Nvidia Q2 FY2026: $46.74B revenue, 56% growth, zero China H20
Nvidia printed $46.74 billion of revenue in its fiscal 2026 second quarter, up 56.0% year over year, with no H20 sales to China-based customers at all. The story is still Data Center ($41.10 billion, 87.9% of revenue) and a third-quarter guide of $54.00 billion. Read the margin and cash-flow lines closely: headline growth is clean, but cash conversion and zero China are the asterisks.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $1.08, against $0.76 in the prior quarter and $0.67 a year ago, while non-GAAP EPS was $1.05. Strip out the $180 million release of previously reserved H20 inventory and the non-GAAP figure drops to $1.04, which is the cleanest read on the quarter. The underlying per-share result is therefore smaller than the headline number suggests.
Revenue of $46.74 billion rose 6.0% from the prior quarter and 56.0% from a year ago, with Data Center at $41.10 billion, or 87.9% of the total. Gaming added $4.29 billion, Professional Visualization $601 million and Automotive $586 million. The growth is real, but it is now almost a single-segment number.
Management guides third-quarter revenue to $54.00 billion, plus or minus 2%, which implies roughly 15.5% sequential growth, assuming no H20 shipments to China. Gross margin is guided to 73.3% GAAP and 73.5% non-GAAP, both above this quarter's 72.4% and 72.7%. The revenue range is only about $1.08 billion wide, so the guide leaves little room for a supply or demand wobble.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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