one year on
Nvidia revenue hits $46.7 billion in fiscal Q2, beats estimates
The AI chip maker's data center revenue rose 56 percent year over year to $41.1 billion, and shares slip after hours as data-center revenue comes up short of the most optimistic forecasts.
Nvidia reports revenue of $46.7 billion for the fiscal second quarter ended July 27, up 56 percent from a year ago and beating Wall Street estimates. The company posts adjusted earnings of $1.05 per share, above the $1.01 consensus. Data center revenue reaches $41.1 billion, also up 56 percent year over year, but falls slightly short of the highest analyst forecasts.
CEO Jensen Huang says “the AI race is on, and Blackwell is the platform at its center,” noting that Blackwell data center revenue grew 17 percent sequentially. Nvidia guides for third-quarter revenue of $54 billion, plus or minus 2 percent, above the $53.1 billion analysts expected. The board authorizes an additional $60 billion in share buybacks.
Nvidia books no H20 chip sales to China during the quarter amid U.S. export restrictions, and excludes China H20 from its outlook. The company benefits from a $180 million release of previously reserved H20 inventory sold to a customer outside China. CFO Colette Kress says Nvidia could ship between $2 billion and $5 billion in H20 revenue this quarter if the geopolitical environment permits.
The results underscore Nvidia’s role as the bellwether of the AI infrastructure boom. Major cloud customers including Meta, Alphabet, Microsoft, and Amazon keep spending tens of billions per quarter on AI buildouts. Nvidia’s year-over-year revenue growth has now topped 50 percent for nine consecutive quarters — though this quarter’s 56 percent is the slowest of the streak.
The record
Analysts polled by LSEG expected adjusted earnings of $1.01 per share on revenue of $46.06 billion; Nvidia delivered $1.05 EPS on $46.74 billion, beating both.
Shares slip in extended trading as data-center revenue comes up just short of the most optimistic expectations.
One year later — open only if you can handle spoilers
Nvidia's run only accelerated. Three months later, on October 29, 2025, it became the first company ever to close above a $5 trillion market value — and its fiscal Q3 brought another record, $57 billion in revenue (up 62%), with data-center sales of $51 billion. The "slowest growth in the streak" worry that nagged investors this quarter looked quaint within months; by 2026 the louder question was whether the entire AI build-out had become a bubble.
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