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NVIDIA (NVDA) · Semiconductors

NVIDIA Q1 FY2027 earnings: summary, key numbers & outlook

Results filed 20 May 2026 · Quarter ended 26 Apr 2026

Slides (17 pages)Official transcript (PDF) ↗Press release ↗Investor relations ↗

Summaries and transcripts are machine-generated and can contain errors.

In brief

NVIDIA reported record first-quarter fiscal 2027 revenue of $81.6 billion, up 85% from a year ago, with record Data Center revenue of $75.2 billion, up 92% from a year ago.

NVIDIA's revenue for the quarter ended April 26, 2026 was a record $81.6 billion, up 20% from the previous quarter and up 85% from a year ago. Data Center, driven by Blackwell products and networking, made up $75.2 billion of that. GAAP net income of $58.3 billion was lifted by $15.9 billion of equity securities gains; non-GAAP diluted EPS was $1.87. NVIDIA returned about $20.0 billion to shareholders and raised its quarterly dividend to $0.25 per share.

For the second quarter, NVIDIA expects revenue of $91.0 billion, plus or minus 2%, with gross margins near 75.0%, and assumes no Data Center compute revenue from China. The main tension is concentration and supply: about half of Data Center revenue comes from hyperscalers, inventory and supply commitments rose to $119.0 billion, and cash taxes are expected to jump substantially in the second quarter. Consumer PC demand was also softer on high memory prices.

Slides & documents

Open the slide deck (PDF, 17 pages) ↗

NVIDIA Q1 FY2027 slide deck, page 1NVIDIA Q1 FY2027 slide deck, page 2NVIDIA Q1 FY2027 slide deck, page 3NVIDIA Q1 FY2027 slide deck, page 4NVIDIA Q1 FY2027 slide deck, page 5NVIDIA Q1 FY2027 slide deck, page 6

Showing the first 6 of 17 pages.

From NVIDIA investor relations

SEC filing

Key numbers

Net income · GAAP
$58.3B

up 211% from a year ago

Diluted EPS · GAAP
$2.39

up 214% from a year ago

Diluted EPS · non-GAAP
$1.87

up 140% from a year ago

Gross margin · non-GAAP
75.0%

down 0.1 pts from prior quarter

Gross margin · GAAP
74.9%

up 14.4 pts from a year ago

Operating income · GAAP
$53.5B

up 147% from a year ago

Net cash provided by operating activities · GAAP
$50.3 billion

up from $27.4 billion a year ago

Segment or metricValueChange
Data Center$75.2 billionup 92% from a year ago
Hyperscale37,869up 115% from a year ago
AI Clouds, Industrial, & Enterprise37,377up 74% from a year ago
Data Center compute$60.4 billionup 77% from a year ago
Data Center networking$14.8 billionup 199% from a year ago
Edge Computing$6.4 billionup 29% from a year ago
Compute & Networking$74,550up 88% from a year ago
Graphics7,065up 58% from a year ago
Where each number comes from
  • Net income: “Net income | $58,321 | $42,960 | $18,775 | 36% | 211% Diluted earnings per share | $2.39 | $1.76 | $0.76 | 36% | 214%”
  • Diluted EPS: “For the quarter, GAAP and non-GAAP earnings per diluted share were $2.39 and $1.87, respectively.”
  • Diluted EPS: “For the quarter, GAAP and non-GAAP earnings per diluted share were $2.39 and $1.87, respectively.”
  • Gross margin: “For the quarter, GAAP and non-GAAP gross margins were 74.9% and 75.0%, respectively.”
  • Gross margin: “For the quarter, GAAP and non-GAAP gross margins were 74.9% and 75.0%, respectively.”
  • Operating income: “Operating income | $53,536 | $44,299 | $21,638 | 21% | 147% Net income | $58,321 | $42,960 | $18,775 | 36% | 211%”
  • Net cash provided by operating activities: “Cash flow from operating activities was $50.3 billion, up from $27.4 billion a year ago and up from $36.2 billion a quarter ago.”
  • Data Center: “First-quarter revenue was a record $75.2 billion, up 21% from the previous quarter and up 92% from a year ago.”
  • Hyperscale: “Hyperscale | 37,869 | 33,814 | 17,599 | 12% | 115% AI Clouds, Industrial, & Enterprise | 37,377 | 28,500 | 21,513 | 31% | 74%”
  • AI Clouds, Industrial, & Enterprise: “Hyperscale | 37,869 | 33,814 | 17,599 | 12% | 115% AI Clouds, Industrial, & Enterprise | 37,377 | 28,500 | 21,513 | 31% | 74%”
  • Data Center compute: “Data Center compute revenue was a record $60.4 billion, up 77% from a year ago and up 18% sequentially.”
  • Data Center networking: “Data Center networking revenue was a record $14.8 billion, up 199% from a year ago and up 35% sequentially.”
  • Edge Computing: “First-quarter Edge Computing revenue was $6.4 billion, up 10% from the previous quarter and up 29% from a year ago.”
  • Compute & Networking: “Revenue by Reportable Segments ($ in millions) | Q1 FY27 | Q4 FY26 | Q1 FY26 | Q/Q | Y/Y Compute & Networking | $74,550 | $61,651 | $39,589 | 21% | 88%”
  • Graphics: “Compute & Networking | $74,550 | $61,651 | $39,589 | 21% | 88% Graphics | 7,065 | 6,476 | 4,473 | 9% | 58%”

Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.

From the filingQ1 FY2027vs year agovs last quarter
Revenue$81.6B+85.2%+19.8%
Operating income$53.5B+147.4%+20.9%
Net income$58.3B+210.6%+35.8%
Diluted EPS$2.39+214.5%—
Free cash flow$48.6B+85.5%+39.2%
Gross margin74.9%+14.4 pts−0.1 pts
Operating margin65.6%+16.5 pts+0.6 pts

Calculated by code from XBRL, not by the model.

Outlook

MetricPeriodOutlook
Revenuesecond quarter of fiscal 2027$91.0 billion, plus or minus 2%
GAAP gross marginsecond quarter of fiscal 202774.9%
Non-GAAP gross marginsecond quarter of fiscal 202775.0%
GAAP operating expensessecond quarter of fiscal 2027approximately $8.5 billion
Non-GAAP operating expensessecond quarter of fiscal 2027approximately $8.3 billion
GAAP and non-GAAP tax ratefull year fiscal 2027between 16.0% and 18.0%

Key takeaways

  1. Data Center drove nearly all record growth

    Data Center revenue was a record $75.2 billion, up 92% from a year ago, out of total revenue of $81.6 billion. Compute was $60.4 billion and networking was $14.8 billion, up 199% from a year ago.

  2. GAAP profit inflated by equity gains

    GAAP net income was $58,321 million, helped by net gains from equity securities of $15.9 billion. Non-GAAP net income was $45,548 million, and non-GAAP diluted EPS was $1.87 versus GAAP $2.39.

  3. Customer base is diversifying beyond hyperscalers

    Hyperscale revenue was approximately 50% of Data Center revenue, with the remaining 50% from AI Clouds, industrial, enterprise, and sovereign customers. AI Clouds, Industrial, & Enterprise grew 31% sequentially.

  4. Shareholder returns stepped up sharply

    NVIDIA returned approximately $20.0 billion to shareholders in the quarter, approved an additional $80.0 billion repurchase authorization, and raised its quarterly dividend from $0.01 per share to $0.25 per share.

  5. Q2 outlook assumes no China compute revenue

    NVIDIA guided second-quarter revenue to $91.0 billion, plus or minus 2%, with gross margins near 75.0%. It assumes no Data Center compute revenue from China, and no Hopper shipments to China occurred this quarter versus $4.6 billion a year ago.

Charts

Revenue$81.6B+85.2% y/yQ1 FY27
Q3 FY25: $35.1BQ3 25$35.1BQ4 FY25: $39.3B (worked out from the annual figure)Q4 25$39.3BQ1 FY26: $44.1BQ1 26$44.1BQ2 FY26: $46.7BQ2 26$46.7BQ3 FY26: $57.0BQ3 26$57.0BQ4 FY26: $68.1B (worked out from the annual figure)Q4 26$68.1BQ1 FY27: $81.6BQ1 27$81.6BQ2 FY27: $96.2BQ2 27$96.2B

Fourth quarter worked out from the annual figure.

Data
Q3 FY25$35.1B
Q4 FY25$39.3B *
Q1 FY26$44.1B
Q2 FY26$46.7B
Q3 FY26$57.0B
Q4 FY26$68.1B *
Q1 FY27$81.6B
Q2 FY27$96.2B
Diluted EPS (GAAP)$2.39+214.5% y/yQ1 FY27
Q3 FY25: $0.78Q3 25$0.78Q1 FY26: $0.76Q1 26$0.76Q2 FY26: $1.08Q2 26$1.08Q3 FY26: $1.30Q3 26$1.30Q1 FY27: $2.39Q1 27$2.39Q2 FY27: $2.46Q2 27$2.46
Data
Q3 FY25$0.78
Q1 FY26$0.76
Q2 FY26$1.08
Q3 FY26$1.30
Q1 FY27$2.39
Q2 FY27$2.46

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin65.6%+16.5 pts y/yQ1 FY27
Q3 FY25: 62.3%Q3 2562.3%Q4 FY25: 61.1%Q4 2561.1%Q1 FY26: 49.1%Q1 2649.1%Q2 FY26: 60.8%Q2 2660.8%Q3 FY26: 63.2%Q3 2663.2%Q4 FY26: 65.0%Q4 2665.0%Q1 FY27: 65.6%Q1 2765.6%Q2 FY27: 66.2%Q2 2766.2%
Data
Q3 FY2562.3%
Q4 FY2561.1%
Q1 FY2649.1%
Q2 FY2660.8%
Q3 FY2663.2%
Q4 FY2665.0%
Q1 FY2765.6%
Q2 FY2766.2%
Free cash flow$48.6B+85.5% y/yQ1 FY27
Q3 FY25: $16.8BQ3 25$16.8BQ4 FY25: $15.6BQ4 25$15.6BQ1 FY26: $26.2BQ1 26$26.2BQ2 FY26: $13.5BQ2 26$13.5BQ3 FY26: $22.1BQ3 26$22.1BQ4 FY26: $34.9BQ4 26$34.9BQ1 FY27: $48.6BQ1 27$48.6BQ2 FY27: $21.4BQ2 27$21.4B
Data
Q3 FY25$16.8B
Q4 FY25$15.6B
Q1 FY26$26.2B
Q2 FY26$13.5B
Q3 FY26$22.1B
Q4 FY26$34.9B
Q1 FY27$48.6B
Q2 FY27$21.4B

Operating cash flow minus capital expenditure, from cash flow statements.

Questions

What were NVIDIA's key results for Q1 fiscal 2027?

Revenue was a record $81.6 billion, up 85% from a year ago, with Data Center at $75.2 billion, up 92%. GAAP and non-GAAP diluted EPS were $2.39 and $1.87, and gross margins were 74.9% and 75.0%.

What is NVIDIA's guidance for the second quarter of fiscal 2027?

Revenue is expected to be $91.0 billion, plus or minus 2%, with GAAP and non-GAAP gross margins of 74.9% and 75.0%, plus or minus 50 basis points. Operating expenses are expected at approximately $8.5 billion GAAP and $8.3 billion non-GAAP, with no China Data Center compute revenue assumed.

Why was GAAP EPS so much higher than non-GAAP EPS?

GAAP net income included $15.9 billion of net gains from equity securities, mostly unrealized gains. Non-GAAP results exclude those gains, giving diluted EPS of $1.87 versus $2.39 GAAP.

What is NVIDIA doing for shareholders?

NVIDIA returned approximately $20.0 billion through buybacks and dividends in the quarter. It approved an additional $80.0 billion repurchase authorization and raised the quarterly dividend from $0.01 to $0.25 per share, payable June 26, 2026.

How is NVIDIA changing how it reports its business?

It now reports two market platforms, Data Center and Edge Computing, with Data Center split into Hyperscale and AI Clouds, Industrial, & Enterprise (ACIE). Non-GAAP measures also no longer exclude stock-based compensation expense.