NVIDIA Earnings Call Transcript: Q3 FY2027 Guidance Decoded
NVIDIA guided Q3 FY2027 revenue to $108 billion plus or minus 2% and gross margin to 74% plus or minus 50 basis points. Against Q2's $96.2 bn, the midpoint is a 12% sequential step; against Q3 FY2026's $57.0 bn, it is 89% year on year. This page puts the exact sentences next to six quarters of reported numbers. It is a data page, not a recommendation.
NVIDIA in five numbers
| What | Figure | As of | Read |
|---|---|---|---|
| Share price | $181.60 | Nov 5, 2026 close | 25% below the 52-week high of $243.37; flat year to date (+0.3%) |
| Market cap | ≈ $4.50 tn | Nov 6, 2026 | Trailing P/E 23.3x, P/S 14.8x, P/B 19.6x |
| Latest quarter revenue (Q2 FY2027) | $96.2 bn | Reported Aug 26, 2026 | +17.9% quarter on quarter, +105.9% year on year |
| Latest quarter gross margin | 75.0% | Reported | Fifth straight quarter at or above 72% |
| Q3 FY2027 revenue guidance | $108 bn ±2% | Aug 26, 2026 call | Midpoint +12.3% quarter on quarter |
Source: Wind Financial Data Service, retrieved Nov 6, 2026 (HKT); price and valuation are Wind fields for NVDA.O; reported figures are NVIDIA's GAAP results as carried by Wind. Guidance: Q2 FY2027 earnings call, Aug 26, 2026, CFO Colette Kress. Company filings: NVIDIA investor relations.
Six quarters, as reported
Revenue and net profit in USD billions, GAAP.
Show data
| Period | USD bn | Note |
|---|---|---|
| Q1 FY26 | 44.1 | |
| Q2 FY26 | 46.7 | |
| Q3 FY26 | 57.0 | |
| Q4 FY26 | 68.1 | |
| Q1 FY27 | 81.6 | +85.3% YoY |
| Q2 FY27 | 96.2 | +105.9% YoY; Q3 guide $108 bn ±2% |
Source: Wind Financial Data Service, retrieved Nov 6, 2026 (HKT); NVIDIA GAAP figures
| Quarter | Revenue | QoQ | Gross margin | Net profit | Net margin |
|---|---|---|---|---|---|
| Q1 FY2026 | 44.1 | 60.5% | 18.8 | 42.6% | |
| Q2 FY2026 | 46.7 | +6.1% | 72.4% | 26.4 | 56.5% |
| Q3 FY2026 | 57.0 | +22.0% | 73.4% | 31.9 | 56.0% |
| Q4 FY2026 | 68.1 | +19.5% | 75.0% | 43.0 | 63.1% |
| Q1 FY2027 | 81.6 | +19.8% | 74.9% | 58.3 | 71.5% |
| Q2 FY2027 | 96.2 | +17.9% | 75.0% | 59.7 | 62.0% |
Three things the table says on its own:
- Sequential growth has held between 18% and 22% for four quarters. The Q3 guide implies 12.3% at the midpoint, the first step below that band since Q2 FY2026's 6.1%.
- Gross margin recovered from the 60.5% Q1 FY2026 trough and has sat at 72% to 75% since. The 74% guide for Q3 is inside that range; the 71% to 72% guide for Q4 is not.
- Net margin peaked at 71.5% in Q1 FY2027 and stepped back to 62.0% in Q2 on revenue that grew 17.9%. The gap is the line to watch alongside gross margin.
Show data
| Period | % | Note |
|---|---|---|
| Q1 FY26 | 60.5 | Six-quarter low |
| Q2 FY26 | 72.4 | |
| Q3 FY26 | 73.4 | |
| Q4 FY26 | 75.0 | |
| Q1 FY27 | 74.9 | |
| Q2 FY27 | 75.0 | Q3 guide 74% ±50 bps; Q4 guide 71–72% |
Source: Wind Financial Data Service, retrieved Nov 6, 2026 (HKT)
What guidance said, verbatim
All quotes are from CFO Colette Kress on the Q2 FY2027 earnings call, Aug 26, 2026, as transcribed by Investing.com and read through Winus. Where the Investing.com and exa.ai transcripts differ by a word, the CFO's phrasing as transcribed is quoted; neither is company language.
| Line | What was said | Number |
|---|---|---|
| Q3 revenue | "Total revenue is expected to be $108 billion ±2%." | $105.8–110.2 bn |
| Growth driver | "Sequential growth to be driven primarily by ACIE with data center, while growth in hyperscale is expected to re-accelerate in Q4 and into fiscal year 2028 as supply of Vera Rubin grows over time." | — |
| Vera Rubin share | "We see Vera Rubin accounting for about 20% of data center revenue in Q3." | ≈ 20% of DC |
| Q3 gross margin | "For Q3, we expect GAAP and non-GAAP gross margins to be 74% ±50 basis points." | 73.5–74.5% |
| Q4 and FY2028 margin | "We expect margins to bottom in Q4 in the 71%–72% range before settling at 72%–73% in fiscal year 2028 as executed price increases take effect in Q1." | 71–72%, then 72–73% |
| FY2028 revenue | "Our preliminary expectation is for fiscal year 2028 revenue to grow approximately 70% year-over-year." | ≈ +70% |
| Supply | "We expect supply to remain a bottleneck at least through the end of fiscal year 2028." | — |
| China | "In Q2, we shipped less than 1% of our total data center revenue in Hopper 200 products to customers based in China… there is no China data center compute revenue in our forward outlook." | < 1% in Q2; 0 in outlook |
Asked by Bernstein's Stacy Rasgon what growth would be without the supply constraint: "The unconstrained would be a lot higher. We grew 100% year-over-year this year. The unconstrained is significant."
Valuation in context
| Metric | Value | Note |
|---|---|---|
| Trailing P/E | 23.3x | On the four quarters to Q2 FY2027 ($192.9 bn net profit) |
| P/S | 14.8x | |
| P/B | 19.6x | |
| 52-week range | $164.27 – $243.37 | Price at $181.60 sits in the lower third |
| 1-year move | −0.6% | Revenue over the same period roughly doubled |
A 23x trailing multiple on a company guiding to 89% year-on-year revenue growth is the arithmetic of a share price that has gone sideways for a year while earnings caught up. The margin guide, not the revenue guide, is what moves the multiple from here.
What to check in the Q3 FY2027 report
The report is expected on Nov 17, 2026; confirm the date on NVIDIA's investor site. Three lines against three benchmarks:
- Revenue against $108 bn. Above $110.2 bn beats the top of the range; below $105.8 bn misses the bottom. Q2 came in at $96.2 bn, about 7% above its own Q1 guidance midpoint of $90 bn as quoted in the call, but this page has not checked earlier quarters.
- Gross margin against 74.0%. Inside 73.5% to 74.5% is on plan. The Q4 guide given on the day decides whether the 71% to 72% trough still stands.
- Q4 guidance against the "re-accelerate" sentence. Hyperscale growth was promised to re-accelerate in Q4. A Q4 revenue guide above $108 bn plus the 12% Q3 step would confirm it.
Not on this page: segment revenue (data center, gaming, professional visualization, automotive) and the non-GAAP reconciliation. The Wind fundamentals endpoint returned consolidated GAAP lines only; segments are in NVIDIA's CFO commentary on the investor site.
Run this yourself
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Data sourced from Wind Financial Data Service. Figures as retrieved on Nov 6, 2026 (HKT); NVIDIA's own filings govern if they differ. Call quotes as transcribed by Investing.com; not company language.
FAQ
What did NVIDIA guide for Q3 FY2027 revenue?
Total revenue of $108 billion, plus or minus 2%, per CFO Colette Kress on the Aug 26, 2026 earnings call. That range is $105.8 bn to $110.2 bn, against $96.2 bn reported in Q2 FY2027 and $57.0 bn in Q3 FY2026.
When does NVIDIA report Q3 FY2027 earnings?
The Q3 FY2027 report is expected on Nov 17, 2026. NVIDIA posts the confirmed date and webcast on investor.nvidia.com; the fiscal quarter ended in late October 2026.
Why is NVIDIA guiding gross margin down to 71–72% in Q4?
On the Aug 26 call the CFO said margins are expected to bottom in Q4 FY2027 in the 71% to 72% range before settling at 72% to 73% in fiscal 2028 "as executed price increases take effect". The company did not give a numeric breakdown of the mix effect behind the dip.
Where do the numbers on this page come from?
Reported revenue, gross margin and net profit are NVIDIA's GAAP figures as carried by Wind Financial Data Service, retrieved Nov 6, 2026. Guidance quotes are from the Q2 FY2027 earnings call transcript (Aug 26, 2026) as read through Winus, which cited the Investing.com transcript. NVIDIA's own filings govern if they differ.
What is Winus?
Winus is a financial AI agent platform built on Wind's financial data and research expertise. It combines specialized tools, reusable financial skills and coordinated AI agents so a natural-language request about a company, fund or market can produce research reports, Excel models and presentation decks. Type #NVDA in Winus to run this page's analysis yourself.