NVIDIA’s fiscal Q2 2027 revenue was $96.221 billion; Data Center was $89.0 billion

NVIDIA reported revenue of $96.221 billion for the fiscal second quarter ended July 26, 2026, up 18% from $81.615 billion in the prior quarter and up 106% from $46.743 billion a year earlier. Data Center revenue was $89.023 billion, up 18% sequentially and 117% year over year. GAAP and non-GAAP gross margins were both 75.0%. GAAP diluted earnings per share were $2.46; non-GAAP diluted earnings per share were $2.22.

Those figures are from Exhibit 99.1 to Form 8-K accession 0001045810-26-000073, accepted by the SEC at 4:21 p.m. ET on August 26, 2026. They sit above NVIDIA’s May 20 outlook for this quarter, which was revenue of $91.0 billion, plus or minus 2%, with no Data Center compute revenue from China assumed. For fiscal Q3 2027, NVIDIA said revenue is expected to be $108.0 billion, plus or minus 2%, again assuming no Data Center compute from China, with GAAP and non-GAAP gross margins of 74.0%, plus or minus 50 basis points.

The print is a Data Center story with a new product mix. Written commentary from Colette Kress, Exhibit 99.2, said Data Center revenue of $89.0 billion was driven by the ramp of Blackwell Ultra infrastructure. Inside that platform, Hyperscale was $48.710 billion and AI Clouds, Industrial and Enterprise was $40.313 billion. Kress also disclosed a recast: NVIDIA reclassified a customer from ACIE into Hyperscale and restated the prior-period split. Edge Computing was $7.198 billion, up 13% sequentially and 27% year over year, with stronger Blackwell workstation sales partly offset by slower consumer PC sales. On the older reportable-segment view, Compute & Networking was $88.299 billion and Graphics was $7.922 billion.

The May 20 outlook is now a comparison object, not a forecast. Q2 revenue of $96.221 billion is above that $91.0 billion plus-or-minus 2% range. Gross margin landed at 75.0% on both a GAAP and non-GAAP basis, versus the May 20 outlook of 74.9% and 75.0%, plus or minus 50 basis points. GAAP operating expenses were $8.408 billion against an outlook of about $8.5 billion; non-GAAP operating expenses were $8.232 billion against about $8.3 billion. GAAP net income was $59.688 billion, only 2% above Q1, while non-GAAP net income was $53.954 billion, up 18%. Kress said net gains from equity securities were $7.8 billion in the quarter, which is why the two profit lines should not be collapsed. NVIDIA said it returned approximately $26.0 billion to shareholders in the quarter and had about $99.0 billion remaining under its share-repurchase authorization.

China and the next product cycle are in the written remarks, not in a TickerGrove inference. Kress said shipments of Data Center Hopper products to China were less than 1% of Data Center revenue, and the Q3 outlook still assumes no Data Center compute revenue from China. Inventory rose to $31.6 billion from $25.8 billion sequentially “as we prepare for the introduction of Vera Rubin in the third quarter.” Jensen Huang, in the Exhibit 99.1 release, said Vera Rubin is now in full production. Supply and capacity commitments increased from $119 billion last quarter to $279 billion, primarily related to memory. The conference call remains scheduled for 2:00 p.m. PT / 5:00 p.m. ET. This page uses the furnished written commentary; it does not invent Q&A.

Form 10-Q accession 0001045810-26-000075, accepted after the 8-K, is the same quarter’s periodic report. It corroborates GAAP revenue of $96.22 billion and Data Center revenue of $89.02 billion. The 10-Q also states that U.S. government licenses would allow small H200 shipments to specific China-based customers, but those sales were restricted by the PRC government and NVIDIA has been unable to sell all licensed product. NVIDIA incurred a $400 million H200 excess-inventory and purchase-obligation charge in the first half of fiscal 2027; subsequent licensed H200 shipments were less than 1% of Data Center revenue in the most recent quarter. Licensed H200s must be inspected in the United States and then face a 25% U.S. import tariff that NVIDIA said it has not passed to customers. Geography in the 10-Q is by headquarters of direct customers, not by end customer or ship-to: United States $60.074 billion, Taiwan $26.985 billion, China including Hong Kong $7.880 billion. That China headquarters line is not Data Center compute sold into China.