 Meta Is Building Toward 14 GW. Its Rentable Compute Is Still a Thin Slice. In-Depth · Aug 30, 2026

Estimate against reported

Our published estimate Reported EPS Average surprise +22% over 4 graded quarters

Quarter	Estimate	Reported	Surprise
2025 Q4	—	$0.90	—
2026 Q1	—	$0.76	—
2026 Q2	$0.94	$1.08	+15%
2026 Q3	$1.18	$1.30	+10%
2026 Q4	$1.45	$1.76	+21%
2027 Q1	$1.70	$2.39	+41%
2027 Q2	$2.10	$2.22	+6%
2027 Q3	—	not yet reported	—

Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.