Week ahead, Aug. 24-28: Nvidia will report against its own $91 billion guide, and Salesforce's GAAP guide is $1.51 below its adjusted one

by Leah Avraham · August 24, 2026

Previews Correspondent, Earnings Dispatch

The last full week of August will carry the heaviest concentration of remaining second-quarter reports, and the two largest of them will land within minutes of each other on Wednesday afternoon. Nothing in this preview has happened yet; every figure below is either guidance a company has already published or an estimate an outside compiler has published, and none of it is a result.

Nvidia is scheduled to report fiscal second-quarter results after the close on Wednesday, Aug. 26, a date given both by Kiplinger's earnings calendar for the week and by the Aug. 22 Barchart piece carried on Yahoo Finance. The company's own outlook for the quarter, published with its first-quarter fiscal 2027 release on May 20, is for revenue of $91.0 billion, plus or minus 2%. That release also guides GAAP and non-GAAP gross margins to 74.9% and 75.0% respectively, plus or minus 50 basis points, and GAAP and non-GAAP operating expenses to approximately $8.5 billion and $8.3 billion. For the full fiscal year the company expects GAAP and non-GAAP tax rates of 16.0% to 18.0%, excluding discrete items. The outlook carries one assumption that will matter for how any headline is read: the release states that Nvidia is not assuming any data centre compute revenue from China in the outlook.

Against that, outside estimates sit above the company's own midpoint, and they are not all the same number. Kiplinger's earnings calendar for the week of Aug. 24-28, accessed on Aug. 24, lists $2.09 in adjusted earnings per share on revenue of $92.07 billion, which it characterises as roughly 99% earnings growth and 97% revenue growth year over year; that page credits its estimate data to Refinitiv, an LSEG business, via Yahoo Finance, and to S&P Global Market Intelligence via Briefing.com. A separate Barchart piece carried on Yahoo Finance on Aug. 22 put the consensus at $92.01 billion in revenue and $2.01 in adjusted earnings per share, and names no compiler behind those numbers. There is no single figure that can be called the consensus for this quarter: what gets printed depends on which compiler is used and on the date the snapshot was taken, and anyone comparing Wednesday's result against a headline estimate should check which of the two, and as of when, is being used. The same Barchart piece cited Stifel's Ruben Roy expecting a beat-and-raise quarter, UBS seeing the company exceeding its own revenue guidance by as much as $4 billion, and TD Cowen's Joshua Buchalter expecting a limited share-price response even if it does. Those are outside estimates and analyst opinions, not company statements.

The GAAP-versus-adjusted question for Nvidia is unusually live, because last quarter the two lines inverted. In the first quarter of fiscal 2027 the company reported GAAP diluted earnings per share of $2.39 against non-GAAP diluted earnings per share of $1.87 - the GAAP number was the higher one, by $0.52. The reconciliation in the release shows why: gains from non-marketable and publicly held equity securities of $15,936 million pre-tax were excluded from the adjusted figure, alongside $219 million of acquisition-related and other costs, partially offset by $2,890 million of income-tax effects on those adjustments. GAAP net income was $58,321 million against non-GAAP net income of $45,548 million, a difference of nearly $12.8 billion. At the operating line, by contrast, the two measures sat within $247 million of each other, at $53,536 million on a GAAP basis and $53,783 million on a non-GAAP basis. The inversion is therefore entirely a below-the-line, mark-to-market effect.

That distinction is worth holding on to on Wednesday evening. If investment marks move again, the GAAP bottom line will move with them and the adjusted line will not. Both of the outside earnings estimates above - Kiplinger's $2.09 and Barchart's $2.01 - are adjusted numbers. Comparing either of them to a GAAP print would produce a beat or a miss that is about securities marks rather than about chips.

Founder and chief executive Jensen Huang said in the May 20 release that the buildout of AI factories, which he described as the largest infrastructure expansion in human history, was accelerating at extraordinary speed. How that framing squares with an outlook that assumes no China data centre compute revenue is one of the questions Wednesday's call will settle.

Salesforce is scheduled to report the same afternoon, and it has given the week its cleanest GAAP-to-adjusted spread. In its first-quarter fiscal 2027 release, the company guided second-quarter revenue to $11.27 billion to $11.35 billion, up 10% to 11% year over year and 10% in constant currency, with GAAP diluted earnings per share of $1.74 to $1.76 and non-GAAP diluted earnings per share of $3.25 to $3.27 - a midpoint gap of about $1.51 a share, close to half the adjusted figure. For the full year it guided a GAAP operating margin of 20.6% against a non-GAAP operating margin of 34.3%, and GAAP earnings per share of $7.93 to $7.99 against non-GAAP earnings per share of $14.06 to $14.12, on revenue of $45.9 billion to $46.2 billion. In the first quarter the company reported revenue of $11.1 billion, up 13%, GAAP diluted earnings per share of $2.42 and non-GAAP diluted earnings per share of $3.88.

The rest of Wednesday is enterprise software and hardware: CrowdStrike, Okta, HP and Synopsys are all listed for that day on TipRanks' week-ahead list, alongside a retail-heavy morning that includes Abercrombie & Fitch, Bath & Body Works, Kohl's and Williams-Sonoma according to Kiplinger's calendar. Tuesday brings Dick's Sporting Goods before the open, at a $3.76 consensus EPS on Kiplinger's list, with Intuit and Zoom Communications after the close at $3.58 and $1.48.

Thursday is the retail tail proper - Best Buy, Dollar General and Dollar Tree in the morning - followed after the close by Marvell Technology, Workday, Autodesk, Ulta Beauty and Affirm. Kiplinger's calendar puts the Marvell consensus at $0.93 in adjusted EPS. Friday carries no comparably sized U.S. report; the only name on TipRanks' list for that day is BYD's ADR.

Monday itself opened the week with two Chinese ADRs, PDD Holdings and XPeng, both before the U.S. open. It is worth noting the basis trap in Kiplinger's own line for PDD, which lists an $18.45 EPS figure: that is PDD's GAAP diluted earnings per ADS in renminbi, not in dollars and not on an adjusted basis. The same care will be needed all week, and most of all on Wednesday night.