In the quarter ended in April 2023, Nvidia generated $7.192 billion in revenue. In the second quarter of fiscal 2027, it reported $96.221 billion. Quarterly revenue grew to about 13.4 times its earlier level in just over three years.
The figures show how Nvidia has grown from a graphics chip supplier into a company with substantial AI and data center revenue. This article covers its latest reported financials, market data, and risks, with periods and sources attached to the figures.
- In Q2 fiscal 2027, ended July 26, 2026, Nvidia generated $96.221 billion in revenue, up 106% year over year. GAAP net income was $59.688 billion
- $89.023 billion of the latest quarterly revenue came from the Data Center market platform, about 92.5% of the total
- At the October 6, 2026 market close, Nvidia's market cap was about $5.78 trillion. The company also reports customer concentration and restrictions affecting its China business
1. Company Overview and Milestones
Jensen Huang founded Nvidia in 1993 with Chris Malachowsky and Curtis Priem. Nvidia still lists Huang as its Founder, President, and CEO. The company began with graphics processors and now also sells data center, networking, and other platforms. Nvidia's management page names Huang as CEO, and its corporate timeline documents its product history.
1.1. Key Figures
Fiscal 2026 financial results and the latest available market value:
Sources: Nvidia fiscal 2026 annual report, Stock Analysis, market capitalization on October 6, 2026
1.2. Milestones
The market capitalization entries mark thresholds Nvidia crossed for the first time, not its current value. Product milestones follow Nvidia's own timeline. Nvidia first crossed $5.5 trillion in May 2026, as Forbes reported on May 13, 2026.
CUDA is an important part of Nvidia's software portfolio. Nvidia introduced the platform in 2006 for general-purpose GPU computing. That fact alone does not explain why individual customers or developers choose Nvidia.
2. Revenue Growth
This series shows Nvidia's reported quarterly revenue from the quarter ending in April 2023 to the quarter ending in July 2026. Each chart label names the quarter-end month rather than the full period.
Source: Nvidia Q2 fiscal 2027 quarterly report and its comparative periods
Revenue grew from $7.192 billion in the quarter ended April 30, 2023, to $96.221 billion in the quarter ended July 26, 2026. The latest quarter was up 18% from the preceding quarter and 106% from the same quarter a year earlier.
For Q3 fiscal 2027, Nvidia forecast revenue of $108 billion, plus or minus 2%. That is guidance, not revenue already earned. Nvidia's outlook assumed no Data Center compute revenue from China. The source is the August 26, 2026 results announcement.
2.1. Fiscal 2026
Fiscal 2026 ended on January 25, 2026. Nvidia reported $215.938 billion in revenue, up 65% from fiscal 2025, and $120.067 billion in GAAP net income. Its annual report also gives a 71.1% GAAP gross margin for the full fiscal year.
3. Revenue by Market Platform
Nvidia changed how it presented revenue by market platform in the first quarter of fiscal 2027 and recast comparative periods. These market platforms are separate from its accounting segments. Nvidia continues to report Compute & Networking and Graphics as its reportable segments.
3.1. Historical breakdown in Q4 fiscal 2026
In the quarter ended January 25, 2026, Nvidia's $68.127 billion in revenue was divided among five then-reported market-platform categories:
Data Center contributed $62.314 billion and Gaming $3.727 billion. The five values in the chart add up to Nvidia's reported total. They are a historical market-platform view, not a list of the current accounting segments.
3.2. Latest breakdown in Q2 fiscal 2027
In the quarter ended July 26, 2026, Nvidia reported $89.023 billion for Data Center and $7.198 billion for Edge Computing. Data Center revenue rose 117% year over year. Nvidia attributed the growth in part to the ramp of Blackwell Ultra infrastructure.
Source: Nvidia Q2 fiscal 2027 report, Revenue by Market Platform table
Data Center accounted for about 92.5% of total revenue. Within that platform, Nvidia reported $48.710 billion for Hyperscale and $40.313 billion for AI Clouds, Industrial & Enterprise. Together they make up $89.023 billion. These are customer and market groups, not a split between GPU chips and networking products.
3.3. The shift over time
Data Center's share of revenue rose from about 59.6% in the quarter ended April 2023 to about 92.5% in the quarter ended July 2026. The calculation uses the reported Data Center and total revenue for each quarter.
Sources: Nvidia Q1 fiscal 2024 results for the starting value and Nvidia Q2 fiscal 2027 quarterly report for the latest value
4. Profitability and Margins
The chart compares revenue and GAAP gross margin across ten quarters from April 2024 through July 2026. The annual margin can differ because it is calculated across four quarters.
Source: Nvidia Q2 fiscal 2027 report and comparative periods
GAAP gross margin was 75.0% in the latest quarter. For all of fiscal 2026, Nvidia reported 71.1%. The 60.5% quarterly margin in April 2025 coincided with a $4.5 billion charge for excess H20 inventory and purchase obligations after export controls changed. Nvidia said the charge reduced fiscal 2026 gross margin by 2.6 percentage points. The company did not describe the amount as a simple write-down of unsellable inventory.
GAAP net income in the July quarter was $59.688 billion, up 126% year over year. For Q3 fiscal 2027, Nvidia forecast a GAAP gross margin of 74.0%, plus or minus 0.5 percentage points.
5. Market Capitalization
Nvidia crossed several market-cap thresholds before any other company. The table gives the first crossing date for each threshold. These are historical levels, not current values.
$5.5 trillion was a high at the time, but it is no longer Nvidia's current record. Reuters covered Nvidia's first crossings of $1 trillion in May 2023, $2 trillion in February 2024, and $3 trillion in June 2024. The $1 trillion, $2 trillion, and $3 trillion reports record those milestones. The Associated Press covered the first crossings of $4 trillion and $5 trillion. Forbes reported the first $5.5 trillion crossing on May 13, 2026. Market capitalization changes with the share price.
5.1. Comparison at the October 6, 2026 close
This selection compares Nvidia with four large US technology companies. The values are approximate daily figures, not fixed company metrics.
Sources: Nvidia, Apple, Alphabet, Microsoft, Amazon. Each value as of October 6, 2026
Among these five companies, Nvidia led with about $5.78 trillion, followed by Apple and Alphabet. Rankings and gaps can change the next trading day.
6. Market Share
Market-share figures depend on which products and shipments are measured. The series below covers desktop graphics cards on add-in boards, not all graphics processors and not the full AI accelerator market.
6.1. Desktop graphics cards in Q2 2026
Sources: 3DCenter analysis based on Jon Peddie Research, JPR Q2 2026
For Q2 2026, 3DCenter reports about 12.5 million desktop discrete graphics cards shipped. Nvidia accounted for 90%, AMD for 8%, and Intel for 2%. The percentages are rounded and apply only to this defined market. JPR tracks shipments from chip developers to their buyers, not sales to end users. 3DCenter notes that the tally also includes professional graphics chips and desktop graphics cards used in AI servers. The series therefore measures neither gaming purchases nor the entire AI accelerator market.
6.2. AI accelerators
I could not verify a public data series for the global data-center AI accelerator market with a sufficiently transparent and comparable methodology. This article therefore does not assign blanket revenue shares to Nvidia or AMD. Revenue reported by individual companies is not a substitute because their segment boundaries differ.
7. China and Export Controls
US export rules have affected specific Nvidia products and sales. Its SEC filings distinguish product licenses, inventory and purchase-obligation charges, and forward guidance.
For Q3 fiscal 2027, Nvidia did not include Data Center compute revenue from China in its outlook. This describes the forecast treatment of that product category. It does not establish that Nvidia earns no revenue in China or has abandoned the entire Chinese market. Nvidia also assigns geographic revenue based on the headquarters of direct customers, which may differ from the end customer and shipping location.
The H20, H200, and outlook details come from Nvidia's fiscal 2026 annual report and Q2 fiscal 2027 quarterly report.
8. Products and the Rubin Platform
Nvidia's latest product disclosures make two separate points. It said Blackwell Ultra infrastructure helped drive Data Center growth in Q2 fiscal 2027. In August 2026, it reported that Vera Rubin had entered full production, with systems running at several partners.
Nvidia lists 336 billion transistors, up to 288 GB of HBM4, and up to 22 TB/s memory bandwidth for the Rubin GPU. These are vendor specifications, not an independent performance measurement. The specifications appear in Nvidia's technical post about the Rubin GPU. Nvidia reported full production and operating partner racks in its Q2 fiscal 2027 results announcement. Its SEC quarterly report describes the contribution of Blackwell Ultra to revenue growth.
9. Customer Concentration
Nvidia's latest quarterly filing shows that a small number of direct customers account for a substantial share of revenue. The company reports them anonymously.
At Nvidia, a direct customer can be an immediate buyer such as an AIB, distributor, ODM, OEM, cloud service provider, AI model maker, or system integrator. It is not necessarily the end customer. The anonymous shares therefore do not establish specific company identities. Source: Nvidia's Q2 fiscal 2027 filing.
9.1. Capital spending plans at large cloud companies
The latest company statements available for 2026 capital spending are:
Sources: Amazon, AP report on Q2 call, Microsoft, Q4 fiscal 2026 call, Alphabet, Q2 2026 call, Meta, Q2 2026 results
Amazon cited about $220 billion, Microsoft about $175 billion, Alphabet $195 billion to $205 billion, and Meta $130 billion to $145 billion. For Alphabet and Meta, the bar length uses the midpoint of the published range; the label retains the range. These are company-wide figures with different definitions. Amazon's figure also covers other technology spending. Microsoft cited a change in the treatment of finance and operating leases. Meta's range includes principal payments on finance leases. These totals are neither pure AI spending nor a measure of how much will go to Nvidia.
The plans document intended investment, not future utilization or return. My AI energy statistics cover some of the power-system implications of this buildout.
10. Competition and Comparability
AMD reported $6.718 billion for its Data Center segment in the quarter ended June 27, 2026. Nvidia reported $89.023 billion for its Data Center market platform in the quarter ended July 26, 2026. The periods differ, and the definitions are not equivalent.
AMD says its Data Center segment was driven by EPYC processors and Instinct GPUs. Nvidia's Data Center market platform has a different product and customer scope. The bars show reported scale only. Their ratio should not be read as GPU market share or a direct performance comparison.
Google TPUs and Amazon Trainium are other in-house alternatives. Comparable segment revenue figures are not available here. CUDA's existence also does not quantify the strength of a switching barrier for any particular customer.
11. Investments and Agreements
Nvidia has announced financing and investment arrangements with companies in the AI infrastructure market. This selection distinguishes announced amounts from completed payments.
Sources: OpenAI, financing announcement of February 27, 2026, Nvidia, Anthropic partnership announcement of November 18, 2025
On February 27, 2026, OpenAI initially announced a $110 billion round, including $30 billion from Nvidia. On March 31, OpenAI said it had closed a round with $122 billion in committed capital at an $852 billion post-money valuation and named Nvidia as a strategic anchor investor. Its closing announcement does not state an individual amount for Nvidia. The round's close is confirmed, but the public record does not establish that Nvidia's announced $30 billion had been paid in full. OpenAI's closing announcement.
For Anthropic, Nvidia announced an investment of up to $10 billion. Microsoft also announced up to $5 billion. Both are upper limits in the partnership announcement published in November 2025, not necessarily amounts already paid.
For the PORTS-Pike campus in Ohio, Nvidia announced credit guarantees for SB Energy leases with an OpenAI affiliate in August 2026. Nvidia's Q2 fiscal 2027 report caps those guarantees at $105 billion for leases covering about 4.25 IT gigawatts. They cover only defined portions of lease and power payments and are triggered by certain defaults. The guarantees take effect as individual lease phases begin; the first of nine phases is expected in fiscal 2029. Each lease has a 20-year term. Nvidia may, at its sole discretion, provide additional support for about 3.8 IT gigawatts. The cap is not a cash investment already paid or a direct funding round for OpenAI.
On September 2, 2026, Nvidia agreed to acquire Hugging Face. Nvidia's SEC filing dated September 3 gives an approximately $11.9 billion purchase price payable to stockholders and an equity-based employee program of up to $1 billion. The filing says closing is subject to customary conditions and approvals and is expected in the first half of 2027.
In December 2025, Nvidia and Groq announced a non-exclusive license for Groq's LPU technology; Nvidia also hired selected Groq employees. The announcement did not disclose a price. Nvidia's fiscal 2026 annual report later reports total consideration of $13.0 billion paid at closing and another $4 billion, including imputed interest, payable within one year. Nvidia's Q2 fiscal 2027 report separately lists a $2.944 billion financing cash outflow for Groq during the six months ended July 26, 2026, and $986 million of accrued purchase consideration at that date. Those later cash-flow and balance-sheet figures should not be added to the originally reported consideration. The annual report says Nvidia did not purchase Groq customer contracts, existing products, or equity interests. This was a license agreement with employee transfers, not an acquisition of the company. Separately, Nvidia reported $17.5 billion of fiscal 2026 investments in private companies and infrastructure funds, including AI model makers that buy Nvidia products directly or through cloud providers. Nvidia does not quantify what share of revenue came from those investments.
Primary sources include Nvidia's Ohio campus announcement, the SEC filing on the Hugging Face agreement, Groq's announcement, and Nvidia's fiscal 2026 annual report. The wider network of industry financing is covered in my AI statistics.
12. Team and Leadership
At the end of fiscal 2026, Nvidia reported about 42,000 employees across 38 countries. Its annual report lists 31,000 employees in research and development and 11,000 in sales, marketing, operations, and administration. Those categories are rounded and may not add to the exact reported total.
A simple calculation using fiscal 2026 revenue and the year-end employee count gives about $5.14 million in revenue per employee. This is an estimate using a point-in-time headcount, not a standardized productivity measure.
13. Conclusion: Growth With Measurable Dependencies
Nvidia reported $96.221 billion in Q2 fiscal 2027 revenue, a 75.0% GAAP gross margin, and $59.688 billion in net income. Data Center accounted for about 92.5% of revenue. These figures show the scale of the business, but do not by themselves show how durable demand will be.
Documented risks include customer concentration, export restrictions, and the scale of outstanding supply and capacity commitments. Cloud companies' investment plans are forecasts with definitions that are not directly comparable. Important measurement limits also remain around market shares and customer identities.
Future Nvidia filings and the investment and delivery plans actually carried out will help put the current figures in context. For more industry data, see my AI statistics and LLM statistics.
