Nvidia Q2 FY2027 earnings preview: what to watch

Nvidia Q2 FY2027 earnings preview

Nvidia reports second-quarter fiscal 2027 results on Wednesday, August 26, 2026, after market close around 9.20pm British Summer Time (BST). The company will hold its conference call at 10pm to discuss results for the quarter that ended July 26, 2026.

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

Those looking to trade around the results can do so through spread betting or CFD trading, while longer-term investors can access Nvidia shares through IG Invest or our share dealing 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 sixty analysts, consensus calls for $91.9 billion in revenue and $2.09 in earnings per share, which is about 1% above the company's own guided number.

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

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 thirteen 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 over year and 20% sequentially, beating a Street estimate of around $78.8 billion. Data Center revenue alone was $75.2 billion, up 92% year over year, and gross margin landed near 75%. Alongside that print, Nvidia announced an additional $80 billion share buyback authorisation and raised its quarterly dividend twenty-five-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 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.

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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 the third quarter, 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.

Technical analysis of the Nvidia share price

The Nvidia share price is seen coming off this week’s $227.92 2 ½-month high but remains above its $216.83-to-$213.99 support zone. It consists of the late April, June-to-July highs.

Nvidia daily candlestick chart

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

Nvidia weekly candlestick chart

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.

How to invest in Nvidia shares

1. Do your research on Nvidia, the Q2 FY2027 results and the key metrics to watch on 26 August
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3. Search for Nvidia (NVDA) in our platform or app
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