Nvidia Earnings August 26: The $91 Billion Question

On August 26, 2026, Nvidia will report its second-quarter fiscal 2027 results — and for the first time, the company has already told the market what to expect: revenue of roughly $91 billion, plus or minus 2 percent, per the guidance it issued with its first-quarter report. For context, that would be another record, and it would extend a growth streak that has turned Nvidia into the most consequential company in the AI economy.

Here's what's at stake, what the numbers say, and what to watch when the report lands.

The numbers so far

Nvidia's revenue trajectory has been relentless. In the fourth quarter of fiscal 2026 (ended January 2026), the company reported record revenue of $68.1 billion, up 20 percent from the prior quarter and 73 percent year over year. In the first quarter of fiscal 2027 (ended April 2026), it blew past that with $81.6 billion in revenue — smashing expectations — while also raising its dividend 25-fold and announcing a new $80 billion buyback program.

Now the second quarter is expected to follow the same pattern. Nvidia's official guidance is $91.0 billion (plus or minus 2 percent), and analyst consensus has clustered in the $91-95 billion range depending on the tracker — Hudson Labs, for instance, pegs consensus at $91.8 billion. The company's own number matters most: Nvidia has a habit of beating its guidance, and the question for August 26 is how far above $91 billion it lands — and what it guides for the third quarter.

Why this report matters more than usual

A few things make this specific earnings report unusually important.

First, it is the biggest scheduled market event in the AI trade between now and the fall. Every data-center buildout, every hyperscaler capex plan, and every AI startup's survival calculus is tied to Nvidia's supply and pricing. When Nvidia speaks, the whole sector moves.

Second, the Blackwell transition is at its most visible point. Blackwell Ultra (GB300) data center GPUs are widely considered the best chips available for AI workloads, and the ramp is expected to accelerate beginning in September. The August 26 report is the last look at the current cycle before that ramp hits, so investors will be reading the results for signs of demand elasticity — can Nvidia keep selling everything it makes, and at what price?

Third, the competitive picture is changing. Custom silicon is no longer theoretical: Anthropic is designing its own AI chips, and hyperscalers keep building in-house accelerators. Nvidia's answer — an expanding software ecosystem, tighter integration, and a roadmap that stretches through 2027 and beyond — will be on display in the earnings call. The question is whether the results show any dent in the armor.

One caveat on the ramp timing: industry analysts at Futurum Group expect Blackwell Ultra (GB300) production to begin ramping in September, and Nvidia's own commentary on the earnings call will firm up — or revise — that timeline. Treat the September start as the analyst baseline, not a confirmed company commitment.

What the data center engine looks like

Data center revenue has been the engine of Nvidia's growth — it accounted for $75.2 billion of the $81.6 billion first-quarter total — and it is expected to be the overwhelming majority of this quarter's revenue as well, with analyst estimates putting it near $70 billion-plus of the roughly $91 billion total. The memory angle matters too: with 400-plus-layer NAND and next-generation HBM in the pipeline, the cost and availability of memory are becoming a bottleneck story of their own, which is why Samsung's recent V10 BV-NAND announcement was such a closely watched event.

The company's gross margin guidance — around 75 percent — reflects the pricing power that comes with being the default supplier. The risk, flagged by some analysts, is that margin compression eventually arrives as competition and custom chips scale. So far, Nvidia has defended the margin with software and networking attached to every GPU sale.

What to watch on the call

Beyond the headline numbers, three things are worth watching on August 26:

• Third-quarter guidance. Nvidia's outlook for Q3 FY27 will matter more than the reported quarter. If guidance comes in above the ~$100 billion mark that some bulls expect, expect the AI trade to rally; if it underwhelms, the sell-off could hit the whole sector.
• Blackwell Ultra timing. Analysts expect the ramp to begin in September, and management's commentary will confirm or revise that timeline. Any slip or acceleration changes the supply picture for hyperscalers — and for the memory makers feeding the ramp.
• Custom-chip commentary. Nvidia has dismissed in-house accelerators before, but the tone matters. Acknowledgment that large customers are diversifying — or renewed confidence that CUDA lock-in holds — will move the stock.

The bottom line

This is a high-conviction report in the sense that Nvidia has already guided the number — but the market's reaction will hinge on the gap between guidance and delivery, plus what comes next. A $91 billion quarter is no longer a surprise; it's the baseline. The August 26 report is about whether the AI boom still has headroom, and Nvidia is the clearest gauge we have.