nvidia q2 fy 2026: record revenue, blackwell booms, china outlook muted
Revenue hits $46.7B, Data Center soars, but China chip sales remain uncertain; aggressive buyback plan unveiled.
For the quarter ended July 27, 2025, Nvidia reported a record $46.7 billion in revenue, up 56% year-over-year and 6% from Q1. The Data Center segment led with $41.1 billion (also +56% YoY), of which the Blackwell platform accounted for a 17% sequential increase. Reported gross margins stood at 72.4% (GAAP) and 72.7% (non-GAAP), and EPS came in at $1.08 (GAAP) and $1.05 (non-GAAP). Notably, the results included $180 million from H20 chip inventory previously held back from China without this, non-GAAP EPS would have been $1.04.
Looking ahead, Nvidia provided strong Q3 guidance: revenue of $54 billion ±2%, and expected margins at 73.3% GAAP / 73.5% non-GAAP. The board also green-lit a massive $60 billion stock buyback authorization, signaling confidence in the company’s cash-generating power .
