NVIDIA reports Q2 revenue of $96.2B, up 106% YoY; guides Q3 to $108B

NVIDIA announced financial results for its fiscal second quarter ended July 26, 2026. The 8-K itself does not contain the actual financial figures — those are in the attached press release (Exhibit 99.1) and CFO commentary (Exhibit 99.2), which are furnished but not filed.

The company provided supplemental financial information and commentary from CFO Colette Kress alongside the earnings release. This commentary is posted to the investor relations website and offers additional context on the quarterly results.

NVIDIA reported second quarter fiscal 2027 revenue of $96.2 billion, representing 106% year-over-year growth and 18% sequential growth. Data Center revenue reached $89.0 billion, up 117% year-over-year and 18% sequentially, driven by strong demand for AI infrastructure. GAAP and non-GAAP gross margins were both 75.0%. GAAP earnings per diluted share were $2.46 and non-GAAP EPS were $2.22.

NVIDIA guided third quarter fiscal 2027 revenue to $108.0 billion (plus or minus 2%), representing continued strong sequential growth. The company explicitly stated it is not assuming any Data Center compute revenue from China in this outlook, indicating potential regulatory or export control headwinds in that market. GAAP and non-GAAP gross margins are expected to be 74.0%, plus or minus 50 basis points.

NVIDIA announced strategic partnerships with major financial institutions (Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR) to establish independent compute financing platforms. These partnerships aim to mobilize over $500 billion of third-party capital for AI infrastructure buildout over time, subject to definitive agreements. This initiative could significantly expand the addressable market for NVIDIA's products by facilitating customer financing.

NVIDIA issued approximately $24.9 billion in debt during the six months ended July 26, 2026, net of costs. The balance sheet shows long-term debt increased from $7.5 billion at January 25, 2026, to $32.4 billion at July 26, 2026. This debt issuance provides additional financial flexibility for the company's operations and capital allocation priorities.

NVIDIA reported record Q2 FY27 revenue of $96.2 billion, up 106% year-over-year and 18% sequentially, driven by Data Center revenue of $89.0 billion (up 117% YoY) from Blackwell Ultra infrastructure ramp. GAAP gross margin was 75.0%, operating income $63.7 billion, net income $59.7 billion, and diluted EPS $2.46 (up 128% YoY). Non-GAAP diluted EPS was $2.22, up 120% year-over-year.

NVIDIA entered into guarantees capped at $105 billion to support OpenAI's 20-year data center leases at SB Energy's PORTS-Pike campus in Ohio, securing approximately 4.25 gigawatts of capacity exclusively for NVIDIA infrastructure. The guarantees become effective in phases starting in fiscal 2029 as data centers become ready. NVIDIA stated each generation of infrastructure deployed could represent approximately 1.5 million GPUs or $150 billion to $200 billion in NVIDIA revenue, with the site expected to support multiple upgrade cycles over 20 years. Total maximum gross exposure under all guarantees (including other AI cloud partners) is $108.5 billion.

NVIDIA's accounts receivable increased to $63.1 billion with days sales outstanding rising to 60 days from 45 days sequentially. The company attributed this increase to extended payment terms on large, multi-quarter agreements with certain investment-grade customers, indicating longer collection cycles on major deals.