NVDA Q1 2027 Earnings

Call Details

• Call Title: Nvidia Q1 2027 Earnings Call
• Date: May 20, 2026 at 9:00 PM UTC
• Management Team:
  • Jensen Huang (President and Chief Executive Officer)
  • Colette Kress (Executive Vice President and Chief Financial Officer)
  • Toshiya Hari (Head of Investor Relations)

Call Summary

Financial Performance

• Total revenue was $82 billion, up 85% year-over-year and up 20% sequentially, with a record $13.5 billion sequential increase.
• Data center revenue was $75 billion, up 92% year-over-year and up 21% sequentially, driven by Blackwell system demand.
• Data center computing revenue was $60 billion, up 77% year-over-year, and data center networking revenue was $15 billion, which nearly tripled year-over-year.
• GAAP gross margin was 74.9% and non-GAAP gross margin was 75%, which were largely flat sequentially.
• Operating expenses were up 12% sequentially on both GAAP and non-GAAP bases, primarily due to higher compensation and increased compute and infrastructure costs.
• Free cash flow was a record $49 billion, up from $35 billion in the prior quarter, and days sales outstanding were 45 days with an expectation to return to the mid-50s next quarter.

Guidance

• Total revenue for Q2 is expected to be $91 billion plus or minus 2%, with sequential growth driven primarily by data center.
• GAAP gross margin is expected to be 74.9% and non-GAAP gross margin is expected to be 75%, each plus or minus 50 basis points.
• GAAP and non-GAAP operating expenses for Q2 are expected to be approximately $8.5 billion and $8.3 billion, respectively.
• For the full fiscal year, operating expenses are expected to grow in the upper 40s percent year-over-year, driven by higher R&D and increased use of AI tools.
• For the full fiscal year 2027, GAAP and non-GAAP tax rates are expected to be between 16% and 18%, which is a decrease from the prior expectation of 17% to 19% due to geographic mix.
• China data center compute revenue is excluded from the outlook, consistent with the prior quarter, due to uncertainty around export/import approvals.