Nvidia reported second‑quarter fiscal 2026 revenue of $46.7 billion for the period ended July 27, 2025, marking a 6% increase from the prior quarter and a 56% rise from the year‑ago period. Data‑centre revenue, powered by the new Blackwell platform, reached $41.1 billion, also up 5% sequentially and 56% year‑on‑year, though it fell short of analysts’ estimates.
Blackwell Data Centre revenue rose 17% sequentially, indicating strong adoption of the latest infrastructure.
No H20 chips were sold to China during the quarter. Nvidia recognised $180 million from releasing reserved H20 inventory sold to non-China clients. Excluding that release and its tax effect, non‑GAAP gross margin would have been 72.3% and non‑GAAP diluted earnings per share would have been $1.04 rather than the reported $1.05.
GAAP and non‑GAAP gross margins were 72.4% and 72.7%, respectively. GAAP earnings per diluted share landed at $1.08.
During H1 FY2026, Nvidia returned $24.3 billion to shareholders through buybacks and dividends. As of end‑Q2, $14.7 billion remained under the share repurchase authorisation. On August 26, 2025, the board approved an additional $60 billion buyback authorisation with no expiration date. Nvidia will pay its next quarterly dividend of $0.01 per share on October 2, 2025, to shareholders of record as of September 11, 2025.
Q3 forecast
For Q3 FY2026, Nvidia forecast revenue of $54 billion, plus or minus 2%. The outlook does not assume any H20 chip shipments to China. Expected GAAP and non‑GAAP gross margins are 73.3% and 73.5% respectively, ±50 basis points. GAAP operating expenses should be around $5.9 billion, non‑GAAP around $4.2 billion. Nvidia projects GAAP and non‑GAAP other income (net of equity gains/losses) at approximately $500 million. It expects a tax rate of 16.5% ±1 point, excluding discrete items.
In after‑hours trading, Nvidia shares fell 2–3% amid investor concern over the data‑centre miss and unresolved China risks. Reuters noted that although H2O export restrictions have eased, Chinese firms face pressure to favour domestic suppliers, and that Nvidia had previously lost an estimated $8 billion in revenue due to the ban. Investor.com reports that mutual funds continue to load up on Nvidia despite trade tensions, citing a recent agreement to pay 15% of H2O China sales to the US government in exchange for licensing.
