NVIDIA Inc (NASDAQ:NVDA) delivered another record-setting FY26 Q2, posting $46.74 billion in revenue and non-GAAP EPS of $1.04, both topping expectations. Free cash flow was strong at $13.5 billion, and management authorized an additional $60 billion for share repurchases.
For Q3, management guided revenue above consensus with gross margins expected in the 73.3%–73.5% range. The Blackwell Ultra ramp is progressing well as seen in the results, while the next-generation Rubin platform remains on track for volume production in 2026. Notably, the outlook excludes potential revenue from H20 sales to China, which management estimates could contribute $2–$5 billion this quarter, pending resolution of geopolitical constraints as licenses for certain China based customers are already in place.
Customer concentration remains a watchpoint, with two direct customers accounting for nearly 40% of revenue per the 10-Q. However, management emphasized that demand is broad-based across industries, suggesting there are plenty of customers willing to step in.
For more details, key highlights, and commentary, check out the high-level earnings summary.
