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Call sheet · Q2'27

NVIDIA (NVDA)

Q2'27 earnings call · held August 26, 2026 · compared with the Q1'27 call · management-credibility review
3/12
Disclosure score
1 high, 2 medium, 1 low flags
Financial quality
Bottom line
The market will miss the *CPU boom* - Vera CPU revenue is set to double in FY28, adding a $200 bn TAM that could lift top‑line faster than the GPU‑only story. The headline record $96 bn revenue and 70% growth guidance looks impressive, but the real constraint is supply: only ~70% of demand is covered today and memory scarcity will push margins down to the low‑70% range through Q4. Watch the DSO climb to 60 days and the $32 bn inventory build‑up as early warning signs of cash‑flow strain. My view changes if the supply commitments for Vera Rubin fall short or if DSO continues to extend beyond 60 days.

The 30-second version

  • Sleeper story - server‑CPU revenue is about to explode while the market watches GPUs
  • Obvious headline - record $96 bn revenue, 70% FY28 growth guidance, but the real constraint is supply
  • Red flag - Days Sales Outstanding jumped to 60 days, a metric that disappeared in Q1

What changed this quarter

MetricQ1'27Q2'27Change
Total Revenue$82 bn, +85% YoY, +20% QoQ$96 bn, >100% YoY, +17% QoQ+17% QoQ acceleration
GAAP Gross Margin74.9%75% (both GAAP and non‑GAAP)flat
Data Center Revenue$75 bn, +92% YoY, +21% QoQ$89 bn, +18% QoQ+18% QoQ growth
InventoryNot disclosed in Q1$32 bn, up as Vera Rubin ramps+inventory buildup
Days Sales Outstanding45 days60 days+15 days
Vera CPU Revenue (Trailing 12‑mo)>$5 bn (mentioned)Projected >$10 bn FY28, >200% YoY growthdoubling
Vera Rubin ShipmentsNo shipments reportedCommenced production shipments this month, with 2 m GPUs slated through FY29new product launch
Share Repurchases$20 bn returned YTD$20 bn in Q2 alone, total $26 bn YTDaccelerated return
Operating Expenses$8.5 bn projected FY27$9.2 bn GAAP, $9.0 bn non‑GAAP expected for Q3+~$0.7 bn
Projected Q3 Gross Margin74.9% ±50bps74% ±50bps for Q3, 71‑72% for Q4, 72‑73% FY28margin compression

Accountability tracked

2 new promises made3 narrative shifts flagged1 prior promise scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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