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NVIDIA (NVDA) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Aug 26, 2026 · NVIDIA (NVDA) Q2 FY27 earnings results →

Q2 FY27 Revenue up 106% year over year to $96.2B · 62¢ of every $1 of revenue kept as net profit · operating margin 66.2%

NVIDIA made $96.2B in Q2 FY27 (+106% Y/Y): Data Center $89.0B, Edge Computing $7.2B. Operating margin 66.2%, net earnings $59.7B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 26, 2026.

Revenue$96.2B
Year over year+106%
Operating margin66.2%
Net earnings$59.7B
Operating cash flow$24.1B

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NVIDIA Q2 FY27 revenue breakdown: Sankey diagram of revenue (Data Center, Edge Computing), costs, profit and cash flow
NVIDIA Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $96.2B in Q2 FY27, up 106% year over year and up 18% from the previous quarter. Hyperscale was the largest line at 51% of revenue. Hyperscale added $24.5B year over year (up 102%), 50% of the total change.

Gross margin was 75.0%, up 2.6 points from Q2 FY26. Operating profit was $63.7B, a 66.2% margin (up 5.4 points year over year). Of the extra revenue versus Q2 FY26, 71% reached operating profit, above the 61% margin then. Operating expenses grew 55% against revenue growth of 106%. The fastest-growing cost line was Research & development (+64%). Net earnings were $59.7B, up 126% year over year. The effective tax rate was 16.5%.

Operating cash flow was $24.1B (up 57% year over year), 40% of net earnings. Non-cash charges added back $1.1B of depreciation and amortization and $2.0B of share-based compensation. Working capital and other items used $38.8B. Capital expenditures of $2.7B left free cash flow of $21.4B.

Quarterly history

NVIDIA revenue by quarterNVIDIA revenue by quarter$39.3BQ4 FY25$44.1BQ1 FY26$46.7BQ2 FY26$57.0BQ3 FY26$68.1BQ4 FY26$81.6BQ1 FY27$96.2BQ2 FY27
NVIDIA net earnings by quarterNVIDIA net earnings by quarter$22.1BQ4 FY25$18.8BQ1 FY26$26.4BQ2 FY26$31.9BQ3 FY26$43.0BQ4 FY26$58.3BQ1 FY27$59.7BQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QAug 26, 2026$96.2B+106%66.2%$59.7B$24.1B
Q1 FY2710-QMay 20, 2026$81.6B+85%65.6%$58.3B$50.3B
Q4 FY2610-KFeb 25, 2026$68.1B+73%65.0%$43.0B$36.2B
Q3 FY2610-QNov 19, 2025$57.0B+62%63.2%$31.9B$23.8B
Q2 FY2610-QAug 27, 2025$46.7B+56%60.8%$26.4B$15.4B
Q1 FY2610-QMay 28, 2025$44.1B+69%49.1%$18.8B$27.4B
Q4 FY2510-KFeb 26, 2025$39.3B+78%61.1%$22.1B$16.6B

Charts

NVIDIA: revenue growth, year over year and quarter over quarterNVIDIA: revenue growth, year over year and quarter over quarterY/YQ/Q+78%Q4 FY25+69%+12%Q1 FY26+56%+6%Q2 FY26+62%+22%Q3 FY26+73%+20%Q4 FY26+85%+20%Q1 FY27+106%+18%Q2 FY27
Latest (Q2 FY27): Y/Y +106%, Q/Q +18%.
NVIDIA: where the cash came from (+) and went (−), TTM to Q2 FY27NVIDIA: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$134.4BOther investing−$66.5BBuybacks−$55.3BOther financing$21.9BCash drawn (+) / kept (−)−$10.8BTaxes on employees’ shares−$9.1BCapital spending−$7.4BDividends−$6.8BAcquisitions−$1.2BShares issued$789M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
NVIDIA: profit against cash, quarter by quarterNVIDIA: profit against cash, quarter by quarterNet incomeOperating cash flow$19.3B$17.6BQ3 FY25$22.1B$16.6BQ4 FY25$18.8B$27.4BQ1 FY26$26.4B$15.4BQ2 FY26$31.9B$23.8BQ3 FY26$43.0B$36.2BQ4 FY26$58.3B$50.3BQ1 FY27$59.7B$24.1BQ2 FY27
Latest (Q2 FY27): Net income $59.7B, Operating cash flow $24.1B.
NVIDIA: diluted shares by fiscal year (split-adjusted)NVIDIA: diluted shares by fiscal year (split-adjusted)25.10BFY2125.35BFY2225.07BFY2324.94BFY2424.80BFY2524.51BFY26
-2.3% since FY21: buybacks shrank the count; earlier years scaled for the 10-for-1 split before FY23.
NVIDIA in its industry: growth against margin (80 companies, SIC 3674)NVIDIA in its industry: growth against margin (80 companies, SIC 3674)revenue growth, year over year →↑ operating marginmedian +36%median 11%MUAVGOINTCAMDAMATTXNADINXPIMRVLAMKRONMCHPQARMFSLRMPWRNXTSWKSQorvo, Inc.UCTTALABPENGCRUSDIODCRDOVIAVMTSIOSISSMTCKLICARRYICHRSEDGSITMSYNAENPHLSCCIPGPFORMALGMAAOITESLABRMBSMXLPLABSHLSCBRSAOSLSkyWater Technology, LLCWOLFPOWINLSTAMBALASRAXTIINDIMXAMBQFTCIAIPTYGOLPTHMRAMNVTSKOPNBZAIGUERLEDSGSITNVECSODIQUIKPRSOGCTSMOBXALMUASTIIPWRNVDA (+106%, 66%)
Semiconductors & Related Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · AI accelerators & custom chips

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔭Outlook & guidanceinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

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About NVIDIA

NVIDIA pioneered accelerated computing to help solve the most challenging computational problems. NVIDIA is now a data center scale AI infrastructure company reshaping all industries. Our technology stack includes the foundational NVIDIA CUDA development platform that runs on all NVIDIA GPUs, as well as hundreds of domain-specific software libraries, frameworks, algorithms, software development kits, or SDKs, and application programming interfaces, or APIs. This deep and broad software stack accelerates the performance and facilitates the deployment of NVIDIA accelerated computing for computationally intensive workloads such as artificial intelligence, or AI, model training and inference, data analytics, scientific computing, robotics, and 3D graphics, with vertical-specific optimizations to address industries ranging from healthcare and telecom to automotive and manufacturing.

In its own words, from its 10-K, filed Feb 25, 2026.

NVIDIA against its Semiconductors & Related Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +106% against the peers' median +40%. Operating margin: 66.2% against the peers' median 40.1%.

CompanyQuarterRevenueY/YOp. margin
NVDA NVIDIAQ2 FY27$96.2B+106%66.2%
MU Micron TechnologyQ4 FY26$54.2B+379%80.7%
AVGO BroadcomQ3 FY26$29.6B+86%53.9%
INTC IntelQ3 2026$16.5B+21%15.3%
AMD Advanced Micro DevicesQ3 2026$13.4B+45%21.2%
AMAT Applied MaterialsQ3 FY26$9.1B+25%33.7%
TXN Texas InstrumentsQ3 2026$6.1B+28%47.5%
ADI Analog DevicesQ3 FY26$4.0B+40%40.1%
NXPI NXP Semiconductors N.V.Q3 2026$3.8B+19%32.4%

Source: NVIDIA 10-Q on SEC EDGAR · CIK 1045810 · Semiconductors & Related Devices

Guidance and outlook

NVIDIA Revenue: guidance against what was reportedNVIDIA Revenue: guidance against what was reportedguided rangereported (above / within / below)Q4 FY25$39.3BQ1 FY26$44.1BQ2 FY26$46.7BQ3 FY26$57.0BQ4 FY26$68.1BQ1 FY27$81.6BQ2 FY27$96.2BQ3 FY27
Met or beat 7 of 7 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
NVIDIA GAAP gross margin: guidance against what was reportedNVIDIA GAAP gross margin: guidance against what was reportedguided rangereported (above / within / below)Q4 FY2573.0%Q1 FY2660.5%Q2 FY2672.4%Q3 FY2673.4%Q4 FY2675.0%Q1 FY2774.9%Q2 FY2775.0%Q3 FY27
Met or beat 6 of 7 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
NVIDIA: what its forward-looking statements are about (10-Q filed 2026-08-26)NVIDIA: what its forward-looking statements are about (10-Q filed 2026-08-26)Demand9Other2AI1Capital spending1
13 statements; tone -0.08 (−1 all cautious, +1 all confident); 5 hedged.
NVIDIA: outlook statements against the filing beforeNVIDIA: outlook statements against the filing beforeNew11Dropped8Confident1Cautious2

13F: who owns NVDA and who is buying

Largest holders of NVDA (13F)Largest holders of NVDA (13F)Vanguard Group$422.7BBlackRock$388.6BVanguard Capital Management LLC$308.3BFMR LLC$205.3BState Street$202.0BGeode Capital Management, LLC$121.0BVanguard Portfolio Management LLC$103.6BPrice T Rowe Associates$74.0BMorgan Stanley$71.3BInvesco$65.9B
Funds' net buying of NVDA by quarter (13F)Funds' net buying of NVDA by quarter (13F)−$29.3B2024-09$6.4B2024-12$5.3B2025-03$49.3B2025-06−$22.1B2025-09$84.2B2025-12−$24.4B2026-03$30.1B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NVDA

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：英伟达（NVDA）财报

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