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Apr 27
NVIDIA Q1 2026 Earnings Report
NVIDIA reported strong growth in Q1 FY26 despite export restrictions impacting margins.
Key Takeaways
NVIDIA posted record revenue of $44.1B in Q1 FY26 driven by continued demand in data center and gaming segments, though profitability was affected by a $4.5B H20 charge related to new U.S. export controls.
Revenue reached $44.1B, up 69% year-over-year.
GAAP Net Income was $18.775B with GAAP EPS of $0.76.
A $4.5B inventory-related charge impacted margins due to H20 export restrictions.
Data Center revenue surged to $39.1B, up 73% year-over-year.
NVIDIA
NVIDIA
NVIDIA Revenue by Segment
Revenue by Segment
Data Center Revenue
CapyFin.comGaming Revenue
CapyFin.comPro Visualization Revenue
CapyFin.comAutomotive Revenue
CapyFin.com Forward Guidance
NVIDIA expects Q2 FY26 revenue to be $45.0B with strong gross margins, despite an $8B impact from H20 export restrictions.
Positive Outlook
- Expected revenue of $45B (+/- 2%) for Q2 FY26
- GAAP gross margin guided at 71.8%
- Non-GAAP gross margin guided at 72.0%
- Operating expenses expected to remain controlled
- Continued strong demand for AI infrastructure and Blackwell systems
Challenges Ahead
- Export controls on H20 products to reduce Q2 revenue by ~$8B
- Operating expenses expected to rise to $5.7B GAAP
- Impact of $4.5B H20 charge may continue into Q2
- High dependency on data center segment
- Volatility in global geopolitical and regulatory environments
Revenue & Expenses
Visualization of income flow from segment revenue to net income