Question

Pull NVDA's latest quarter from MetricDuck — revenue and margins from its SEC financial statements, with their filing receipts, and what management guided for next quarter, with who said it and the filing it's anchored to.

A real, unedited runNVDAclaude-sonnet-56 tool calls36s$0.230captured 2026-07-19

TL;DR

The two halves of a quarter in one call — what the company reported (receipted to the 10-Q) and what management guided next (attributed to the speaker, anchored to the 8-K) — so the answer is checkable by someone who didn't watch the agent run.

This is MetricDuck's suggested first call, run for real: the agent pulled NVIDIA's latest reported quarter (Q1 FY2027, ended April 26, 2026) — revenue $81.6B, gross margin 74.9%, operating margin 65.6% — from the audited statements with the 10-Q receipt (accession 0001045810-26-000052), then the next quarter's guidance — revenue $91B ±2%, gross margin ~74.9–75% — attributed to CFO Colette Kress and anchored to the same-day earnings 8-K (accession 0001045810-26-000051). Reported and guided, each with the filing it came from, in one pass.

Sources (5) — every cited figure below traces to one of these

  1. [1]NVIDIA Q1 FY2027 10-Q — revenue & margins (SEC accession 0001045810-26-000052) sec.gov/…/0001045810-26-000052-index.htm
  2. [2]NVDA · Earnings Release (2026-05-20) — "Record revenue of $81.6 billion, up 85% from a year ago" sec.gov/…/0001045810-26-000051-index.htm
  3. [3]NVDA · Earnings Call ~Q1 FY2027 (2026-05-20) viewer.metricduck.com/…#section-prepared-remarks
  4. [4]NVDA · Earnings Call Q4 FY2026 (2026-02-25) · Issuer-published viewer.metricduck.com/…#section-prepared-remarks
  5. [5]NVDA · earnings-call transcript · 2026-05-20 viewer.metricduck.com/…#section-prepared-remarks

The full run

Every step the agent took — reasoning, tool calls, raw results. Click any cited figure to open it in the source filing.

01Tool callget_earnings
{
"ticker": "NVDA",
"quarters": 2
}
02Resultget_earnings✓ ok · 1,507 ch
# NVDA — 8-K Earnings Release History (2 quarters)

## Q1 FY2027 FY2027 (filed 2026-05-20)
MetricCurrentPrior YearYoYSource
Revenue$81.61B$44.06B85.00%[1]
Net Income$58.32B$18.77B211.00%
Operating Income$53.54B$21.64B147.00%
EPS (Diluted)$2.39$0.76214.00%
## Q4 FY2026 FY2026 (filed 2026-02-25)
MetricCurrentPrior YearYoYSource
Revenue$68.13B$39.33B73.21%
Net Income$42.96B$22.09B94.47%
Operating Income$44.30B$24.03B84.32%
EPS (Diluted)$1.76$0.8997.75%

Sources

  1. [1] NVDA · Earnings Release (2026-05-20) — "Record revenue of $81.6 billion, up 85% from a year ago"
    ↳ highlighted: viewer.metricduck.com/…#quote-UmVjb3JkIHJldmVudWUgb2YgJDgxLjYgYmlsbGlvbiwgdXAgODUlIGZyb20gYSB5ZWFyIGFnbw
    Citation: mdck://NVDA/0001045810-26-000051/ex991#b01_0001

*Figures marked — have no attested receipt yet — the value may come from an earlier extraction pass pending the producer's quote validation. Absence of a receipt is not evidence the value is wrong.*

Next Steps

  1. get_financials("NVDA")Audited XBRL statements across multiple periods
  2. get_guidance_vs_actual("NVDA")Compare this release against prior guidance
03Tool callget_financials
{
"ticker": "NVDA",
"statements": ["income"],
"period": "quarterly",
"years": 1,
"vantage_date": "2026-05-20"
}
04Resultget_financials✓ ok · 5,383 ch
# NVDA - Income Statement (Quarterly)

**Showing 4 periods** (most recent first)
14 rows × 5 columns
MetricQ1 2027Q4 2026Q3 2026Q2 2026
**Revenue**$81.61B$68.13B$57.01B$46.74B
**Cost of Revenue (COGS)**$20.46B$17.03B$15.16B$12.89B
**Gross Profit**$61.16B$51.09B$41.85B$33.85B
**R&D Expenses**$6.32B$5.51B$4.71B$4.29B
**SG&A Expenses**$1.30B$1.28B$1.13B$1.12B
+ 9 more rows
**Operating Expenses**$28.08B$23.83B$21.00B$18.30B
**Operating Income**$53.54B$44.30B$36.01B$28.44B
**Interest Expense**$102.00M$73.00M$61.00M$62.00M
**Net Income**$58.32B$42.96B$31.91B$26.42B
**EPS (Diluted)**$2.39$1.76$1.30$1.08
**Diluted Shares Outstanding**N/AN/AN/AN/A
**Gross Margin**74.93%75.00%73.41%72.42%
**Operating Margin**65.60%65.02%63.17%60.84%
**Net Margin**71.46%63.06%55.98%56.53%
**Period-over-period change (Q1 2027 vs Q4 2026, QoQ):**
- **Revenue**: $81.61B (was $68.13B; +19.8%)
- **Cost of Revenue (COGS)**: $20.46B (was $17.03B; +20.1%)
- **Gross Profit**: $61.16B (was $51.09B; +19.7%)
- **R&D Expenses**: $6.32B (was $5.51B; +14.7%)
- **SG&A Expenses**: $1.30B (was $1.28B; +1.4%)
- **Operating Expenses**: $28.08B (was $23.83B; +17.8%)
- **Operating Income**: $53.54B (was $44.30B; +20.9%)
- **Interest Expense**: $102.00M (was $73.00M; +39.7%)
- **Net Income**: $58.32B (was $42.96B; +35.8%)
- **EPS (Diluted)**: $2.39 (was $1.76; +35.9%)
- **Gross Margin**: 74.93% (was 75.00%; -0.06pp (-6bp))
- **Operating Margin**: 65.60% (was 65.02%; +0.57pp (+57bp))
- **Net Margin**: 71.46% (was 63.06%; +8.40pp (+840bp))

*Source — the filing that reported each period (amendment-preferred when restated): Q1 2027 → 0001045810-26-000052 (filed 2026-05-20) · Q4 2026 → 0001045810-26-000021 (filed 2026-02-25) · Q3 2026 → 0001045810-25-000230 (filed 2025-11-19) · Q2 2026 → 0001045810-25-000209 (filed 2025-08-27). Per-period `mdck` + EDGAR index links are in the `
▸ Raw data
` block.*
<raw_data>
{"periods":["Q1 2027","Q4 2026","Q3 2026","Q2 2026"],"metrics":{"revenues":[81615000000,68127000000,57006000000,46743000000],"cogs":[20458000000,17034000000,15157000000,12890000000],"gross_profit":[61157000000,51093000000,41849000000,33853000000],"rnd_exps":[6321000000,5512000000,4705000000,4291000000],"sga_exps":[1300000000,1282000000,1134000000,1122000000],"ttl_oper_exps":[28079000000,23828000000,20996000000,18303000000],"oper_inc":[53536000000,44299000000,36010000000,28440000000],"interest_expense":[102000000,73000000,61000000,62000000],"net_income":[58321000000,42960000000,31910000000,26422000000],"eps_diluted":[2.39,1.758493655341793,1.3,1.08],"shares_diluted":[null,null,null,null],"gross_margin":[0.749335293757275,0.7499669734466511,0.7341157071185489,0.724236784117408],"oper_margin":[0.6559578508852539,0.6502414608011508,0.6316878925025436,0.6084333483088377],"net_margin":[0.7145867793910433,0.630586991941521,0.5597656387046978,0.5652611086151937],"revenues_pop_change":[0.1979831784754943],"cogs_pop_change":[0.20100974521545145],"gross_profit_pop_change":[0.19697414518622902],"rnd_exps_pop_change":[0.14677068214804065],"sga_exps_pop_change":[0.014040561622464899],"ttl_oper_exps_pop_change":[0.17840355883834144],"oper_inc_pop_change":[0.2085148648953701],"interest_expense_pop_change":[0.3972602739726027],"net_income_pop_change":[0.35756517690875234],"eps_diluted_pop_change":[0.35911778398510247],"shares_diluted_pop_change":[null],"gross_margin_pop_change":[-0.0006316796893760568],"oper_margin_pop_change":[0.005716390084103153],"net_margin_pop_change":[0.08399978744952236]},"sources":[{"period":"Q1 2027","accession":"0001045810-26-000052","filing_date":"2026-05-20","handle":{"mdck":"mdck://filing/0001045810/0001045810-26-000052","edgar":"sec.gov/…/0001045810-26-000052-index.htm"},"dimension":{"scale":"actual","period":{"fiscal":"Q1","calendar":"2026-04-26","type":"Q"},"currency":"USD"}},{"period":"Q4 2026","accession":"0001045810-26-000021","filing_date":"2026-02-25","handle":{"mdck":"mdck://filing/0001045810/0001045810-26-000021","edgar":"sec.gov/…/0001045810-26-000021-index.htm"},"dimension":{"scale":"actual","period":{"fiscal":"Q4","calendar":"2026-01-25","type":"Q"},"currency":"USD"}},{"period":"Q3 2026","accession":"0001045810-25-000230","filing_date":"2025-11-19","handle":{"mdck":"mdck://filing/0001045810/0001045810-25-000230","edgar":"sec.gov/…/0001045810-25-000230-index.htm"},"dimension":{"scale":"actual","period":{"fiscal":"Q3","calendar":"2025-10-26","type":"Q"},"currency":"USD"}},{"period":"Q2 2026","accession":"0001045810-25-000209","filing_date":"2025-08-27","handle":{"mdck":"mdck://filing/0001045810/0001045810-25-000209","edgar":"sec.gov/…/0001045810-25-000209-index.htm"},"dimension":{"scale":"actual","period":{"fiscal":"Q2","calendar":"2025-07-27","type":"Q"},"currency":"USD"}}]}
**Next:** Use compare_companies() for peer benchmarking, get_filing_index() for a qualitative signal map, or get_stock_price() for the share-price / return leg of a valuation.
05Tool calllist_filings
{
"ticker": "NVDA",
"form_type": "10-Q",
"vantage_date": "2026-05-20"
}
06Resultlist_filings✓ ok · 9,774 ch
# NVIDIA CORP (NVDA) — SEC Filings

**7 filings** found

## 10-Q — Q1 FY2027 (filed 2026-05-20)
Accession: 0001045810-26-000052 | 33 sections | 76 tables
33 rows × 5 columns
SectionSection IDWordsChunksTables
**Controls and Procedures**`controls_procedures`3451
**Summary of Significant Accounting Policies**`footnote_accounting_policies`4891
**Cash and Investments**`footnote_cash_investments`2,66265
**Commitments and Contingencies**`footnote_commitments`1,64731
**Debt and Credit Facilities**`footnote_debt`58411
+ 28 more rows
**Derivative Financial Instruments**`footnote_derivatives`47611
**Earnings Per Share**`footnote_eps`45111
**Stockholders' Equity**`footnote_equity`1651
**Equity Method Investments**`footnote_equity_investments`461
**Fair Value Measurements**`footnote_fair_value`64321
**Goodwill and Intangible Assets**`footnote_goodwill`61322
**Income Taxes**`footnote_income_tax`2351
**Inventories**`footnote_inventory`24011
**Leases**`footnote_leases`71322
**Property, Plant and Equipment**`footnote_ppe`63122
**Revenue Recognition**`footnote_revenue`28711
**Segment Information**`footnote_segment`1,75944
**Stock-Based Compensation**`footnote_stock_comp`57322
**Notes to Financial Statements - Introduction**`footnotes_introduction`3,49374
**Legal Proceedings**`legal_proceedings`351
**Market Risk Disclosures**`market_risk`2791
**Critical Accounting Policies**`mda_critical_accounting`510
**Management's Discussion and Analysis**`mda_full`13,9912618
**Liquidity and Capital Resources**`mda_liquidity`44
**Outlook and Guidance**`mda_outlook`64
**MD&A Overview**`mda_overview`54
**Results of Operations**`mda_results_operations`34
**Other Information (10-Q)**`other_information_10q`19311
**Consolidation Policy**`policy_consolidation`291
**Risk Factors**`risk_factors`6,53116
**Signatures (Executive Officers)**`signature_officers`991
**Contract Assets and Liabilities**`table_contract_assets`17011
**Segment Reporting Schedule**`table_segment_reporting`39712
## 10-Q — Q3 FY2026 (filed 2025-11-19)
Accession: 0001045810-25-000230 | 33 sections | 76 tables
33 rows × 5 columns
SectionSection IDWordsChunksTables
**Controls and Procedures**`controls_procedures`3451
**Summary of Significant Accounting Policies**`footnote_accounting_policies`5891
**Cash and Investments**`footnote_cash_investments`1,92244
**Commitments and Contingencies**`footnote_commitments`1,72741
**Debt and Credit Facilities**`footnote_debt`61511
+ 28 more rows
**Derivative Financial Instruments**`footnote_derivatives`53821
**Earnings Per Share**`footnote_eps`54711
**Stockholders' Equity**`footnote_equity`1891
**Fair Value Measurements**`footnote_fair_value`53821
**Goodwill and Intangible Assets**`footnote_goodwill`62822
**Income Taxes**`footnote_income_tax`3801
**Inventories**`footnote_inventory`25811
**Leases**`footnote_leases`72622
**Property, Plant and Equipment**`footnote_ppe`64822
**Restructuring and Related Charges**`footnote_restructuring`1261
**Revenue Recognition**`footnote_revenue`29011
**Segment Information**`footnote_segment`2,61354
**Stock-Based Compensation**`footnote_stock_comp`65022
**Notes to Financial Statements - Introduction**`footnotes_introduction`4,82895
**Legal Proceedings**`legal_proceedings`641
**Market Risk Disclosures**`market_risk`2701
**Critical Accounting Policies**`mda_critical_accounting`810
**Management's Discussion and Analysis**`mda_full`12,1602116
**Liquidity and Capital Resources**`mda_liquidity`44
**Outlook and Guidance**`mda_outlook`52
**MD&A Overview**`mda_overview`42
**Results of Operations**`mda_results_operations`810
**Other Information (10-Q)**`other_information_10q`21111
**Consolidation Policy**`policy_consolidation`291
**Risk Factors**`risk_factors`7,08718
**Signatures (Executive Officers)**`signature_officers`991
**Contract Assets and Liabilities**`table_contract_assets`17311
**Segment Reporting Schedule**`table_segment_reporting`60912
## 10-Q — Q2 FY2026 (filed 2025-08-27)
Accession: 0001045810-25-000209 | 12 sections | 1 tables
12 rows × 5 columns
SectionSection IDWordsChunksTables
**Controls and Procedures**`controls_procedures`3491
**Commitments and Contingencies**`footnote_commitments`1,3612
**Debt and Credit Facilities**`footnote_debt`23111
**Fair Value Measurements**`footnote_fair_value`2271
**Income Taxes**`footnote_income_tax`3751
+ 7 more rows
**Leases**`footnote_leases`2951
**Segment Information**`footnote_segment`1,3084
**Stock-Based Compensation**`footnote_stock_comp`2281
**Legal Proceedings**`legal_proceedings`641
**Market Risk Disclosures**`market_risk`2701
**mda_other**`mda_other`12
**Risk Factors**`risk_factors`3,7998
## 10-Q — Q1 FY2026 (filed 2025-05-28)
Accession: 0001045810-25-000116 | 12 sections | 1 tables
12 rows × 5 columns
SectionSection IDWordsChunksTables
**Controls and Procedures**`controls_procedures`3491
**Commitments and Contingencies**`footnote_commitments`1,4364
**Debt and Credit Facilities**`footnote_debt`23111
**Fair Value Measurements**`footnote_fair_value`3461
**Income Taxes**`footnote_income_tax`2911
+ 7 more rows
**Leases**`footnote_leases`3021
**Segment Information**`footnote_segment`141
**Stock-Based Compensation**`footnote_stock_comp`1941
**Legal Proceedings**`legal_proceedings`641
**Market Risk Disclosures**`market_risk`1441
**mda_other**`mda_other`11
**Risk Factors**`risk_factors`3,2507
## 10-Q — Q3 FY2025 (filed 2024-11-20)
Accession: 0001045810-24-000316 | 12 sections | 1 tables
12 rows × 5 columns
SectionSection IDWordsChunksTables
**Controls and Procedures**`controls_procedures`3551
**Commitments and Contingencies**`footnote_commitments`1,3464
**Debt and Credit Facilities**`footnote_debt`29711
**Fair Value Measurements**`footnote_fair_value`121
**Income Taxes**`footnote_income_tax`3681
+ 7 more rows
**Leases**`footnote_leases`3061
**Segment Information**`footnote_segment`141
**Stock-Based Compensation**`footnote_stock_comp`2591
**Legal Proceedings**`legal_proceedings`641
**Market Risk Disclosures**`market_risk`1441
**mda_other**`mda_other`13
**Risk Factors**`risk_factors`3,8219
## 10-Q — Q2 FY2025 (filed 2024-08-28)
Accession: 0001045810-24-000264 | 12 sections | 1 tables
12 rows × 5 columns
SectionSection IDWordsChunksTables
**Controls and Procedures**`controls_procedures`3551
**Commitments and Contingencies**`footnote_commitments`1,3434
**Debt and Credit Facilities**`footnote_debt`29711
**Fair Value Measurements**`footnote_fair_value`121
**Income Taxes**`footnote_income_tax`3561
+ 7 more rows
**Leases**`footnote_leases`3121
**Segment Information**`footnote_segment`141
**Stock-Based Compensation**`footnote_stock_comp`2381
**Legal Proceedings**`legal_proceedings`641
**Market Risk Disclosures**`market_risk`1431
**mda_other**`mda_other`14
**Risk Factors**`risk_factors`5,86815
## 10-Q — Q1 FY2025 (filed 2024-05-29)
Accession: 0001045810-24-000124 | 13 sections | 1 tables
13 rows × 5 columns
SectionSection IDWordsChunksTables
**Controls and Procedures**`controls_procedures`2881
**Commitments and Contingencies**`footnote_commitments`1,3242
**Debt and Credit Facilities**`footnote_debt`27811
**Fair Value Measurements**`footnote_fair_value`121
**Income Taxes**`footnote_income_tax`2591
+ 8 more rows
**Leases**`footnote_leases`2911
**Segment Information**`footnote_segment`141
**Stock-Based Compensation**`footnote_stock_comp`2151
**Subsequent Events**`footnote_subsequent_events`3331
**Legal Proceedings**`legal_proceedings`641
**Market Risk Disclosures**`market_risk`1431
**mda_other**`mda_other`11
**Risk Factors**`risk_factors`5,94716
**Tip:** Use `get_filing_section` with a section_id and accession_number above to read section content.
07Narration

Now let me get the forward guidance for next quarter (Q2 FY2027) from the earnings call transcript and press release.

08Tool callget_filing_section
{
"ticker": "NVDA",
"section_id": "earnings_guidance",
"accession_number": "0001045810-26-000051"
}
09Tool callcompare_earnings_calls
{
"ticker": "NVDA",
"n_quarters": 2,
"dimensions": ["guidance"],
"vantage_date": "2026-05-20"
}
10Resultget_filing_section✓ ok · 330 ch
No extracted text for section "earnings_guidance" in accession 0001045810-26-000051 (NVDA).

If several sections of this accession return empty, the filing is likely not extracted in MetricDuck yet — confirm once with `list_filings("NVDA")` (only EXTRACTED filings list sections); don't keep trying sections or accessions blindly.
11Resultcompare_earnings_calls✓ ok · 3,180 ch
# NVDA — Earnings Call Trajectory

**2 quarters returned · 2 with transcript text · 2 analyzed (signals).**

## Coverage
Event datePeriodAccessionStatusSource
2026-05-20~Q1 FY20270001045810-26-000051COMPLETED
2026-02-25Q4 FY20260001045810-26-000019COMPLETEDIssuer-published
*Source = transcript provenance: `SEC-filed` (in an 8-K exhibit, audit-grade) · `Issuer-published` (Q4/IR, attributable) · `Machine-transcribed` (LLM/ASR — verify against the source). Transcript figures are management commentary, not SEC-filed XBRL facts.*
*Periods marked ~ are derived from the 8-K filing date + fiscal calendar (estimate); unmarked periods are stamped from the analyzed transcript. `TEXT_STORED` = raw transcript text captured and readable (pin the accession via `get_filing_section`); signal analysis pending.*

## Guidance Trajectory
*Grouped by metric. Each row shows the value given on that call with any delta-vs-prior flag from the extractor.*

**gross_margin**:
- 2026-05-20: 74.9% and 75%, respectively, plus or minus 50 basis points → Q2 FY2027 [new] tight_range
- 2026-05-20: mid-70s → FY2027 [maintained] directional
- 2026-02-25: 74.9% and 75%, respectively, plus or minus 50 basis points → Q1 FY2027
- 2026-02-25: mid-70s → FY2027
**operating_expenses**:
- 2026-05-20: approximately $8.5 billion and $8.3 billion, respectively → Q2 FY2027 [new] point
- 2026-05-20: upper-40s on a year-over-year basis → FY2027 [maintained] directional
- 2026-02-25: approximately $7.7 billion → Q1 FY2027
- 2026-02-25: low 40s → FY2027
**revenue**:
- 2026-05-20: $91 billion, plus or minus 2% → Q2 FY2027 [new] tight_range
- 2026-05-20: $1 trillion in Blackwell and Rubin revenue → 2025 through calendar 2027 [new] point
- 2026-02-25: $78 billion, plus or minus 2% → Q1 FY2027
**tax_rate**:
- 2026-05-20: between 16% and 18% → FY2027 [raised] tight_range
- 2026-02-25: between 7% and 19% → FY2027
**CPU_revenue**:
- 2026-05-20: $20 billion → FY2027 [new] point
**TAM**:
- 2026-05-20: $200 billion → for Vera CPU [new] point

Sources

  1. [1] NVDA · Earnings Call ~Q1 FY2027 (2026-05-20)
  2. [2] NVDA · Earnings Call Q4 FY2026 (2026-02-25) · Issuer-published

Next Steps

  1. get_filing_index("NVDA")Full signal map for the most recent call
  2. get_filing_section("NVDA", "earnings_press_release")Same-event earnings press release narrative — guidance/outlook (query="outlook") + CEO commentary (transcript adds the Q&A color the release omits; "earnings_income_statement" for the headline numbers)
  3. list_filings("NVDA", form_type="8-K")Accession list for drilling a specific prior quarter
  4. get_filing_section("NVDA", "transcript_prepared_remarks", accession_number="0001045810-26-000051")Raw transcript for 2026-05-20 call
  5. get_filing_section("NVDA", "transcript_prepared_remarks", accession_number="0001045810-26-000019")Raw transcript for 2026-02-25 call
12Tool callget_filing_section
{
"ticker": "NVDA",
"section_id": "transcript_prepared_remarks",
"accession_number": "0001045810-26-000051",
"query": "Q2 outlook revenue gross margin"
}
13Resultget_filing_section✓ ok · 17,325 ch
# NVDA — transcript_prepared_remarks
Earnings-call transcript · 2026-05-20
**Keyword search:** "Q2 outlook revenue gross margin" — 1 matching chunk

**[Chunk 2 of 5]**
We remain front-footed in securing sufficient supply to support our customers' growth. In Q1, we increased total supply, inclusive of inventory, purchase commitments, and prepaids to $145 billion. While we are not immune to supply challenges, we remain confident in our ability to support the growth opportunity ahead, with our intense focus, scale and longstanding partnerships with critical suppliers continuing to serve us well. 

Let me move to the rest of the P&L. GAAP gross margin was 74.9% and non-GAAP gross margin was 75%, largely flat sequentially by Blackwell systems continued to account for most of our shipments. GAAP and nonGAAP operating expenses were up 12% sequentially, primarily due to higher compensation and an increase in compute and infrastructure costs. 

Our non-GAAP effective tax rate of 16% came just below our prior outlook due to favorable geographic mix. And on our balance sheet, days sales outstanding was 45 days. Due to favorable timing of collections, we expect to return to the mid-50s in Q2. We generated record free cash flow $49 billion, up from $35 billion in Q4. 

I'd now like to update you on our capital allocation plan. First, to reiterate, our intention is to prioritize R&D and strategic investment, both will enable us to cultivate our ecosystem, drive market growth, and strengthen our market position. As a key enabler of AI, we will make investments necessary to deliver the industry's lowest cost per token and the highest token throughput, which will help our customers and partners scale and expand the AI frontier. 

Return program is another key component of our capital allocation strategy. Given confidence in our long-term free cash flow outlook and our commitment to sharing our success with shareholders, we are increasing our quarterly dividend from $0.01 to $0.20 (sic) [$0.25] per share. We plan to review our dividend on a regular basis, as we continue to scale our business. We are also announcing an $80 billion share repurchase authorization, which is in addition to the $39 billion remaining on our current plan. As we indicated at GTC, we plan to return roughly 50% of free cash flow to shareholders this year. 

Let me turn to the outlook for the second quarter. Total revenue is expected to be $91 billion, plus or minus 2%. We expect sequential growth to be driven primarily by Data Center. We are continuing to work vigorously on our supply chain ecosystem to address the incredible demand we see ahead of us, giving us full confidence in the $1 trillion in Blackwell and Rubin revenue we foresee from 2025 through calendar 2027. 

GAAP and non-GAAP gross margins are expected to be 74.9% and 75%, respectively, plus or minus 50 basis points. For the full year, we are still expecting to be in the mid-70s. 

GAAP and non-GAAP operating expenses are expected to be approximately $8.5 billion and $8.3 billion, respectively. For the full year, we now expect OpEx to grow somewhere in the upper-40s on a year-over-year basis, driven by higher R&D and acceleration in the usage of AI tools to enhance productivity. 

For the full year 2027, we expect GAAP and non-GAAP tax rates to be between 16% and 18%, excluding any discrete items from material changes to our tax environment. This is lower than our prior expectation of 17% to 19% due to changes in geographic mix. 

That puts me at the end of this part, and I'm going to now turn this over to the Q&A with Toshiya. 

..................................................................................................................................................................................................................................................................... 

## Toshiya Hari 

Vice President-Investor Relations & Strategic Finance, NVIDIA Corp. 

Thanks, Colette. We will now transition to Q&A. Operator, please poll for questions. 

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Copyright © 2001-2026 FactSet CallStreet, LLC 

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NVIDIA Corp. _(_ NVDA) Q1 2027 Earnings Call 

Corrected Transcript 20-May-2026 

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## **QUESTION AND ANSWER SECTION** 

**Operator** : Thank you. [Operator Instructions] Your first question comes from Joseph Moore with Morgan Stanley. Your lie is open. ..................................................................................................................................................................................................................................................................... 

## Joseph Moore 

Analyst, Morgan Stanley & Co. LLC 

Q 

Great. Thank you for letting me ask a question. I guess, I'd like to ask, what drove the change in segmentation? What's the philosophy behind giving us the numbers that way? And then, can you talk about any competitive differences between the two segments and this kind of surprising CPU number that you talked about, how do you see that across the two segments as well? Thank you. ..................................................................................................................................................................................................................................................................... 

## Jen Hsun Huang 

Co-Founder, President, Chief Executive Officer & Director, NVIDIA Corp. 

A 

Yeah. Thanks, Joe. First of all, Colette meant to say we're increasing our quarterly dividend from $0.01 to $0.25. I think that extra $0.05 would mean a lot to the large shareholders. 

So, anyhow, let's see, Joe, on the segmentation and the description of the business, we wanted you to understand our business better. AI is very diverse and computing is diverse. They're diverse in several ways. The first thing, of course, is AI includes languages, and depending on the different industries, it could be 3D graphics for manufacturing and industrial robotics. It could be proteins for life sciences. It could be small chemicals for life sciences or material sciences. It could be physics for the physical sciences, whether it's in the energy sector or, of course, the science labs, higher education, so on and so forth. So, AI is diverse. 

The second thing is the applications are diverse. It could be in enterprise. It could be in the energy sector, manufacturing sector, and such. Where it runs is diverse. It could be in the hyperscale cloud. It could be AI natives. There's a whole network of AI natives that are cropping up around the world. Enterprises on-prem, industrial in the factories, in the plants, all the way to supercomputing centers and the edge. Edge, including, of course, what most people see, self-driving cars, robotics, but a large growing network of computers inside manufacturing plants, whether it's a chip plant or packaging or computer plants, all kinds of different types of manufacturing plants. And then, of course, in the future, every single base station, every single radio network would become an AI-powered radio network. And so where it runs. 

And then lastly, how it's governed. It could be operated by public cloud, but it could also have industrial regulatory reasons that prevents it from being run in a regulatory cloud. It could be because of confidential computing. It could be because of national security reasons. Different data centers have to be built differently. 

NVIDIA is quite unique in the sense that we are the only company that builds all of the technology components. We build it in an extreme co-design way, in a complete end-to-end way, in a full stack way. But then, we, of course, open the platform so that it could be integrated into all the different environments. But some environments just require – an enterprise, for example, require a company who has all of the technologies working together so that they don't have to build it. They would like to buy it and operate it. And so there's many different segments of the data center market where NVIDIA's total solution, fully integrated solution with full stack, but still open, that way of doing – of producing or delivering products is really, really important. 

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Copyright © 2001-2026 FactSet CallStreet, LLC 

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NVIDIA Corp. _(_ NVDA) Q1 2027 Earnings Call 

Corrected Transcript 20-May-2026 

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And so if you look at our different segments, the way we broke it out into three large segments. You take all of the words that I just said and you try to find the simplest factoring of it, it would be the hyperscale clouds, that would be one large segment. And within that segment, there's three different ways that we operate. First way is that we help the hyperscale clouds accelerate their data processing and machine learning workloads. We accelerate and support their AI processing inside. We also, of course, bring a lot of business – NVIDIA ecosystem business to their public clouds. And so that's one segment. 

The second segment is AI natives, enterprise on-prems, industrial on-prems and sovereign AI. That segment is growing incredibly fast because everybody needs AI, and we're going to see AI being adopted by every industry, every country, every company. And so everybody wants to build it in a different way. And the fact that we provide the entire solution, it makes it much easier, it makes it possible at all for people to be able to build these things. 

And then, of course, the robotic edge. Today, yesterday's computing was largely about personal computing. In the future, it's going to be about personal AI. And that personal AI, one example of it is the self-driving car. It's a car – it's a robotic system that's essentially your personal AI. And of course, there'll be all kinds of different types of robotic systems, including even the base station radio network, as I mentioned, is going to be essentially a robotic system. 

And so that's the reason why we broke it all apart this way. It's the simplest way of understanding our business. Each one of them have different stacks in a lot of ways. They have different operating systems. They operate in a different way. We go to market very differently in each one of them. The easiest go-to-market, of course, is the hyperscaler, because there are only five or six of them. But the rest of them – the rest of the industry represents a couple of 250,000 companies around the world. That go-to-market is very complex, very diverse. Your understanding of AI has to be extremely diverse. 

And as you know, NVIDIA has the largest suite of acceleration libraries in the world from computational lithography to fluid dynamics to particle physics to molecular dynamics to the list goes on. And all of those libraries are essential for us to engage the vertical industries that represents the second and the third category. Okay? 

So, anyways, it's really about the fact that our business has now evolved and grown to such a large scale, it's helpful to segment it so that you have a better understanding of how our business works. ..................................................................................................................................................................................................................................................................... 

**Operator** : Your next question comes from Ben Reitzes with Melius Research. Your line is open. 

..................................................................................................................................................................................................................................................................... 

## Ben Reitzes 

## Analyst, Melius Research LLC 

Q 

Hey, guys. Thanks so much. I wanted to ask, Jensen, I want to ask you about your philosophy on growth. Your Data Center business ex-China grew about 120% in the quarter. And then, you're guiding about 100%. CapEx at the hyperscalers is forecast by many, including myself, to like grow 90% to 100% this year. 

And you talked about Data Center still on track to be $3 trillion to $4 trillion by the end of the decade. I was just wondering, the goal for the company to grow faster than hyperscaler CapEx, are you comfortable in kind of endorsing that view? And do you still see hyperscaler CapEx kind of still growing after this year at a very rapid clip? Thanks a lot. ..................................................................................................................................................................................................................................................................... 

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Copyright © 2001-2026 FactSet CallStreet, LLC 

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NVIDIA Corp. _(_ NVDA) Q1 2027 Earnings Call 

Corrected Transcript 20-May-2026 

A 

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## Jen Hsun Huang 

Co-Founder, President, Chief Executive Officer & Director, NVIDIA Corp. 

Yeah. Thanks, Ben. So, first of all, we should be growing faster than hyperscale CapEx. And the reason for that is illustrated by the segmentation that I just described. Our Data Center business has two large parts. It has more parts than that, but we combined it into two large parts for simplicity's sake. It's much more complex than the two large parts, but I combined it into two, so that it's at least easier to understand. Okay? 

And so if you look at the first part is hyperscalers. That's the hyperscale CapEx that you were just talking about. And they're at $1 trillion this year. I have every expectation it's going to grow from here for fundamentally good reasons. This is the way computing is going to work in the future. And if they don't have the compute, they won't have the revenues. It is very clear compute is revenues, compute is profit. And so the world is changing. SaaS didn't used to use as much compute, but AI requires a tremendous amount of compute. 

But you could do, of course, incredibly more, which is the reason why we heard about the frontier AI companies, both Anthropic and OpenAI, growing at an incredible pace. The fact that they can grow within one month, what some of the SaaS companies would have taken a decade to grow, tells you something. And so the first category is hyperscale and the CapEx is at $1 trillion, and it's growing towards the $3 trillion to $4 trillion. 

The second category is all of the AI native clouds. They're regional. They're all over the place. There are startups all over the world supporting those companies. They're enterprise. 250,000 enterprise companies around the world, many of them will have to build or want to build AI factories for themselves to operate. Many industrial companies, there's no choice but to put the computer where the context is, where the action is. You can't put that in the cloud. It has to respond reliably, quickly every single time. Can't imagine a chip plant – a chip fab being connected to a cloud service provider, doesn't make any sense. 

And so, the second category, and then sovereign AI clouds, and so there's a whole category of data centers that semi-custom chips just don't apply, because these data centers want to buy systems. They want to operate systems. They don't want to design – they don't want to build it themselves. And so, the second category is extremely diverse. Instead of five or six, seven companies representing the revenues associated with our first category, the second category is hundreds, thousands of companies. And in the future, it will be hundreds of thousands of companies with a large number of companies with smaller installations. And that category is going to continue to grow at incredible pace. 

MetricDuck Viewer: viewer.metricduck.com/…#section-prepared-remarks
Related 8-K accession: 0001045810-26-000051
Citation: mdck://NVDA/0001045810-26-000051/transcript_prepared_remarks#c1

Sources

  1. [1] NVDA · earnings-call transcript · 2026-05-20
1 chunk matched "Q2 outlook revenue gross margin". Remove query to browse full section.

**Other sections in this filing:**
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- `earnings_boilerplate` (Boilerplate) — ~264 words
- `earnings_cash_flow` (Cash Flow Statement) — ~332 words
- `earnings_document_map` (Document Map) — ~1,054 words
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## NVDA — Q1 FY2027 (fiscal quarter ended April 26, 2026)

**Financials — 10-Q filed 2026-05-20 (accession 0001045810-26-000052)**
- Revenue: $81.61B (vs. $44.06B prior year, +85% YoY)
- Gross margin: 74.93% (Gross profit $61.16B / Revenue $81.61B)
- Operating margin: 65.60% (Operating income $53.54B / Revenue $81.61B)
- Net margin: 71.46% (Net income $58.32B / Revenue $81.61B)
- Diluted EPS: $2.39

**Same-quarter 8-K earnings release (filed 2026-05-20, accession 0001045810-26-000051)** corroborates: revenue $81.61B (+85% YoY), net income $58.32B (+211% YoY), operating income $53.54B (+147% YoY), diluted EPS $2.39 (+214% YoY).

**Next-quarter (Q2 FY2027) guidance** — given by **Colette Kress (EVP & CFO)** on NVIDIA's Q1 FY2027 earnings call (2026-05-20 transcript), anchored to 8-K accession 0001045810-26-000051:
- Revenue: ~$91B, ±2% (driven primarily by Data Center growth)
- GAAP gross margin: 74.9% ±50bps; non-GAAP: 75% ±50bps
- GAAP operating expenses: ~$8.5B; non-GAAP: ~$8.3B
- Full-year FY2027 tax rate: 16%–18% (non-GAAP/GAAP), narrowed/raised from prior 17%–19% guide
- Full-year FY2027 gross margin outlook: still "mid-70s"

(CEO Jensen Huang, on the same call, separately reiterated a $1 trillion cumulative Blackwell + Rubin revenue expectation for calendar 2025 through 2027 — a multi-year framing, not a Q2 figure.)

FINAL ANSWER:
NVDA Q1 FY2027 (quarter ended 4/26/2026), per 10-Q filed 2026-05-20 (accession 0001045810-26-000052) and corroborating 8-K earnings release filed 2026-05-20 (accession 0001045810-26-000051):
- Revenue: $81.61B (+85% YoY)
- Gross margin: 74.93% ($61.16B gross profit / $81.61B revenue)
- Operating margin: 65.60% ($53.54B operating income / $81.61B revenue)
- Net margin: 71.46% ($58.32B net income / $81.61B revenue)
- Diluted EPS: $2.39

Next-quarter (Q2 FY2027) guidance, given by CFO Colette Kress on NVIDIA's Q1 FY2027 earnings call (2026-05-20), anchored to 8-K accession 0001045810-26-000051:
- Revenue: ~$91B, ±2%
- GAAP gross margin: 74.9% ±50bps; non-GAAP gross margin: 75% ±50bps
- GAAP opex: ~$8.5B; non-GAAP opex: ~$8.3B
- Full-year FY2027 tax rate: 16%–18%

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