Earnings preview

NVIDIA Corporation NVIDIA Corporation Q2 FY2027 Earnings Results vs. Expectations

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

Results are out

This quarter has reported. The consensus below is what we expected going in.

Read the release →

What the Street expects

EPS · NON-GAAP
$2.10
Not guided
QoQ+12.3%
YoY+100%
Revenue
$92.20B
Guided $89.18B–$92.82B
QoQ+13.0%
YoY+97.2%

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

Also on the card
LSEG consensus $92.2B revenue, $2.10 non-GAAP EPS
GAAP EPS $2.46 — the consensus above is non-GAAP $2.22
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 FY2027 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.

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Estimate against reported

$2.63$1.32$0.00FY2025 Q4 reported $0.90FY2025 Q4FY2026 Q1 reported $0.76FY2026 Q1FY2026 Q2 estimate $0.94FY2026 Q2 reported $1.08FY2026 Q2FY2026 Q3 estimate $1.18FY2026 Q3 reported $1.30FY2026 Q3FY2026 Q4 estimate $1.45FY2026 Q4 reported $1.76FY2026 Q4FY2027 Q1 estimate $1.70FY2027 Q1 reported $2.39FY2027 Q1FY2027 Q2 estimate $2.10FY2027 Q2 reported $2.22FY2027 Q2FY2027 Q3
Our published estimate Reported EPS Average surprise +22% over 4 graded quarters
QuarterEstimateReportedSurprise
FY2025 Q4 — $0.90 —
FY2026 Q1 — $0.76 —
FY2026 Q2 $0.94 $1.08 +15%
FY2026 Q3 $1.18 $1.30 +10%
FY2026 Q4 $1.45 $1.76 +21%
FY2027 Q1 $1.70 $2.39 +41%
FY2027 Q2 $2.10 $2.22 +6%
FY2027 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.

Every quarter

Q2 FY2027Q1 FY2027Q4 FY2026Q3 FY2026Q2 FY2026Q1 FY2026Q4 FY2025

Read the full preview → Q2 FY2027 release page View NVDA stock page