NVDA Q1 2026 Earnings

Call Details

• Call Title: Nvidia Q1 2026 Earnings Call
• Date: May 28, 2025 at 9:00 PM UTC
• Management Team:
  • Jensen Huang (Chief Executive Officer)
  • Colette Kress (Chief Financial Officer)
  • Toshiya Hari (Head of Investor Relations)

Call Summary

Financial Performance

• Total revenue was $44B, up 69% year over year.
• Data center revenue was $39B, up 73% year over year with Blackwell driving the increase.
• A $4.5B inventory and purchase commitment charge related to H20 was recorded in the quarter alongside $4.6B of recognized H20 revenue.
• Excluding the $4.5B charge, Q1 non-GAAP gross margin would have been 71.3% compared to reported GAAP gross margin of 60.5% and non-GAAP gross margin of 61.0%.
• GAAP operating expenses were up 7% sequentially and non-GAAP operating expenses were up 6% sequentially due to higher compensation and employee growth.
• Networking revenue was $5B, up 64% sequentially.
• Gaming revenue was $3.8B, up 48% sequentially and up 42% year over year.
• Automotive revenue was $567M, down 1% sequentially and up 72% year over year.

Guidance

• Total revenue for Q2 is expected to be $45B, plus or minus 2%.
• The company expects to lose approximately $8B of H20 revenue in Q2 due to export controls.
• GAAP and non-GAAP gross margins are expected to be 71.8% and 72.0% respectively, plus or minus 50 basis points.
• GAAP and non-GAAP operating expenses for Q2 are expected to be approximately $5.7B and $4.0B respectively.
• Other income and expenses are expected to be income of approximately $450M, excluding gains and losses from certain equity securities.
• GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1% (excluding discrete items).
• The company expects to continue improving gross margins and is targeting mid-70s percent gross margin range late this year.