NVIDIA reported revenue for the second quarter ended July 27, 2025, of $46.7 billion, up 6% from the previous quarter and up 56% from a year ago. NVIDIA’s Blackwell Data Center revenue grew 17% sequentially.

There were no H20 sales to China-based customers in the second quarter. NVIDIA benefited from a $180 million release of previously reserved H20 inventory, from approximately $650 million in unrestricted H20 sales to a customer outside of China.  

For the quarter, GAAP and non-GAAP gross margins were 72.4% and 72.7%, respectively. Excluding the $180 million release, non-GAAP gross margin for the quarter would have been 72.3%.  

For the quarter, GAAP and non-GAAP earnings per diluted share were $1.08 and $1.05, respectively. Excluding the $180 million release and related tax impact, non-GAAP diluted earnings per share for the quarter would have been $1.04.

“Blackwell is the AI platform the world has been waiting for, delivering an exceptional generational leap — production of Blackwell Ultra is ramping at full speed, and demand is extraordinary,” said Jensen Huang, founder and CEO of NVIDIA. “NVIDIA NVLink rack-scale computing is revolutionary, arriving just in time as reasoning AI models drive orders-of-magnitude increases in training and inference performance. The AI race is on, and Blackwell is the platform at its center.”  

During the first half of fiscal 2026, NVIDIA returned $24.3 billion to shareholders in the form of shares repurchased and cash dividends. As of the end of the second quarter, the company had $14.7 billion remaining under its share repurchase authorization. On August 26, 2025, the Board of Directors approved an additional $60.0 billion to the Company’s share repurchase authorization, without expiration.  

NVIDIA will pay its next quarterly cash dividend of $0.01 per share on October 2, 2025, to all shareholders of record on September 11, 2025.

Outlook 

NVIDIA’s outlook for the third quarter of fiscal 2026 is as follows:

• Revenue is expected to be $54.0 billion, plus or minus 2%. The company has not assumed any H20 shipments to China in the outlook. 

• GAAP and non-GAAP gross margins are expected to be 73.3% and 73.5%, respectively, plus or minus 50 basis points. The company continues to expect to exit the year with non-GAAP gross margins in the mid-70% range. 

• GAAP and non-GAAP operating expenses are expected to be approximately $5.9 billion and $4.2 billion, respectively. Full year fiscal 2026 operating expense growth is expected to be in the high-30% range. 

• GAAP and non-GAAP other income and expense are expected to be an income of approximately $500 million, excluding gains and losses from non-marketable and publicly-held equity securities. 

• GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items.

Highlights 

NVIDIA achieved progress since its first quarter earnings announcement in these areas:   

Data Center

• Second-quarter revenue was $41.1 billion, up 5% from the previous quarter and up 56% from a year ago.

• Announced that the NVIDIA RTX PRO™ 6000 Blackwell Server Edition GPU is coming to the world’s most popular enterprise servers; Disney, Foxconn, Hitachi Ltd., Hyundai Motor Group, Lilly, SAP and TSMC are among the first to adopt the servers.

• Introduced NVIDIA® Spectrum-XGS Ethernet to connect distributed data centers for giga-scale AI.

• Revealed that NVIDIA is working with European nations, including France, Germany, Italy, Spain and the U.K., as well as technology industry leaders to build NVIDIA Blackwell AI infrastructure, including the world’s first industrial AI cloud for European manufacturers, to fuel region’s next industrial transformation.

• Announced the expansion of NVIDIA DGX Cloud Lepton™ to connect Europe’s developers to NVIDIA’s global compute ecosystem.

• Collaborated with partners globally to build and accelerate advanced AI supercomputers, including Doudna (U.S.), JUPITER (Germany), Blue Lion (Germany), Isambard (U.K.) and FugakuNEXT (Japan).

• Revealed that model builders across Europe and the Middle East are optimizing their sovereign large language models with NVIDIA Nemotron™, which will be available on Perplexity.

• Supported the launch of OpenAI’s open gpt-oss models, delivering industry-leading gpt-oss-120b performance of 1.5 million tokens per second on a single NVIDIA Blackwell GB200 NVL72 rack-scale system.

• Announced a collaboration with Novo Nordisk and DCAI to advance drug discovery.

• Revealed that the NVIDIA Blackwell platform delivered the highest performance at scale on every MLPerf Training benchmark.

• Teamed with Ansys and DCAI to advance quantum algorithms for fluid dynamics using the NVIDIA CUDA-Q™ platform on Denmark’s Gefion supercomputer.

• Introduced NVFP4, a 4-bit format purpose-built to deliver exceptional inference latency, for pretraining next-generation large language models.