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Earnings Callsⓘ
Q2 2026August 31, 2026
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### At a GlanceNVIDIA's Q2 FY2026 results significantly exceeded expectations, driven by surging AI demand fueling global infrastructure expansion and the company's distinct advantage in its full-stack AI factory platform.
Q2 revenue reached $96 billion, doubling year-over-year; data center revenue hit $89 billion, up 18% quarter-over-quarter; FY2028 revenue is expected to grow approximately 70% year-over-year.
Key business progress this quarter: Expanded collaboration with AWS, deploying 2 million GPUs; Vera Rubin began volume shipments, expected to become the fastest product ramp in history; Spectrum-X Ethernet revenue grew 2.6x year-over-year; CPU revenue is expected to double by FY2028. Through its full-stack AI factory platform, CUDA ecosystem, and revenue-sharing model, the company has increased the revenue opportunity per GW of data center from $18 billion with Hopper to $40 billion with Vera Rubin.
Management guided Q3 revenue at $108 billion, with FY2028 full-year growth of approximately 70%, though constrained by supply. Gross margin guidance was revised downward: Q3 at 74%, Q4 bottoming at 71%-72%, recovering to 72%-73% in FY2028, primarily due to a significant increase in memory costs.
Positive signals: Management emphasized that AI has entered a profitable inference phase, with customer investment payback periods under one year and demand far exceeding supply capacity. Negative signals: Gross margins remain under pressure, and tight memory supply is unlikely to ease in the near term.