Nvidia Reports Fiscal Q2 After Wednesday's Close Against Its Own $91.0 Billion Guide, With Compiled Consensus Running $91.7 Billion to $92.2 Billion

by Leah Avraham · August 26, 2026

Previews Correspondent, Earnings Dispatch

Nvidia is scheduled to report results for its fiscal second quarter of 2027 after the close of trading on Wednesday, Aug. 26, with the earnings call to follow. Nothing in this article describes those results, because they do not exist yet. What follows is the framework against which they will be measured: the guidance the company set for itself in May, the estimates various compilers have assembled since, and the specific lines where the two could diverge.

Start with the fiscal calendar, since Nvidia's is among the more confusing on the market. Nvidia's fiscal second quarter of 2027 is the three-month period that ended in late July 2026. A quarter labelled fiscal 2027 therefore describes business already completed during calendar 2026 -- the same three months that Intuit reported Tuesday night as its fiscal fourth quarter of 2026, and that Semtech reported as its fiscal second quarter of 2027.

Nvidia's own outlook is the primary benchmark, and it is specific. In the release announcing first-quarter fiscal 2027 results, dated May 20, 2026, the company guided second-quarter revenue to $91.0 billion, plus or minus 2 percent -- a range of roughly $89.2 billion to $92.8 billion. It guided GAAP gross margin to 74.9 percent and non-GAAP gross margin to 75.0 percent, each plus or minus 50 basis points. GAAP operating expenses were guided to approximately $8.5 billion and non-GAAP operating expenses to approximately $8.3 billion. The company put its full-year fiscal 2027 tax rate at between 16.0 and 18.0 percent.

One assumption inside that outlook deserves separate billing: Nvidia stated that it is not assuming any data center compute revenue from China in the guidance. That is not a forecast of zero China demand so much as a decision to exclude it from the guided figure, and it means any China contribution that did materialise during the quarter would sit outside what the $91.0 billion number was built to cover. According to an Investing.com preview published Aug. 21 and accessed Aug. 26, H20 export approval has come through but had not yet been followed by orders. Readers should treat the status of those licences as unsettled rather than resolved.

For scale, the quarter Nvidia is reporting against its own $91.0 billion guide compares with $46.74 billion of revenue and $1.05 in earnings per share in the year-earlier fiscal second quarter, according to figures cited in an InvestingLive preview published Aug. 26 and accessed the same day. That preview does not state whether the $1.05 year-earlier EPS figure is on a GAAP or a non-GAAP basis, so it should not be set against either of tonight's per-share lines without checking. On the revenue numbers the guidance implies roughly a doubling year over year.

The most recent completed quarter gives the trajectory. For fiscal first quarter 2027, ended April 26, 2026, Nvidia reported revenue of $81.6 billion, up 85 percent from a year earlier, with data center revenue of $75.2 billion, up 92 percent. GAAP gross margin was 74.9 percent and non-GAAP gross margin 75.0 percent -- both exactly at the midpoints the company would go on to guide for the second quarter. Chief executive Jensen Huang said in that release that the buildout of AI factories is accelerating, describing it as the largest infrastructure expansion in human history.

Now the part that most previews handle carelessly. Nvidia reported first-quarter fiscal 2027 GAAP diluted EPS of $2.39 and non-GAAP diluted EPS of $1.87. The GAAP figure was the larger of the two -- the reverse of the usual arrangement, in which adjustments for share-based compensation and acquisition-related amortisation push the non-GAAP number above GAAP. Whatever produced that inversion last quarter, its persistence or absence in tonight's release will change which headline number looks like a beat.

That matters because the consensus figure circulating ahead of the print does not state its own basis. The Investing.com preview cited a consensus of $91.9 billion in revenue and $2.08 in EPS without naming the data provider behind it, and separately cited the research firm Benchmark at $92 billion and $2.10. The InvestingLive preview put consensus revenue at approximately $91.7 billion to $92.2 billion and EPS at around $2.08, attributing its figures to Visible Alpha and Zacks estimates. None of those sources specifies whether $2.08 is a GAAP or a non-GAAP number. Sitting as it does between Nvidia's most recent GAAP EPS of $2.39 and non-GAAP EPS of $1.87, it could plausibly be read either way, and the two readings imply materially different outcomes.

This is the ordinary condition of consensus data rather than a defect in any one publisher. LSEG, FactSet, Visible Alpha, Zacks and Bloomberg each poll different analyst panels, cut off contributions at different times, and treat adjustments differently. Consensus estimates therefore differ by compiler as a matter of routine, and a reported figure described as beating or missing the consensus is only meaningful once the compiler and the accounting basis are both named. Earnings Dispatch does not treat any single compiler's number as the estimate.

Every consensus figure above is a third-party compilation of analyst forecasts, not a company statement. The only forward-looking numbers Nvidia itself has published for this quarter are the guidance figures in its May 20 release.

Beyond the headline lines, the release will carry the segment detail that has driven the company's recent quarters -- data center revenue above all, which accounted for $75.2 billion of the $81.6 billion reported in the prior quarter. Gross margin will be watched against the guided 74.9 percent GAAP and 75.0 percent non-GAAP, and against the plus-or-minus 50 basis points of tolerance the company allowed itself.

The second thing the release will contain is guidance for the fiscal third quarter of 2027, which as of Wednesday morning Nvidia has not issued. The Investing.com preview cited compiled expectations of $103.96 billion in revenue and $2.37 in EPS for that quarter, and a full-year fiscal 2027 revenue consensus of $394.4 billion against $215.9 billion in fiscal 2026 -- again, third-party compilations rather than company forecasts, and again without a stated basis for the EPS figure. Whether the company's own third-quarter guide lands above or below those compilations is a separate question from how the reported second quarter compares with the $91.0 billion it guided in May.

For context on where the tape stood going in: Wednesday's session was still open as of publication late in the morning, so no closing level exists for today. In the last completed session, Tuesday, Aug. 25, the S&P 500 closed at 7,677.28, up 24.42 points or 0.32 percent; the Nasdaq Composite closed at 26,151.30, up 171.11 points or 0.66 percent; the Dow Jones Industrial Average closed at 53,577.40, up 160.24 points or 0.30 percent; and the Russell 2000 closed at 3,010.02, up 14.94 points or 0.50 percent, according to Investopedia's close-of-trade market wrap for that session. Nvidia rose about 2 percent on Tuesday after seven consecutive declining sessions, the same wrap reported.

Earnings Dispatch will report the actual figures after they are published. Until then, the fiscal second quarter of 2027 is an unreported quarter, and any account of what Nvidia earned in it is a forecast rather than a result.