# NVIDIA (NVDA) Q1 FY2027 earnings

Results filed 2026-05-20 for the quarter ended 2026-04-26. Source page: https://earnings.opennash.com/companies/nvda/2027-q1/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000051/0001045810-26-000051-index.htm
> 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.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Net income | $58,321 | up 211% from a year ago | GAAP |
| Diluted EPS | $2.39 | up 214% from a year ago | GAAP |
| Diluted EPS | $1.87 | up 140% from a year ago | non-GAAP |
| Gross margin | 75.0% | down 0.1 pts from prior quarter | non-GAAP |
| Gross margin | 74.9% | up 14.4 pts from a year ago | GAAP |
| Operating income | $53,536 | up 147% from a year ago | GAAP |
| Net cash provided by operating activities | $50.3 billion | up from $27.4 billion a year ago | GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Data Center | $75.2 billion | up 92% from a year ago |
| Hyperscale | 37,869 | up 115% from a year ago |
| AI Clouds, Industrial, & Enterprise | 37,377 | up 74% from a year ago |
| Data Center compute | $60.4 billion | up 77% from a year ago |
| Data Center networking | $14.8 billion | up 199% from a year ago |
| Edge Computing | $6.4 billion | up 29% from a year ago |
| Compute & Networking | $74,550 | up 88% from a year ago |
| Graphics | 7,065 | up 58% from a year ago |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Revenue | second quarter of fiscal 2027 | $91.0 billion, plus or minus 2% |
| GAAP gross margin | second quarter of fiscal 2027 | 74.9% |
| Non-GAAP gross margin | second quarter of fiscal 2027 | 75.0% |
| GAAP operating expenses | second quarter of fiscal 2027 | approximately $8.5 billion |
| Non-GAAP operating expenses | second quarter of fiscal 2027 | approximately $8.3 billion |
| GAAP and non-GAAP tax rate | full year fiscal 2027 | between 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.

## 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.

## Slides and investor documents

- [Presentation](https://s201.q4cdn.com/141608511/files/doc_financials/2027/Q127/NVDA-F1Q27-Quarterly-Presentation-FINAL.pdf) (Slide deck)
- [CFO Commentary](https://s201.q4cdn.com/141608511/files/doc_financials/2027/Q127/Q1FY27-CFO-Commentary.pdf) (CFO commentary)
- [Transcript](https://s201.q4cdn.com/141608511/files/doc_financials/2027/q1/NVDA-Q1-2027-Earnings-Call-20-May-2026-5_00-PM-ET.pdf) (Company's official transcript)
- [Webcast](https://events.q4inc.com/attendee/345403167) (Webcast replay)
- [NVIDIA Quarterly Revenue Trend](https://s201.q4cdn.com/141608511/files/doc_financials/2027/Q127/Rev_by_Mkt_Qtrly_Trend_Q127-NEW-v3.pdf) (Financial tables)