Nvidia (NVDA): verified earnings note

•Data Center revenue of $89.0 billion, up 117% from a year ago

"AI has reached its inflection point. It's doing useful work. Its tokens are productive and profitable. Now, compute is revenue," said Jensen Huang, founder and CEO of NVIDIA. "And demand is accelerating. This time last year, one lab alone was driving the buildout; today, we have a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open-model ecosystem and physical AI coming online - with strong momentum across the U.S. and around the world. The AI infrastructure buildout is at full steam. Vera Rubin, now in full production, was built to power exactly this moment."

"AI has reached its inflection point. It's doing useful work. Its tokens are productive and profitable. Now, compute is revenue," said Jensen Huang, founder and CEO of NVIDIA. "And demand is accelerating. This time last year, one lab alone was driving the buildout; today, we have a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open-model ecosystem and physical AI coming online - with strong momentum across the U.S. and around the world. The AI infrastructure buildout is at full steam. Vera Rubin, now in full production, was built to power exactly this moment."

•Revenue is expected to be $108.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.

•GAAP and non-GAAP gross margins are expected to be 74.0%, plus or minus 50 basis points.

•Revenue is expected to be $108.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.

•Revenue is expected to be $108.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.

•GAAP and non-GAAP gross margins are expected to be 74.0%, plus or minus 50 basis points.

•GAAP and non-GAAP operating expenses are expected to be approximately $9.2 billion and $9.0 billion, respectively.

•Announced the NVIDIA Vera Rubin platform is ramping into full production with racks running at partners including CoreWeave, Google Cloud, Microsoft Azure, Oracle Cloud Infrastructure and Nebius.

•Announced strategic partnerships to establish independent compute financing platforms with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to mobilize over $500 billion of third-party capital for the buildout of AI infrastructure over time, subject to definitive agreements.

•Record Data Center revenue of $75.2 billion, up 92% from a year ago

"The buildout of AI factories - the largest infrastructure expansion in human history - is accelerating at extraordinary speed," said Jensen Huang, founder and CEO of NVIDIA. "Agentic AI has arrived, doing productive work, generating real value and scaling rapidly across companies and industries. NVIDIA is uniquely positioned at the center of this transformation as the only platform that runs in every cloud, powers every frontier and open source model, and scales everywhere AI is produced - from hyperscale data centers to the edge."

•Revenue is expected to be $91.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.

•Revenue is expected to be $91.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.

•GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points.

•GAAP and non-GAAP operating expenses are expected to be approximately $8.5 billion and $8.3 billion, respectively.

•Revenue is expected to be $91.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.

NVIDIA is transitioning to a new reporting framework that better reflects its current and future growth drivers. NVIDIA will have two market platforms - Data Center and Edge Computing. Within Data Center, NVIDIA will report two sub-markets, Hyperscale and ACIE, which incorporates AI Clouds, Industrial and Enterprise. Hyperscale will include revenue from the public clouds and the world's largest consumer internet companies, while ACIE addresses NVIDIA's growth opportunity in diverse AI purpose-built data centers and AI factories across industries and countries. Edge Computing highlights data processing devices for agentic and physical AI including PCs, game consoles, workstations, AI-RAN base stations, robotics and automotive.

Under the previous sub-markets, Data Center compute revenue was a record $60.4 billion, up 77% from a year ago and up 18% sequentially. Data Center networking revenue was a record $14.8 billion, up 199% from a year ago and up 35% sequentially.

During the first quarter of fiscal 2027, NVIDIA returned a record level of approximately $20.0 billion to shareholders in the form of shares repurchased and cash dividends. As of the end of the first quarter, the company had $38.5 billion remaining under its share repurchase authorization. On May 18, 2026, the Board of Directors approved an additional $80.0 billion to the Company's share repurchase authorization, without expiration. NVIDIA is increasing its quarterly cash dividend from $0.01 per share to $0.25 per share of common stock, which will be paid on June 26, 2026, to all shareholders of record on June 4, 2026.

•NVIDIA announces $80.0 billion additional share repurchase authorization and increases its quarterly cash dividend from $0.01 per share to $0.25 per share

•Record quarterly Data Center revenue of $62.3 billion, up 22% from Q3 and up 75% from a year ago

"Computing demand is growing exponentially - the agentic AI inflection point has arrived. Grace Blackwell with NVLink is the king of inference today - delivering an order-of-magnitude lower cost per token - and Vera Rubin will extend that leadership even further," said Jensen Huang, founder and CEO of NVIDIA. "Enterprise adoption of agents is skyrocketing. Our customers are racing to invest in AI compute - the factories powering the AI industrial revolution and their future growth."

•Fourth-quarter revenue was a record $62.3 billion, up 22% from the previous quarter and up 75% from a year ago, driven by the major platform shifts - accelerated computing and AI. Full-year revenue rose 68% to a record $193.7 billion.

•Revenue is expected to be $78.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.

•GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points, inclusive of a 0.1% impact from stock-based compensation expense.

•Revenue is expected to be $78.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.

•Unveiled the NVIDIA Rubin platform, comprising six new chips to deliver up to a 10x reduction in inference token cost, compared with the NVIDIA Blackwell platform; cloud providers Amazon Web Services (AWS), Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure will be among the first to deploy Vera Rubin-based instances.

Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in non-GAAP financial measures. Stock-based compensation is a foundational component of NVIDIA's compensation program to attract and retain world-class talent.

•GAAP and non-GAAP operating expenses are expected to be approximately $7.7 billion and $7.5 billion, respectively, inclusive of $1.9 billion of stock-based compensation expense.

•Record Data Center revenue of $51.2 billion, up 25% from Q2 and up 66% from a year ago

"Blackwell sales are off the charts, and cloud GPUs are sold out," said Jensen Huang, founder and CEO of NVIDIA. "Compute demand keeps accelerating and compounding across training and inference - each growing exponentially. We've entered the virtuous cycle of AI. The AI ecosystem is scaling fast - with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once."

"Blackwell sales are off the charts, and cloud GPUs are sold out," said Jensen Huang, founder and CEO of NVIDIA. "Compute demand keeps accelerating and compounding across training and inference - each growing exponentially. We've entered the virtuous cycle of AI. The AI ecosystem is scaling fast - with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once."

•Revenue is expected to be $65.0 billion, plus or minus 2%.

•GAAP and non-GAAP gross margins are expected to be 74.8% and 75.0%, respectively, plus or minus 50 basis points.

•GAAP and non-GAAP operating expenses are expected to be approximately $6.7 billion and $5.0 billion, respectively.

•Revenue is expected to be $65.0 billion, plus or minus 2%.

•GAAP and non-GAAP gross margins are expected to be 74.8% and 75.0%, respectively, plus or minus 50 basis points.

•Celebrated the first NVIDIA Blackwell wafer produced on U.S. soil at TSMC's Arizona facility, representing revitalization of U.S. manufacturing as Blackwell reached volume production.

•Announced a strategic partnership with OpenAI to deploy at least 10 gigawatts of NVIDIA systems for OpenAI's next-generation AI infrastructure.

•Data Center revenue of $41.1 billion, up 5% from Q1 and up 56% from a year ago

•Blackwell Data Center revenue grew 17% sequentially

GAAP ($ in millions, except earnings per share) | Q2 FY26 | Q1 FY26 | Q2 FY25 | Q/Q | Y/Y Revenue | $46,743 | $44,062 | $30,040 | 6 | % | 56 | % Gross margin | 72.4 | % | 60.5 | % | 75.1 | % | 11.9 pts | (2.7) pts Operating expenses | $5,413 | $5,030 | $3,932 | 8 | % | 38 | % Operating income | $28,440 | $21,638 | $18,642 | 31 | % | 53 | % Net income | $26,422 | $18,775 | $16,599 | 41 | % | 59 | % Diluted earnings per share | $1.08 | $0.76 | $0.67 | 42 | % | 61 | %

"Blackwell is the AI platform the world has been waiting for, delivering an exceptional generational leap - production of Blackwell Ultra is ramping at full speed, and demand is extraordinary," said Jensen Huang, founder and CEO of NVIDIA. "NVIDIA NVLink rack-scale computing is revolutionary, arriving just in time as reasoning AI models drive orders-of-magnitude increases in training and inference performance. The AI race is on, and Blackwell is the platform at its center."

There were no H20 sales to China-based customers in the second quarter. NVIDIA benefited from a $180 million release of previously reserved H20 inventory, from approximately $650 million in unrestricted H20 sales to a customer outside of China.

•Revenue is expected to be $54.0 billion, plus or minus 2%. The company has not assumed any H20 shipments to China in the outlook.

•GAAP and non-GAAP gross margins are expected to be 73.3% and 73.5%, respectively, plus or minus 50 basis points. The company continues to expect to exit the year with non-GAAP gross margins in the mid-70% range.

•Revenue is expected to be $54.0 billion, plus or minus 2%. The company has not assumed any H20 shipments to China in the outlook.

"Blackwell is the AI platform the world has been waiting for, delivering an exceptional generational leap - production of Blackwell Ultra is ramping at full speed, and demand is extraordinary," said Jensen Huang, founder and CEO of NVIDIA. "NVIDIA NVLink rack-scale computing is revolutionary, arriving just in time as reasoning AI models drive orders-of-magnitude increases in training and inference performance. The AI race is on, and Blackwell is the platform at its center."

•Revenue is expected to be $54.0 billion, plus or minus 2%. The company has not assumed any H20 shipments to China in the outlook.

•GAAP and non-GAAP gross margins are expected to be 73.3% and 73.5%, respectively, plus or minus 50 basis points. The company continues to expect to exit the year with non-GAAP gross margins in the mid-70% range.

•GAAP and non-GAAP operating expenses are expected to be approximately $5.9 billion and $4.2 billion, respectively. Full year fiscal 2026 operating expense growth is expected to be in the high-30% range.