Nvidia 8-K

PositiveEarningsNew guidance

Blackwell Ultra demand drives Data Center growth; supply and capacity commitments surge, primarily for memory.

Filed 2026-08-26 16:21 ET

Summary

Q2 FY2027 results with Q3 FY2027 and FY2027 tax-rate guidance. Revenue rose 106% Y/Y to $96.2B, driven by Blackwell Ultra demand in Data Center. NVIDIA returned approximately $26.0B to shareholders and reported substantially higher supply and infrastructure commitments.

Key Figures

Metric Q2 FY27 Q2 FY26 Y/Y
Revenue $96.2B $46.7B 106%
GAAP gross margin 75.0% 72.4% +260bp
GAAP operating income $63.7B $28.4B 124%
Non-GAAP operating income $64.0B $28.5B 124%
GAAP net income $59.7B $26.4B 126%
Non-GAAP net income $54.0B $24.8B 118%
GAAP diluted EPS $2.46 $1.08 128%
Non-GAAP diluted EPS $2.22 $1.01 120%
Operating cash flow $24.1B $15.4B 57%
Free cash flow $21.3B $13.5B 59%
  • Data Center revenue was $89.0B, up 117% Y/Y as Blackwell Ultra infrastructure ramped; Edge Computing revenue was $7.2B, up 27%, driven by workstation sales and partly offset by slower consumer PC sales.
  • NVIDIA returned approximately $26.0B through $19.7B of share repurchases and $6.05B of dividends; approximately $99.0B remained under its repurchase authorization. Cash, cash equivalents and marketable debt securities totaled $56.6B. The company issued $25.0B of senior unsecured notes for general corporate purposes.
  • Supply and capacity commitments rose from $119B to $279B, primarily for memory; scheduled commitments totaled $366B, with a separate $56B of additional AI-cloud and third-party data-center commitments. Maximum gross guarantee exposure was $108.5B, including a $105B cap for SB Energy’s approximately 4.25-GW Ohio site, which is planned to host NVIDIA infrastructure under 20-year leases to OpenAI; the first data centers are expected to be ready in FY2029.

Guidance

Metric Period Guidance Prior Direction
Revenue Q3 FY2027 $108B ±2% — —
GAAP gross margin Q3 FY2027 74.0% ±50bp — —
Non-GAAP gross margin Q3 FY2027 74.0% ±50bp — —
GAAP operating expenses Q3 FY2027 ≈$9.2B — —
Non-GAAP operating expenses Q3 FY2027 ≈$9.0B — —
GAAP tax rate FY2027 16.0%-18.0%, excluding discrete items and material tax-environment changes — —
Non-GAAP tax rate FY2027 16.0%-18.0%, excluding discrete items and material tax-environment changes — —

Investor Takeaways

  • Watch Q3 revenue and gross margin against guidance; the outlook assumes no Data Center compute revenue from China.
  • Monitor execution of the expanded infrastructure commitments and the Ohio site’s phased readiness, with the first data centers expected in FY2029.

The summary is written by an AI model reading the filing.

Model 005 · prompt 01d34d48e3

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