Earnings preview

NVIDIA NVIDIA · Q2 2027

ReportsAug 26, 2026
SlotAfter Market Close
Beats vs our estimate4 of 4

What the Street expects

EPS · NON-GAAP
$2.01
consensus · not yet reported
QoQ+7.5%
YoY+103%
Revenue
$91.85B
consensus · not yet reported
QoQ+12.5%
YoY+96.5%

QoQ and YoY are what the consensus implies against the prior quarter and the prior year.

Also on the card
Consensus spread $2.01 across 11 estimates; $2.08 across 40 — a 3.4% gap
Company guide $91.0B ±2%, 74.9% GAAP / 75.0% non-GAAP gross margin
Prior quarter $81.615B revenue, $1.87 non-GAAP EPS, 75.0% non-GAAP margin
Year-ago quarter $46.743B revenue; $1.05 company non-GAAP, $0.99 on the estimate basis

Q2 2027 reported results

What to watch

  1. The October guide against $103.96B. Above it, the acceleration the price assumes is intact. Below it, no demand problem is required for the stock to fall.
  2. Non-GAAP gross margin against the 75.0% guide. The two-point spread between the company's band and independent estimates is the widest disagreement on this line in two years, and memory cost is the mechanism.
  3. Any Rubin pricing disclosure, against the $3.0 million per NVL72-class rack our model assumes. This is our number, and it is the one this print can most directly falsify.
  4. The Hyperscale and ACIE split inside data centre. If the growth baton is genuinely passing from the hyperscalers to everyone else, it shows up here first, and it changes who the customer concentration risk belongs to.
  5. The reaction itself. Fifth beat, fifth decline would make the pattern harder to dismiss. A rally on an in-line quarter would end it.

Read the full preview: NVIDIA Q2 FY2027 Earnings Preview →

Estimate against reported

$2.19$1.09$0.00Q3 FY2025 reported $0.81Q3 FY2025Q4 FY2025 reported $0.89Q4 FY2025Q1 FY2026 reported $0.81Q1 FY2026Q2 FY2026 estimate $0.94Q2 FY2026 reported $0.99Q2 FY2026Q3 FY2026 estimate $1.18Q3 FY2026 reported $1.24Q3 FY2026Q4 FY2026 estimate $1.45Q4 FY2026 reported $1.57Q4 FY2026Q1 FY2027 estimate $1.70Q1 FY2027 reported $1.87Q1 FY2027Q2 FY2027 estimate $2.01Q2 FY2027
Our published estimate Reported EPS Average surprise +7% over 4 graded quarters
QuarterEstimateReportedSurprise
Q3 FY2025 — $0.81 —
Q4 FY2025 — $0.89 —
Q1 FY2026 — $0.81 —
Q2 FY2026 $0.94 $0.99 +5%
Q3 FY2026 $1.18 $1.24 +5%
Q4 FY2026 $1.45 $1.57 +8%
Q1 FY2027 $1.70 $1.87 +10%
Q2 FY2027 $2.01 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.

Every quarter

2027 Q22027 Q12026 Q42026 Q32026 Q22026 Q12025 Q42025 Q3

Read the full preview → Q2 2027 release page View NVDA stock page