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Nvidia has Q1 revenue of $81bn, expects $91bn in Q2
For the quarter, GAAP and non-GAAP gross margins were 74.9% and 75.0%, respectively.
“The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed,” said Jensen Huang, “Agentic AI has arrived, doing productive work, generating real value and scaling rapidly across companies and industries. NVIDIA is uniquely positioned at the center of this transformation as the only platform that runs in every cloud, powers every frontier and open source model, and scales everywhere AI is produced — from hyperscale data centers to the edge.”
During quarter, NVIDIA returned a record level of approximately $20 billion to shareholders in the form of shares repurchased and cash dividends.
NVIDIA is adopting a new reporting framework with two market platforms — Data Center and Edge Computing. Within Data Center, NVIDIA will report two sub-markets, Hyperscale and ACIE, which incorporates AI Clouds, Industrial and Enterprise.
Hyperscale will include revenue from the public clouds and the world’s largest consumer internet companies, while ACIE addresses opportunities in diverse AI purpose-built data centers and AI factories across industries and countries.
Edge Computing highlights data processing devices for agentic and physical AI including PCs, game consoles, workstations, AI-RAN base stations, robotics and automotive.
Under the previous sub-markets, Data Center compute revenue was $60.4 billion, up 77% from a year ago and up 18% sequentially. Data Center networking revenue was a record $14.8 billion, up 199% from a year ago and up 35% sequentially.
Q1 Fiscal 2027 Summary
| GAAP | |||||
| ($ in millions, except earnings per share) | Q1 FY27 | Q4 FY26 | Q1 FY26 | Q/Q | Y/Y |
| Revenue | $81,615 | $68,127 | $44,062 | 20% | 85% |
| Gross margin | 74.9% | 75.0% | 60.5% | (0.1) pts | 14.4 pts |
| Operating expenses | $7,621 | $6,794 | $5,030 | 12% | 52% |
| Operating income | $53,536 | $44,299 | $21,638 | 21% | 147% |
| Net income | $58,321 | $42,960 | $18,775 | 36% | 211% |
| Diluted earnings per share | $2.39 | $1.76 | $0.76 | 36% | 214% |
| Non-GAAP | |||||
| ($ in millions, except earnings per share) | Q1 FY27 | Q4 FY26 | Q1 FY26 | Q/Q | Y/Y |
| Revenue | $81,615 | $68,127 | $44,062 | 20% | 85% |
| Gross margin | 75.0% | 75.1% | 60.8% | (0.1) pts | 14.2 pts |
| Operating expenses | $7,449 | $6,666 | $4,993 | 12% | 49% |
| Operating income | $53,783 | $44,474 | $21,801 | 21% | 147% |
| Net income | $45,548 | $38,969 | $19,094 | 17% | 139% |
| Diluted earnings per share | $1.87 | $1.59 | $0.78 | 18% | 140% |
NVIDIA’s outlook for the second quarter of fiscal 2027 is as follows:
Revenue is expected to be $91 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.
GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points.
GAAP and non-GAAP operating expenses are expected to be approximately $8.5 billion and $8.3 billion, respectively.
