NVIDIA Corp
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +4.68%.
Did NVDA Beat Earnings? Q1 2026 Results
NVIDIA delivered a powerful beat to open fiscal 2026, posting first-quarter earnings of $0.81 per share against a $0.75 consensus estimate, an 8.00% beat, even as a $4.50 billion charge tied to H20 inventory and purchase obligations weighed heavily on results after the U.S. government imposed new export licensing requirements for H20 products into China in April. Revenue climbed 69.2% year-over-year to $44.06 billion, anchored by a dominant Data Center segment that contributed $39.11 billion, with networking revenue alone surging 64% sequentially as Blackwell-based NVLink and Ethernet AI solutions gained rapid adoption. Absent the H20-related charge, non-GAAP EPS would have reached $0.96 with gross margins at 71.3%. Gaming added a record $3.76 billion, up 42% year-over-year. Looking ahead, NVIDIA guided Q2 revenue to $45.00 billion, explicitly absorbing an estimated $8.00 billion H20 revenue loss from export controls, while projecting non-GAAP gross margins to recover to 72.0% and targeting the mid-70% range by late fiscal 2026, underscoring confidence in sustained AI infrastructure demand.
- Strong demand for accelerated computing platform used for large language models, recommendation engines, and generative and agentic AI applications
- Blackwell architecture ramp expanding to all customer categories
- Large cloud service providers remained largest customer category at just under 50% of Data Center revenue
- Networking revenue surged 64% sequentially driven by NVLink compute fabric in GB200 systems
- Gaming record driven by Blackwell architecture, the fastest product ramp in company history
- Automotive growth driven by sales of self-driving platforms
“Our breakthrough Blackwell NVL72 AI supercomputer — a 'thinking machine' designed for reasoning— is now in full-scale production across system makers and cloud service providers. Global demand for NVIDIA's AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate. Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation.”
NVIDIA CEO, on the earnings call
Forward Guidance & Outlook
For Q2 FY2026, NVIDIA expects revenue of $45.0 billion (±2%), which reflects an approximately $8.0 billion loss in H20 revenue due to recent export control limitations. GAAP and non-GAAP gross margins are expected to be 71.8% and 72.0% respectively (±50 bps), with the company working toward mid-70% gross margins by late fiscal 2026. GAAP and non-GAAP operating expenses are expected to be approximately $5.7 billion and $4.0 billion respectively. Full year fiscal 2026 operating expense growth is expected in the mid-30% range. GAAP and non-GAAP tax rates are expected to be 16.5% (±1%). Other income and expense is expected to be approximately $450 million.
NVDA YoY Financials
NVDA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.