NVDA Fundamental Analysis & Score

NVIDIA: filing-based business context

Historical filing-based context — Quarter ended July 26, 2026 (Q2 fiscal 2027), compared with the quarter ended July 27, 2025 (Q2 fiscal 2026). This editorial context is separate from the live provider-based score above. This is dated filing-based context, not a live business update.

NVIDIA's Form 10-Q for the second quarter of fiscal 2027 reports GAAP revenue of $96,221 million, up from $46,743 million a year earlier. Data Center revenue was $89,023 million, up from $41,096 million; the 10-Q says the increase was driven by the ramp of its Blackwell Ultra infrastructure. Amounts are in USD millions unless stated, and “Q2 FY2027” means the three months ended July 26, 2026.

How NVIDIA earns revenue

NVIDIA reports two segments. Compute & Networking includes the Data Center accelerated computing and networking platforms, AI solutions and software, and automotive platforms and autonomous and electric vehicle solutions including software. Graphics includes GeForce GPUs for gaming and PCs and Quadro/NVIDIA RTX GPUs for enterprise workstation graphics. Source: 10-Q: Note 13 – Segment Information

Revenue is also split by market platform. Data Center was about 92.5% of Q2 FY2027 revenue (89,023 of 96,221, calculated by StrongBuyAnalytics). Within it, Hyperscale was 48,710 and ACIE was 40,313. Edge Computing was 7,198. The 10-Q says NVIDIA changed this presentation in Q1 FY2027 and moved one company from ACIE to Hyperscale in Q2 FY2027, recasting the prior period each time. Source: 10-Q: Item 2 MD&A – Second Quarter of Fiscal Year 2027 Summary

Revenue is concentrated. One direct customer was 16% of Q2 FY2027 revenue, against two direct customers at 23% and 16% in Q2 FY2026. For the first half of fiscal 2027, three direct customers were 16%, 15% and 13% of revenue, all primarily in Compute & Networking. The 10-Q says revenue is concentrated among a limited number of direct and indirect customers and that this trend may continue. Source: 10-Q: Item 2 MD&A – Concentration of Revenue; 10-Q: Note 13 – Segment Information

Revenue is assigned by the headquarters of the direct customer, which can differ from the end customer and the shipping location. On that basis, customers headquartered outside the United States were 38% of Q2 FY2027 revenue, against 30% in Q2 FY2026. Taiwan was 26,985 and China including Hong Kong was 7,880 (3,985 a year earlier). Source: 10-Q: Note 13 – Segment Information

Reported figures

Each figure shows its period, unit and accounting basis. Changes are calculated by StrongBuyAnalytics from the rounded figures shown, so they can differ slightly from percentages a company reports. “pp” means percentage points; “n/m” means not meaningful because a value is zero or negative.

Revenue by market platform

GAAP, USD millions. Q2 FY2027 = three months ended July 26, 2026; Q2 FY2026 = three months ended July 27, 2025. The platform split is NVIDIA's own. The 10-Q says the presentation changed in Q1 FY2027 and that, in Q2 FY2027, one company moved from AI Clouds, Industrial, & Enterprise (ACIE) to Hyperscale with the prior period recast, so the prior-year split is not as originally reported.

Source: 10-Q: Item 2 MD&A – Second Quarter of Fiscal Year 2027 Summary; 10-Q: Note 13 – Segment Information

Segment revenue and operating income

GAAP, USD millions. Q2 FY2027 = three months ended July 26, 2026; Q2 FY2026 = three months ended July 27, 2025. The three unallocated items are costs NVIDIA does not assign to either segment; they are shown as negative amounts.

Source: 10-Q: Note 13 – Segment Information; 10-Q: Item 2 MD&A – Reportable Segments

Revenue by customer headquarters location

GAAP, USD millions. Q2 FY2027 = three months ended July 26, 2026; Q2 FY2026 = three months ended July 27, 2025. Revenue is assigned by the headquarters of the direct customer. The 10-Q says the end customer and shipping location may be different from the direct customer's headquarters location.

Source: 10-Q: Note 13 – Segment Information

Profitability and per-share results

USD millions except per-share amounts and percentages. Q2 FY2027 = three months ended July 26, 2026; Q2 FY2026 = three months ended July 27, 2025. Non-GAAP rows follow NVIDIA's own definitions and adjustments, which the release reconciles to GAAP.

Source: 10-Q: Condensed Consolidated Statements of Income; 8-K Ex. 99.1: Reconciliation of GAAP to Non-GAAP Financial Measures

What changed in the latest reported quarter

Revenue rose to 96,221 from 46,743, and from 81,615 in Q1 FY2027. The 10-Q says Data Center revenue was driven by the ramp of its Blackwell Ultra infrastructure; that Hyperscale revenue more than doubled from a year earlier on the strength of Blackwell Ultra; and that ACIE revenue rose 138% from a year earlier, driven by end-demand from AI natives, enterprises and sovereign customers as well as hyperscalers using AI clouds. It also says shipments of Data Center Hopper products to China were less than 1% of Data Center revenue in the quarter. Source: 10-Q: Item 2 MD&A – Second Quarter of Fiscal Year 2027 Summary

Edge Computing revenue rose to 7,198 from 5,647. The 10-Q says the increase was driven by strong sales of Blackwell workstations, partially offset by slower consumer PC sales that were “tempered by elevated memory and systems prices.” Source: 10-Q: Item 2 MD&A – Second Quarter of Fiscal Year 2027 Summary

Gross margin was 75.0% against 72.4% (74.9% in Q1 FY2027). The 10-Q says it increased from a year earlier on improved mix from Blackwell Ultra and was approximately flat sequentially because the Blackwell architecture remains the vast majority of revenue. Provisions for inventory and excess inventory purchase obligations were $985 million, offset by a $177 million release from sales of previously reserved inventory and settlements of purchase obligations. The net effect on gross margin was unfavorable by 0.8%. Source: 10-Q: Item 2 MD&A – Gross Profit and Gross Margin

Operating expenses rose to 8,408 from 5,413. The 10-Q attributes the increases to higher compute infrastructure and compensation and benefits costs. Research and development was 7,054 against 4,291. Stock-based compensation, which NVIDIA does not allocate to segments, was 2,027 against 1,624. Source: 10-Q: Item 2 MD&A – Operating Expenses; 10-Q: Note 13 – Segment Information

Other income, net was 7,773 against 2,766, of which gains from equity securities were 7,771 against 2,247. The 10-Q says those gains were primarily driven by unrealized gains in equity securities. Interest income was 496 against 592 and interest expense was 227 against 62. Income tax expense was 11,819 against 4,784, an effective rate of 16.5% against 15.3% (calculated by StrongBuyAnalytics from pretax income of 71,507 and 31,206). Source: 10-Q: Item 2 MD&A – Other Income, Net; 10-Q: Item 2 MD&A – Income Taxes

GAAP net income was 59,688 against 26,422, and diluted earnings per share were $2.46 against $1.08. NVIDIA's non-GAAP net income was 53,954 against 24,763 and non-GAAP diluted earnings per share were $2.22 against $1.01. The release's reconciliation removes the 7,771 gain from equity securities (2,247 in Q2 FY2026) from the non-GAAP measures. Source: 10-Q: Condensed Consolidated Statements of Income; 8-K Ex. 99.1: Reconciliation of GAAP to Non-GAAP Financial Measures

Cash, commitments and capital allocation

The 10-Q says NVIDIA had $56.6 billion in cash, cash equivalents and marketable debt securities at July 26, 2026, as well as $42.8 billion of marketable equity securities. The same two balance sheet lines add up to $49.7 billion at January 25, 2026 (calculated by StrongBuyAnalytics). The 10-Q says NVIDIA believes its liquidity is sufficient to meet its operating requirements for at least the next twelve months. Source: 10-Q: Item 2 MD&A – Liquidity and Capital Resources

In June 2026 NVIDIA issued $25.0 billion of senior unsecured notes across seven tranches for general corporate purposes. Long-term debt was 32,366 at July 26, 2026 (7,469 at January 25, 2026) and short-term debt was 1,000. The 10-Q puts senior notes outstanding at $33.5 billion of principal and says a $25.0 billion commercial paper program had nothing outstanding. Source: 10-Q: Note 9 – Debt; 10-Q: Item 2 MD&A – Liquidity and Capital Resources

In Q2 FY2027 NVIDIA repurchased 94 million shares for $19.7 billion and paid $6.0 billion of dividends. On May 18, 2026 it raised the quarterly dividend from $0.01 to $0.25 per share and the board approved an additional $80.0 billion repurchase authorization; $99.3 billion remained authorized at July 26, 2026. The release says the next quarterly dividend of $0.25 per share is payable October 1, 2026 to holders of record on September 10, 2026. Source: 10-Q: Item 2 MD&A – Liquidity and Capital Resources; 10-Q: Note 12 – Shareholders’ Equity; 8-K Ex. 99.1: NVIDIA Announces Financial Results for Second Quarter Fiscal 2027

Future commitments were $366 billion in total at July 26, 2026: supply and capacity 279, cloud service agreements 29, data center leases not commenced 25, equity investments 25 and capital expenditures 8 (USD billions). Supply and capacity commitments were $119 billion at the end of the prior quarter. The 10-Q says the supply commitments are for data center infrastructure systems, primarily memory and manufacturing facilities. Source: 10-Q: Note 10 – Commitments and Contingencies; 10-Q: Item 2 MD&A – Recent Developments, Future Objectives and Challenges

The 10-Q lists further commitments of $56 billion: AI cloud agreements of $36 billion, under which NVIDIA commits to cloud services that the AI clouds can unilaterally stop providing to it, and $20 billion of data center leases not commenced that it expects to reassign to third parties. It also lists $3.5 billion of maximum gross exposure on land, power and shell guarantees of AI cloud partners' lease obligations. Source: 10-Q: Note 10 – Commitments and Contingencies

In August 2026 NVIDIA signed guarantees with SB Energy, capped at $105 billion in total, for leases of about 4.25 gigawatts of IT load at a campus in Pike County, Ohio that will host NVIDIA infrastructure under 20-year leases to OpenAI. The 10-Q says guarantee amounts increase as each of nine data centers is placed in service, expected to begin in fiscal 2029, and that OpenAI has agreed to reimburse and indemnify NVIDIA for certain losses. It also reports equity investments of $99 billion and equity investment commitments of $25 billion at July 26, 2026. Source: 10-Q: Note 10 – Commitments and Contingencies; 10-Q: Item 2 MD&A – Recent Developments, Future Objectives and Challenges

Accounts receivable were 63,059 at July 26, 2026 against 38,466 at January 25, 2026. The 10-Q says operating cash flow in the first half was partly offset by an increase in accounts receivable due to extended payment terms on large multi-quarter agreements with certain investment-grade customers, and that such arrangements will continue to affect the timing of operating cash flows. Source: 10-Q: Item 2 MD&A – Liquidity and Capital Resources; 10-Q: Condensed Consolidated Balance Sheets

Cash flow and capital return

USD millions. Q2 FY2027 = three months ended July 26, 2026; Q2 FY2026 = three months ended July 27, 2025. Cash flows come from the release's three-month statement; the 10-Q presents six-month cash flows only. Outflows are shown as positive amounts of cash spent. Free cash flow is NVIDIA's non-GAAP measure: operating cash flow less purchases and principal payments on property and equipment and intangible assets.

Source: 8-K Ex. 99.1: Condensed Consolidated Statements of Cash Flows; 8-K Ex. 99.1: Reconciliation of GAAP to Non-GAAP Financial Measures

Balance sheet and funding

GAAP, USD millions, at July 26, 2026 compared with January 25, 2026 (the prior fiscal year-end, not the same quarter a year earlier). Cash, cash equivalents and marketable debt securities is the sum of the two reported lines above it, calculated by StrongBuyAnalytics.

Source: 10-Q: Condensed Consolidated Balance Sheets; 10-Q: Item 2 MD&A – Liquidity and Capital Resources

Supply, customer and regulatory risks the filing describes

Guarantees and counterparties. The 10-Q says the SB Energy guarantees may expose NVIDIA to substantial obligations over extended periods. If OpenAI does not perform or becomes subject to an insolvency event and a guarantee is triggered, NVIDIA may assume the lease or seek a replacement tenant, and a replacement may not be found on acceptable terms or timing. It also says memorandums of understanding signed in August 2026, designed to mobilize more than $500 billion of third-party capital for AI infrastructure, may not lead to definitive agreements. Source: 10-Q: Part II, Item 1A – Risk Factors; 10-Q: Item 2 MD&A – Recent Developments, Future Objectives and Challenges

Export controls and China. The 10-Q says the U.S. government granted licenses beginning in February 2026 to ship small amounts of H200 products to specific China-based customers, but that the PRC government restricted such sales and NVIDIA has not been able to make sales of all the products licensed. In the first half of fiscal 2027 it recorded a $0.4 billion charge for excess inventory and purchase obligations as H200 demand diminished. Licensed H200s go through a U.S. inspection process and carry a 25% tariff that NVIDIA says it has been unable to pass to customers. Source: 10-Q: Part II, Item 1A – Risk Factors; 10-Q: Item 2 MD&A – Recent Developments, Future Objectives and Challenges

Supply and production. The 10-Q says the Vera Rubin architecture began production shipments in the third quarter of fiscal 2027, that NVIDIA will ship Blackwell and Rubin systems and is currently experiencing certain supply constraints, and that the complexity of its data center systems has caused and could cause production delays, increased inventory provisions, lower yields, higher material costs and increased warranty costs. It adds that the business depends on reliable supply from overseas partners, especially in Taiwan and South Korea. Source: 10-Q: Item 2 MD&A – Recent Developments, Future Objectives and Challenges; 10-Q: Part II, Item 1A – Risk Factors

Funding and customer capacity. The 10-Q says each series of senior notes must be repaid or refinanced at maturity and that a refinancing could be on less favorable terms or not possible. It also says shortages of land, power, shell or capital, especially for less-capitalized customers, could delay customer deployments. Source: 10-Q: Part II, Item 1A – Risk Factors; 10-Q: Item 2 MD&A – Recent Developments, Future Objectives and Challenges

What the next filing could clarify

• Whether supply and capacity commitments, which the 10-Q puts at $279 billion at July 26, 2026, change in the next quarterly report, and how the filing describes when they fall due.
• Whether the SB Energy guarantees and the AI cloud agreements change the commitments and guarantees note, and whether any guarantee is triggered.
• How accounts receivable, which were $63,059 million at July 26, 2026, move against revenue, and whether the 10-Q again cites extended payment terms.
• Whether Compute & Networking segment operating income stays near its Q2 FY2027 level of $62,696 million on revenue of $88,299 million (about 71%, calculated by StrongBuyAnalytics), and what the segment note says drives it.
• If the next 10-Q again reports H200 shipments to China, how large they are against Data Center revenue and whether further charges are recorded.

Not covered on this page

• NVIDIA's third-quarter fiscal 2027 outlook in the results release. It is company guidance and is not summarized here.
• The later Form 8-K filing and NVIDIA's fiscal 2026 Form 10-K, both listed below, and the earlier Form 8-K listed as not read. They were not summarized for this page.
• Valuation, peers and the share price. The score above is a separate fixed screen.

Sources and filing identifiers

Every figure above comes from the documents below, filed with the U.S. Securities and Exchange Commission (SEC). Accession numbers identify each filing.

• 10-Q — NVIDIA Form 10-Q for the quarter ended July 26, 2026. Period ended July 26, 2026. Filed August 26, 2026; accepted by EDGAR August 26, 2026, 20:36 UTC. Accession number 0001045810-26-000075. Open the document · Filing index
• 8-K Ex. 99.1 — NVIDIA second-quarter fiscal 2027 results release (Exhibit 99.1 to Form 8-K). Period ended July 26, 2026. Filed August 26, 2026; accepted by EDGAR August 26, 2026, 20:21 UTC. Accession number 0001045810-26-000073. Open the document · Filing index

Later filings, listed by identifier only. These were filed after the documents above and are not summarized on this page.

• Form 8-K filed September 3, 2026, Items 8.01 (other events the company chooses to report). Accession number 0001045810-26-000078. Filing index

Filings this page did not read. They exist, but their text was not used for the analysis above.

• Form 10-K filed February 25, 2026: Annual report for the fiscal year ended January 25, 2026. Accession number 0001045810-26-000021. Filing index
• Form 8-K filed August 17, 2026: Current report (Items 1.01, 2.03 and 7.01: material definitive agreement, direct financial obligation and Regulation FD disclosure) filed nine days before the Form 10-Q. Accession number 0001045810-26-000069. Filing index

About this analysis

• Prepared by StrongBuyAnalytics with AI assistance from the filings listed above. Figures were transcribed from those documents.
• This analysis has not been reviewed by a human editor.
• Content last changed October 4, 2026. This is the date the analysis was last edited, not the date this page was loaded.
• October 4, 2026: First published from the Q2 FY2027 Form 10-Q and results release. Figures were transcribed from the cited documents and cross-checked where both report the same measure.
• This is educational information about a company’s disclosures. It is not investment advice and does not forecast results.