NVDA Q2 2026 Earnings

Call Details

• Call Title: Nvidia Q2 2026 Earnings Call
• Date: August 27, 2025 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 for the quarter was $46.7B, which exceeded the company's outlook and grew sequentially across all market platforms.
• Data center revenue grew 56% year over year and grew sequentially despite a $4B decline in H20 revenue.
• Networking revenue was a record $7.3B, which was up 46% sequentially and 98% year over year.
• Gaming revenue reached $4.3B, which was up 14% sequentially and 49% year over year due to Blackwell GeForce GPU ramps.
• GAAP gross margin was 72.4% and non-GAAP gross margin was 72.7%, which included a $180M (40 basis point) benefit from releasing previously reserved H20 inventory.
• Excluding the H20 inventory release benefit, non-GAAP gross margin would have been 72.3%, which still exceeded outlook.
• Operating expenses increased sequentially with GAAP OpEx up 8% and non-GAAP OpEx up 6%, driven by higher compute, infrastructure, and compensation costs.
• Inventory increased from $11B to $15B sequentially as the company funded ramps and strategic initiatives.

Guidance

• Total revenue for Q3 is expected to be $54B, plus or minus 2%, representing over $7B of sequential growth.
• The Q3 GAAP gross margin is expected at 73.3% and non-GAAP gross margin is expected at 73.5%, each plus or minus 50 basis points.
• The company expects to exit the year with non-GAAP gross margins in the mid-70s.
• GAAP and non-GAAP operating expenses for Q3 are expected to be approximately $5.9B and $4.2B, respectively.
• Full-year operating expenses are expected to grow in the high 30% range year over year, revised up from prior expectations of mid-30s.
• GAAP and non-GAAP other income and expense is expected to be income of approximately $500M, excluding gains/losses from non-marketable and publicly held equity securities, and the tax rate is expected at 16.5% plus or minus 1%, excluding discrete items.