NVDA Q1 2026 Earnings
Reported May 28, 2025 at 4:21 PM ET · SEC Source
Q1 26 EPS
$0.81
BEAT +8.00%
Est. $0.75
Q1 26 Revenue
$44.06B
vs S&P Since Q1 26
+18.2%
BEATING MARKET
NVDA +40.4% vs S&P +22.1%
Market Reaction
Did NVDA Beat Earnings? Q1 2026 Results
NVIDIA delivered a powerful beat to open fiscal 2026, posting first-quarter earnings of $0.81 per share against a $0.75 consensus estimate, an 8.00% beat, even as a $4.50 billion charge tied to H20 inventory and purchase obligations weighed heavily o… Read more NVIDIA delivered a powerful beat to open fiscal 2026, posting first-quarter earnings of $0.81 per share against a $0.75 consensus estimate, an 8.00% beat, even as a $4.50 billion charge tied to H20 inventory and purchase obligations weighed heavily on results after the U.S. Government imposed new export licensing requirements for H20 products into China in April. Revenue climbed 69.2% year-over-year to $44.06 billion, anchored by a dominant Data Center segment that contributed $39.11 billion, with networking revenue alone surging 64% sequentially as Blackwell-based NVLink and Ethernet AI solutions gained rapid adoption. Absent the H20-related charge, non-GAAP EPS would have reached $0.96 with gross margins at 71.3%. Gaming added a record $3.76 billion, up 42% year-over-year. Looking ahead, NVIDIA guided Q2 revenue to $45.00 billion, explicitly absorbing an estimated $8.00 billion H20 revenue loss from export controls, while projecting non-GAAP gross margins to recover to 72.0% and targeting the mid-70% range by late fiscal 2026, underscoring confidence in sustained AI infrastructure demand.
Key Takeaways
- • Strong demand for accelerated computing platform used for large language models, recommendation engines, and generative and agentic AI applications
- • Blackwell architecture ramp expanding to all customer categories
- • Large cloud service providers remained largest customer category at just under 50% of Data Center revenue
- • Networking revenue surged 64% sequentially driven by NVLink compute fabric in GB200 systems
- • Gaming record driven by Blackwell architecture, the fastest product ramp in company history
- • Automotive growth driven by sales of self-driving platforms
NVDA YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
NVDA Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our breakthrough Blackwell NVL72 AI supercomputer — a 'thinking machine' designed for reasoning— is now in full-scale production across system makers and cloud service providers. Global demand for NVIDIA's AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate. Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation.”
— Jensen Huang, Q1 2026 Earnings Press Release
NVDA Earnings Trends
NVDA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NVDA EPS Trend
Earnings per share: estimate vs actual
NVDA Revenue Trend
Quarterly revenue: estimate vs actual
NVDA Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $1.52 | $1.62 | +6.58% | $68.13B | — |
| FY Full Year | — | $4.77 | — | $215.94B | — |
| Q3 26 BEAT | $1.24 | $1.30 | +4.84% | $57.01B | — |
| Q2 26 BEAT | $1.01 | $1.05 | +3.96% | $46.74B | — |
| Q1 26 BEAT | $0.75 | $0.81 | +8.00% | $44.06B | — |