•Revenue of $46.7 billion, up 6% from Q1 and up 56% from a year ago

•Data Center revenue of $41.1 billion, up 5% from Q1 and up 56% from a year ago

•Blackwell Data Center revenue grew 17% sequentially

SANTA CLARA, Calif.—Aug. 27, 2025―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.

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.

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

•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.

•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 next 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.

•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.

•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.

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

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.

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

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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.

(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

                            

We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive.

In the second quarter of fiscal 2026, we benefited from a $180 million release of previously reserved H20 inventory related to the sale of approximately $650 million of H20 to an unrestricted customer outside of China. There were no H20 sales to China-based customers in the second quarter.

GAAP gross margin was 72.4%, and GAAP diluted earnings per share was $1.08, for the quarter. Excluding the $180 million release and related tax impact, non-GAAP gross margin for the quarter would have been 72.3% and non-GAAP diluted earnings per share would have been $1.04.

Revenue for the second quarter was $46.7 billion, up 56% from a year ago and up 6% sequentially.

Data Center revenue for the second quarter was $41.1 billion, up 56% from a year ago and up 5% sequentially. The strong year-on-year and sequential growth was driven by demand for our accelerated computing platform used for large language models, recommendation engines, and generative and agentic AI applications. We continue to ramp our Blackwell architecture, which grew 17% sequentially, including our newest architecture, Blackwell Ultra. We recognized Blackwell revenue across all customer categories, led by large cloud service providers, which represented approximately 50% of Data Center revenue.

Data Center compute revenue was $33.8 billion, up 50% from a year ago. Sequentially, compute revenue declined 1%, driven by a $4.0 billion reduction in H20 sales. Networking revenue was $7.3 billion, up 98% from a year ago and up 46% sequentially, driven by the growth of NVLink compute fabric for GB200 and GB300 systems, the ramp of XDR InfiniBand products, and adoption of Ethernet for AI solutions at cloud service providers and consumer internet companies.

Gaming revenue for the second quarter was up 49% from a year ago and up 14% sequentially, with strong sales and increased supply of our Blackwell product.

Professional Visualization revenue for the second quarter was up 32% from a year ago and up 18% sequentially, driven by the acceleration of Blackwell sales in our Notebook products, addressing AI workflows, real-time graphics rendering and data simulation.

Automotive revenue for the second quarter was up 69% from a year ago and up 3% sequentially, driven by strong adoption of our self-driving platforms.

GAAP and non-GAAP gross margins for the second quarter decreased from a year ago as our Blackwell revenue consists primarily of full-scale datacenter systems compared to Hopper HGX systems last year. GAAP and non-GAAP gross margins increased sequentially as the prior quarter included a $4.5 billion charge associated with H20 excess inventory and purchase obligations.

GAAP operating expenses for the second quarter were up 38% from a year ago and up 8% sequentially, and non-GAAP operating expenses were up 36% from a year ago and up 6% sequentially. The increases were primarily driven by compute and infrastructure costs and higher compensation and benefits due to compensation increases and employee growth.

GAAP other income and expense (OI&E) includes interest income, interest expense, and non-marketable and publicly-held equity securities gains or losses. Non-GAAP OI&E excludes non-marketable and publicly-held equity securities gains or losses.

Interest income for the second quarter was $592 million, up from a year ago and sequentially, reflecting growth in cash, cash equivalents, and debt securities. Net other income for the second quarter was $2.2 billion, primarily driven by gains in a publicly-held equity security.

GAAP effective tax rate for the second quarter was 15.3%, an increase from a year ago reflecting a lower stock-based compensation tax benefit, partially offset by a higher tax benefit from certain foreign-derived income. Non-GAAP effective tax rate for the second quarter was 16.0%.

Cash, cash equivalents and marketable securities were $56.8 billion, up from $34.8 billion a year ago and $53.7 billion a quarter ago. The increases primarily reflect higher revenue, partially offset by stock repurchases.

Accounts receivable was $27.8 billion with 54 days sales outstanding (DSO), up from 46 days sequentially, driven by timing of cash collections and Blackwell Ultra ramping late in the quarter.

Inventory was $15.0 billion, up from $11.3 billion sequentially, to support the ramp of Blackwell Ultra.

Total purchase commitments were $45.8 billion, comprised of inventory, manufacturing capacity, and non-inventory purchase obligations, up from $43.5 billion sequentially, on additional multi-year cloud service agreements to support our research and development efforts.

Cash flow from operating activities was $15.4 billion, up from $14.5 billion a year ago and down from $27.4 billion a quarter ago. The year-on-year increase reflects growth in revenue, partially offset by an increase in working capital. The sequential decrease was mainly driven by $8.1 billion in taxes paid in the quarter.

We returned $10.0 billion to shareholders in the second quarter through $9.7 billion of share repurchases and $244 million of cash dividends.

On August 26, 2025, our Board of Directors approved an additional $60.0 billion to our share repurchase authorization, without expiration.

Outlook for the third quarter of fiscal 2026 is as follows:

•Revenue is expected to be $54.0 billion, plus or minus 2%. We have not assumed any H20 shipments to China in our outlook.

•GAAP and non-GAAP gross margins are expected to be 73.3% and 73.5%, respectively, plus or minus 50 basis points. We continue 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. We expect full year fiscal 2026 operating expense growth 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.

______________

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.

Certain statements in this CFO Commentary including, but not limited to, statements as to: expectations with respect to growth, performance and benefits of our products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for our 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 and related trends and drivers; our 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; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our 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.

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© 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo 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.