Earnings Call
May 27, 2025
Q1 FY2026
EPS Estimate
0.75
EPS Actual
—
Post-Earnings Close
$114.33
Earnings Reaction
+18.7%
NVIDIA delivered a strong fiscal Q1 2026, reporting revenue of $44 billion, up 69% year-over-year and ahead of the $43.2 billion consensus, despite absorbing a $4.5 billion inventory charge tied to U.S. export controls on its H20 GPU. Data Center revenue of $39 billion grew 73% year-on-year, in line with expectations, with Blackwell architecture now contributing nearly 70% of data center compute revenue. Excluding the H20 charge, non-GAAP gross margins would have been 71.3%, modestly above guidance; reported non-GAAP gross margins came in at 61%, a significant headline miss that was entirely attributable to the geopolitical disruption rather than underlying business deterioration. Gaming was a standout, posting a record $3.8 billion, up 42% year-on-year, driven by the Blackwell consumer ramp.
Report generated on Apr 4, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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