NVIDIA's next report is the biggest single data point on AI spending. It hasn't happened yet, so this is a preview: what NVIDIA itself told investors to expect, and the numbers worth checking when results land. All figures are from NVIDIA's Aug 26, 2026 release and CFO commentary unless noted.
When
As of Oct 22, 2026, NVIDIA's investor events page didn't show the Q3 date. Third-party calendars such as Wall Street Horizon list mid-November (Nov 17–18). Treat that as unconfirmed until NVIDIA posts it.
The guidance (what NVIDIA said it expects)
For Q3 fiscal 2027:
- Revenue: $108.0B, plus or minus 2%. That's roughly $105.8B to $110.2B (our math).
- No data-center compute revenue from China assumed.
- Gross margin: 74.0%, ±50bp, GAAP and non-GAAP. Q2 was 75.0%.
- Operating expenses: about $9.2B GAAP, $9.0B non-GAAP.
$108.0B vs Q2's $96.2B would be about 12% sequential growth (our math).
The starting point: Q2 FY27 (ended Jul 26, 2026)
| Q2 FY27 | YoY | |
|---|---|---|
| Revenue | $96.2B | +106% |
| Data Center | $89.0B | +117% |
| Edge Computing | $7.2B | +27% |
| Gross margin (GAAP and non-GAAP) | 75.0% | +2.6 pts |
| EPS, GAAP / non-GAAP | $2.46 / $2.22 |
Inside data center, NVIDIA said hyperscale revenue more than doubled YoY, and AI clouds, industrial and enterprise (ACIE) rose 138%. China Hopper shipments were under 1% of data-center revenue.
One accounting note: starting Q1 FY27, NVIDIA's non-GAAP numbers no longer exclude stock-based compensation. Compare like with like.
Five things to watch
1. Vera Rubin. Inventory rose to $31.6B from $25.8B "as we prepare for the introduction of Vera Rubin in the third quarter." How fast it ramps, and what it does to margins, is the headline question. Background in our DSX POD and Vera Rubin explainer.
2. Supply commitments. These jumped from $119B to $279B in one quarter, "primarily related to the procurement of memory." That ties NVIDIA's story to the memory makers; see the HBM4 race.
3. Receivables. Accounts receivable were $63.1B, with DSO at 60 days, up from 45, due to extended payment terms on big multi-quarter deals. Watch whether that keeps stretching.
4. Guarantees and financing. NVIDIA disclosed guarantees for SB Energy's PORTS-Pike campus in Ohio (about 4.25 GW, leased to OpenAI), capped at $105B, phasing in from fiscal 2029, plus $3.5B of guarantees for AI-cloud partners. Total maximum gross exposure: $108.5B. This is the GPU-financing trend in our SPV explainer.
5. China. Guidance assumes zero. Any change in H200 export licensing would be upside to that assumption, not part of it.
How to read the print
Revenue vs the $108B midpoint matters, but so does next quarter's guidance. Our EPS, beats and guidance explainer walks through why stocks sometimes fall on a "beat." For the wider calendar, see the AI earnings calendar.
