Nvidia 8-K
PositiveEarningsNew guidance
Blackwell 300 ramp and networking demand fuel Data Center growth; lower inventory provisions versus the prior-year H20 charge lift margins.
Filed 2026-05-20 16:21 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 FY2027 results with Q2 and full-year tax-rate guidance. NVIDIA reported record revenue of $81.6B, up 85% Y/Y, driven by Data Center demand; GAAP net income also benefited from $15.9B in net gains on equity securities. The company authorized an additional $80.0B in share repurchases and raised its quarterly dividend to $0.25 per share from $0.01. It is moving to a Data Center and Edge Computing market-platform reporting framework, with Hyperscale and AI Clouds, Industrial, and Enterprise as Data Center sub-markets.
Key Figures
| Metric | Q1 FY27 | Q1 FY26 | Y/Y |
|---|---|---|---|
| Revenue | $81.6B | $44.1B | 85% |
| Operating income (GAAP) | $53.5B | $21.6B | 147% |
| Operating income (non-GAAP) | $53.8B | $21.8B | 147% |
| Net income (GAAP) | $58.3B | $18.8B | 211% |
| Net income (non-GAAP) | $45.5B | $19.1B | 139% |
| Diluted EPS (GAAP) | $2.39 | $0.76 | 214% |
| Diluted EPS (non-GAAP) | $1.87 | $0.78 | 140% |
| Operating cash flow | $50.3B | $27.4B | 84% |
| Free cash flow | $48.6B | $26.1B | 86% |
- Data Center revenue was $75.2B (+92% Y/Y), driven by the Blackwell 300 ramp and demand for networking products; Edge Computing revenue was $6.4B (+29%). GAAP and non-GAAP gross margins were 74.9% and 75.0%, respectively, up 14.4 and 14.2 percentage points Y/Y, primarily reflecting lower inventory provisions versus the prior-year $4.5B H20 charge.
- Net equity-security gains of $15.9B lifted GAAP net income. Cash, cash equivalents and marketable debt securities totaled $50.3B; debt totaled $8.47B. Repurchases were $19.3B, and diluted weighted-average shares were 24.391M versus 24.611M a year earlier.
- Supply-related commitments were $119.0B and inventory was $25.8B. Non-GAAP measures now include stock-based compensation; historical comparisons were updated.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Q2 FY27 | $91.0B ±2% | — | — |
| Gross margin (GAAP) | Q2 FY27 | 74.9% ±50 bp | — | — |
| Gross margin (non-GAAP) | Q2 FY27 | 75.0% ±50 bp | — | — |
| Operating expenses (GAAP) | Q2 FY27 | ≈$8.5B | — | — |
| Operating expenses (non-GAAP) | Q2 FY27 | ≈$8.3B | — | — |
| Tax rate (GAAP) | FY2027 | 16.0%-18.0% | — | — |
| Tax rate (non-GAAP) | FY2027 | 16.0%-18.0% | — | — |
Q2 revenue guidance assumes no Data Center compute revenue from China. FY2027 tax-rate guidance excludes discrete items and material changes to NVIDIA’s tax environment.
Investor Takeaways
- Q2 revenue versus the $91.0B ±2% outlook, particularly with no China Data Center compute revenue assumed.
- Watch whether accounts receivable days sales outstanding returns to more normal levels next quarter, as the company expects, and the effect of substantially higher Q2 cash-tax payments.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3