Nvidia posts $96.2B quarter, guides $108B next

Nvidia booked $96.2 billion in a quarter and told Wall Street the next one should hit $108 billion, even while assuming it sells zero data-center chips into China. The figures are in its official results release for the fiscal second quarter ended July 26, 2026. The $108 billion is management's outlook, not a booked backlog.

Revenue was up 106% from a year ago and 18% from the prior quarter. Data Center brought in $89.0 billion, up 117% year over year and about 92% of the total. GAAP and non-GAAP gross margin both landed at 75.0%. GAAP diluted EPS was $2.46, non-GAAP $2.22.

Nvidia returned roughly $26.0 billion to shareholders through buybacks and dividends in the quarter, with about $99.0 billion left on its repurchase authorization. It also declared a $0.25 dividend payable October 1, 2026.

The $108 billion guide carries an assumption most one-line takes drop. In Nvidia's own words, "NVIDIA is not assuming any Data Center compute revenue from China in its outlook." The step up from $96.2 billion to $108 billion is built on selling nothing in one of the world's largest AI markets. If Washington and Beijing settle the H20-class export question, that is upside the guide does not contain. If the standoff hardens, the printed number already absorbs it.

CEO Jensen Huang told investors he expects roughly 70% revenue growth in fiscal 2028, well above Street models, and called Vera Rubin, now in full production, the platform "built to power exactly this moment."

The caution is on the same page. Nvidia guided third-quarter gross margin down to 74.0% (plus or minus 50 basis points) from 75.0%, and the pressure is memory cost, not weak pricing. Demand is not the question. The question is whether high-bandwidth memory keeps compressing margin faster than volume can offset it. A company growing revenue 18% a quarter while guiding margin lower is telling you the supply chain is now the binding constraint, not the order book.

That Data Center machine is the same demand Nvidia is financing with structures like its $105 billion OpenAI Ohio backstop. China sits outside the $108 billion. Memory sits under the 74% margin line.

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