#英伟达财报周 NVIDIA’s fiscal Q2 2027 earnings report (for the period ended July 26, 2026) can be described as a “perfect-score answer sheet”: Core metrics comprehensively exceeded expectations, although some concerns also drew market attention. Overall, the report deserves a 9.5 out of 10, placing it in the “high-scoring but not perfect” category.
I. Core Highlights (Additive Factors): Comprehensive Data Beats Expectations, Strong Growth Momentum
1. Strong growth in both revenue and profit: Quarterly revenue reached $96.22B, up 106% year over year and significantly exceeding Wall Street’s expectations of approximately $92.17 billion; net profit reached $59.69B, up 126% year over year, while adjusted EPS was $2.22, with both figures far exceeding expectations.
2. Data center business overwhelmingly dominant: Data center revenue reached $89 billion, up 117% year over year and accounting for more than 90% of total revenue. Hyperscalers and AI cloud/enterprise customers both achieved strong growth, confirming the continued explosive demand for AI computing power.
3. Earnings guidance far exceeded expectations: Q3 revenue guidance reached $108 billion, well above the market expectation of approximately $104.1 billion; NVIDIA also provided forward guidance for the first time, projecting approximately 70% revenue growth for fiscal 2028, far above the market expectation of 45%, greatly boosting market confidence in future growth.
4. New platform in full-scale production with robust orders: The next-generation AI computing platform Vera Rubin has entered full-scale production and begun deliveries ahead of schedule, with an order backlog exceeding $2 trillion, indicating that demand far exceeds supply and that the “supercycle” in AI computing power is continuing.
II. Concerns and Deductible Factors: Pressure on Profitability, Structural Risks Emerging
1. Gross margin under short-term pressure: Gross margin remained high at 75% this quarter, but Q3 guidance has fallen to 74%, with Q4 expected to decline further to 71%-72%. This is mainly due to soaring prices for high-end memory such as HBM and rising wafer foundry costs, with upstream costs squeezing profit margins.
2. Changes in cash flow and working capital: Although net profit was high this quarter, operating cash flow (approximately $20k) and free cash flow (approximately $24.08B) declined sequentially. Accounts receivable and inventory increased, warranting attention to capital tied up during the period of rapid expansion.
3. High customer concentration: Revenue is highly dependent on a small number of hyperscalers. If major customers slow capital expenditures or accelerate the replacement of NVIDIA products with internally developed chips, long-term growth expectations could be affected.
4. Impact of China revenue: The Q3 guidance does not include data center computing revenue from China. Geopolitical risk remains a potential variable, although its current impact has relatively weakened.

Summary: This earnings report fully confirms the strong demand for AI computing power, and NVIDIA has demonstrated an extremely strong ability to deliver on its performance. However, the erosion of profit margins from upstream cost pressures and expectations management amid high valuation are variables that require continued attention going forward. $NVDA