NVIDIA Corp
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.66%.
Did NVDA Beat Earnings? Q2 2026 Results
NVIDIA delivered another strong quarter in Q2 fiscal 2026, reporting earnings per share of $1.05 against a consensus estimate of $1.01, a beat of 3.96%, while revenue surged 55.6% year-over-year to $46.74 billion as insatiable demand for AI infrastructure continued to drive the business forward. The single most consequential engine behind the results was Data Center, which generated $41.10 billion in revenue, up 56% year-over-year, with Blackwell architecture scaling rapidly and networking revenue nearly doubling to $7.25 billion on the strength of NVLink, InfiniBand, and Ethernet for AI deployments. A one-time $180 million release of previously reserved H20 inventory provided a modest tailwind to gross margins, which came in at 72.4% on a GAAP basis. The broader enthusiasm surrounding AI infrastructure spending, underscored by major cloud operators committing to aggressive data center expansion, reinforces the demand backdrop supporting NVIDIA's trajectory. Looking ahead, management guided Q3 revenue to $54.00 billion, a figure that points to continued acceleration as Blackwell Ultra ramps and non-GAAP gross margins are expected to recover toward the mid-70% range by fiscal year-end.
- Strong demand for accelerated computing platforms for large language models, recommendation engines, and generative and agentic AI applications
- Blackwell architecture revenue grew 17% sequentially including Blackwell Ultra
- Large cloud service providers represented approximately 50% of Data Center revenue
- NVLink compute fabric, XDR InfiniBand, and Ethernet for AI drove 98% YoY networking growth
- Strong adoption of self-driving platforms drove 69% YoY automotive growth
- GeForce RTX 5060 became NVIDIA's fastest-ramping x60-class GPU ever
- $180 million release of previously reserved H20 inventory from unrestricted H20 sales outside China
“Blackwell is the AI platform the world has been waiting for, delivering an exceptional generational leap — production of Blackwell Ultra is ramping at full speed, and demand is extraordinary.”
NVIDIA CEO, on the earnings call
Forward Guidance & Outlook
For Q3 fiscal 2026, NVIDIA expects revenue of $54.0 billion, plus or minus 2%, excluding any H20 shipments to China. GAAP and non-GAAP gross margins are expected to be 73.3% and 73.5%, respectively, plus or minus 50 basis points. The company continues to expect to exit the fiscal year with non-GAAP gross margins in the mid-70% range. GAAP and non-GAAP operating expenses are expected to be approximately $5.9 billion and $4.2 billion, respectively. Full year fiscal 2026 operating expense growth is expected in the high-30% range. GAAP and non-GAAP other income and expense are expected to be income of approximately $500 million. GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%.
NVDA YoY Financials
NVDA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.