Nvidia earnings preview: Q2 2027

NVIDIA Corp. (NASDAQ: NVDA) will report fiscal Q2 2026 results on Wednesday, August 26, 2026, after the market close. Here are the key numbers that we’re watching.

Nvidia Q2 earnings preview

According to Visible Alpha consensus, analysts expect Nvidia's total revenue to reach $92.2 billion in fiscal Q2 2027. Overall revenue growth continues to be driven by optimism about the strength of Nvidia’s Data Center segment. This segment has seen its expected top-line performance for Q2 increase from $56.4 billion in June 2025 to its current projection of $85.7 billion, up over 50%. However, the pace of upward revisions has moderated since last quarter. Based on Visible Alpha consensus, Data Center revenue estimates in Q2 2027 range from $83.5 billion to $91.5 billion.

The expected revenue growth continues to be driven by strong demand for its GPUs from cloud service providers, and the move to accelerated computing in the data centers for AI. However, there are questions around the outlook for Nvidia’s new solutions, Blackwell and Rubin, that claim to significantly reduce energy consumption and cost for customers. There have been concerns about the timing of growth and the total addressable market (TAM) for these solutions. The debate is captured in the range of revenue estimates for the B-series. These forecasts range from $6.3 billion to $76.3 billion in Q2 with consensus at $38.4 billion. Rubin is expected to begin to contribute to revenue this year and consensus currently expects $45.3 billion in revenue for the full year.

Blackwell revenue is expected to jump from around $86.4 billion last year to $135.7 billion this year, but to drop -71% next year. Due to differing views about the potential and ramp for Blackwell, there is debate about the performance of the Data Center segment going forward. It will be important to see Blackwell's Q2 performance and outlook for Q3 and the rest of FY 2027. Total Data Center revenue for FY 2027 of $368.8 billion have moved higher due to the increase in FY 2027 expectations and new Rubin revenues. However, it is noteworthy that B-series revenue expectations have declined by ~5% since March this year. The Data Center revenue consensus may be impacted by the higher 30 source count for the Data Center revenues, compared to the 11 sources that provide estimates for the B-series, suggesting some analysts may simply reflect Blackwell in their Data Center estimate instead of breaking it out separately.

For Q2, Visible Alpha consensus for Data Center gross profit has remained stable since last quarter. This is a shift from June 2025 when revenue expectations moved 34% higher due to strengthening demand. It is worth noting that the consensus gross profit margin for the Data Center segment for FY 2027 is projected at 76.6%, reflecting a decline from the 78% levels of FY 2024 and FY 2025. However, the operating profit margin for FY 2027 and FY 2028 is projected to remain at 66.0%, due to the flat gross margin and lower expenses on significantly higher revenues. These dynamics in consensus margins are causing the expected FY 2027 consensus P/E to be 17x and to range from 14x to 19x.

The stock has traded up 55.6% since June 2025 and up 1.2% since last quarter. Could the Q2 release and guidance provide the next positive catalyst for the stock or are expectations largely priced in for now?

This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.