NVIDIA Announces Financial Results for Second Quarter

Revenue of $46.7 billion, up 6% from Q1 and up 56% from a year agoData Center revenue of $41.1 billion, up 5% from Q1 and up 56% from a year agoBlackwell Data Center revenue grew 17% sequentially

SANTA CLARA, Calif., Aug. 27, 2025 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the second quarter ended July 27, 2025, of $46.7 billion, up 6% from the previous quarter and up 56% from a year ago. NVIDIA’s Blackwell Data Center revenue grew 17% sequentially.

There were no H20 sales to China-based customers in the second quarter. NVIDIA benefited from a $180 million release of previously reserved H20 inventory, from approximately $650 million in unrestricted H20 sales to a customer outside of China.

For the quarter, GAAP and non-GAAP gross margins were 72.4% and 72.7%, respectively. Excluding the $180 million release, non-GAAP gross margin for the quarter would have been 72.3%.

For the quarter, GAAP and non-GAAP earnings per diluted share were $1.08 and $1.05, respectively. Excluding the $180 million release and related tax impact, non-GAAP diluted earnings per share for the quarter would have been $1.04.

“Blackwell is the AI platform the world has been waiting for, delivering an exceptional generational leap — production of Blackwell Ultra is ramping at full speed, and demand is extraordinary,” said Jensen Huang, founder and CEO of NVIDIA. “NVIDIA NVLink rack-scale computing is revolutionary, arriving just in time as reasoning AI models drive orders-of-magnitude increases in training and inference performance. The AI race is on, and Blackwell is the platform at its center.”

During the first half of fiscal 2026, NVIDIA returned $24.3 billion to shareholders in the form of shares repurchased and cash dividends. As of the end of the second quarter, the company had $14.7 billion remaining under its share repurchase authorization. On August 26, 2025, the Board of Directors approved an additional $60.0 billion to the Company’s share repurchase authorization, without expiration.

NVIDIA will pay its next quarterly cash dividend of $0.01 per share on October 2, 2025, to all shareholders of record on September 11, 2025.

Q2 Fiscal 2026 Summary

GAAP
($ in millions, except earnings
per share)Q2 FY26Q1 FY26Q2 FY25Q/QY/YRevenue$46,743$44,062$30,0406%56%Gross margin72.4%60.5%75.1%11.9 pts(2.7) ptsOperating expenses$5,413$5,030$3,9328%38%Operating income$28,440$21,638$18,64231%53%Net income$26,422$18,775$16,59941%59%Diluted earnings per share$1.08$0.76$0.6742%61% Non-GAAP($ in millions, except earnings
per share)Q2 FY26Q1 FY26Q2 FY25Q/QY/YRevenue$46,743$44,062$30,0406%56%Gross margin72.7%61.0%75.7%11.7 pts(3.0) ptsGross margin excluding H20 related charges/releases, net 72.3%71.3% 1.0 pt Operating expenses$3,795$3,583$2,7926%36%Operating income$30,165$23,275$19,93730%51%Net income$25,783$19,894$16,95230%52%Diluted earnings per share$1.05$0.81$0.6830%54%Diluted earnings per share excluding H20 related charges/releases, net and related tax impact$1.04$0.96 8%       

Outlook
NVIDIA’s outlook for the third quarter of fiscal 2026 is as follows:

Revenue is expected to be $54.0 billion, plus or minus 2%. The company has not assumed any H20 shipments to China in the outlook.GAAP and non-GAAP gross margins are expected to be 73.3% and 73.5%, respectively, plus or minus 50 basis points. The company continues to expect to exit the year with non-GAAP gross margins in the mid-70% range.GAAP and non-GAAP operating expenses are expected to be approximately $5.9 billion and $4.2 billion, respectively. Full year fiscal 2026 operating expense growth is expected to be in the high-30% range.GAAP and non-GAAP other income and expense are expected to be an income of approximately $500 million, excluding gains and losses from non-marketable and publicly-held equity securities.GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items.

Highlights
NVIDIA achieved progress since its first quarter earnings announcement in these areas: 

Data Center

Second-quarter revenue was $41.1 billion, up 5% from the previous quarter and up 56% from a year ago.Announced that the NVIDIA RTX PRO™ 6000 Blackwell Server Edition GPU is coming to the world’s most popular enterprise servers; Disney, Foxconn, Hitachi Ltd., Hyundai Motor Group, Lilly, SAP and TSMC are among the first to adopt the servers.Introduced NVIDIA® Spectrum-XGS Ethernet to connect distributed data centers for giga-scale AI.Revealed that NVIDIA is working with European nations, including France, Germany, Italy, Spain and the U.K., as well as technology industry leaders to build NVIDIA Blackwell AI infrastructure, including the world’s first industrial AI cloud for European manufacturers, to fuel region’s next industrial transformation.Announced the expansion of NVIDIA DGX Cloud Lepton™ to connect Europe’s developers to NVIDIA’s global compute ecosystem.Collaborated with partners globally to build and accelerate advanced AI supercomputers, including Doudna (U.S.), JUPITER (Germany), Blue Lion (Germany), Isambard (U.K.) and FugakuNEXT (Japan).Revealed that model builders across Europe and the Middle East are optimizing their sovereign large language models with NVIDIA Nemotron™, which will be available on Perplexity.Supported the launch of OpenAI’s open gpt-oss models, delivering industry-leading gpt-oss-120b performance of 1.5 million tokens per second on a single NVIDIA Blackwell GB200 NVL72 rack-scale system.Announced a collaboration with Novo Nordisk and DCAI to advance drug discovery.Revealed that the NVIDIA Blackwell platform delivered the highest performance at scale on every MLPerf Training benchmark.Teamed with Ansys and DCAI to advance quantum algorithms for fluid dynamics using the NVIDIA CUDA-Q™ platform on Denmark’s Gefion supercomputer.Introduced NVFP4, a 4-bit format purpose-built to deliver exceptional inference latency, for pretraining next-generation large language models.

Gaming and AI PC

Second-quarter Gaming revenue was $4.3 billion, up 14% from the previous quarter and up 49% from a year ago.Launched the Blackwell-powered NVIDIA GeForce RTX™ 5060, which quickly became NVIDIA’s fastest-ramping x60-class GPU ever.Made industry-leading NVIDIA DLSS 4 technology available in over 175 games and apps, and coming to top games such as Borderlands 4, Resident Evil Requiem and Phantom Blade Zero. Announced Blackwell coming to GeForce NOW™ with the new Install-to-Play feature, doubling the game library to over 4,500 titles.Partnered with OpenAI on the launch of its newest open-weight models optimized for RTX GPUs for fast, local inference in popular tools like Ollama, llama.cpp and Microsoft AI Foundry Local.

Professional Visualization

Second-quarter revenue was $601 million, up 18% from the previous quarter and up 32% from a year ago.Announced NVIDIA RTX PRO 4000 SFF Edition and RTX PRO 2000 Blackwell GPUs.Expanded partnership with Siemens to digitalize and enable the manufacturing factory of the future.Announced new NVIDIA Omniverse™ libraries and software development kits to accelerate physical AI development.

Automotive and Robotics

Second-quarter Automotive revenue was $586 million, up 3% from the previous quarter and up 69% from a year ago.Announced that the full-stack NVIDIA DRIVE™ AV software platform is now in full production to accelerate the large-scale deployment of safe, intelligent transportation.Achieved second consecutive win in the End-to-End Driving at Scale category of the Autonomous Grand Challenge at the Computer Vision and Pattern Recognition conference.Commenced initial shipments of the NVIDIA DRIVE AGX Thor™ system-on-a-chip.Announced the general availability of NVIDIA Jetson AGX Thor™ developer kit and production modules, powerful new AI supercomputers designed to power millions of robots across industries.Released the NVIDIA Halos full-stack safety platform for robotic development.Announced new NVIDIA Cosmos™ world foundation models that accelerate the development and deployment of robotics solutions.

CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its second quarter fiscal 2026 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its third quarter of fiscal 2026.

Non-GAAP Measures
To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, H20 related charges/releases, net and the associated tax impact of these items where applicable. The inclusion of H20 related charges/releases, net in the reconciliations to adjust the related GAAP financial measures was a result of the U.S. government informing NVIDIA in April 2025 that it requires a license for export to China of H20 product. The H20 product was designed primarily for the China market. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

 NVIDIA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME(In millions, except per share data)(Unaudited)                 Three Months Ended Six Months Ended July 27, July 28, July 27, July 28, 2025 2024 2025 2024        Revenue$46,743  $30,040  $90,805  $56,084 Cost of revenue 12,890   7,466   30,284   13,105 Gross profit 33,853   22,574   60,521   42,979         Operating expenses       Research and development 4,291   3,090   8,280   5,810 Sales, general and administrative 1,122   842   2,163   1,618 Total operating expenses 5,413   3,932   10,443   7,428         Operating income 28,440   18,642   50,078   35,551 Interest income 592   444   1,108   803 Interest expense (62)  (61)  (124)  (125)Other income (expense), net 2,236   189   2,055   264 Total other income (expense), net 2,766   572   3,039   942         Income before income tax 31,206   19,214   53,117   36,493 Income tax expense 4,784   2,615   7,920   5,013 Net income$ 26,422  $ 16,599  $ 45,197  $ 31,480         Net income per share:       Basic$1.08  $0.68  $1.85  $1.28 Diluted$1.08  $0.67  $1.84  $1.27         Weighted average shares used in per share computation:    Basic 24,366   24,578   24,404   24,599 Diluted 24,532   24,848   24,571   24,869          NVIDIA CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In millions)(Unaudited)         July 27, January 26, 2025 2025ASSETS       Current assets:   Cash, cash equivalents and marketable securities$56,791 $43,210Accounts receivable, net 27,808  23,065Inventories 14,962  10,080Prepaid expenses and other current assets 2,658  3,771Total current assets 102,219  80,126    Property and equipment, net 9,141  6,283Operating lease assets 2,084  1,793Goodwill 5,755  5,188Intangible assets, net 755  807Deferred income tax assets 13,570  10,979Other assets 7,216  6,425Total assets$ 140,740 $ 111,601    LIABILITIES AND SHAREHOLDERS’ EQUITY    Current liabilities:   Accounts payable$9,064 $6,310Accrued and other current liabilities 15,193  11,737Total current liabilities 24,257  18,047    Long-term debt 8,466  8,463Long-term operating lease liabilities 1,831  1,519Other long-term liabilities 6,055  4,245Total liabilities 40,609  32,274    Shareholders’ equity 100,131  79,327Total liabilities and shareholders’ equity$ 140,740 $ 111,601     NVIDIA CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)                 Three Months Ended Six Months Ended July 27, July 28, July 27, July 28, 2025 2024 2025 2024        Cash flows from operating activities:       Net income$26,422  $16,599  $45,197  $31,480 Adjustments to reconcile net income to net cash provided by operating activities:       Stock-based compensation expense 1,624   1,154   3,099   2,164 Depreciation and amortization 668   433   1,280   843 Deferred income taxes 18   (1,699)  (2,160)  (3,276)Gains on non-marketable equity securities and publicly-held equity securities, net (2,247)  (193)  (2,073)  (264)Other (100)  (144)  (196)  (288)Changes in operating assets and liabilities, net of acquisitions:       Accounts receivable (5,675)  (1,767)  (4,743)  (4,133)Inventories (3,622)  (803)  (4,880)  (1,380)Prepaid expenses and other assets 387   714   946   (12)Accounts payable 1,314   823   2,255   801 Accrued and other current liabilities (4,053)  (888)  3,075   3,314 Other long-term liabilities 629   260   979   584 Net cash provided by operating activities 15,365   14,489   42,779   29,833         Cash flows from investing activities:       Proceeds from maturities of marketable securities 3,130   4,094   6,252   8,098 Proceeds from sales of marketable securities 20   15   487   164 Proceeds from sales of non-marketable equity securities 70   50   70   105 Purchases of marketable securities (7,812)  (5,744)  (14,358)  (15,047)Purchase related to property and equipment and intangible assets (1,894)  (977)  (3,122)  (1,346)Purchases of non-marketable equity securities (346)  (344)  (995)  (534)Acquisitions, net of cash acquired (294)  (279)  (677)  (317)Net cash used in investing activities (7,126)  (3,185)  (12,343)  (8,877)        Cash flows from financing activities:       Proceeds related to employee stock plans –   –   370   285 Payments related to repurchases of common stock (9,721)  (7,158)  (23,815)  (14,898)Payments related to employee stock plan taxes (1,848)  (1,637)  (3,380)  (3,389)Dividends paid (244)  (246)  (488)  (344)Principal payments on property and equipment and intangible assets (21)  (29)  (73)  (69)Repayment of debt –   (1,250)  –   (1,250)Net cash used in financing activities (11,834)  (10,320)  (27,386)  (19,665)        Change in cash and cash equivalents (3,595)  984   3,050   1,291 Cash and cash equivalents at beginning of period 15,234   7,587   8,589   7,280 Cash and cash equivalents at end of period$ 11,639  $ 8,571  $ 11,639  $ 8,571                  Supplemental disclosures of cash flow information:       Cash paid for income taxes, net$8,094  $7,208  $8,451  $7,449           NVIDIA CORPORATION  RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES  (In millions, except per share data)  (Unaudited)               Three Months Ended  Six Months Ended    July 27, April 27, July 28, July 27, July 28,    2025 2025 2024 2025 2024               GAAP cost of revenue $12,890  $17,394  $7,466  $30,284  $13,105   GAAP gross profit $33,853  $26,668  $22,574  $60,521  $42,979   GAAP gross margin  72.4%   60.5%   75.1%   66.6%   76.6%   Acquisition-related and other costs (A)  49   123   118   170   238   Stock-based compensation expense (B)  58   64   40   123   75   Other  –   3   (3)  4   (4)  Non-GAAP cost of revenue $ 12,783  $ 17,204  $ 7,311  $ 29,987  $ 12,796   Non-GAAP gross profit $ 33,960  $ 26,858  $ 22,729  $ 60,818  $ 43,288   Non-GAAP gross margin  72.7%   61.0%   75.7%   67.0%   77.2%   H20 related charges/(releases), net  (180)  4,538     4,358     Non-GAAP gross profit, as adjusted to exclude H20 related charges/releases, net $33,780  $31,396    $65,176     Non-GAAP gross margin, as adjusted to exclude H20 related charges/releases, net   72.3%   71.3%     71.8%                  GAAP operating expenses $5,413  $5,030  $3,932  $10,443  $7,428   Stock-based compensation expense (B)  (1,566)  (1,410)  (1,114)  (2,976)  (2,089)  Acquisition-related and other costs (A)  (37)  (37)  (26)  (74)  (48)  Other  (15)  –   –   (15)  –   Non-GAAP operating expenses $3,795  $3,583  $2,792  $7,378  $5,291                GAAP operating income $28,440  $21,638  $18,642  $50,078  $35,551   Total impact of non-GAAP adjustments to operating income  1,725   1,637   1,295   3,362   2,446   Non-GAAP operating income $30,165  $23,275  $19,937  $53,440  $37,997                GAAP total other income (expense), net $2,766  $272  $572  $3,039  $942   (Gains) losses from non-marketable equity securities and publicly-held equity securities, net  (2,247)  175   (193)  (2,073)  (264)  Interest expense related to amortization of debt discount  1   1   1   2   2   Non-GAAP total other income (expense), net $520  $448  $380  $968  $680                GAAP net income $26,422  $18,775  $16,599  $45,197  $31,480   Total pre-tax impact of non-GAAP adjustments  (521)  1,813   1,103   1,291   2,184   Income tax impact of non-GAAP adjustments (C)  (166)  (694)  (750)  (859)  (1,475)  Tax expense from OBBBA*  48   –   –   48   –   Non-GAAP net income $25,783  $19,894  $16,952  $45,677  $32,189   Total pre-tax impact of H20 related charges/(releases), net  (180)  4,538     4,358     Income tax impact of H20 related charges/releases, net  (8)  (797)    (805)    Non-GAAP net income, as adjusted to exclude H20 related charges/releases, net  $25,595  $23,635    $49,230                  Diluted net income per share            GAAP $1.08  $0.76  $0.67  $1.84  $1.27   Non-GAAP $1.05  $0.81  $0.68  $1.86  $1.29   Non-GAAP, as adjusted to exclude H20 related charges/releases, net $1.04  $0.96    $2.00                  Weighted average shares used in diluted net income per share computation  24,532   24,611   24,848   24,571   24,869                GAAP net cash provided by operating activities $15,365  $27,414  $14,489  $42,779  $29,833   Purchases related to property and equipment and intangible assets  (1,894)  (1,227)  (977)  (3,122)  (1,346)  Principal payments on property and equipment and intangible assets  (21)  (52)  (29)  (73)  (69)  Free cash flow $13,450  $26,135  $13,483  $39,584  $28,418                *Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act)               (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:    Three Months Ended Six Months Ended    July 27, April 27, July 28, July 27, July 28,    2025 2025 2024 2025 2024  Cost of revenue $49  $123  $118  $170  $238   Research and development $29  $28  $17  $57  $30   Sales, general and administrative $8  $9  $9  $17  $18                (B) Stock-based compensation consists of the following:      Three Months Ended Six Months Ended    July 27, April 27, July 28, July 27, July 28,    2025 2025 2024
 2025
 2024
  Cost of revenue $58  $64  $40  $123  $75   Research and development $1,191  $1,063  $832  $2,254  $1,559   Sales, general and administrative $375  $347  $282  $722  $530                (C) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).     NVIDIA CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP OUTLOOK    Q3 FY2026 Outlook ($ in millions)  GAAP gross margin 73.3% Impact of stock-based compensation expense, acquisition-related costs, and other costs 0.2% Non-GAAP gross margin 73.5%   GAAP operating expenses$5,900 Stock-based compensation expense, acquisition-related costs, and other costs (1,700)Non-GAAP operating expenses$ 4,200   

About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

For further information, contact:

Certain statements in this press release including, but not limited to, statements as to: Blackwell as the AI platform the world has been waiting for and being at the center of the AI race; ramping of and demand for Blackwell Ultra; reasoning AI models driving orders-of-magnitude increases in training and inference performance; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, including Rubin, and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the third quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce, GeForce NOW, NVIDIA Cosmos, NVIDIA CUDA-Q, NVIDIA DGX Cloud Lepton, NVIDIA DRIVE, NVIDIA DRIVE AGX Thor, NVIDIA GeForce RTX, NVIDIA Jetson AGX Thor, NVIDIA Nemotron, NVIDIA Omniverse, and NVIDIA RTX PRO are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/24a5522e-6258-4e72-9c8a-a57178db4b41