Nvidia Q2 Revenue Doubles to $96.2B, Guides to $108B

We flagged this one as the number to watch, and it did not disappoint. On August 26, 2026, Nvidia reported second-quarter fiscal 2027 results for the period ended July 26, and the top line came in at $96.2 billion — comfortably ahead of the roughly $91 billion the company had guided to when we previewed the print last week.

• Revenue of $96.2 billion, up 18% sequentially and up 106% year over year
• Data center revenue of $89.0 billion, up 117% year over year and up 18% sequentially
• GAAP and non-GAAP gross margins both at 75.0%
• Q3 FY2027 guidance of $108.0 billion, plus or minus 2%, with gross margin around 74.0%

What Drove the Quarter

Data center did essentially all of it. At $89.0 billion of a $96.2 billion total, that segment is now roughly 92% of the company, and it grew 117% year over year. Doubling a business already measured in tens of billions is the part worth sitting with — the base is no longer small, so the growth rate is doing real work.

Gross margins held at 75.0% on both a GAAP and non-GAAP basis, which is the metric that usually gives way first when a hardware company scales this fast. Holding it flat while revenue doubles suggests pricing power and supply are both cooperating. GAAP earnings per diluted share came in at $2.46 with non-GAAP at $2.22, and the company declared a quarterly dividend of $0.25 per share payable October 1.

CEO Jensen Huang framed the quarter around utility rather than capacity: AI has reached its inflection point, it is doing useful work, its tokens are productive and profitable, and compute is revenue. That is a deliberately different pitch from the build-out narrative of previous quarters.

Is the $108 Billion Guidance Realistic?

Guidance for Q3 FY2027 is $108.0 billion plus or minus 2%, with gross margin around 74.0% and GAAP operating expenses near $9.2 billion. That implies roughly 12% sequential growth on top of a quarter that already grew 18% sequentially.

The more striking figure came alongside it: management pointed to fiscal 2028 revenue growing about 70% from the prior year, against roughly 44% growth analysts had modelled. Multi-year growth guidance of that specificity is unusual, and it is the kind of statement that only makes sense if a large share of that demand is already contracted.

Two things worth holding lightly. First, guidance is guidance — a forecast, not a result. Second, a company this concentrated in one segment and one customer archetype has a revenue line that moves with the capital spending plans of a handful of hyperscalers.

What It Says About the Rest of the Chain

Nvidia's data center number is the cleanest available read on how much AI infrastructure is actually being installed, which makes it a useful input well beyond the ticker. A 117% year-over-year increase is consistent with the capacity commitments visible elsewhere this month, from rack-scale efficiency targets in Vera Rubin NVL72 to the $1.5B investment in SB Energy's Ohio campus.

It also raises the stakes for the custom silicon programmes running in parallel. Meta's freshly-detailed MTIA roadmap and Intel's Hot Chips disclosures both target the same workloads, and both become more attractive to their sponsors the larger this line item gets.

Nothing here is investment advice — it is a read on one company's quarter and what it implies about demand. More market coverage lives on the stock trading page.

Sources: NVIDIA Newsroom — August 26, 2026; CNBC — August 26, 2026; Fortune — August 26, 2026.