Revenue scale
$ billions · available fiscal history
Revenue increased from $26.04B to $46.74B across the available period.
| Q1 FY25 | $26.04B |
|---|---|
| Q2 FY25 | $30.04B |
| Q3 FY25 | $35.08B |
| Q4 FY25 | $39.33B |
| Q1 FY26 | $44.06B |
| Q2 FY26 | $46.74B |
NVDA
NVIDIA
NVDA·Q2 FY26·Updated Aug 12, 2026
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Next earnings: Nov 18, 2026
Market cap: $5.2T · Oct 19, 2026
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Quarter history
Quarter Read
↗ Momentum improvingSolid quarter
NVIDIA reported a revenue of $46.74 billion, reflecting a year-over-year growth of 55.6%. While the gross margin decreased by 2.7 percentage points, Compute remained the dominant revenue source at 82.4%.
Momentum
Revenue changed +55.6% year over year
Margin recovery
Operating margin was 60.8%
Quality and concentration
Net margin rose 13.9pp Q/Q; other income / expense decreased by $2.42B Q/Q.
✓ 10 quarters available✓ Q/Q and Y/Y comparisons unlocked✓ Data validation passed✓ Public source linked
Selected-quarter income statement
Revenue -> Net Profit flowThe full Sankey remains the primary report view; Premium adds history around it rather than replacing it.
Quarter scoreboard
Q2 FY26 · sequential and annual context through this quarter
Revenue
$46.74B
+55.6% Y/Y+6.1% Q/Q
Gross Profit
$33.85B
+50.0% Y/Y+26.9% Q/Q
72.4% margin · +11.9pp Q/Q
Operating Profit
$28.44B
+52.6% Y/Y+31.4% Q/Q
60.8% margin · +11.7pp Q/Q
Net Profit
$26.42B
+59.2% Y/Y+40.7% Q/Q
Other income / expense (current): −$2.24B
What changed
Revenue
+$2.68B
+6.1% Q/Q
Revenue rose 6.1% quarter over quarter from $44.06B to $46.74B.
Improved.Operating profit
+$6.80B
+31.4% Q/Q
Operating profit rose 31.4% quarter over quarter from $21.64B to $28.44B.
Improved.Operating margin
+11.7pp
+11.7pp Q/Q
Operating margin expanded 11.7 percentage points quarter over quarter from 49.1% to 60.8%.
Improved.Net margin
+13.9pp
+13.9pp Q/Q
Net margin expanded 13.9 percentage points quarter over quarter from 42.6% to 56.5%.
Improved.
Show 12 more changes
Sequential changes · Q/Q
- ImprovedGross margin expanded 11.9 percentage points quarter over quarter from 60.5% to 72.4%. Direction: Improved.
- ImprovedProfit conversion rose 6.1 percentage points quarter over quarter from 86.8% to 92.9%. Direction: Improved.
- WeakenedRevenue growth decelerated 5.9 percentage points quarter over quarter. Direction: Weakened.
- StableOperating-expense ratio was broadly stable, increasing 0.16 percentage points quarter over quarter to 11.6%. Direction: Stable.
Annual changes · Y/Y
- WeakenedRevenue growth decelerated 66.8 percentage points year over year. Direction: Weakened.
- ImprovedRevenue rose 55.6% year over year from $30.04B to $46.74B. Direction: Improved.
- ImprovedOperating profit rose 52.6% year over year from $18.64B to $28.44B. Direction: Improved.
- ImprovedProfit conversion rose 3.8 percentage points year over year from 89.1% to 92.9%.Unusual movement below operating profit — inspect the profit bridge. Direction: Improved.
- WeakenedGross margin contracted 2.7 percentage points year over year from 75.1% to 72.4%. Direction: Weakened.
- ImprovedOperating-expense ratio fell 1.5 percentage points year over year from 13.1% to 11.6%. Direction: Improved.
- ImprovedNet margin expanded 1.3 percentage points year over year from 55.3% to 56.5%.Unusual movement below operating profit — inspect the profit bridge. Direction: Improved.
- WeakenedOperating margin contracted 1.2 percentage points year over year from 62.1% to 60.8%. Direction: Weakened.
6-quarter fundamental trends
Actual values from the available reports. Missing or non-comparable observations remain explicit.
RevenueGross marginOperating marginNet margin
Margin evolution
Percent of revenue · net margin includes non-operating items
Operating margin recovered from 49.1% to 60.8% within the displayed period.
| Q1 FY25 | 78.37941628264208% | 64.93855606758832% | 57.14285714285714% |
|---|---|---|---|
| Q2 FY25 | 75.13315579227697% | 62.050599201065246% | 55.25965379494008% |
| Q3 FY25 | 74.57240592930444% | 62.34321550741163% | 55.04561003420753% |
| Q4 FY25 | 73.02313755403% | 61.098398169336384% | 56.16577676074244% |
| Q1 FY26 | 60.53109396277803% | 49.11484339536995% | 42.623694961416255% |
| Q2 FY26 | 72.42190842961061% | 60.84724005134788% | 56.52545999144202% |
Data Center share of company revenue
Comparable top-level observations · taxonomy breaks remain explicit gaps
Data Center share changed from 86.6% to 87.9% across comparable periods.
Company memory
A durable view of how the earnings thesis evolved across 6 available reports.
Through Q2 FY26 · later-quarter evidence excluded.
Momentum improving · Margins contracting
2 reports across Q1 FY25–Q2 FY25. 10 evidence items were captured. Stored verdicts: Very strong quarter.
Momentum improving · Margins stable
2 reports across Q3 FY25–Q4 FY25. 9 evidence items were captured. Stored verdicts: Very strong quarter; Solid quarter.
Momentum improving · Margins contracting
2 reports across Q1 FY26–Q2 FY26. 13 evidence items were captured. Stored verdicts: Solid quarter.
Very strong quarterQ1 FY25
Very strong quarterQ2 FY25
Very strong quarterQ3 FY25
Solid quarterQ4 FY25
Solid quarterQ1 FY26
Solid quarterQ2 FY26
Company Memory Timeline
A durable quarter-by-quarter record of the company's fundamental signals and prior analysis. Entries link to their source reports and evidence.
View full 6-quarter timelineShow timeline preview
Positive evidence: Gross margin expanded 11.9 percentage points · Net margin expanded 13.9 percentage points · Operating margin expanded 11.7 percentage points
Downside evidence: Operating expenses are outpacing revenue
Watch next: Watch whether the operating-expense ratio improves from its latest reported level next quarter
Source: SEC filing (Q2 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q2 FY26 · Net margin movement
- Q2 FY26 · Operating leverage
Positive evidence: Operating leverage is working in the company's favor · Revenue grew 12.0% quarter over quarter
Downside evidence: Gross margin contracted 12.5 percentage points · Net margin contracted 13.5 percentage points · Operating margin contracted 12.0 percentage points
Watch next: Watch whether gross margin improves from its latest reported level next quarter · Watch whether net profit improves from its latest reported level next quarter · Watch whether operating margin improves from its latest reported level next quarter
Source: SEC filing (Q1 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q1 FY26 · Operating leverage
- Q1 FY26 · Revenue growth momentum
- Q1 FY26 · Net margin movement
Positive evidence: Operating leverage is working in the company's favor · Profit conversion expanded 3.6 percentage points · Revenue grew 12.1% quarter over quarter
Downside evidence: Gross margin contracted 1.5 percentage points · Operating margin contracted 1.2 percentage points
Watch next: Watch whether gross margin improves from its latest reported level next quarter · Watch whether operating margin improves from its latest reported level next quarter
Source: SEC filing (Q4 FY25)
Metric evidence
Validated report metrics supporting this snapshot.
- Q4 FY25 · Operating leverage
- Q4 FY25 · Profit conversion
- Q4 FY25 · Revenue growth momentum
- Q4 FY25 · Net margin movement
Sources and methodology
6 published, validated reports used · Q1 FY25–Q2 FY26 · selected report analysed 2026-08-12
Point-in-time scope: through Q2 FY26; later-quarter data is excluded. Q/Q values are derived from adjacent report metrics; any comparability caveat is shown with the relevant trend above.