NVDA

NVIDIA

NVDA·Q2 FY27·Updated Aug 27, 2026

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Next earnings: Nov 18, 2026

Market cap: $5.2T · Oct 19, 2026

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Quarter Read

↗ Momentum improving

Growth has reaccelerated while operating margin recovered to a 10-quarter high.

NVIDIA reported a revenue growth of 105.8% year over year, with a gross margin increase of 2.6 percentage points. Hyperscale revenue was the largest contributor, making up 54.7% of total revenue.

Momentum
Revenue changed +105.8% year over year
Margin recovery
Gross margin changed +2.6pp
Quality and concentration
Net margin fell 9.4pp Q/Q; other income / expense increased by $8.59B 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 FY27 · sequential and annual context through this quarter

Revenue

$96.22B

+105.8% Y/Y+17.9% Q/Q

Gross Profit

$72.14B

+113.1% Y/Y+18.0% Q/Q

75.0% margin · broadly flat Q/Q

Operating Profit

$63.73B

+124.1% Y/Y+19.0% Q/Q

66.2% margin · +0.6pp Q/Q

Net Profit

$59.69B

+125.9% Y/Y+2.3% Q/Q

Other income / expense (current): +$7.77B

What changed

Revenue
+$14.61B
+17.9% Q/Q
Revenue rose 17.9% quarter over quarter from $81.61B to $96.22B.
Improved.
Operating profit
+$10.20B
+19.0% Q/Q
Operating profit rose 19.0% quarter over quarter from $53.54B to $63.73B.
Improved.
Net margin
-9.4pp
-9.4pp Q/Q
Net margin contracted 9.4 percentage points quarter over quarter from 71.5% to 62.0%.
Weakened.
Profit conversion
-15.3pp
-15.3pp Q/Q
Profit conversion fell 15.3 percentage points quarter over quarter from 108.9% to 93.7%.
Weakened.

Show 12 more changes

Sequential changes · Q/Q

WeakenedRevenue growth decelerated 1.9 percentage points quarter over quarter. Direction: Weakened.
StableOperating margin was broadly stable, increasing 0.64 percentage points quarter over quarter to 66.2%. Direction: Stable.
StableOperating-expense ratio was broadly stable, declining 0.6 percentage points quarter over quarter to 8.7%. Direction: Stable.
StableGross margin was broadly stable, increasing 0.04 percentage points quarter over quarter to 75.0%. Direction: Stable.

Annual changes · Y/Y

ImprovedOperating profit rose 124.1% year over year from $28.44B to $63.73B. Direction: Improved.
ImprovedRevenue rose 105.9% year over year from $46.74B to $96.22B. Direction: Improved.
ImprovedRevenue growth accelerated 50.2 percentage points year over year. Direction: Improved.
ImprovedNet margin expanded 5.5 percentage points year over year from 56.5% to 62.0%. Direction: Improved.
ImprovedOperating margin expanded 5.4 percentage points year over year from 60.8% to 66.2%. Direction: Improved.
ImprovedOperating-expense ratio fell 2.8 percentage points year over year from 11.6% to 8.7%. Direction: Improved.
ImprovedGross margin expanded 2.6 percentage points year over year from 72.4% to 75.0%. Direction: Improved.
StableProfit conversion was broadly stable, increasing 0.75 percentage points year over year to 93.7%. Direction: Stable.

Evidence: SEC filings — Q2 FY27 · Q1 FY27 · Q2 FY26

10-quarter fundamental trends

Actual values from the available reports. Missing or non-comparable observations remain explicit.

RevenueGross marginOperating marginNet margin

Revenue scale

$ billions · available fiscal history

Revenue increased from $26.04B to $96.22B across the available period.

Revenue scale by fiscal 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
Q3 FY26	$57.01B
Q4 FY26	$68.13B
Q1 FY27	$81.61B
Q2 FY27	$96.22B

Margin evolution

Percent of revenue · net margin includes non-operating items

Operating margin recovered from 49.1% to 66.2% within the displayed period.

Margin evolution by fiscal 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%
Q3 FY26	73.4081740045606%	63.16435713032801%	55.97263637958253%
Q4 FY26	74.98899163364156%	65.02275062380743%	63.05592250110084%
Q1 FY27	74.9335293757275%	65.59578508852539%	71.45867793910433%
Q2 FY27	74.97531723844068%	66.23710000935347%	62.03219671381507%

Data Center share of company revenue

Comparable top-level observations · taxonomy breaks remain explicit gaps

Data Center share changed from 86.6% to 92.5% across comparable periods.

Company memory

A durable view of how the earnings thesis evolved across 10 available reports.

Through Q2 FY27 · later-quarter evidence excluded.

10 reports

Q1 FY25–Q4 FY25

Momentum improving · Margins contracting

4 reports across Q1 FY25–Q4 FY25. 19 evidence items were captured. Stored verdicts: Very strong quarter; Solid quarter.

Q1 FY26–Q4 FY26

Momentum improving · Margins expanding

4 reports across Q1 FY26–Q4 FY26. 21 evidence items were captured. Stored verdicts: Solid quarter; Very strong quarter.

Q1 FY27–Q2 FY27

Momentum stable · Margins expanding

2 reports across Q1 FY27–Q2 FY27. 9 evidence items were captured. Stored verdicts: Very strong quarter.

Very strong quarterQ1 FY25

Very strong quarterQ2 FY25

Very strong quarterQ3 FY25

Solid quarterQ4 FY25

Solid quarterQ1 FY26

Solid quarterQ2 FY26

Solid quarterQ3 FY26

Very strong quarterQ4 FY26

Very strong quarterQ1 FY27

Very strong quarterQ2 FY27

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 10-quarter timeline

Q2 FY27Selected quarterVerdict: Very strong quarterMomentum improvingMargins contracting
Positive evidence: Operating leverage is working in the company's favor · Revenue grew 17.9% quarter over quarter
Downside evidence: Net margin contracted 9.4 percentage points · Profit conversion contracted 15.3 percentage points
Watch next: Watch whether net profit improves from its latest reported level next quarter · Watch whether net profit improves from its latest reported level next quarter
Source: SEC filing (Q2 FY27)
Metric evidence
Validated report metrics supporting this snapshot.
- Q2 FY27 · Operating leverage
- Q2 FY27 · Revenue growth momentum
- Q2 FY27 · Net margin movement
- Q2 FY27 · Profit conversion
Q1 FY27Verdict: Very strong quarterMomentum stableMargins expandingView report details
Positive evidence: Net margin expanded 8.4 percentage points · Operating leverage is working in the company's favor · Profit conversion expanded 12.0 percentage points
No material downside signals identified.
No new watch conditions triggered.
Source: SEC filing (Q1 FY27)
Metric evidence
Validated report metrics supporting this snapshot.
- Q1 FY27 · Net margin movement
- Q1 FY27 · Operating leverage
- Q1 FY27 · Profit conversion
Q4 FY26Verdict: Very strong quarterMomentum stableMargins expandingView report details
Positive evidence: Net margin expanded 7.1 percentage points · Operating leverage is working in the company's favor · Profit conversion expanded 8.4 percentage points
No material downside signals identified.
No new watch conditions triggered.
Source: SEC filing (Q4 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q4 FY26 · Net margin movement
- Q4 FY26 · Operating leverage
- Q4 FY26 · Profit conversion

Q2 FY27Selected quarterVerdict: Very strong quarterMomentum improvingMargins contracting
Positive evidence: Operating leverage is working in the company's favor · Revenue grew 17.9% quarter over quarter
Downside evidence: Net margin contracted 9.4 percentage points · Profit conversion contracted 15.3 percentage points
Watch next: Watch whether net profit improves from its latest reported level next quarter · Watch whether net profit improves from its latest reported level next quarter
Source: SEC filing (Q2 FY27)
Metric evidence
Validated report metrics supporting this snapshot.
- Q2 FY27 · Operating leverage
- Q2 FY27 · Revenue growth momentum
- Q2 FY27 · Net margin movement
- Q2 FY27 · Profit conversion
Q1 FY27Verdict: Very strong quarterMomentum stableMargins expandingView report details
Positive evidence: Net margin expanded 8.4 percentage points · Operating leverage is working in the company's favor · Profit conversion expanded 12.0 percentage points
No material downside signals identified.
No new watch conditions triggered.
Source: SEC filing (Q1 FY27)
Metric evidence
Validated report metrics supporting this snapshot.
- Q1 FY27 · Net margin movement
- Q1 FY27 · Operating leverage
- Q1 FY27 · Profit conversion
Q4 FY26Verdict: Very strong quarterMomentum stableMargins expandingView report details
Positive evidence: Net margin expanded 7.1 percentage points · Operating leverage is working in the company's favor · Profit conversion expanded 8.4 percentage points
No material downside signals identified.
No new watch conditions triggered.
Source: SEC filing (Q4 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q4 FY26 · Net margin movement
- Q4 FY26 · Operating leverage
- Q4 FY26 · Profit conversion
Q3 FY26Verdict: Solid quarterMomentum improvingMargins expandingView report details
Positive evidence: Operating leverage is working in the company's favor · Operating margin expanded 2.3 percentage points · Revenue grew 22.0% quarter over quarter
Downside evidence: Profit conversion contracted 4.3 percentage points
Watch next: Watch whether net profit improves from its latest reported level next quarter
Source: SEC filing (Q3 FY26)
Metric evidence
Validated report metrics supporting this snapshot.
- Q3 FY26 · Operating leverage
- Q3 FY26 · Net margin movement
- Q3 FY26 · Revenue growth momentum
- Q3 FY26 · Profit conversion
Q2 FY26Verdict: Solid quarterMomentum stableMargins expandingView report details
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
Q1 FY26Verdict: Solid quarterMomentum improvingMargins contractingView report details
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
Q4 FY25Verdict: Solid quarterMomentum improvingMargins contractingView report details
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
Q3 FY25Verdict: Very strong quarterMomentum improvingMargins stableView report details
Positive evidence: Operating leverage is working in the company's favor · Revenue grew 16.8% quarter over quarter
No material downside signals identified.
No new watch conditions triggered.
Source: SEC filing (Q3 FY25)
Metric evidence
Validated report metrics supporting this snapshot.
- Q3 FY25 · Operating leverage
- Q3 FY25 · Revenue growth momentum
Q2 FY25Verdict: Very strong quarterMomentum improvingMargins contractingView report details
Positive evidence: Operating leverage is working in the company's favor · Revenue grew 15.4% quarter over quarter · Profit conversion expanded 1.1 percentage points
Downside evidence: Gross margin contracted 3.2 percentage points · Operating margin contracted 2.9 percentage points · Net margin contracted 1.9 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 · Watch whether net profit improves from its latest reported level next quarter
Source: SEC filing (Q2 FY25)
Metric evidence
Validated report metrics supporting this snapshot.
- Q2 FY25 · Operating leverage
- Q2 FY25 · Revenue growth momentum
- Q2 FY25 · Profit conversion
- Q2 FY25 · Net margin movement
Q1 FY25Verdict: Very strong quarterView report details
Positive evidence: $14.88B net profit in Q1 FY25
No material downside signals identified.
No new watch conditions triggered.
Source: SEC filing (Q1 FY25)
Metric evidence
Validated report metrics supporting this snapshot.
- Q1 FY25 · Profitability level

Sources and methodology

10 published, validated reports used · Q1 FY25–Q2 FY27 · selected report analysed 2026-08-27

Point-in-time scope: through Q2 FY27; later-quarter data is excluded. Q/Q values are derived from adjacent report metrics; any comparability caveat is shown with the relevant trend above.

Public source linked