What is an earnings release, and where is it filed?
An earnings release is a company's own summary of a quarter's results. In the US, it reaches the SEC as an exhibit to a Form 8-K. The 8-K is the "current report" for news between annual and quarterly reports.
Nvidia sent its release for the quarter ended Jul 26, 2026 on Aug 26, 2026. It came under Item 2.02, "Results of Operations and Financial Condition", as Exhibit 99.1.[S2]
The 8-K says the release is "furnished" and not deemed "filed" under Section 18 of the Securities Exchange Act.[S2] That is a legal label on the document. It does not change the numbers inside.
This guide walks through that one release, page by page. Page numbers are the page breaks of Exhibit 99.1 as it appears on EDGAR.
Why does Nvidia call it the second quarter of fiscal 2027?
Nvidia's fiscal year does not follow the calendar. Its second quarter of fiscal 2027 ended Jul 26, 2026.[S1]
So "Q2 FY27" in this release means roughly May to July 2026. Always check the "quarter ended" date on the first page before comparing companies.
What does the headline say?
In the filing · Page 1, first bullet
Revenue $96.2 billion, up 106% from a year ago[S1]
Revenue is the money from customers in the quarter. "From a year ago" compares it with the same quarter of the previous fiscal year, which ended Jul 27, 2025.
In the filing · Page 1, second bullet
Data Center revenue $89.0 billion, up 117% from a year ago[S1]
Data Center is the part of the business that sells chips and systems for data centers. Most of the quarter's revenue came from it.
The opening paragraph adds a second comparison: revenue was "up 18% from the previous quarter".[S1] That is the quarter ended Apr 26, 2026.
Why are there two summary tables?
Page 1 has a table headed "GAAP" and a second headed "Non-GAAP".[S1] GAAP means generally accepted accounting principles: the US accounting rules.
Non-GAAP numbers are the company's own versions. They leave out items the company chooses, and it explains them later in the release.
In the filing · Page 1, GAAP table, Q2 FY27 column
Net income (GAAP) $59,688 (in millions)[S1]
Net income is the profit left after all costs and taxes. The table heading says "$ in millions", so this is about $59.7 billion.
In the filing · Page 1, Non-GAAP table, Q2 FY27 column
Net income (Non-GAAP) $53,954 (in millions)[S1]
This quarter the non-GAAP figure is the lower one. The reconciliation on page 10 shows why: it removes large investment gains.
In the filing · Page 1, both tables, Q2 FY27 column
Diluted earnings per share GAAP $2.46; non-GAAP $2.22[S1]
Earnings per share (EPS) is net income divided by the number of shares. "Diluted" also counts shares that could be created, for example from employee stock awards.
What changed in Nvidia's non-GAAP measures?
Stock-based compensation is pay given in shares instead of cash. Many US companies leave it out of their non-GAAP profit.
Nvidia's release says that from the first quarter of fiscal 2027, its non-GAAP measures "no longer exclude stock-based compensation expense".[S1] Older periods in the tables were updated to match.
In the filing · Page 8, cash flow statement, three months ended Jul 26, 2026
Stock-based compensation expense 2,027 (in millions)[S1]
This is the quarter's stock-based pay. It is a real cost, but no cash leaves the company, so the cash flow statement adds it back.
The "Non-GAAP Measures" paragraph on page 4 lists what the measures do still leave out. These include acquisition-related costs and gains or losses from equity securities.[S1]
What does the outlook say?
The outlook is the company's statement of what it expects for the next quarter. It is not a result.
In the filing · Page 2, Outlook
Outlook: revenue Expected to be $108.0 billion, plus or minus 2%[S1]
This is for the third quarter of fiscal 2027. The same bullet says Nvidia is not assuming any Data Center compute revenue from China in it.
In the filing · Page 2, Outlook
Outlook: GAAP and non-GAAP gross margins Expected to be 74.0%, plus or minus 50 basis points[S1]
Gross margin is the share of revenue left after the direct cost of making the products. A basis point is one hundredth of a percentage point.
Read it as "Nvidia said on Aug 26, 2026 that it expects this". The release then lists risks that could make results "materially different than expectations".[S1] That list is the forward-looking statements notice on pages 4 and 5.
Where are the full financial statements?
Pages 6 to 9 hold three condensed statements. Each is marked "(Unaudited)".[S1]
In the filing · Page 6, three months ended Jul 26, 2026
Condensed consolidated statements of income Revenue $96,221; Cost of revenue 24,079; Gross profit 72,142 (in millions)[S1]
The income statement runs from revenue down to net income. Gross profit is revenue minus the cost of revenue.
In the filing · Page 6, three months ended Jul 26, 2026
Other income, net 7,773 (in millions)[S1]
Income from outside the main business, such as interest and investment gains. It sits below operating income, the profit from selling products.
In the filing · Page 7
Condensed consolidated balance sheets: Accounts receivable, net 63,059 at Jul 26, 2026; 38,466 at Jan 25, 2026 (in millions)[S1]
The balance sheet is a snapshot on one date. Accounts receivable is money customers owe for goods already delivered.
In the filing · Page 8, three months ended Jul 26, 2026
Net cash provided by operating activities 24,077 (in millions)[S1]
Cash that came in from running the business in the quarter. It differs from net income because some income, such as investment gains, brings in no cash.
For notes, risk factors and management's discussion, read the Form 10-Q. Nvidia filed it for the same quarter on Aug 26, 2026.[S4]
How does the reconciliation table work?
Pages 10 and 11 hold the "Reconciliation of GAAP to non-GAAP financial measures".[S1] SEC rules (Regulation G) require a company that publishes a non-GAAP measure to show the most directly comparable GAAP measure and a reconciliation.[S3]
Each block starts from a GAAP line and lists every adjustment until it reaches the non-GAAP line.
In the filing · Page 10, Q2 FY27 column
GAAP other income, net → Gains from equity securities, net $7,773 → (7,771)[S1]
Nvidia holds shares in other companies. When their value rises, GAAP counts the gain as income. The non-GAAP figure takes the gain out.
In the filing · Page 10, Q2 FY27 column
GAAP net income → Non-GAAP net income $59,688; total pre-tax impact (7,251); income tax impact 1,517; Non-GAAP net income $53,954[S1]
Start at $59,688 million, take away $7,251 million, add back $1,517 million of tax. You arrive at $53,954 million.
In the filing · Page 11, Q2 FY27 column
Free cash flow $21,341 (in millions)[S1]
Free cash flow is a non-GAAP measure. Nvidia defines it as operating cash flow less purchases of property, equipment and intangible assets. It also subtracts principal payments on them.
The arithmetic on page 11 is $24,077 million, minus $2,677 million, minus $59 million.[S1] Another company may define free cash flow differently, so read each definition.
What does the release say about returns to shareholders?
In the filing · Page 1, third paragraph
Returned to shareholders Approximately $26.0 billion, in shares repurchased and cash dividends[S1]
A repurchase, or buyback, is when the company buys its own shares. The release adds that about $99.0 billion was left under its repurchase authorization.
In the filing · Page 1, fourth paragraph
Next quarterly cash dividend $0.25 per share, paid Oct 1, 2026, to shareholders of record on Sep 10, 2026[S1]
The record date decides who is paid: shareholders on the company's books that day.
Cityfort's Nvidia stock page uses GAAP numbers from its 10-K and 10-Q filings. Where it shows a non-GAAP figure, the GAAP figure sits beside it.