NVIDIA Earnings Preview (Free) | Ikeda Shintaro (池田伸太郎)

NVIDIA will publish its FY27Q2 results, covering May–July 2026, in the early morning of 27 August Japan time, following the company's U.S. earnings release. The market expects revenue of approximately $92.2 billion, compared with $46.7 billion in the same period a year earlier. In May, the company provided guidance of $91 billion ±2%, and current market expectations are slightly above the midpoint of that range. The prevailing view is that the earnings release will show results at a high level. The earnings briefing is scheduled for around 6:00 a.m. the same day.

Market expectations for adjusted, non-GAAP EPS are $2.09, compared with $1.05 in the same period a year earlier, representing a substantial increase and potentially the first time EPS exceeds $2 following the stock split. Meanwhile, EPS expectations for the next quarter, covering August–October, have risen to approximately $2.37, and the company is expected to enter a cycle of slowing growth. The company does not disclose EPS guidance, so this remains a matter of market expectations.

Gross-margin guidance is expected to be 74.9%–75.0%, with cost pressure associated with the Rubin ramp creating downside risk. At the same time, standalone Vera revenue is expected to be approximately $20 billion, based on shipments beginning in the August–October quarter. As adoption progresses in the server market, Vera's contribution could be a key focus of the earnings briefing.

For the next quarter, market expectations for revenue guidance are approximately $103.9 billion, and guidance is expected to come in roughly 5% above that level. While the market is pricing in a slowdown in revenue growth, it will be watching whether NVIDIA can maintain gross margin at around 75%. Options-implied volatility is relatively subdued at ±5.4%, suggesting that the sharp share-price moves immediately after the earnings release may be more muted than historical patterns.