Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
NVIDIA delivered exceptional Q1 FY2027 operating growth, with revenue up 85% year over year to $81.6B and operating income up 147% to $53.5B, while net income was further boosted by $15.9B of other income, primarily unrealized investment gains. Source: 10-Q Item 2 MD&A, pp.24, 27.
Revenue
$81.61B
+85.23% YoY
EPS (Diluted)
$2.39
+214.47% YoY
Gross Margin
74.9%
+14.4 pts YoY
Operating Income
$53.54B
+147.42% YoY
Source: SEC XBRL
Nvidia (NVDA) reported Q1 FY2027 revenue of $81.61B, up 85.2% year over year. Operating margin was 65.6%, up 16.5 points from 49.1% a year earlier. Operating cash flow was $50.34B, up 83.6% year over year. NVDA's fiscal Q1 FY2027 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 1.87 | 1.79 | Beat +4.3% |
| Mar 2026 | 1.62 | 1.56 | Beat +3.6% |
| Dec 2025 | 1.30 | 1.27 | Beat +2.0% |
| Sep 2025 | 1.05 | 1.03 | Beat +2.1% |
Adjusted (non-GAAP) EPS of $1.87 versus the $1.79 analyst consensus — a +4.3% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $2.39.
Compiled by AI from 10-Q Item 2 of this filing
Revenue increased 85% year over year and 20% sequentially to $81.6B. Data Center revenue reached $75.2B, up 92% year over year, driven by the ramp of Blackwell 300 products and demand for InfiniBand, Spectrum-X Ethernet, and NVLink solutions; Blackwell represented the majority of system shipments.
Source: 10-Q Item 2 MD&A.
Three direct customers represented 21%, 17%, and 16% of Q1 FY2027 revenue, respectively, with the revenue primarily attributable to Compute & Networking. NVIDIA also stated that one AI research and deployment company contributed a meaningful amount of revenue through purchases of cloud services from NVIDIA customers.
Source: 10-Q Item 2 MD&A.
Gross margin increased to 74.9% from 60.5% a year earlier, primarily because Q1 FY2026 included a $4.5B charge for H20 excess inventory and purchase obligations. Inventory and excess-inventory purchase-obligation provisions were $1.1B in Q1 FY2027 versus $5.3B in the prior-year quarter.
Source: 10-Q Item 2 MD&A.
Other income, net was $15.9B versus an expense of $180M in the prior-year quarter, primarily driven by $13.4B of unrealized gains on publicly held equity securities and $2.6B of gains on non-marketable equity securities. This contributed to net income of $58.3B and a 71.5% net margin.
Source: 10-Q Item 2 MD&A.
NVIDIA invested $18.6B in private companies and infrastructure funds during Q1 FY2027. It also repurchased 108M shares for $20.2B, paid $243M in dividends, and had $50.3B of cash, cash equivalents, and marketable debt securities at April 26, 2026.
Source: 10-Q Item 2 MD&A.
Compiled by AI from 10-Q Item 1A of this filing · 3 high, 2 medium, 0 low
U.S. export controls have restricted NVIDIA's ability to serve China and other markets with certain AI products and have previously reduced H20 demand, contributing to a $4.5B inventory and purchase-obligation charge in Q1 FY2026. NVIDIA had generated no H200 licensing-program revenue as of the filing date, and H200s shipped under that program would be subject to a 25% U.S. import tariff.
Source: 10-Q Item 1A Risk Factors.
NVIDIA has manufacturing lead times that may exceed 12 months and has entered into prepaid manufacturing, capacity, and non-cancellable purchase commitments to secure supply. If demand is overestimated or customers defer or cancel orders, the company may face excess inventory, write-downs, cancellation penalties, or lower gross margins; if demand is underestimated, it may lose revenue and market share due to supply shortages.
Source: 10-Q Item 1A Risk Factors.
Customer demand for NVIDIA AI infrastructure depends on the availability of data centers, energy, and capital. The filing notes that energy-capacity expansion is a complex multi-year process and that less-capitalized customers may have difficulty financing large infrastructure projects, potentially delaying deployments or reducing the scale of AI adoption.
Source: 10-Q Item 1A Risk Factors.
NVIDIA expects the Rubin platform to begin shipping in the second half of fiscal year 2027 while continuing to offer multiple architectures. More frequent launches and complex system configurations can create production delays, quality issues, yield problems, inventory provisions, warranty costs, and customer purchase delays as buyers wait for newer architectures.
Source: 10-Q Item 1A Risk Factors.
NVIDIA competes on price, total cost of ownership, and performance against companies with substantial resources and, in some cases, their own fabrication facilities. Certain customers are developing ASICs and workload-specific products that may not require the full functionality of NVIDIA data-center systems, which could reduce demand or pressure pricing.
Source: 10-Q Item 1A Risk Factors.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 81.62 $B | 44.06 $B | +85.23% |
Cost of Revenue $B | 20.46 $B | 17.39 $B | +17.62% |
Gross Profit $B | 61.16 $B | 26.67 $B | +129.33% |
Operating Income $B | 53.54 $B | 21.64 $B | +147.42% |
Net Income $B | 58.32 $B | 18.78 $B | +210.63% |
EPS (Basic) $ | 2.40 $ | 0.77 $ | +211.69% |
EPS (Diluted) $ | 2.39 $ | 0.76 $ | +214.47% |
R&D Expense $B | 6.32 $B | 3.99 $B | +58.46% |
SG&A Expense $B | 1.30 $B | 1.04 $B | +24.88% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
NVIDIA delivered exceptional FY2026 results with revenue surging 65.5% YoY to $215.9B and net income jumping 64.7% to $120.1B, driven by explosive demand for AI computing infrastructure.
NVIDIA reported a significant 62.5% year-over-year revenue increase in Q3 FY2026, driven by strong demand and operational efficiency, despite slight margin compression.
In Q2 FY2026, NVIDIA generated $46.74B in revenue (up 55.6% YoY) and $26.42B in net income, driven by robust data center demand for its Blackwell AI platform despite gross margin compression to 72.4% caused by product mix shifts and export control challenges.
Other companies in Semiconductors