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.

# NVDA - Income Statement (Quarterly)

**Showing 4 periods** (most recent first)

**Period-over-period change (Q2 2027 vs Q1 2027, QoQ):**
- **Revenue**: $96.22B (was $81.61B; +17.9%)
- **Cost of Revenue (COGS)**: $24.08B (was $20.46B; +17.7%)
- **Gross Profit**: $72.14B (was $61.16B; +18.0%)
- **R&D Expenses**: $7.05B (was $6.32B; +11.6%)
- **SG&A Expenses**: $1.35B (was $1.30B; +4.2%)
- **Operating Expenses**: $32.49B (was $28.08B; +15.7%)
- **Operating Income**: $63.73B (was $53.54B; +19.0%)
- **Interest Expense**: $227.00M (was $102.00M; +122.5%)
- **Net Income**: $59.69B (was $58.32B; +2.3%)
- **EPS (Diluted)**: $2.46 (was $2.39; +2.9%)
- **Diluted Shares Outstanding**: 24.29B (was 24.39B; -0.4%)
- **Gross Margin**: 74.98% (was 74.93%; +0.04pp (+4bp))
- **Operating Margin**: 66.24% (was 65.60%; +0.64pp (+64bp))
- **Net Margin**: 62.03% (was 71.46%; -9.43pp (-943bp))

*Source — the filing that reported each period (amendment-preferred among the filings MetricDuck has ingested): Q2 2027 → 0001045810-26-000075 (filed 2026-08-26) · 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). Per-period EDGAR index links are in the `

` block.*
<raw_data>
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# NVDA - Balance Sheet (Quarterly)

**Showing 4 periods** (most recent first)

**Period-over-period change (Q2 2027 vs Q1 2027, QoQ):**
- **Total Assets**: $320.27B (was $259.47B; +23.4%)
- **Current Assets**: $197.41B (was $151.00B; +30.7%)
- **  Cash & Equivalents**: $22.44B (was $13.24B; +69.5%)
- **  Accounts Receivable**: $63.06B (was $40.71B; +54.9%)
- **  Inventory**: $31.57B (was $25.80B; +22.4%)
- **PP&E (Net)**: $14.29B (was $12.40B; +15.2%)
- **Goodwill**: $21.13B (was $20.89B; +1.1%)
- **Intangible Assets**: $3.00B (was $3.12B; -3.9%)
- **Total Liabilities**: $91.29B (was $64.00B; +42.6%)
- **Current Liabilities**: $43.02B (was $43.88B; -2.0%)
- **  Accounts Payable**: $15.06B (was $13.10B; +15.0%)
- **Current Portion of Long-Term Debt**: $1.00B (was $1.00B; +0.0%)
- **Long-Term Debt**: $32.37B (was $7.47B; +333.3%)
- **Total Debt**: $33.37B (was $8.47B; +293.9%)
- **Total Equity**: $228.98B (was $195.47B; +17.1%)
- **Shares Outstanding**: 24.15B (was 24.22B; -0.3%)
- **Current Ratio**: 4.59x (was 3.44x; +33.4%)
- **Debt/Equity**: 0.15x (was 0.04x; +236.3%)
- **Inventory Turnover**: 3.36x (was 3.47x; -3.2%)

*Source — the filing that reported each period (amendment-preferred among the filings MetricDuck has ingested): Q2 2027 → 0001045810-26-000075 (filed 2026-08-26) · Q1 2027 → 0001045810-26-000052 (filed 2026-05-20) · FY 2026 → 0001045810-26-000021 (filed 2026-02-25) · Q3 2026 → 0001045810-25-000230 (filed 2025-11-19). Per-period EDGAR index links are in the `

` block.*
<raw_data>
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# NVDA - Cash Flow Statement (Quarterly)

**Showing 4 periods** (most recent first)

**Period-over-period change (Q2 2027 vs Q1 2027, QoQ):**
- **Operating Cash Flow**: $24.08B (was $50.34B; -52.2%)
- **Depreciation & Amortization**: $846.00M (was $997.00M; -15.1%)
- **Stock-Based Compensation**: $2.03B (was $1.93B; +5.1%)
- **Deferred Income Taxes**: -$602.00M (was $1.58B; -138.0%)
- **Working Capital Change**: -$30.96B (was -$4.22B; -633.8%)
- **  Change in A/R**: -$22.35B (was -$2.24B; -896.3%)
- **  Change in Inventory**: -$5.78B (was -$4.42B; -30.9%)
- **  Change in A/P**: $1.92B (was $2.21B; -13.3%)
- **Capital Expenditures**: -$2.68B (was -$1.76B; -52.4%)
- **Free Cash Flow**: $21.40B (was $48.59B; -56.0%)
- **FCF Margin**: 22.24% (was 59.53%; -37.29pp (-3729bp))
- **Dividends Paid**: -$6.00B (was -$243.00M; -2369.1%)
- **Dividends Per Share (Common)**: $0.2500 (was $0.0100; +2400.0%)
- **Dividend Payout Ratio**: 10.05% (was 0.42%; +9.64pp (+964bp))
- **Share Repurchases**: -$19.73B (was -$19.31B; -2.2%)
- **Investing Cash Flow**: -$8.70B (was -$26.43B; +67.1%)
- **Financing Cash Flow**: -$6.18B (was -$21.28B; +71.0%)
- **Net Change in Cash**: $9.21B (was $2.63B; +249.8%)

*Source — the filing that reported each period (amendment-preferred among the filings MetricDuck has ingested): Q2 2027 → 0001045810-26-000075 (filed 2026-08-26) · 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). Per-period EDGAR index links are in the `

` block.*

⚠ **The rows above do not account for Operating Cash Flow** (Q2 2027): they bridge to $31.00B against a served $24.08B — **$6.92B unexplained (29%)**. Unavailable row(s) that would absorb it: `oper_other_cf`. Do not read this table as a complete account of what moved operating cash, and do not attribute the change to whichever rows happen to be shown. To identify a specific missing item, query it directly — e.g. `get_xbrl_facts(ticker, "GainLossOnInvestments", period_history=true)`.
<raw_data>
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**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.

REMINDER: When figures or quotes from this response are used in your answer or a deliverable, you MUST carry their sources with them as markdown hyperlinks (the numbered sources / per-fact filing links above), and keep any stated credibility tier (SEC-filed / Issuer-published / Machine-transcribed) attached.

# NVDA — 8-K Earnings Release History (2 quarters)

## Q2 FY2027 (filed 2026-08-26)

**Cash Flow — as-released (unaudited)** [2]

*Basis: the quarter alone — the same period as the figures above.*

*Accrual quality: moderate — Operating cash flow is significantly lower than net income, indicating potential accrual accounting impacts.*

## Q1 FY2027 (filed 2026-05-20)

**Cash Flow — as-released (unaudited)** [4]

*Basis: the quarter alone — the same period as the figures above.*

*Accrual quality: moderate — OCF to Net Income ratio is 0.86, indicating a moderate level of accrual quality.*

    ↳ highlighted: viewer.metricduck.com/…#quote-UmV2ZW51ZSBvZiAkOTYuMiBiaWxsaW9uLCB1cCAxMDYlIGZyb20gYSB5ZWFyIGFnbw↗⧉
    Citation: mdck://NVDA/0001045810-26-000073/ex991#b01_0001
[2] NVDA · Earnings Release (2026-08-26) — "Net cash provided by operating activities 24,077 15,365 ... Purchases related t…"
    sec.gov/…/0001045810-26-000073-index.htm↗⧉
    ↳ highlighted: viewer.metricduck.com/…#quote-TmV0IGNhc2ggcHJvdmlkZWQgYnkgb3BlcmF0aW5nIGFjdGl2aXRpZXMgMjQsMDc3IDE1LDM2NSAuLi4gUHVyY2hhc2VzIHJlbGF0ZWQgdG8gcHJvcGVydHkgYW5kIGVxdWlwbWVudCBhbmQgaW50YW5naWJsZSBhc3NldHMgKDIsNjc3KSAoMSw4OTQp↗⧉
    Citation: mdck://NVDA/0001045810-26-000073/ex991#b01_0069
[3] 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↗⧉
    ↳ highlighted: viewer.metricduck.com/…#quote-UmVjb3JkIHJldmVudWUgb2YgJDgxLjYgYmlsbGlvbiwgdXAgODUlIGZyb20gYSB5ZWFyIGFnbw↗⧉
    Citation: mdck://NVDA/0001045810-26-000051/ex991#b01_0001
[4] NVDA · Earnings Release (2026-05-20) — "Net cash provided by operating activities 50,344 ... Purchases related to prope…"
    sec.gov/…/0001045810-26-000051-index.htm↗⧉
    ↳ highlighted: viewer.metricduck.com/…#quote-TmV0IGNhc2ggcHJvdmlkZWQgYnkgb3BlcmF0aW5nIGFjdGl2aXRpZXMgNTAsMzQ0IC4uLiBQdXJjaGFzZXMgcmVsYXRlZCB0byBwcm9wZXJ0eSBhbmQgZXF1aXBtZW50IGFuZCBpbnRhbmdpYmxlIGFzc2V0cyAoMSw3NTcpIC4uLiBBcHJpbCAyNiwgMjAyNiB8IEFwcmlsIDI3LCAyMDI1↗⧉
    Citation: mdck://NVDA/0001045810-26-000051/ex991#b01_0061

*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.*

{
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        "capex_growth_pct": 43.194784026079866,
        "accrual_quality": "moderate",
        "period": "q_current"
      }
    }
  ]
}

REMINDER: When figures or quotes from this response are used in your answer or a deliverable, you MUST carry their sources with them as markdown hyperlinks (the numbered sources / per-fact filing links above), and keep any stated credibility tier (SEC-filed / Issuer-published / Machine-transcribed) attached.

# NVIDIA CORP (NVDA) — Filing Signal Index — Management Outlook Lens

**10-Q — ** (filed 2026-08-26)

2 structured facts + 0 LLM summaries (filtered by Management Outlook lens)

*Sparse render flag: 2 facts on a 10-Q (expected ≥4). May indicate upstream extraction gap or schema mismatch — check filing_intelligence row directly if investigating.*

## Period Snapshot (Q2 FY2027, ended 2026-07-26)
Revenue $96.22B (+105.9% YoY, +17.9% QoQ); op margin 66.2% (+5.4pp YoY); OCF $24.08B (+56.7% YoY)
**Capital return (Q2 FY2027, ended 2026-07-26):** $19.73B buybacks, $6.00B dividends

## Tone & Narrative
- **Management Tone:** mixed (inferred) → mda_results_operations

## Forward Guidance
- **Forward Guidance:** key uncertainties:  (extracted) → mda_results_operations

## Earnings Call Signals (Q2 2026-08-26)
**Transcript:** Issuer-published · [View full text](viewer.metricduck.com/…↗⧉) · [View original](s201.q4cdn.com/…/TRANSCRIPT_-NVIDIA-Corp-NVDA-US-Q2-2027-Earnings-Call-26-August-2026-5_00-PM-ET.pdf↗⧉)
**Q&A Deflection Rate:** 0.0% (hedged+deflected response_type / total exchanges)
**Concerns Retained:** 1 analyst left unsatisfied
**Forward Commits:** 2 executive responses with forward commitments
**Guidance:**
- revenue: approximately 70% (fiscal 2028) [new] directional (transcript_unsplit) → viewer.metricduck.com/…#quote-V2UgZXhwZWN0IHRvIGdyb3cgcmV2ZW51ZSBieSBhcHByb3hpbWF0ZWx5IDcwJSBpbiBmaXNjYWwgMjAyOC4gVGhpcyBpcyBhIHN1cHBseS1jb25zdHJhaW5lZCBvdXRsb29rLg&section-prepared-remarks↗⧉
- revenue: $108 billion, plus or minus 2% (Q3 fiscal 2027) [new] tight_range (transcript_unsplit) → viewer.metricduck.com/…#quote-VG90YWwgcmV2ZW51ZSBpcyBleHBlY3RlZCB0byBiZSAkMTA4IGJpbGxpb24sIHBsdXMgb3IgbWludXMgMiUuIFdlIGV4cGVjdCBzZXF1ZW50aWFsIGdyb3d0aCB0byBiZSBkcml2ZW4gcHJpbWFyaWx5IGJ5IEFDSUUgd2l0aCBkYXRhIGNlbnRlciwgd2hpbGUgZ3Jvd3RoIGluIGh5cGVyc2NhbGUgaXM&section-prepared-remarks↗⧉
- revenue: approximately 70% (fiscal year 2028) [new] directional (transcript_unsplit) → viewer.metricduck.com/…#quote-TG9va2luZyBhaGVhZCwgb3VyIHByZWxpbWluYXJ5IGV4cGVjdGF0aW9uIGlzIGZvciBmaXNjYWwgeWVhciAyMDI4IHJldmVudWUgdG8gZ3JvdyBhcHByb3hpbWF0ZWx5IDcwJSB5ZWFyLW92ZXIteWVhci4&section-prepared-remarks↗⧉
- gross_margin: 74%, plus or minus 50 basis points (Q3 fiscal 2027) [new] tight_range (transcript_unsplit) → viewer.metricduck.com/…#quote-Rm9yIFEzLCB3ZSBleHBlY3QgR0FBUCBhbmQgbm9uLUdBQVAgZ3Jvc3MgbWFyZ2lucyB0byBiZSA3NCUsIHBsdXMgb3IgbWludXMgNTAgYmFzaXMgcG9pbnRzLg&section-prepared-remarks↗⧉
- gross_margin: 71% to 72% (Q4 fiscal 2027) [new] tight_range (transcript_unsplit) → viewer.metricduck.com/…#quote-V2UgZXhwZWN0IG1hcmdpbnMgdG8gYm90dG9tIGluIFE0IGluIHRoZSA3MSUgdG8gNzIlIHJhbmdlIGJlZm9yZSBzZXR0bGluZyBhdCA3MiUgdG8gNzMlIGluIGZpc2NhbCB5ZWFyIDIwMjggYXMgZXhlY3V0ZWQgcHJpY2UgaW5jcmVhc2VzIHRha2UgZWZmZWN0IGlu&section-prepared-remarks↗⧉
**Analyst Questions (8):**
- Joseph Moore (Morgan Stanley & Co. LLC): guidance [answered] → viewer.metricduck.com/…#quote-Q29sb3Igb24gdGhlIDcwJSBndWlkYW5jZSBhbmQgY29uZmlkZW5jZSBmb3IgYSBmdWxsIHllYXIu&section-prepared-remarks↗⧉
    · Color on the 70% guidance and confidence for a full year.
    · What is the key constraint separating 70% growth from 100% demand growth?
    · Can these gaps be closed over time?
    → new disclosure: "AI agents use an enormous amount of compute."; "AI factory platform is a full-stack system."; "Sovereign AI, regional AIs, neoclouds, AI start-ups, enterprises represent half of our business."
- CJ Muse (Cantor Fitzgerald & Co.): ai_ml [answered] → viewer.metricduck.com/…#quote-U3BlYWsgdG8gZXZvbHZpbmcgd29ya2xvYWRzIHdpdGggYWdlbnRpYyBBSSBhbmQgaW5mZXJlbmNlIG1hcmtldCBzaGFyZS4&section-prepared-remarks↗⧉
    · Speak to evolving workloads with agentic AI and inference market share.
    · How will your share evolve with growing TAM and full-stack generations?
    · Expectations for growth from ACIE and including Groq 3 LPX?
    → new disclosure: "AI life cycle is getting way more complex."; "Four phases: data prep, pretrain, post-train, agentic inference."; "Third generation of NVLink-72 rack-scale systems."
- Stacy A. Rasgon (Bernstein Institutional Services LLC): guidance [answered] → viewer.metricduck.com/…#quote-Q29udHJpYnV0b3JzIHRvIHRoZSAkMjAwIGJpbGxpb24gdXB0aWNrIGluIGZpc2NhbCAyMDI4IG91dGxvb2sgYWNyb3NzIHByb2R1Y3RzLg&section-prepared-remarks↗⧉
    · Contributors to the $200 billion uptick in fiscal 2028 outlook across products.
    · Is pricing a contributor to this increase?
    · What would the number be if it wasn't constrained?
    → new disclosure: "Unconstrained demand is significant, much higher than 100% YoY growth."; "ACIE (enterprise, neoclouds, sovereign AIs) is the other half of the picture."; "Hyperscale space has backlogs of $2 trillion."
- Vivek Arya (BofA Securities, Inc.): capital_allocation [answered] → viewer.metricduck.com/…#quote-SXMgJDUwMCBiaWxsaW9uIHRoZSBzdW0gb2YgYWxsIGVjb3N5c3RlbSBpbnZlc3RtZW50cyBvdmVyIHRoZSBuZXh0IHNldmVyYWwgeWVhcnM_&section-prepared-remarks↗⧉
    · Is $500 billion the sum of all ecosystem investments over the next several years?
    · Are there other equity or other investments that could still be ahead?
    · Is there a specific cash part of that in fiscal 2028?
    · _(+1 more)_
    → new disclosure: "NVIDIA is an entire AI factory platform spanning the AI life cycle."; "AI services will run on NVIDIA all around the world."; "Investing in AI labs is a once-in-a-generation opportunity."
- Timothy Arcuri (UBS Securities LLC): ai_ml [answered] → viewer.metricduck.com/…#quote-SG93IGRvIHlvdSBiYWxhbmNlIG9wZW4gc291cmNlIG1vZGVscyBnYWluaW5nIHNoYXJlIHZlcnN1cyBkZW1hbmQgZnJvbSBmcm9udGllciBtb2RlbCBjb21wYW5pZXM_&section-prepared-remarks↗⧉
    · How do you balance open source models gaining share versus demand from frontier model companies?
    · Do you see the rise of open models as good or ultimately negative for NVIDIA?
    → new disclosure: "Nearly all open models run on NVIDIA due to footprint and fungible architecture."; "Open models are foundational to AI start-ups and enterprises."; "Open models reaching frontier levels enables proprietary AI."
  _(showing 5 of 8)_
**Revenue Decompositions (12):**
- data center [Q2 2027] (+18%) → viewer.metricduck.com/…#quote-UTIgZGF0YSBjZW50ZXIgcmV2ZW51ZSBpbmNyZWFzZWQgMTglIHF1YXJ0ZXItb3Zlci1xdWFydGVyIHRvICQ4OSBiaWxsaW9uIHdpdGggc3Ryb25nIGNvbnRyaWJ1dGlvbnMgZnJvbSBib3RoIHN1YnNlZ21lbnRzOyBoeXBlcnNjYWxlIGFuZCBBQ0lF&section-prepared-remarks↗⧉
- ACIE [Q2 2027] (+138%) → viewer.metricduck.com/…#quote-QUNJRSByZXZlbnVlIG9mICQ0MCBiaWxsaW9uIGluY3JlYXNlZCAyNSUgc2VxdWVudGlhbGx5IGFuZCAxMzglIHllYXItb3Zlci15ZWFyLg&section-prepared-remarks↗⧉
- Networking [Q2 2027] (+18%) → viewer.metricduck.com/…#quote-T3VyIE5ldHdvcmtpbmcgYnVzaW5lc3MgaGFkIGFub3RoZXIgcmVjb3JkIHF1YXJ0ZXIsIHdpdGggcmV2ZW51ZSBncm93aW5nIDE4JSBvbiBhIHNlcXVlbnRpYWwgYmFzaXMu&section-prepared-remarks↗⧉
- CPU [fiscal 2028 guidance] → viewer.metricduck.com/…#quote-b3VyIHByZWxpbWluYXJ5IGV4cGVjdGF0aW9uIGlzIGZvciBDUFUgcmV2ZW51ZSB0byBtb3JlIHRoYW4gZG91YmxlIGluIGZpc2NhbCAyMDI4LCBwb3NpdGlvbmluZyB1cyBhcyBvbmUgb2YgdGhlIHdvcmxkJ3MgbGVhZGluZyBzZXJ2ZXIgQ1BVIHN1cHBsaWVycy4&section-prepared-remarks↗⧉
- sovereign AI [Q2 2027] → viewer.metricduck.com/…#quote-SW4gc292ZXJlaWduIEFJLCBvdXIgYnVzaW5lc3MsIHByaW1hcmlseSB0aHJvdWdoIHRoZSByZWdpb25hbCBuZW9jbG91ZHMsIGdyZXcgMzUlIHNlcXVlbnRpYWxseSBhbmQgbW9yZSB0aGFuIHRyaXBsZWQgeWVhci1vdmVyLXllYXIgaW4gUTIu&section-prepared-remarks↗⧉
  _(showing 5 of 12)_
**Read raw transcript:**
- `get_filing_section("NVDA", "transcript_prepared_remarks", accession_number="0001045810-26-000073")` — management's prepared remarks
- `get_filing_section("NVDA", "transcript_qa_session", accession_number="0001045810-26-000073")` — analyst Q&A

## Earnings Release Signals (Q2 FY2027, filed 2026-08-26)
Revenue $96.20B (+105.81% YoY) | EPS $2.46 (+127.78% YoY) | Op income $63.73B (+124.10% YoY) | Net income $59.69B (+125.90% YoY)
Op margin 66.2% (+530bps YoY) | Gross margin 75.0% (+260bps YoY) | Net margin 62.0% (+555bps YoY)
OCF $24.08B (+56.70% YoY) | FCF $21.40B (+58.86% YoY) | CapEx $2.68B (+41% YoY)
**Operational Metrics (1):**
- Days Sales Outstanding (DSO): 60.00 days
**Segments (6 top-level):**
- Compute & Networking $41.33B (+114.00% YoY)
- Graphics $5.41B (+46.00% YoY)
- Data Center $41.10B (+117.00% YoY)
- Hyperscale $24.17B (+102.00% YoY)
- AI Clouds, Industrial, & Enterprise $16.93B (+138.00% YoY)
- Edge Computing $5.65B (+27.00% YoY)
**Guidance (2):**
- revenue [q_next]: 105.8B–110.2B
- other [fy_current]: 16–18
**Guidance Revisions (2):**
- revenue [q_next]: initiated
- other [fy_current]: initiated
- `get_filing_section("NVDA", "earnings_press_release", accession_number="0001045810-26-000073")` — Read the earnings release narrative (highlights, outlook/guidance, CEO commentary — query="outlook" to jump to forward-looking language)
- `get_filing_section("NVDA", "earnings_document_map", accession_number="0001045810-26-000073")` — Compact TOC of the release (headline metrics + table/section index)
- `get_filing_section("NVDA", "earnings_income_statement", accession_number="0001045810-26-000073")` — Income statement table
- `get_filing_section("NVDA", "earnings_balance_sheet", accession_number="0001045810-26-000073")` — Balance sheet table
- `get_filing_section("NVDA", "earnings_cash_flow", accession_number="0001045810-26-000073")` — Cash flow table

REMINDER: When figures or quotes from this response are used in your answer or a deliverable, you MUST carry their sources with them as markdown hyperlinks (the numbered sources / per-fact filing links above), and keep any stated credibility tier (SEC-filed / Issuer-published / Machine-transcribed) attached.

# NVDA — transcript_prepared_remarks
Earnings-call transcript · 2026-08-26
Source: Issuer-published — earnings-call transcript, not a SEC-filed document.
Published by the issuer or its webcast/IR vendor; the transcription and formatting may be the vendor's own.
Transcript source: s201.q4cdn.com/…/TRANSCRIPT_-NVIDIA-Corp-NVDA-US-Q2-2027-Earnings-Call-26-August-2026-5_00-PM-ET.pdf↗⧉
**Keyword search:** "Q3 outlook total revenue expected" — 1 matching chunk

**[Chunk 2 of 4]**
First, we've invested nearly $50 billion in the frontier AI labs. This was a meaningful commitment, but it represented a small fraction of our expected free cash flow over the same period. Further, to support the frontier labs infrastructure buildouts, we recently announced partnerships with six of the world's leading infrastructure capital providers; Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR, to establish financing platforms that will raise over $500 billion of third-party capital. With these partnerships, building on our unique, fungible, and durable computing platform, the AI labs will be able to build and assess AI infrastructure funded by long-term institutional capital at relatively attractive rates. 

Last week, we announced that we secured land, power, shell capacity through our partnership with SoftBank Energy to exclusively host NVIDIA Compute at their Portsmouth campus. The initial deployment expected to support 4.25 gigawatts of AI factory capacity will be utilized by OpenAI. Each generation of NVIDIA AI factory systems deployed at PORTS-Pike could represent approximately $1.5 million NVIDIA GPUs. And over 20 years, the site could support multiple upgrade cycles. 

Here's the essential economic point. The LPS commitment secures a long-lived AI factory site, while the NVIDIA Compute within the data center can be upgraded repeatedly. This project deepens our long-standing partnership with OpenAI. OpenAI has committed to substantially deployments of NVIDIA AI infrastructure through 2030. OpenAI's existing and planned commitments represent approximately 12 gigawatts of NVIDIA Compute. 

For another frontier AI lab, we will provide selective credit enhancement for nearly 2 gigawatts of compute. This complements the substantial NVIDIA Compute capacity they've secured independently without NVIDIA's credit support. We recognize the scale of this support, and we know some will call this circular financing. We see it differently. We're going through a major computing platform shift, the creation of one of the most important technologies in human history, and these are once-in-a-generation companies. Their technology leadership is proven, and their customer traction and usage are skyrocketing. We expect them to become the largest technology companies in history. 

We believe these investments, measured against the strength of their demand, the business they create for us, the ecosystem they build on NVIDIA's platform, and the equity returns on our invested capital will be excellent. And our risk is limited. The NVIDIA Compute platform is fungible and durable and can be redeployed to support other customers. For context, we expect demand from the AI labs for which we expect to leverage our balance sheet to contribute toward roughly a quarter of our business next year. This remains compute we ship will be consumed by investment-grade customers or those that are backed by one. 

In Q2, we shipped less than 1% of our total data center revenue in Hopper 200 products to customers based in China in accordance with the US government licenses. Current Hopper shipments are dilutive to corporate gross 



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NVIDIA Corp. _(_ NVDA) 

Corrected Transcript 26-Aug-2026 

Q2 2027 Earnings Call 



margins. And given ongoing geopolitical uncertainty, there is no China data center compute revenue in our forward outlook. 

Moving to the rest of the P&L. GAAP and non-GAAP gross margins were both 75%, largely unchanged from last quarter due to a similar product mix. GAAP and non-GAAP operating expenses were up 10% and 11% sequentially, primarily due to high compute infrastructure costs and compensation and benefits costs. Our nonGAAP effective tax rate of 16% increased from a year ago, primarily due to higher revenue. 

On our balance sheet, inventory increased to $32 billion as we prepared for the Vera Rubin launch. Days of sales outstanding increased to 60 days, reflecting extended payment terms for large purchases by certain investmentgrade customers to be shipped over multiple quarters. 

In Q2, we returned a record $26 billion to shareholders, $20 billion through share repurchases and $6 billion through our quarterly dividend of $0.25 per share. Relative to our plan to return 50% or more of free cash flow, we returned 60% on a year-to-date basis. And going forward, we intend to increase and return excess free cash flow net of strategic uses. 

Let me turn to the outlook for the third quarter. Total revenue is expected to be $108 billion, plus or minus 2%. We expect sequential growth to be driven primarily by ACIE with data center, while growth in hyperscale is expected to reaccelerate in Q4 and into fiscal year 2028 as supply of Vera Rubin grows over time. 

We see Vera Rubin accounting for about 20% of data center revenue in Q3. Looking ahead, our preliminary expectation is for fiscal year 2028 revenue to grow approximately 70% year-over-year. Although we will work to close the supply-demand gap, we expect supply to remain a bottleneck at least through the end of fiscal year 2028. 

Many of you have expressed concerns regarding our gross margins as component costs have risen significantly. As you are already aware, we are experiencing extreme pricing conditions in memory. The magnitude of the price increase has exceeded our prior expectations and are headed even higher into next year. 

As a result, we are resetting expectations today. For Q3, we expect GAAP and non-GAAP gross margins to be 74%, plus or minus 50 basis points. We expect margins to bottom in Q4 in the 71% to 72% range before settling at 72% to 73% in fiscal year 2028 as executed price increases take effect in Q1. 

We want to be direct about this rather than let it linger as an open question. Memory scarcity today is being driven in large part by the AI buildout itself, and unlike a component that simply raises our cost with no offset benefit, tighter memory supply is a symptom of the same demand surge that's driving our own growth. We have longstanding deep relationships with all three major memory suppliers, and we're working closely with them to further increase the capacity our road map requires. 

GAAP and non-GAAP operating expenses are expected to be approximately $9.2 billion and $9.0 billion, respectively. For the full year, we now expect OpEx to grow in the low-50s, driven by a broadening of our product portfolio and further increase in the usage of AI tools, which has already and will continue to enhance engineering productivity. For full year fiscal year 2027, we continue to expect GAAP and non-GAAP tax [ph] rates (00:27:29) to be between 16% and 18%, excluding any discrete items and material changes to our tax environment. 

With that, we will now transition to Q&A. Operator, please poll for questions. 



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NVIDIA Corp. _(_ NVDA) Q2 2027 Earnings Call 

Corrected Transcript 26-Aug-2026 

A 



## **QUESTION AND ANSWER SECTION** 

**Operator** : [Operator Instructions] Your first question comes from the line of Joseph Moore with Morgan Stanley. Your line is open. 

#### Joe Moore 

Analyst, Morgan Stanley & Co. LLC 

# Q 

Great. Thank you. I wonder if you could give us color on the 70%, and what gives you the confidence to guide a full year out? You haven't been doing that. And then what's the gap between that amount of growth and the 100% demand growth, what is the kind of key constraint that separates those numbers, and could you close those gaps over time? 

#### Jen Hsun Huang 

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

Yeah. Thanks, Joe. As you probably are aware, AI has become useful. And the AI agents that are being adopted everywhere use an enormous amount of compute. First of all, the large language models are larger than ever because they're smarter than ever. And these agents go through reasoning and planning, multiple turns of tool use. The amount of compute necessary for an agent versus a human using it is probably 15 to 100 times, depending on the type of problem you're trying to solve. And so, the amount of compute necessary is just extraordinary. That's a factor that almost everybody sees. 

The part that people don't see about our growth, because we're practically singular because of the nature of how we deliver products. I mean, we're the only company in the world that creates and builds, offers an entire AI factory platform, a full-stack system. And customers can still mix and match. However, most companies just don't have the skills to do that or desire to do that. And so, there's an entire part of the market that we experience growth. There's sovereign AI, there're regional AIs, there're neoclouds, there're AI start-ups, there're enterprises, where we're seeing – which represents about half of our business, and that's growing 100% a year. That part of the world's computing is likely to be larger over time than even what we're currently experiencing in the cloud. And so, I think the demand that we see is driven by all of those factors. 

It is also the case that you can no longer procure technology per se and stand up this infrastructure. You've got to go secure the land, power, and shell, which oftentimes is a couple, two, three years out. All of the rest of the supply chain necessary to align the construction, the power, the cooling, all of the labor that's necessary, and with AI infrastructure is creating so many jobs all over the United States and all around the world, it just takes a lot more planning. And so, we're involved in securing infrastructure now further down the pipeline. 

Just as a long time ago, people asked me why is it that we're working with memory suppliers when we're a chip company, and today people understand it's really quite genius that we were working on our supply chain so far upstream. We work with power generator companies downstream. We work with land, power, and shell companies all around the world. And that helps prepare all of this computing that's going to be built that will ultimately deploy for our ecosystem and our customers. And so, we just have a lot greater visibility now upstream and downstream. 

It is the case that we've never forecasted or never guided to a year in advance. And even though our demand is much greater than 70%, our supply allows us to confidently deliver 70%. And we're going to continue to work with our supply chain to increase on that. But what we wanted to do is to be consistent with everybody, from our 



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NVIDIA Corp. _(_ NVDA) 

Corrected Transcript 26-Aug-2026 

Q2 2027 Earnings Call 



customers, our shareholders, our supply chain, everybody sees the same view. And the reason why that's important is because, everybody's putting a lot of resources at play. And so, we wanted to make sure that everybody has the same set of information. And we've got a huge year coming up next year, and it's going to be pretty extraordinary. 

**Operator** : Your next question comes from the line of CJ Muse with Cantor Fitzgerald. Your line is open. 

#### CJ Muse 

Analyst, Cantor Fitzgerald & Co. 

Q 

Yeah. Good afternoon. Thank you for taking the question. There's tremendous investor focus on your inference market share. Can you speak to the evolving workloads you're seeing with agentic AI and how you see your share evolving here over time, particularly when you reflect on the growing value of the TAM you're seeing with each new full-stack generation, your expectation for greater growth from ACIE, and then also including Groq 3 LPX? We'd love to hear your thoughts. 

#### Jen Hsun Huang 

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

A 

Yeah. Thanks, CJ. The AI life cycle is getting way more complex than it used to be. And it's playing into NVIDIA's architecture much more greatly than it used to be. And so, you could kind of see it as four phases. There's the first phase, which is preparing all of the data that you need, some of it is synthetic, some of it is real, some of it is human labeled and generated, pretrain the models, and then there's post-training, the third phase, and then there's the agentic inference. And agentic inference is extremely complicated. And so, every one of those phases are complicated. 

The thing that's really great about the NVIDIA architecture, and we created this with NVLink-72, it was a big surprise on the world when we first created the world's first rack-scale architecture. It was hardly easy. And it was very challenging building the first generation. We're now in our third generation of NVLink-72 rack-scale systems. We had to reinvent the entire supply chain, reinvent systems, reinvent the technology, redistribute our software, refactor our software, everything, every aspect of it was hard. But what it allowed us to do was to create one fungible system that allows us to transition from data creation, data preparation, the pretraining, the post-training to agentic inference. 

The benefits to customers is incredible. And the reason for that is because you've just spent, and we just mentioned, each gigawatt of technology and NVIDIA's revenue exposure in the Hopper timeframe with Hopper plus InfiniBand, and now Vera Rubin and CPU and three types of different networking, because it takes that many types of networking to address the entire world's data center, not to mention the scale-in security networking and the scale-across multicampus networking, so you could argue five different types of networking systems, and then of course, Groq, and all of that increased our revenue contribution or revenue opportunity per gigawatt to $40 billion. 

So, each gigawatt of data center increased from, say, $30 billion about five years ago to now $60 billion today. Of course, the productivity is tremendous, the performance is incredible in comparison, but you're talking about a $60 billion investment. And to the extent that you could use it across multiple phases of the AI life cycle, run every single type of model you can imagine running on it, whether it's diffusion or autoregressive or state-space or some hybrid version of that, every version of attention mechanism you can think of, small or large models, the investment that you make will be preserved and useful and productive for a lot longer time. And so, I think our 



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NVIDIA Corp. _(_ NVDA) 

Corrected Transcript 26-Aug-2026 

Q2 2027 Earnings Call 



advantage in this new world is really quite extraordinary. And it could explain why it is that our growth is actually accelerating. It was already large, but now it's accelerating. 

Let's see. You asked about Groq. Super excited about Groq 3. We achieved a record token interactivity rate, extremely low-latency performance generation. The team is doing fantastically. We spent the last several months fusing the NVLink architecture, which will be the core and – it'll be the core engine, and then for services that would like to have super high interactivity, super high-speed token generation done, the throughput is going to be a lot lower, the cost per token will be higher, but you could associate it with high ASP services. And so, for those companies, you could bolt on one of our Groq accelerators. I'm super excited about that. But the vast majority of the world's data centers will just be Vera Rubin NVLink-72. 

**Operator** : Your next question comes from the line of Stacy Rasgon with Bernstein Research. Your line is open. 

#### Stacy A. Rasgon 

Analyst, Bernstein Institutional Services LLC 

Q 

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- `earnings_document_map` (Document Map) — ~1,211 words
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- `earnings_income_statement` (Income Statement) — ~3,430 words
- `earnings_press_release` (Press Release (Narrative)) — ~1,654 words
- `earnings_segment_data` (Segment Data) — ~346 words
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# NVDA — transcript_prepared_remarks
Earnings-call transcript · 2026-08-26
Source: Issuer-published — earnings-call transcript, not a SEC-filed document.
Published by the issuer or its webcast/IR vendor; the transcription and formatting may be the vendor's own.
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~10,312 words | Chunks 2-2 of 4

First, we've invested nearly $50 billion in the frontier AI labs. This was a meaningful commitment, but it represented a small fraction of our expected free cash flow over the same period. Further, to support the frontier labs infrastructure buildouts, we recently announced partnerships with six of the world's leading infrastructure capital providers; Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR, to establish financing platforms that will raise over $500 billion of third-party capital. With these partnerships, building on our unique, fungible, and durable computing platform, the AI labs will be able to build and assess AI infrastructure funded by long-term institutional capital at relatively attractive rates. 

Last week, we announced that we secured land, power, shell capacity through our partnership with SoftBank Energy to exclusively host NVIDIA Compute at their Portsmouth campus. The initial deployment expected to support 4.25 gigawatts of AI factory capacity will be utilized by OpenAI. Each generation of NVIDIA AI factory systems deployed at PORTS-Pike could represent approximately $1.5 million NVIDIA GPUs. And over 20 years, the site could support multiple upgrade cycles. 

Here's the essential economic point. The LPS commitment secures a long-lived AI factory site, while the NVIDIA Compute within the data center can be upgraded repeatedly. This project deepens our long-standing partnership with OpenAI. OpenAI has committed to substantially deployments of NVIDIA AI infrastructure through 2030. OpenAI's existing and planned commitments represent approximately 12 gigawatts of NVIDIA Compute. 

For another frontier AI lab, we will provide selective credit enhancement for nearly 2 gigawatts of compute. This complements the substantial NVIDIA Compute capacity they've secured independently without NVIDIA's credit support. We recognize the scale of this support, and we know some will call this circular financing. We see it differently. We're going through a major computing platform shift, the creation of one of the most important technologies in human history, and these are once-in-a-generation companies. Their technology leadership is proven, and their customer traction and usage are skyrocketing. We expect them to become the largest technology companies in history. 

We believe these investments, measured against the strength of their demand, the business they create for us, the ecosystem they build on NVIDIA's platform, and the equity returns on our invested capital will be excellent. And our risk is limited. The NVIDIA Compute platform is fungible and durable and can be redeployed to support other customers. For context, we expect demand from the AI labs for which we expect to leverage our balance sheet to contribute toward roughly a quarter of our business next year. This remains compute we ship will be consumed by investment-grade customers or those that are backed by one. 

In Q2, we shipped less than 1% of our total data center revenue in Hopper 200 products to customers based in China in accordance with the US government licenses. Current Hopper shipments are dilutive to corporate gross 



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NVIDIA Corp. _(_ NVDA) 

Corrected Transcript 26-Aug-2026 

Q2 2027 Earnings Call 



margins. And given ongoing geopolitical uncertainty, there is no China data center compute revenue in our forward outlook. 

Moving to the rest of the P&L. GAAP and non-GAAP gross margins were both 75%, largely unchanged from last quarter due to a similar product mix. GAAP and non-GAAP operating expenses were up 10% and 11% sequentially, primarily due to high compute infrastructure costs and compensation and benefits costs. Our nonGAAP effective tax rate of 16% increased from a year ago, primarily due to higher revenue. 

On our balance sheet, inventory increased to $32 billion as we prepared for the Vera Rubin launch. Days of sales outstanding increased to 60 days, reflecting extended payment terms for large purchases by certain investmentgrade customers to be shipped over multiple quarters. 

In Q2, we returned a record $26 billion to shareholders, $20 billion through share repurchases and $6 billion through our quarterly dividend of $0.25 per share. Relative to our plan to return 50% or more of free cash flow, we returned 60% on a year-to-date basis. And going forward, we intend to increase and return excess free cash flow net of strategic uses. 

Let me turn to the outlook for the third quarter. Total revenue is expected to be $108 billion, plus or minus 2%. We expect sequential growth to be driven primarily by ACIE with data center, while growth in hyperscale is expected to reaccelerate in Q4 and into fiscal year 2028 as supply of Vera Rubin grows over time. 

We see Vera Rubin accounting for about 20% of data center revenue in Q3. Looking ahead, our preliminary expectation is for fiscal year 2028 revenue to grow approximately 70% year-over-year. Although we will work to close the supply-demand gap, we expect supply to remain a bottleneck at least through the end of fiscal year 2028. 

Many of you have expressed concerns regarding our gross margins as component costs have risen significantly. As you are already aware, we are experiencing extreme pricing conditions in memory. The magnitude of the price increase has exceeded our prior expectations and are headed even higher into next year. 

As a result, we are resetting expectations today. For Q3, we expect GAAP and non-GAAP gross margins to be 74%, plus or minus 50 basis points. We expect margins to bottom in Q4 in the 71% to 72% range before settling at 72% to 73% in fiscal year 2028 as executed price increases take effect in Q1. 

We want to be direct about this rather than let it linger as an open question. Memory scarcity today is being driven in large part by the AI buildout itself, and unlike a component that simply raises our cost with no offset benefit, tighter memory supply is a symptom of the same demand surge that's driving our own growth. We have longstanding deep relationships with all three major memory suppliers, and we're working closely with them to further increase the capacity our road map requires. 

GAAP and non-GAAP operating expenses are expected to be approximately $9.2 billion and $9.0 billion, respectively. For the full year, we now expect OpEx to grow in the low-50s, driven by a broadening of our product portfolio and further increase in the usage of AI tools, which has already and will continue to enhance engineering productivity. For full year fiscal year 2027, we continue to expect GAAP and non-GAAP tax [ph] rates (00:27:29) to be between 16% and 18%, excluding any discrete items and material changes to our tax environment. 

With that, we will now transition to Q&A. Operator, please poll for questions. 



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NVIDIA Corp. _(_ NVDA) Q2 2027 Earnings Call 

Corrected Transcript 26-Aug-2026 

A 



## **QUESTION AND ANSWER SECTION** 

**Operator** : [Operator Instructions] Your first question comes from the line of Joseph Moore with Morgan Stanley. Your line is open. 

#### Joe Moore 

Analyst, Morgan Stanley & Co. LLC 

# Q 

Great. Thank you. I wonder if you could give us color on the 70%, and what gives you the confidence to guide a full year out? You haven't been doing that. And then what's the gap between that amount of growth and the 100% demand growth, what is the kind of key constraint that separates those numbers, and could you close those gaps over time? 

#### Jen Hsun Huang 

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

Yeah. Thanks, Joe. As you probably are aware, AI has become useful. And the AI agents that are being adopted everywhere use an enormous amount of compute. First of all, the large language models are larger than ever because they're smarter than ever. And these agents go through reasoning and planning, multiple turns of tool use. The amount of compute necessary for an agent versus a human using it is probably 15 to 100 times, depending on the type of problem you're trying to solve. And so, the amount of compute necessary is just extraordinary. That's a factor that almost everybody sees. 

The part that people don't see about our growth, because we're practically singular because of the nature of how we deliver products. I mean, we're the only company in the world that creates and builds, offers an entire AI factory platform, a full-stack system. And customers can still mix and match. However, most companies just don't have the skills to do that or desire to do that. And so, there's an entire part of the market that we experience growth. There's sovereign AI, there're regional AIs, there're neoclouds, there're AI start-ups, there're enterprises, where we're seeing – which represents about half of our business, and that's growing 100% a year. That part of the world's computing is likely to be larger over time than even what we're currently experiencing in the cloud. And so, I think the demand that we see is driven by all of those factors. 

It is also the case that you can no longer procure technology per se and stand up this infrastructure. You've got to go secure the land, power, and shell, which oftentimes is a couple, two, three years out. All of the rest of the supply chain necessary to align the construction, the power, the cooling, all of the labor that's necessary, and with AI infrastructure is creating so many jobs all over the United States and all around the world, it just takes a lot more planning. And so, we're involved in securing infrastructure now further down the pipeline. 

Just as a long time ago, people asked me why is it that we're working with memory suppliers when we're a chip company, and today people understand it's really quite genius that we were working on our supply chain so far upstream. We work with power generator companies downstream. We work with land, power, and shell companies all around the world. And that helps prepare all of this computing that's going to be built that will ultimately deploy for our ecosystem and our customers. And so, we just have a lot greater visibility now upstream and downstream. 

It is the case that we've never forecasted or never guided to a year in advance. And even though our demand is much greater than 70%, our supply allows us to confidently deliver 70%. And we're going to continue to work with our supply chain to increase on that. But what we wanted to do is to be consistent with everybody, from our 



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NVIDIA Corp. _(_ NVDA) 

Corrected Transcript 26-Aug-2026 

Q2 2027 Earnings Call 



customers, our shareholders, our supply chain, everybody sees the same view. And the reason why that's important is because, everybody's putting a lot of resources at play. And so, we wanted to make sure that everybody has the same set of information. And we've got a huge year coming up next year, and it's going to be pretty extraordinary. 

**Operator** : Your next question comes from the line of CJ Muse with Cantor Fitzgerald. Your line is open. 

#### CJ Muse 

Analyst, Cantor Fitzgerald & Co. 

Q 

Yeah. Good afternoon. Thank you for taking the question. There's tremendous investor focus on your inference market share. Can you speak to the evolving workloads you're seeing with agentic AI and how you see your share evolving here over time, particularly when you reflect on the growing value of the TAM you're seeing with each new full-stack generation, your expectation for greater growth from ACIE, and then also including Groq 3 LPX? We'd love to hear your thoughts. 

#### Jen Hsun Huang 

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

A 

Yeah. Thanks, CJ. The AI life cycle is getting way more complex than it used to be. And it's playing into NVIDIA's architecture much more greatly than it used to be. And so, you could kind of see it as four phases. There's the first phase, which is preparing all of the data that you need, some of it is synthetic, some of it is real, some of it is human labeled and generated, pretrain the models, and then there's post-training, the third phase, and then there's the agentic inference. And agentic inference is extremely complicated. And so, every one of those phases are complicated. 

The thing that's really great about the NVIDIA architecture, and we created this with NVLink-72, it was a big surprise on the world when we first created the world's first rack-scale architecture. It was hardly easy. And it was very challenging building the first generation. We're now in our third generation of NVLink-72 rack-scale systems. We had to reinvent the entire supply chain, reinvent systems, reinvent the technology, redistribute our software, refactor our software, everything, every aspect of it was hard. But what it allowed us to do was to create one fungible system that allows us to transition from data creation, data preparation, the pretraining, the post-training to agentic inference. 

The benefits to customers is incredible. And the reason for that is because you've just spent, and we just mentioned, each gigawatt of technology and NVIDIA's revenue exposure in the Hopper timeframe with Hopper plus InfiniBand, and now Vera Rubin and CPU and three types of different networking, because it takes that many types of networking to address the entire world's data center, not to mention the scale-in security networking and the scale-across multicampus networking, so you could argue five different types of networking systems, and then of course, Groq, and all of that increased our revenue contribution or revenue opportunity per gigawatt to $40 billion. 

So, each gigawatt of data center increased from, say, $30 billion about five years ago to now $60 billion today. Of course, the productivity is tremendous, the performance is incredible in comparison, but you're talking about a $60 billion investment. And to the extent that you could use it across multiple phases of the AI life cycle, run every single type of model you can imagine running on it, whether it's diffusion or autoregressive or state-space or some hybrid version of that, every version of attention mechanism you can think of, small or large models, the investment that you make will be preserved and useful and productive for a lot longer time. And so, I think our 



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NVIDIA Corp. _(_ NVDA) 

Corrected Transcript 26-Aug-2026 

Q2 2027 Earnings Call 



advantage in this new world is really quite extraordinary. And it could explain why it is that our growth is actually accelerating. It was already large, but now it's accelerating. 

Let's see. You asked about Groq. Super excited about Groq 3. We achieved a record token interactivity rate, extremely low-latency performance generation. The team is doing fantastically. We spent the last several months fusing the NVLink architecture, which will be the core and – it'll be the core engine, and then for services that would like to have super high interactivity, super high-speed token generation done, the throughput is going to be a lot lower, the cost per token will be higher, but you could associate it with high ASP services. And so, for those companies, you could bolt on one of our Groq accelerators. I'm super excited about that. But the vast majority of the world's data centers will just be Vera Rubin NVLink-72. 

**Operator** : Your next question comes from the line of Stacy Rasgon with Bernstein Research. Your line is open. 

#### Stacy A. Rasgon 

Analyst, Bernstein Institutional Services LLC 

Q 

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Citation: mdck://NVDA/0001045810-26-000073/transcript_prepared_remarks#c1

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_Drill in via `get_filing_section(cik="0001045810", accession_number="0001045810-26-000073", section_id="...")`._

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# NVDA — transcript_prepared_remarks
Earnings-call transcript · 2026-08-26
Source: Issuer-published — earnings-call transcript, not a SEC-filed document.
Published by the issuer or its webcast/IR vendor; the transcription and formatting may be the vendor's own.
Transcript source: s201.q4cdn.com/…/TRANSCRIPT_-NVIDIA-Corp-NVDA-US-Q2-2027-Earnings-Call-26-August-2026-5_00-PM-ET.pdf↗⧉
~9,468 words | Chunks 1-1 of 4

Corrected Transcript 



26-Aug-2026 NVIDIA Corp. (NVDA) Q2 2027 Earnings Call 



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NVIDIA Corp. _(_ NVDA) 

Corrected Transcript 26-Aug-2026 

Q2 2027 Earnings Call 



## **CORPORATE PARTICIPANTS** 

Toshiya Hari 

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

Jen Hsun Huang 

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

#### Colette M. Kress 

Chief Financial Officer & Executive Vice President, NVIDIA Corp. 

## **OTHER PARTICIPANTS** 

Timothy Arcuri 

Joe Moore 

Analyst, Morgan Stanley & Co. LLC 

Analyst, UBS Securities LLC 

CJ Muse 

CJ Muse Ben Reitzes Analyst, Cantor Fitzgerald & Co. Analyst, Melius Research LLC 

Stacy A. Rasgon James Edward Schneider Analyst, Bernstein Institutional Services LLC Analyst, Goldman Sachs & Co. LLC 

Vivek Arya Aaron Rakers Analyst, BofA Securities, Inc. Analyst, Wells Fargo Securities LLC 

## **MANAGEMENT DISCUSSION SECTION** 

**Operator** : Good afternoon. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to NVIDIA's Second Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. 

Toshiya Hari, you may begin your conference. 

### Toshiya Hari 

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

Thank you. Good afternoon, and welcome to NVIDIA's conference call for the second quarter of fiscal 2027. With me today from NVIDIA are Jensen Huang, President and Chief Executive Officer; and Colette Kress, Executive Vice President and Chief Financial Officer. 

Our call is being webcast live on NVIDIA's Investor Relations website. The webcast will be available for replay until the conference call to discuss our financial results for the third quarter of fiscal 2027. The content of today's call is NVIDIA's property. It can't be reproduced or transcribed without our prior written consent. 

During this call, we may make forward-looking statements based on current expectations. These are subject to a number of significant risks and uncertainties, and our actual results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our most recent Forms 10-K and 10-Q, and the reports that we may file on Form 8-K with the Securities 



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NVIDIA Corp. _(_ NVDA) 

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Q2 2027 Earnings Call 



and Exchange Commission. All our statements are made as of today, August 26, 2026, based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. 

During this call, we will discuss non-GAAP financial measures. You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our CFO commentary, which is posted on our website. 

With that, let me turn the call over to Colette. 

### Colette M. Kress 

Chief Financial Officer & Executive Vice President, NVIDIA Corp. 

Thanks, Toshiya. We delivered another outstanding quarter with record revenue, operating income, and EPS. Total revenue of $96 billion, more than doubled year-over-year as growth accelerated for the fourth consecutive quarter. The surge in AI demand is driving a global infrastructure buildout, supported by an expanding and diverse set of growth opportunities, spanning hyperscalers, AI labs, AI natives, enterprises, and sovereign customers. We expect to grow revenue by approximately 70% in fiscal 2028. This is a supply-constrained outlook. 

Q2 data center revenue increased 18% quarter-over-quarter to $89 billion with strong contributions from both subsegments; hyperscale and ACIE, which includes our neocloud, industrial, and enterprise customers. Hyperscale revenue of $49 billion grew 13% sequentially, driven by sustained strength in Blackwell. Reinforcing that more compute drives more revenue as new GPU capacity comes online, our hyperscale customers delivered strong financial results in the quarter, with accelerating revenue growth and expanding margins. With cloud industry backlog now greater than $2 trillion, CapEx by the top-five hyperscalers is expected to reach nearly $800 billion in 2026 and $1.3 trillion in 2027. 

Today, we are delighted to announce an expansion of our partnership with AWS. Building on its already vast installed base of NVIDIA Compute, AWS is deploying an additional 2 million GPUs starting this quarter through the second quarter of fiscal 2029. Along with Vera CPUs, some integrated with Rubin, others stand-alone. AWS will serve NVIDIA Nemotron family of open models on Amazon Bedrock and SageMaker. Amazon will also adopt our full physical AI stack; Omniverse, Cosmos, Isaac, and Jetson, to power its fleet of warehouse robots. 

ACIE revenue of $40 billion increased 25% sequentially and 138% year-over-year. Growth was driven by neocloud capacity additions to meet the rising demand from enterprises, AI start-ups, and sovereigns, as well as hyperscalers purchasing capacity to supplement their own buildouts. Using NVIDIA DSX reference designs, our neocloud partners are bringing capacity online faster and at lower token cost. They are expected to exit the year with 8 gigawatts in total installed capacity, up from approximately 3 gigawatts at the end of 2025. 

Incredibly, we are seeing demand acceleration even at our scale. Customers' forecasts point to our growth doubling next year. However, as I mentioned earlier, we expect to grow approximately 70% as we are supplyconstrained. NVIDIA Compute is fully utilized across every cloud we serve. The economic value it generates for our hyperscale, neocloud, and AI lab partners keeps rising. 

Besides building the best AI computing technologies and the most capable supply chain, NVIDIA has three unique capabilities that are engines powering our growth. First, NVIDIA's architecture runs every model, and we're growing share as closed and open model adoption grow. Closed and open models alike, adoption is skyrocketing. NVIDIA runs the leading closed models; OpenAI, Anthropic, Grok, Meta, Gemini, and the leading open models; TML, Mistral, Qwen, Kimi, GLM, DeepSeek, MiniMax, and Nemotron. 



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NVIDIA Corp. _(_ NVDA) 

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Q2 2027 Earnings Call 



We're great at small models and giant ones, large or video, autoregressive or diffusion, in the cloud or in the edge. NVIDIA is great at training, great at inference, great at agentic workloads. One platform, fungible for every model and workload, durable for the entire life cycle of AI. That combination of performance, fungibility, and durability is what makes NVIDIA the productive and financeable compute infrastructure. 

Our second unique capability is our full-stack AI factory platform that is expanding our share of the data center TAM. Since Hopper, our revenue opportunity has grown from roughly $18 billion per gigawatt to $25 billion with Blackwell, to $40 billion with Vera Rubin, which now spans Vera CPU, Rubin GPU, NVLink, InfiniBand or Ethernet and Groq LPU announced earlier this week. 

Our ability to extreme codesign across GPU, CPU, NVLink scale-up networking, scale-out networking, systems, algorithms, and software enables us to deliver X-factor performance gain every generation. Vera Rubin exemplifies this, delivering 30x higher throughput per megawatt and 35x lower token cost relative to Grace Blackwell Ultra. 

We commenced production shipments of Vera Rubin earlier this month. Having already received purchase orders from every major hyperscaler, AI cloud, and system OEM, we expect Vera Rubin to mark the fastest product ramp in NVIDIA's history. 

Our Networking business had another record quarter, with revenue growing 18% on a sequential basis. Spectrum-X Ethernet, which grew 2.6x on a year-over-year basis, is already helping us become the largest and fastest growing network company in the world. 

Rising adoption of agentic AI is driving an acceleration in demand for data center CPUs. Our Grace CPU, introduced in 2021, has been a great success, with revenue on a trailing 12-month basis, exceeding $5 billion. Today, we are in full production of our next-generation Vera CPU. As a stand-alone product, Vera expands our TAM even further. Vera completes agentic tasks 1.8x faster on the spec benchmark and provides five times the bandwidth per watt than any other data center CPU. 

We expect Vera to be deployed by every major hyperscaler, neocloud, AI lab, and system OEM, with shipments already underway to our lead partners, including OCI, SpaceXAI, and starting this quarter, AWS. We continue to see demand for approximately $20 billion in total server CPUs. And based on our customer demand and improving supply outlook, our preliminary expectation is for CPU revenue to more than double in fiscal 2028, positioning us as one of the world's leading server CPU suppliers. 

Since the announcement of our Groq partnership last year, we've been working to unite NVIDIA's high throughput and Groq's high interactivity architectures. At Hot Chips earlier this week, we announced that Groq 3 LPX, our first rack-scale LPU system, is in full production and already setting records, demonstrating nearly 4x the number of tokens per second against the next best alternative on our Artificial Analysis benchmark. We expect to ship Groq 3 LPX in volume later this quarter to early adopters, Nebius will be the first. Today, we're not just selling the best chips; we're selling a full stack AI factory platform, offering superior economics for customers and capturing a bigger share of the data center TAM. 

Our third unique capability is the combination of our full-stack AI factory and rich CUDA ecosystem, allowing us to extend AI into markets a single chip alone can never reach. Beyond the hyperscalers lies a massive market anxious to adopt AI, customers with no interest in designing their own custom silicon. NVIDIA's fully proven full stack platform is uniquely suited to help sovereigns, neoclouds, and enterprises build their AI infrastructure, bring 



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NVIDIA Corp. _(_ NVDA) 

Corrected Transcript 26-Aug-2026 

Q2 2027 Earnings Call 



it to full operation, continuously optimize it through CUDA software and connect it to offtake demand from our vast developer ecosystem. 

Hyperscalers will remain a major growth driver, but non-hyperscaler growth, our AICE (sic) [ACIE] segment spanning sovereign, regional neoclouds, enterprise, edge, and air-gapped data centers will represent roughly half of our data center business. Our AI-native start-up ecosystem, developed and running primarily on the NVIDIA Compute platform, is scaling at a rapid pace. Global VC funding in AI, roughly 70% of which is spent on compute, exceeded $400 billion in the first half of 2026, surpassing the $265 billion raised in all of 2025. Nearly 20 companies, including Cursor, owned by SpaceX, Figma and Together AI now exceed $1 billion in annualized run rate revenue, up from 13 companies in Q4 of last year, with vertical enterprise software logging the fastest growth. 

In enterprise, on a trailing 12-month basis, on-prem revenue in the automotive vertical reached $8 billion, while financial services, manufacturing, and health care combined contributed $7 billion in revenue. Hudson River Trading and Jane Street are leveraging NVIDIA's powered AI factories to accelerate quantitative trading. 

Samsung Electronics is using NVIDIA cuLitho to achieve up to 20x greater performance in computational lithography, while Bristol Myers Squibb is investing in Vera Rubin AI factory, a fast follow to the Roche and Lilly buildouts, as drug R&D time lines compress from years to months. 

In sovereign AI, our business, primarily through the regional neoclouds, grew 35% sequentially and more than tripled year-over-year in Q2. A country or region can allocate land and power directly to a regional cloud partner in ways it never would to a foreign hyperscaler. 

We don't own a cloud ourselves. We are a neutral partner to every sovereign and neocloud. And because NVIDIA Compute is productive, fungible, rentable, and durable, regional cloud interest is surging around the world. We helped CoreWeave, Nebius, and Nscale build entire infrastructure businesses. And neoclouds are emerging everywhere. Firebird in Armenia, Cassava Technologies across Africa, GMI Cloud in Taiwan, Yotta and Neysa in India, Firmus in Australia, YTL AI Cloud in Malaysia, pairing local land, power, and operating expertise with our platform. 

Last month, we announced a partnership with Noetra, Japan's national AI company, to build an NVIDIA DSX AI factory that will create open models to power AI agents, digital twins, robotics, and physical AI applications. South Korea's LG and Hyundai Motor Group are partnering with NVIDIA to build and scale AI. And in Europe, a record 35 new NVIDIA-powered AI supercomputers were unveiled to advance industry and scientific breakthroughs. 

Neoclouds are seeing strong demand pipelines for many diverse offtakers. Rather than allocating their entire capacity to a single long-term offtake guarantee that lenders typically require to finance a data center independently, we have introduced a revenue-sharing structure. NVIDIA provides a take-or-pay commitment on a portion of the facility's capacity, a minimum revenue guarantee that gives lenders the confidence to underwrite the project, and in exchange, we share in a portion of the neoclouds revenue earned above that floor. 

Independent capital still underwrites every deal on its own merits. We're not making loans. In this model, we get paid twice, once on the hardware sale and again through the share of rental revenue, a highly reoccurring stream layered on top of a onetime equipment purchase. Over time, this model can expand our addressable market and create reoccurring usage-linked revenue stream alongside our core platform revenue, with the potential to drive billions in revenue over the medium to long term. 



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NVIDIA Corp. _(_ NVDA) 

Corrected Transcript 26-Aug-2026 

Q2 2027 Earnings Call 



Together, NVIDIA's three unique capabilities, a platform that runs every model, a full stack AI factory platform capturing more of the data center TAM, and a CUDA ecosystem that extends AI into markets, no single chip could reach alone, reinforce one another and are the engines of our growth. 

Let me update you on our progress with our frontier AI labs. The frontier AI labs have extraordinary demand for training and inference compute, but they are growing faster than what their balance sheets and credit profiles can support. They have rapidly growing customer demand, yet still lack the decades-long infrastructure contracts and investment-grade financing capacity needed to secure the AI factory infrastructure independently. In other words, their growth isn't limited by their technology or customer demand; it's limited by compute. For these companies, more compute means more and more intelligence, more users, and more revenue. NVIDIA is needed to help power this flywheel. 

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Related 8-K accession: 0001045810-26-000073
Citation: mdck://NVDA/0001045810-26-000073/transcript_prepared_remarks#c0

**Other sections in this filing:**
- `earnings_balance_sheet` (Balance Sheet) — ~476 words
- `earnings_boilerplate` (Boilerplate) — ~349 words
- `earnings_cash_flow` (Cash Flow Statement) — ~745 words
- `earnings_document_map` (Document Map) — ~1,211 words
- `earnings_full_text` (Full Text (complete release · residual)) — ~6,607 words
- `earnings_gaap_reconciliation` (GAAP Reconciliation) — ~248 words
- `earnings_income_statement` (Income Statement) — ~3,430 words
- `earnings_press_release` (Press Release (Narrative)) — ~1,654 words
- `earnings_segment_data` (Segment Data) — ~346 words
- `earnings_supplemental_tables` (Supplemental Tables) — ~1,217 words

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Confirmed: the entire outlook section (including the Q3 revenue/margin guidance) is Colette Kress (CFO) speaking, uninterrupted since chunk 1.

All figures below are for NVDA's latest reported quarter, **Q2 FY2027 (fiscal quarter ended 2026-07-26)**, filed 2026-08-26 — both the [10-Q](https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/0001045810-26-000075-index.htm) (accession 0001045810-26-000075) and the [8-K earnings release](https://www.sec.gov/Archives/edgar/data/1045810/000104581026000073/0001045810-26-000073-index.htm) (accession 0001045810-26-000073).

**Revenue & margins (10-Q / 8-K, audited XBRL basis):**
- Revenue: $96.221B (10-Q) / $96.20B (8-K release), up 105.8% YoY
- Gross profit: $72.14B → **Gross margin = 72.14/96.22 = 75.0%** (vs 72.4% Q2 FY26)
- Operating income: $63.73B → **Operating margin = 63.73/96.22 = 66.2%** (vs 60.9% Q2 FY26)
- Net income: $59.69B → **Net margin = 59.69/96.22 = 62.0%** (vs 56.5% Q2 FY26)
- Diluted EPS: $2.46 (vs $1.08 Q2 FY26)
- Operating cash flow: $24.08B; Capex: $2.68B; Free cash flow: $21.40B

**Guidance for next quarter (Q3 FY2027), from Colette Kress, EVP & CFO**, on NVIDIA's Q2 FY2027 earnings call (2026-08-26), prepared remarks anchored to the 8-K transcript (accession 0001045810-26-000073):
- Total revenue: **$108B, plus or minus 2%** ("Total revenue is expected to be $108 billion, plus or minus 2%.")
- GAAP & non-GAAP gross margin: **74%, plus or minus 50 bps**
- GAAP opex: ~$9.2B; non-GAAP opex: ~$9.0B
- Full-year (FY2027) non-GAAP/GAAP tax rate: 16%–18%
- Additional color: gross margin expected to bottom at 71–72% in Q4 FY2027 before settling at 72–73% in FY2028; preliminary FY2028 revenue growth guide of ~70% YoY (also CFO Kress, same call)

FINAL ANSWER:
NVDA's latest reported quarter is Q2 FY2027 (fiscal quarter ended 2026-07-26), per the 10-Q and 8-K earnings release both filed 2026-08-26 (accessions 0001045810-26-000075 and 0001045810-26-000073).

Revenue & margins (10-Q/8-K, as filed):
- Revenue: $96.221B (up 105.8% YoY from $46.74B)
- Gross margin: 75.0% (gross profit $72.14B / revenue $96.22B), up from 72.4% a year ago
- Operating margin: 66.2% (operating income $63.73B / revenue $96.22B), up from 60.9% a year ago
- Net margin: 62.0% (net income $59.69B / revenue $96.22B), up from 56.5% a year ago
- Diluted EPS: $2.46 (vs $1.08 prior year)
- Operating cash flow $24.08B; Capex $2.68B; Free cash flow $21.40B

Guidance for next quarter (Q3 FY2027), given by Colette M. Kress, EVP & Chief Financial Officer, on NVIDIA's Q2 FY2027 earnings call (2026-08-26), anchored to the 8-K filing accession 0001045810-26-000073 (transcript_prepared_remarks):
- Total revenue: $108 billion, ±2%
- GAAP and non-GAAP gross margin: 74%, ±50 basis points
- GAAP operating expenses: ~$9.2B; non-GAAP operating expenses: ~$9.0B
- Full-year FY2027 GAAP/non-GAAP tax rate: 16%–18%
(CFO Kress also gave preliminary color: gross margin expected to bottom at 71–72% in Q4 FY2027, settling at 72–73% in FY2028; and a preliminary FY2028 full-year revenue growth outlook of ~70% YoY, both supply-constrained.)