NVIDIA reported Q2 FY2027 revenue of $96.2 billion, up 106% year-over-year and above the roughly $92 billion consensus, with Data Center revenue of $89.0 billion, up 117% and about 92% of total sales. Gross margin held at 75.0% and non-GAAP EPS of $2.22 beat the $2.10 estimate. Q3 guidance of $108.0 billion excludes any China Data Center compute revenue.
What did NVIDIA's Q2 FY2027 revenue and Data Center segment show?
NVIDIA reported total revenue of $96.2 billion for the quarter, up 106% year-over-year and up 18% quarter-over-quarter, exceeding a pre-earnings consensus of roughly $92 billionCITE:E1. Within that total, the Data Center segment generated $89.0 billion, up 117% year-over-year and marking a new quarterly highCITE:E2. Data Center now accounts for approximately 92% of NVIDIA's total revenue, making it the primary driver of the company's overall growth rateCITE:E2.
| Metric | Q2 FY2027 Value | Comparison |
|---|
| Total revenue | $96.2B | +106% YoY, +18% QoQ, above ~$92B consensusCITE:E1 |
| Data Center revenue | $89.0B | +117% YoY, ~92% of total revenueCITE:E2 |
| Gross margin (GAAP & non-GAAP) | 75.0% | Unchanged between GAAP and non-GAAPCITE:E3 |
| EPS, GAAP | $2.46 | — CITE:E4 |
| EPS, non-GAAP | $2.22 | Above $2.10 consensusCITE:E4 |
| Q3 FY2027 revenue guidance | $108.0B ± 2% | Excludes China Data Center compute revenueCITE:E5 |
| Q3 FY2027 gross margin guidance | 74.0% ± 50 bps | — CITE:E5 |
Did profitability beat market expectations on margin and EPS?
NVIDIA's gross margin came in at 75.0% on both a GAAP and non-GAAP basis for the quarterCITE:E3. Diluted earnings per share reached $2.46 on a GAAP basis and $2.22 on a non-GAAP basis, with the non-GAAP figure exceeding a market consensus estimate of $2.10CITE:E4.
What is NVIDIA's Q3 FY2027 guidance, and why does it exclude China Data Center revenue?
NVIDIA guided next-quarter revenue to $108.0 billion, plus or minus 2%, with gross margin guidance of 74.0% plus or minus 50 basis pointsCITE:E5. The company stated explicitly that this guidance does not include any Data Center compute revenue from ChinaCITE:E5. NVIDIA did not attribute a dollar figure or explanation beyond this exclusion within the guidance itselfCITE:E5.
How does CEO Jensen Huang frame the AI industry's current stage and NVIDIA's growth logic?
CEO Jensen Huang said AI has reached an inflection point where it is doing useful work, describing tokens as both productive and profitable, and stated that "compute is revenue," adding that demand is acceleratingCITE:E6.
How did the market react to the results and outlook?
NVIDIA shares fell initially in after-hours trading following the results before recovering to rise approximately 5%, a move attributed to the earnings call and forward guidanceCITE:E7. This price movement occurred in after-hours trading rather than during the regular sessionCITE:E7.
Taken together, the reported figures show a company whose growth is now concentrated almost entirely in one segment: Data Center supplied 92% of the $96.2 billion in total revenue and grew faster (117%) than the company overall (106%)CITE:E1CITE:E2. NVIDIA's own Q3 guidance of $108.0 billion assumes zero contribution from China Data Center compute, meaning the forward number is built entirely on demand outside that marketCITE:E5. The after-hours share move of about 5% followed a quarter in which both margin (75.0%) and EPS ($2.22 non-GAAP) cleared prior benchmarksCITE:E3CITE:E4CITE:E7.
FAQ
What did NVIDIA's Q2 FY2027 revenue and Data Center segment show?
NVIDIA reported total revenue of $96.2 billion for the quarter, up 106% year-over-year and up 18% quarter-over-quarter, exceeding a pre-earnings consensus of ro…
Did profitability beat market expectations on margin and EPS?
NVIDIA's gross margin came in at 75.0% on both a GAAP and non-GAAP basis for the quarterCITE:E3. Diluted earnings per share reached $2.
What is NVIDIA's Q3 FY2027 guidance, and why does it exclude China Data Center revenue?
NVIDIA guided next-quarter revenue to $108.0 billion, plus or minus 2%, with gross margin guidance of 74.0% plus or minus 50 basis pointsCITE:E5.
How does CEO Jensen Huang frame the AI industry's current stage and NVIDIA's growth logic?
CEO Jensen Huang said AI has reached an inflection point where it is doing useful work, describing tokens as both productive and profitable, and stated that "co…
Author's Take・林紀旭 James Lin
The headline number that matters here isn't the 106% overall growth rate — it's that Data Center alone grew 117% and now makes up 92% of revenue, meaning NVIDIA's entire growth story is effectively a single-segment story. That concentration makes the Q3 guidance notable: NVIDIA built its $108.0 billion forecast while explicitly assuming zero China Data Center compute revenue, so any upside or shortfall against that midpoint next quarter will say more about non-China AI infrastructure demand than about the China market itself. Jensen Huang's framing that "compute is revenue" is consistent with a 75.0% gross margin holding steady even as the top line nearly doubled. The metric worth watching next quarter is simple: does actual Data Center revenue clear the $108.0 billion guidance midpoint on a China-excluded basis, or does the year-over-year growth rate (117% this quarter) start to compress as the comparison base gets harder.