Nvidia enters tonight’s Q2 earnings report with a $91.0 billion revenue guide and expectations for a major Blackwell 300 ramp.
Data Center networking revenue nearly tripled year over year last quarter, making the sustainability of that growth another critical test. The outlook still excludes China Data Center compute revenue, leaving a major source of potential demand outside the forecast.
A clean beat and strong Q3 guidance tied to Vera Rubin production would support Jensen Huang’s estimate that annual AI infrastructure spending could reach $3-4 trillion by the end of the decade.
Soft networking growth or cautious margin guidance could send the stock lower, as concerns could resurface about the durability of hyperscaler spending into 2027.
This article is updated throughout the trading day. Check back for more.
NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) is expected to report its Q2 FY27 results at 4:20 PM ET tonight, August 26. The company guided for revenue to reach $91.0 billion, plus or minus 2%. With shares near $210.90 and the company at a $5.05 trillion market cap, expectations are high heading into the week’s most important earnings report.
Nvidia’s Q1 FY27 delivered $81.615 billion in revenue, up 85.23% year over year, and non-GAAP EPS of $1.87, beating by 5.42%. Data Center revenue reached $75.246 billion, with networking up 199% on demand for InfiniBand, Spectrum-X, and NVLink. Free cash flow hit $48.554 billion.
Shares are up 14.37% year to date but slipped 3.04% over the past week. Management lifted the quarterly dividend to $0.25 and added an $80 billion repurchase authorization. Jensen Huang framed the moment plainly: “Demand has gone parabolic.”
| Metric | Q2 FY27 Guide | YoY Change | FY27 Context |
|---|---|---|---|
| Revenue | $91.0B ±2% | ~+95% | Excludes China DC compute |
| Non-GAAP Gross Margin | 75.0% ±50 bps | Expanding | Mid-70s full year |
| Non-GAAP OpEx | ~$8.3B | Upper 40s% | R&D-driven |
| Tax Rate | 16%–18% | Cash tax step-up in Q2 | |
Tonight’s guidance implies a sequential acceleration despite zero China Data Center compute contribution. Margin holding at 75.0% through a Blackwell 300 ramp signals durable pricing power. Polymarket assigns a 95.6% probability to an EPS beat.
Tonight, I’ll be watching whether Data Center revenue clears the $85 billion line that traders are pricing at an 87% probability. Networking is the fastest tell on rack-scale adoption, and the GB300 and BL72 ramp needs to sustain the tripling seen last quarter.
Investors will also focus on Vera Rubin commentary. Management guided production shipments in the second half, starting in Q3, and Huang said: “Vera Rubin is going to be even more successful than Grace Blackwell.” Any tightening of that timeline, along with color on the $200 billion Vera CPU TAM, matters.
Analysts will also be watching ACIE growth. Hyperscalers were roughly 50% of Data Center revenue last quarter, with ACIE up 31% quarter over quarter. Supply commitments jumped to $119.0 billion, so investors will be looking for confidence that bookings support that ramp. Finally, cash taxes are set to rise materially in Q2, which pressures free cash flow optics.
| Quarter | EPS Surprise | Day-Of Move | 1-Day Move | 1-Week Move |
|---|---|---|---|---|
| Q1 FY27 | +5.42% | -1.77% | -1.90% | -3.81% |
| Q4 FY26 | +5.32% | -5.46% | -4.16% | -0.84% |
| Q3 FY26 | +3.64% | -3.15% | -0.97% | -2.02% |
| Q2 FY26 | +4.00% | -0.79% | -3.32% | -7.30% |
On average, shares moved -2.68% seven days after earnings over the past four beats.
Contact [email protected] for any questions or corrections.
Thomas Richmond is a financial writer and content strategist with 5+ years of experience covering stocks and financial markets. He has published over 250 articles focused on individual stock analysis, helping investors better understand business fundamentals, stock valuations, and long-term opportunities.
Thomas previously served as a Content Lead at TIKR, a stock research platform, where he helped scale the company’s blog to hundreds of articles per month and contributed to a weekly newsletter reaching more than 100,000 investors.
He specializes in breaking down complex companies into clear, actionable insights for everyday investors, with a focus on fundamentals-driven research.
His work has also been featured on platforms including Seeking Alpha and Sure Dividend.
Outside of work, Thomas enjoys weight lifting and soccer.
NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) reports fiscal Q1 2027 results later today, and the bar has rarely looked higher. The traders on CNBC’s Fast Money segment “Yields Surge and Prepping for Nvidia Results”…
Investors are watching NVIDIA (NASDAQ: NVDA | NVDA Price Prediction) ahead of its Q1 FY2027 results, which are expected at 4:20 PM ET today, May 20. Expectations are high heading into earnings, with shares…
Nvidia has beaten estimates five straight times and the stock still fell after two of those reports. Wednesday's earnings carry something bigger than a quarterly number: a verdict on whether the trillion-dollar Blackwell and…
NVIDIA prints $81 billion quarters while Cerebras barely cleared its IPO, yet one metric puts the underdog in a position the AI giant cannot easily dismiss. The strategic clash between wafer-scale inference and full-stack…
NVIDIA has beaten Wall Street's earnings estimates five quarters in a row, yet the stock has dropped after four of those announcements. Tonight's report may reveal why being right is no longer good enough…
Nvidia reports earnings on August 26 with Jensen Huang promising $91 billion in revenue, yet the stock keeps stalling and insiders are selling. Something has to give, and the answer determines whether NVDA breaks…
Investors are watching NVIDIA (NASDAQ: NVDA | NVDA Price Prediction) ahead of Q1 fiscal 2027 results due after the close today. Shares are up 18.3% year to date, and prediction markets price in a…
Let’s get straight to the call. Our 24/7 Wall St. price target for NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) is $235.01 over the next 12 months, implying 8.49% upside from $216.61. Our recommendation is…
Ray Dalio just placed a $900 million bet on a chipmaker that has already surged over 20% this year, and Wall Street is watching closely to see if the smartest money in the room…
