NVIDIA Q2 2027 earnings preview: what to watch

When will NVIDIA report its latest earnings?

NVIDIA reports second quarter (Q2) financial year (FY) 2027 results on Thursday, 27 August 2026 at around 6.20am AEST., after United States (US) market close.

The company's share price has risen around 18% year-to-date and trades approximately 6% below its May record high of $236.54.

Those looking to trade around the results can do so through spread contract for difference (CFD) trading, while longer-term investors can access NVIDIA shares through IG Invest or our share trading service.

What NVIDIA's own guidance is telling us

Going into the print, NVIDIA's own guidance sets a high bar. Management guided Q2 revenue to approximately $91.0 billion, plus or minus 2%. That guide came with gross margin targets of 74.9% on a GAAP basis and 75.0% non-GAAP, alongside operating expense guidance of roughly $8.5 billion GAAP and $8.3 billion non-GAAP.

One detail worth keeping in mind: NVIDIA's outlook assumes no data centre compute revenue from China at all, so any approved China sales this quarter would represent clean upside rather than something already priced into guidance.

What Wall Street consensus is expecting

Wall Street consensus sits just above that guided midpoint rather than dramatically ahead of it. Across roughly 60 analysts, consensus calls for $91.9 billion in revenue and $2.09 in earnings per share (EPS), which is about 1% above the company's own guided number.

According to London Stock Exchange Group (LSEG) Data & Analytics, its mean long-term target sits at $297.37, around 35% above the share's current price (as of 19 August 2026).

NVIDIA buy/sell indicators and analyst projections

Other data providers show slightly higher figures, one puts consensus at $2.13 EPS on $93.63 billion in revenue, noting that estimate has been revised upward by nearly 7% over the past three months, but the broad picture is the same: analysts think NVIDIA's guidance is only mildly conservative, not a sandbagged number.

That matters because NVIDIA has now beaten its own guidance for 13 consecutive quarters, but the margin of the beat has been shrinking steadily, from a 22.8% beat back in Q2 FY24 down to just 4.6% last quarter. A tight gap between guidance and consensus means there's less room for a blowout surprise this time around.

The baseline the market is measuring against

The baseline the market is measuring against is a strong one. Q1 FY2027 revenue came in at $81.6 billion, up 85% year-on-year (YoY) and 20% sequentially, beating a Street estimate of around $78.8 billion. Data centre revenue alone was $75.2 billion, up 92% YoY, and gross margin landed near 75%.

Alongside that print, NVIDIA announced an additional $80 billion share buyback authorisation and raised its quarterly dividend 25-fold to $0.25 per share, while committing to return roughly half of free cash flow to shareholders going forward.

Why the Q3 outlook may matter more than Q2

Several analysts argue that the Q2 number itself may end up mattering less than what management says about the quarter ahead. Because independent estimates sit only modestly above NVIDIA's guided midpoint, the market is likely to weight the third quarter (Q3) outlook more heavily than whether NVIDIA narrowly clears its Q2 target.

It's entirely possible for the headline print to look solid and the stock to still sell off if the Q3 guide comes in below what's already embedded in current estimates. Conversely, even a modest Q2 beat could support the stock if management raises the forward outlook and reiterates that supply, rather than softening customer demand, remains the binding constraint.

For traders wanting to understand how to position around high-impact earnings events like this, our resources on how to trade shares and online trading cover the key concepts in accessible detail.

What to listen for on the earnings call

On the product side, the things to listen for on the call include how the Blackwell Ultra ramp is progressing, whether there's any sign of customers pulling back or delaying orders, and the early trajectory of the next platform.

Management has previously indicated that Vera Rubin is already in full production, with shipments expected to begin in Q3, so investors will be listening for commentary on early customer uptake and supply chain execution.

Gross margin durability near that 75% target, without a fresh inventory-related charge, is another point analysts are watching closely, alongside any update on China-related sales given that they sit outside the current guidance entirely.

An accounting change worth flagging

One accounting wrinkle is worth flagging for anyone comparing this quarter to prior years: starting in Q1 FY2027, NVIDIA changed how it presents non-GAAP figures, folding in stock-based compensation expense that it previously excluded, and restated historical non-GAAP numbers to match.

That means older non-GAAP EPS figures aren't directly comparable to this quarter's without adjusting for the change, so a headline 'beat' or 'miss' against an older comparison should be read carefully.

NVIDIA technical analysis

NVIDIA's share price is seen coming off this week's $227.92 2½-month high but remains above its $216.83 - $213.99 support zone. It consists of the late-April and June - July highs.

NVIDIA daily candlestick chart

A fall through this support area may lead to a more significant correction, with the 200-day simple moving average (SMA) at $195.10 and the June - July lows at $190.01 - $189.80 representing a possible target zone.

Since this area represents major support, only a fall through it on a weekly chart closing basis would lead to the medium-term uptrend being threatened. While it holds, though, the odds favour a new record high being made.

An advance above this week's $227.92 high would likely lead to the early June high at $232.28 being reached ahead of the share's May $236.54 all-time peak.

If exceeded, the minor psychological $250 mark would be in sight, followed by the $300 region.

NVIDIA weekly candlestick chart

• _{Source: TradingView. The figures stated are as of 19 August 2026. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}