NVIDIA third quarter fiscal 2027 preview: report date, last quarter's numbers and the company's outlook
NVIDIA reports results for the three months ended October 25, 2026 on Tuesday, November 17. Here is what it reported last quarter, what it said to expect and which parts of the business to watch.
Written and produced by Dalsna Finance. Dylan Moyer, Editor.
NVIDIA will report results for the third quarter of its 2027 fiscal year on Tuesday, November 17, 2026. NVIDIA's fiscal year ends in late January, so this quarter covers the three months ended October 25, 2026. The company said it will hold a conference call at 2 p.m. Pacific time (5 p.m. Eastern time) that day, webcast live in listen only mode on investor.nvidia.com. Its chief financial officer, Colette Kress, will post written commentary on the results immediately after they are announced at approximately 1:20 p.m. Pacific time. [1][2]
This is a short preview. It sets out what NVIDIA reported for its second quarter and the outlook it gave for the third, both from the company's own filings. It does not include analyst estimates or any forecast of ours. [3]
Where the second quarter left off
In the second quarter of fiscal 2027, the three months ended July 26, 2026, NVIDIA reported revenue of $96,221 million, up 18% from the first quarter and up 106% from a year earlier. Gross margin, the share of revenue left after the direct cost of what was sold, was 75.0% under both GAAP (the standard US accounting rules) and NVIDIA's adjusted, or non GAAP, measure. GAAP operating income was $63,734 million and GAAP net income was $59,688 million. [3]
Earnings per share, or EPS, is profit divided by the number of shares. NVIDIA reported GAAP diluted EPS of $2.46 and adjusted diluted EPS of $2.22. Its adjusted figures leave out gains and losses on the shares it holds in other companies, along with some other items, and in the second quarter those gains lifted GAAP net income above the adjusted figure of $53,954 million. [3]
| Measure | Q2 FY2027 as reported |
|---|---|
| Revenue | 96,221 |
| Gross margin (GAAP and non GAAP) | 75.0% |
| Operating expenses (GAAP) | 8,408 |
| Operating expenses (non GAAP) | 8,232 |
| Operating income (GAAP) | 63,734 |
| Net income (GAAP) | 59,688 |
| Net income (non GAAP) | 53,954 |
| Diluted EPS (GAAP) | $2.46 |
| Diluted EPS (non GAAP) | $2.22 |
As reported by NVIDIA in its second quarter fiscal 2027 earnings release. [3]
What NVIDIA said to expect
With its second quarter results on August 26, 2026, NVIDIA gave an outlook for the third quarter (a company projection, as reported). It said it expects revenue of $108.0 billion, plus or minus 2%, and that the outlook assumes no Data Center compute revenue from China. It expects GAAP and non GAAP gross margins of 74.0%, plus or minus 50 basis points (a basis point is one hundredth of a percentage point). It expects GAAP operating expenses of approximately $9.2 billion and non GAAP operating expenses of approximately $9.0 billion. For the full fiscal year it expects GAAP and non GAAP tax rates between 16.0% and 18.0%, excluding any discrete items and material changes to its tax environment. [3]
Put next to the second quarter, the revenue range runs from $105.84 billion to $110.16 billion, and its midpoint of $108.0 billion is $11,779 million, or 12.2%, more than second quarter revenue. The gross margin midpoint of 74.0% is 1.0 percentage point below the second quarter's 75.0% (Dalsna Finance calculation for all of these). NVIDIA did not give an outlook for net income or EPS, and we do not work one out from its other figures. [3]
| Measure | Q2 FY2027 as reported | Q3 FY2027 outlook (company projection) | Outlook against Q2 |
|---|---|---|---|
| Revenue | $96,221 million | $108.0 billion, plus or minus 2% | Midpoint up $11,779 million, or 12.2% |
| Gross margin (GAAP and non GAAP) | 75.0% | 74.0%, plus or minus 50 basis points | Midpoint down 1.0 percentage point |
| Operating expenses (GAAP) | $8,408 million | Approximately $9.2 billion | Up about $792 million, or 9.4% |
| Operating expenses (non GAAP) | $8,232 million | Approximately $9.0 billion | Up about $768 million, or 9.3% |
Second quarter figures and the outlook as reported by NVIDIA on August 26, 2026. The last column is a Dalsna Finance calculation: the outlook figure (the midpoint, where a range is given) minus the second quarter figure, and that change divided by the second quarter figure, times 100, rounded to one decimal at the end. Margin changes are in percentage points. The revenue range is $108.0 billion times 0.98 and times 1.02. [3]
What to watch
NVIDIA reports two segments. Compute & Networking, which includes its Data Center platforms, networking and automotive products, had second quarter revenue of $88,299 million. Graphics, which includes GeForce GPUs for gaming and PCs and RTX GPUs for workstations, had $7,922 million. [4][2]
NVIDIA also splits revenue into two market platforms. Data Center brought in $89,023 million in the second quarter, 92.5% of the total (Dalsna Finance calculation), made up of $48,710 million from Hyperscale and $40,313 million from the group NVIDIA calls ACIE, short for AI Clouds, Industrial, & Enterprise. Edge Computing brought in $7,198 million. NVIDIA said shipments of Data Center Hopper products to China were less than 1% of Data Center revenue in the second quarter, and its third quarter outlook assumes no Data Center compute revenue from China. [4][3]
In the August 26, 2026 release, chief executive Jensen Huang said "The AI infrastructure buildout is at full steam." The same release said the Vera Rubin platform was ramping into full production, with racks running at partners. Once the third quarter figures are out, its revenue, gross margin and operating expenses can be set against the outlook above. [3]
This preview reports what NVIDIA has published and makes no prediction. It is not investment advice.
Companies in this article: Nvidia (NVDA)
Sources
Written by Dalsna Finance from the public sources listed above. Every figure is cited to its source or shown as a labelled Dalsna Finance calculation. How we work: editorial standards. General information, not investment advice.
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