NVIDIA will report fiscal Q1 2027 results on Wednesday, May 20, 2026, after the market close.
Here are the key numbers of Nvidia from Tiger Trade.
Revenue: $78.55 billion (up 81.37% YoY)
Earnings per share (EPS): $1.755 (up 88.02% YoY)
Highlights from the Previous Quarter
NVIDIA's Q4 results capped off an extraordinary FY 2026, showing powerful year-on-year (YoY) and quarter-on-quarter (QoQ) gains, once again driven overwhelmingly by AI-related demand in the data centre business.
Key metrics included:
Revenue: $68.1 billion, beating consensus estimates and marking a 73% YoY increase. This also represented a strong 20% QoQ gain.
Earnings per share: Generally accepted accounting principles (GAAP) EPS of $1.62 on a non-GAAP basis, comfortably ahead of forecasts and up roughly 80% YoY.
Net income: GAAP net income reached a record $42.96 billion (up 94% YoY), while non-GAAP net income was $39.55 billion (up 79% YoY).
Gross margins: Non-GAAP gross margin expanded to 75.2%, highlighting NVIDIA's continued pricing power and product-mix shift toward higher-margin AI offerings.
Segment breakdown highlights:
Data centre: A record $62.3 billion, up 75% YoY and representing more than 91% of total revenue.
Gaming: $3.7 billion, up 47% YoY, but down 13% QoQ due to normal post-holiday inventory moderation.
Professional visualisation: $1.3 billion, up strongly YoY.
Automotive: $604 million, up 6% YoY.
Five Catalysts to Watch
The first catalyst is the Blackwell product mix at data center revenue, including GB300 Ultra readiness commentary on the print itself. Blackwell drove nearly 70% of data center compute revenue last quarter, per Futurum Group's Q1 FY2026 breakdown, and the Hopper transition is essentially complete now.
The market wants GB200 NVL72 racks landing on schedule at every hyperscaler and GB300 Ultra moving from sampling to production shipments later this quarter. Anything that pushes the Ultra ramp timing to the right reads as a real problem for the second-half tape and the 2027 revenue print.
Hyperscaler 2026 capex is the underlying demand backstop behind the Blackwell ramp into calendar 2026 and well beyond the current visibility window. The big four guided combined 2026 capex above $700 billion, with the bulk landing on NVDA, AVGO custom silicon, and TSM at the foundry.
The second catalyst is AI infrastructure demand, durability, and broadening. Investors will look for confirmation that hyperscaler demand remains extremely strong, alongside evidence that the AI build-out is expanding beyond the Big Tech five – Meta, Microsoft, Google and Amazon – into enterprises, sovereign AI projects, vertical industries and smaller customers.
The third catalyst is Next-generation roadmap – Rubin. Any early signals around the Rubin architecture, targeted for a second-half calendar year 2026 ramp, will be important. Investors are seeking reassurance of a smooth generational hand-off from Blackwell without major order pauses, while preserving pricing power and margins.
The fourth catalyst is China export policy and the timing of any China revenue recognition this quarter, per Computer Weekly on the export hit. The April 2025 H20 license rule cost about $4.5 billion in inventory charges last year plus roughly $8 billion of lost forward revenue.
H200 reopening with ByteDance, Alibaba and Tencent is approved but NVIDIA operates under a 15% US revenue-share and has booked no material China revenue yet. The Street therefore treats China revenue at effectively zero until Jensen quantifies real shipment timing in dollars on Tuesday's call.
The fifth catalyst pairs sovereign AI demand commentary with Blackwell gross margin trajectory on the conference call itself, especially in the prepared remarks. Saudi, UAE, Singapore and European AI factories have signed multi-year capacity that can backstop most of the lost China TAM in real revenue terms.
Circular Deals: Growth Engine or Bubble Risk?
Circular AI deals – where hyperscalers, model developers and cloud providers effectively invest in and buy from one another in a self-reinforcing loop – remain one of the most debated features of the current boom.
NVIDIA has participated in dozens of such arrangements, including equity investments in OpenAI, CoreWeave and others. On the surface, this ecosystem can appear self-sustaining, with capital flowing back and forth to support graphics processing unit orders that in turn validate high valuations.
However, over the past quarter the debate has evolved. Stronger enterprise adoption, sovereign AI projects and broader vertical demand across healthcare, automotive and financial services have demonstrated that real end-user usage is picking up. Management has repeatedly emphasised multi-year contracts and rising utilisation rates across deployed clusters.
The key question heading into these results is whether the demand mix is continuing to shift from capital-markets-driven circular flows toward genuine, usage-based infrastructure build-out. Clear evidence of broadening customer cohorts and sustained high utilisation would further ease bubble concerns, while signs of continued concentration among a small group of well-funded players could keep the debate alive.
Guidance for Second-Quarter Fiscal 2027
This remains the biggest potential catalyst. Consensus currently clusters around $86 – $87 billion. A strong beat-and-raise would reinforce the view that the AI capital expenditure cycle still has significant runway.
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