What was NVIDIA's Q2 FY2027 revenue?

NVIDIA reported Q2 FY2027 revenue of $96.2 billion on August 26, 2026, up 18% sequentially and 106% year-over-year. GAAP and non-GAAP gross margins were both 75.0%, and GAAP/non-GAAP EPS were $2.46 and $2.22 respectively. The quarter ended July 26, 2026 (NVIDIA Q2 FY27 press release, August 26, 2026).

What was NVIDIA's Data Center revenue in Q2 FY2027?

Data Center revenue was $89.02 billion in Q2 FY2027, up 18% sequentially and 117% year-over-year. Within Data Center, Hyperscale contributed $48.71 billion and AI Clouds/Industrial/Enterprise contributed $40.31 billion. Hyperscale grew 13% sequentially and more than doubled from a year earlier (NVIDIA Q2 FY27 press release; Carson Group earnings call transcript, August 26, 2026).

What is NVIDIA's Q3 FY2027 outlook?

NVIDIA guided Q3 FY2027 revenue to $108.0 billion plus or minus 2%, with GAAP and non-GAAP gross margins of 74.0% plus or minus 50 basis points. Notably, NVIDIA is not assuming any Data Center compute revenue from China in the outlook. Operating expenses are expected at approximately $9.2 billion GAAP and $9.0 billion non-GAAP (NVIDIA Q2 FY27 press release, August 26, 2026).

Which cloud providers are running Vera Rubin today?

Vera Rubin racks are running at production scale at CoreWeave, Google Cloud, Microsoft Azure, Oracle Cloud Infrastructure, and Nebius, per the Q2 FY2027 release. NVIDIA also announced an expansion of its AWS partnership: AWS is deploying an additional 2 million NVIDIA GPUs starting in the current quarter through Q2 FY2029, along with Vera CPUs (Carson Group earnings call transcript, August 26, 2026).

How much are hyperscalers spending on AI infrastructure in 2027?

Capital expenditures by the top five hyperscalers are expected to reach nearly $800 billion in 2026 and $1.3 trillion in 2027, per NVIDIA CFO Colette Kress on the Q2 FY2027 call. Cloud industry backlog is now greater than $2 trillion. NVIDIA's hyperscaler run-rate of about $195 billion implies NVIDIA captures roughly 24% of that spend (Motley Fool analysis of NVIDIA Q2 FY27, September 3, 2026).

What does NVIDIA mean by 'revenue per gigawatt'?

NVIDIA has disclosed that revenue opportunity per gigawatt of compute has grown from roughly $18 billion with Hopper, to $25 billion with Blackwell, to $40 billion with Vera Rubin. The Vera Rubin number includes Vera CPU, Rubin GPU, NVLink, InfiniBand or Ethernet, and the Groq LPU. The implication is that customers want to migrate to Vera Rubin as quickly as possible because NVIDIA's compute is so productive that the tokens the GPUs generate are 'insanely profitable' for them (Carson Group earnings call transcript, August 26, 2026).

Why are AI server prices rising 15%+?

NVIDIA has notified customers of AI server price increases above 15% in some cases, tied to higher memory costs. Memory pricing has been a pressure point through 2026 as HBM and high-capacity DRAM demand has outpaced supply. NVIDIA's pricing power matters because it can protect profitability while still meeting demand from customers with urgent capacity needs (Futurum Group analysis of NVIDIA Q2 FY27, August 2026).

NVIDIA Q2 FY2027 Revenue $96B: Vera Rubin Ramps Production

Quick Answer

NVIDIA reported Q2 FY2027 revenue of $96.2 billion on August 26, 2026 — up 106% year-over-year — with Data Center at $89.02 billion and Vera Rubin now in full production at CoreWeave, Google Cloud, Microsoft Azure, Oracle Cloud Infrastructure, and Nebius. Q3 FY2027 outlook is $108 billion plus or minus 2%. NVIDIA's CFO disclosed that the top five hyperscalers are expected to spend nearly $800 billion on AI infrastructure in 2026 and $1.3 trillion in 2027.

Last verified: Sep 16, 2026.

At a glance

Q2 FY2027 revenue: $96.2B (+106% YoY, +18% QoQ)
Data Center: $89.02B (+117% YoY, +18% QoQ)
Hyperscaler share of DC: $48.71B (55%)
Gross margin: 75.0% GAAP and non-GAAP
Q3 FY2027 outlook: $108B ± 2%; 74.0% GM ± 50bp
Vera Rubin: Full production at 5 partners; AWS 2M more GPUs through Q2 FY29
Hyperscaler CapEx: ~$800B (2026), ~$1.3T (2027)

What drove the quarter

Hyperscale revenue more than doubled year-over-year, with Blackwell Ultra continuing to drive momentum. NVIDIA CFO Colette Kress said "cloud industry backlog now greater than $2 trillion, CapEx by the top five hyperscalers is expected to reach nearly $800 billion in 2026 and $1.3 trillion in 2027" on the Q2 FY2027 call. Hyperscale revenue grew 13% sequentially, more than doubling from a year earlier. The mix improvement from Blackwell Ultra supported the 75% gross margin, even as memory costs remained a pressure point (Carson Group earnings call transcript, August 26, 2026).

Edge Computing revenue was $7.20 billion in Q2, up 27% year-over-year. Adjusted operating income was $63.96 billion (+124% YoY), above consensus of $61.19 billion, with adjusted operating margin of 66.5% versus 61.1% in Q2 FY2026. Adjusted EPS was $2.22 versus $1.01 a year earlier (Futurum Group analysis of NVIDIA Q2 FY27, August 2026).

Vera Rubin enters full production

Vera Rubin is the most important strategic update from the quarter. The platform is already running at partners including CoreWeave, Google Cloud, Microsoft Azure, Oracle Cloud Infrastructure, and Nebius — covering hyperscalers, neoclouds, and infrastructure specialists at the same time. Vera CPUs, Vera BlueField-4, and Spectrum-6 switch systems expand the platform beyond accelerator demand alone, which makes NVIDIA harder to evaluate as only a chip supplier (NVIDIA Q2 FY27 press release, August 26, 2026).

The Vera Rubin stack also includes the Groq LPU announced earlier in the quarter. NVIDIA's "revenue per gigawatt" metric — the company's preferred measure of compute productivity — has grown from $18 billion (Hopper) to $25 billion (Blackwell) to $40 billion (Vera Rubin, including CPU, GPU, NVLink, networking, and LPU). CEO Jensen Huang's framing on the call: customers "want to race to the next generation as fast as they can" because NVIDIA's compute is so productive that the tokens the GPUs generate are "insanely profitable" for them (Carson Group earnings call transcript, August 26, 2026).

AWS 2-million GPU expansion

The AWS expansion announced on the call is the largest single deployment commitment of its kind. AWS is deploying an additional 2 million NVIDIA GPUs starting in the current quarter through Q2 FY2029, along with Vera CPUs. The expansion builds on AWS's already vast installed base of NVIDIA compute. AWS's NVIDIA spend is concentrated in Trainium and Inferentia silicon as well, but the 2-million-GPU commitment is the largest disclosed GPU buildout from a single hyperscaler (Carson Group earnings call transcript, August 26, 2026).

The expansion matters for GPU pricing: more committed volume means NVIDIA can negotiate multi-year framework agreements at slightly lower per-unit margins, but the absolute revenue contribution is enormous. For neoclouds like CoreWeave and Nebius, the AWS scale-up increases the supply of alternative cloud capacity, which has historically pressured per-hour GPU rental rates on the secondary market. The Motley Fool estimates NVIDIA captures roughly 24% of hyperscaler CapEx, which implies about $315 billion in revenue from hyperscalers in calendar 2027 alone (Motley Fool, September 3, 2026).

MLPerf, Apple Private Cloud, and the supply story

NVIDIA Blackwell led across every category in the MLPerf Training 6.0 benchmarks and in AgentPerf, the industry's first agentic AI infrastructure benchmark. NVIDIA GPUs with Confidential Computing are now used for confidential inference in Apple's Private Cloud Compute — a flagship enterprise inference deployment. MLPerf wins are a recurring moat: enterprise buyers who follow the benchmark cycle default to the leader, and the gap between Blackwell and the prior generation typically translates to a multi-quarter pricing premium (NVIDIA Q2 FY27 press release, August 26, 2026).

On the supply side, NVIDIA's preliminary expectation is for FY2028 revenue to grow approximately 70% year-over-year, and management says supply is what limits that figure. CEO Jensen Huang put it more directly: "even though our demand is much greater than 70%, our supply allows us to confidently deliver 70%." Memory cost increases have driven AI server price increases above 15% in some cases, but NVIDIA's pricing power has protected profitability while still meeting demand from customers with urgent capacity needs (Futurum Group, August 2026).

What enterprise buyers should watch next

The next NVIDIA earnings call is November 17, 2026, for Q3 FY2027 results. Between now and then, the catalysts to watch are: (1) the Goldman Sachs Communacopia + Technology Conference in San Francisco on September 10 (Jensen Huang fireside keynote), (2) GTC Berlin on October 21 (Jensen Huang keynote), (3) further cloud-provider framework announcements, and (4) any HBM supply tightness that could shift the AI server pricing dynamic. For GPU cloud buyers, the practical implication of Vera Rubin going to 5 production partners is that Blackwell Ultra pricing should ease over Q4 2026 as Vera Rubin absorbs the highest-priority workloads.