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NVIDIA — Q2 FY2027 Quarterly Presentation
NVIDIA (NVDA) · 17 slides · Filed Oct 20, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All NVDA deck slides
Slide 1 — Q2 FY27
Investor Presentation Q2 FY27 August 2026
Slide 2 — Certain matters in this presentation including, but not limited to, statements as to: expectations with respect to NVIDIA AI infrastructure; expectations with respect to growth, performance and benefits of
Certain matters in this presentation including, but not limited to, statements as to: expectations with respect to NVIDIA AI infrastructure; expectations with respect to growth, performance and benefits of NVIDIA’s products, services, and technologies, including Blackwell and Vera Rubin, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services, and technologies, including Blackwell and Vera Rubin, and related matters including inventory, production and distribution; NVIDIA’s financial position and financial and business outlook; NVIDIA’s future cash dividends and other returns to shareholders; expectations with respect to technology developments and related trends and drivers; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; NVIDIA’s ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. Many of the products and features described herein remain in various stages and will be offered on a when-and-if-available basis. The statements within are not intended to be, and should not be interpreted as a commitment, promise, or legal obligation, and the development, release, and timing of any features or functionalities described for our products is subject to change and remains at the sole discretion of NVIDIA. NVIDIA will have no liability for failure to deliver or delay in the delivery of any of the products, features or functions set forth herein. NVIDIA uses certain non-GAAP measures in this presentation including non-GAAP gross margin, non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share, and free cash flow. NVIDIA believes the presentation of its non-GAAP financial measures enhances investors' overall understanding of the company's historical financial performance. The presentation of the company's non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company's financial results prepared in accordance with GAAP, and the company's non-GAAP measures may be different from non-GAAP measures used by other companies. Further information relevant to the interpretation of non-GAAP financial measures, and reconciliations of these non-GAAP financial measures to the most comparable GAAP measures, may be found in the slide titled “Reconciliation of Non-GAAP to GAAP Financial Measures”.
Slide 3 — Revenue
Revenue $ in billions $46.7B $96.2B Q2 FY26 Q2 FY27 Added a record ~$15B in revenue q/q, with strong and diverse contribution across both Hyperscale and ACIE Year-over-year growth accelerated for the 4th consecutive quarter – an achievement unprecedented for a company operating at our scale Commenced production shipments of Vera Rubin in early August – CPU, LPX, and STX are new growth drivers NVIDIA AI infrastructure delivers the best economics and is becoming an investable asset class – fueling continued AI factory spend Returned a record ~$26B to shareholders, while executing strategic investments in R&D, critical supply and capacity, and our ecosystem
Slide 4 — Data Center
Data Center Revenue $ in billions $24.2B $48.7B Q2 FY26 Q2 FY27 Hyperscale $16.9B $40.3B Q2 FY26 Q2 FY27 AI Clouds, Industrial, and Enterprise (ACIE) Continued strong demand for our Blackwell architecture
Slide 5 — Gross Margin
Gross Margin 72.4% 75.0% Q2 FY26 Q2 FY27 GAAP 72.5% 75.0% Q2 FY26 Q2 FY27 Non-GAAP Gross margin year-on-year increase driven by improved mix from Blackwell Ultra
Slide 6 — Operating Expenses
Operating Expenses $ in billions $5.4B $8.4B Q2 FY26 Q2 FY27 GAAP $5.4B $8.2B Q2 FY26 Q2 FY27 Non-GAAP Investing to address the multitude of growth opportunities ahead
Slide 7 — Earnings per Share
Earnings per Share $1.08 $2.46 Q2 FY26 Q2 FY27 GAAP $1.01 $2.22 Q2 FY26 Q2 FY27 Non-GAAP Record revenue and operating income drove strong EPS growth
Slide 8 — Free Cash Flow and Capital Return
Free Cash Flow and Capital Return $ in billions $13.5B $21.3B Q2 FY26 Q2 FY27 Free Cash Flow $10.0B $26.0B Q2 FY26 Q2 FY27 Capital Return Dividends Share Repurchases Returned a record ~$26B to shareholders while investing for growth
Slide 9 — GAAP P&L Financial Measures
GAAP P&L Financial Measures $ in billions, except EPS Q2 FY27 YoY % Q2 FY26 Revenue $96.2 106% $46.7 Gross Margin % 75.0% +2.6 pts 72.4% Operating Expenses $8.4 55% $5.4 Operating Income $63.7 124% $28.4 Net Income $59.7 126% $26.4 Diluted EPS $2.46 128% $1.08
Slide 10 — Non-GAAP P&L Financial Measures
Non-GAAP P&L Financial Measures $ in billions, except EPS Q2 FY27 YoY % Q2 FY26 Revenue $96.2 106% $46.7 Gross Margin % 75.0% +2.5 pts 72.5% Operating Expenses $8.2 54% $5.4 Operating Income $64.0 124% $28.5 Net Income $54.0 118% $24.8 Diluted EPS $2.22 120% $1.01
Slide 11 — Q3 FY27 Outlook – Non-GAAP
Q3 FY27 Outlook – Non-GAAP Q3 FY27 Revenue $108.0 billion* + / - 2% Gross Margin % 74.0% + / - 50 bps Operating Expenses $9.0 billion Approximately For the full year fiscal 2027, expect non-GAAP tax rates to be between 16.0% and 18.0%, excluding any discrete items and material changes to our tax environment *Outlook does not assume any Data Center compute revenue from China
Slide 12 — GAAP Financial Measures
Reconciliation of Non-GAAP to GAAP Financial Measures
Slide 13 — Reconciliation of Non-GAAP to GAAP Financial Measures
Reconciliation of Non-GAAP to GAAP Financial Measures Q2 FY2027 Non-GAAP Acquisition- Related and Other Costs (A) Gain/(loss) on Equity Securities Other (B) Tax Impact of Adjustments GAAP Gross margin ($ in million) $72,188 (46) — — — $72,142 Gross margin % 75.0% — — — — 75.0% Operating expense ($ in million) $8,232 176 — — — $8,408 Operating income ($ in million) $63,956 (222) — — — $63,734 Net income ($ in million) $53,954 (222) 7,771 (298) (1,517) $59,688 Diluted shares (millions) 24,285 — — — — 24,285 Diluted EPS $2.22 (0.01) 0.32 (0.01) (0.06) $2.46 A. Consists of amortization of intangible assets, transaction costs, and certain compensation charges. B. Consists of net gains/(losses) on equity derivatives, interest expense related to acquisition consideration discount to be paid in the future, share of net earnings/(losses) related to equity method investments, and dividend income on equity securities
Slide 14 — Reconciliation of Non-GAAP to GAAP Financial Measures
Reconciliation of Non-GAAP to GAAP Financial Measures Q2 FY2026 Non-GAAP Acquisition- Related and Other Costs (A) Gain/(loss) on Equity Securities Other (B) Tax Impact of Adjustments GAAP Gross margin ($ in million) $33,902 (49) — — — $33,853 Gross margin % 72.5% (0.1) — — — 72.4% Operating expense ($ in million) $5,361 37 — 15 — $5,413 Operating income ($ in million) $28,541 (86) — (15) — $28,440 Net income ($ in million) $24,763 (86) 2,247 (16) (486) $26,422 Diluted shares (millions) 24,532 — — — — 24,532 Diluted EPS $1.01 — 0.09 — (0.02) $1.08 A. Consists of amortization of intangible assets, transaction costs, and certain compensation charges. B. Consists primarily of legal settlements. Beginning in Q1 FY27, NVIDIA’s non-GAAP financial measures no longer exclude stock-based compensation expense. The historical non-GAAP financial information presented has been updated to include stock-based compensation expense.
Slide 15 — Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)
Reconciliation of Non-GAAP to GAAP Financial Measures (contd.) ($ in Billions) Q3 FY27 Outlook Non-GAAP gross margin 74.0% Impact of acquisition-related costs and other costs — GAAP gross margin 74.0% Non-GAAP operating expenses 9.0 Acquisition-related costs and other costs 0.2 GAAP operating expenses 9.2
Slide 16 — Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)
Reconciliation of Non-GAAP to GAAP Financial Measures (contd.) ($ in Millions) Free Cash Flow Purchases Related to Property and Equipment and Intangible Assets Principal Payments on Property and Equipment and Intangible Assets Net Cash Provided by Operating Activities Q2 FY2027 $21,341 (2,677) (59) $24,077 Q2 FY 2026 $13,450 (1,894) (21) $15,365