| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'27 | August 26, 2026 | 3/12 | 1 high, 2 medium, 1 low flags | 1 | 0 | Call sheet → |
| Q1'27 | May 20, 2026 | 10/12 | 4 medium, 4 low flags | 4 | 1 | Call sheet → |
| Q4'26 | February 25, 2026 | 9/12 | 1 medium, 5 low flags | 5 | 0 | Call sheet → |
| Q1'26 | May 28, 2025 | 10/12 | 3 medium, 3 low flags | 5 | 1 | Call sheet → |
| Q4'25 | February 26, 2025 | 9/12 | 3 medium, 5 low flags | 4 | 1 | Call sheet → |
| Q3'25 | 2024-11-20 | 10/12 | 2 medium, 5 low flags | 4 | 0 | Call sheet → |
| Q2'25 | August 28, 2024 | 9/12 | 3 medium, 3 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'27 | Delivered | Begin production shipments of Vera Rubin in the second half of FY27 First shipments occurred this month, confirming the promise |
| Q1'27 | Delivered | We are not including any China data center compute revenue in our outlook Still no China revenue despite H200 approvals |
| Q1'27 | Exceeded | Tax rates between 17-19% Lowered to 16-18% due to favorable geographic mix |
| Q1'27 | Missed | We expect OpEx to grow in the low 40s year-over-year Now expecting upper 40s growth - higher than promised |
| Q1'27 | Delivered | Sequential revenue growth throughout calendar 2026 Q1 up 20% sequential, guiding Q2 up another 12% |
| Q1'27 | Delivered | We continue to see gross margins in the mid-70s 75% non-GAAP maintained despite mix shifts |
| Q1'27 | Pending | We remain on track to commence production shipments of Vera Rubin in the second half of the year Refined to Q3 start timing - still on track but more specific |
| Q4'26 | Delivered | Supply chain resiliency improvements Secured supply commitments extending into calendar 2027, first Blackwell wafer on US soil with TSMC |
| Q4'26 | Exceeded | Blackwell transition and ramp GB300 now 2/3 of DC revenue, seamless transition exceeded expectations |
| Q4'26 | Pending | Strategic partnership with OpenAI progress Moved from 'working on' to 'working toward definitive agreement' and 'believe we are close' |
| Q4'26 | Delivered | Hold gross margins in mid-70s Achieved 75% Q4, guided mid-70s for fiscal 2027 despite input cost pressures |
| Q4'26 | Exceeded | Continue sequential revenue growth throughout calendar 2026 Not only maintained but guided $78B Q1 vs $68B Q4, ahead of expectations |
| Q4'26 | Delivered | Rubin platform on track to ramp in 2026 Shipped first Vera Rubin samples to customers, production shipments H2 2026 confirmed |
| Q1'26 | Missed | China revenue to remain roughly at current percentage China revenue 'slightly below expectations' and declining sequentially due to H20 export ban |
| Q1'26 | Delivered | Gross margins to be in low seventies during Blackwell ramp 71.3% achieved excluding one-time H20 charge, within promised range |
| Q1'26 | Delivered | Blackwell Ultra second half launch timeline GB300 sampling began this month, production shipments later this quarter - on track |
| Q1'26 | Exceeded | We expect strong sequential growth in Q1 as supply increases (Gaming) Gaming up 48% sequentially to record $3.8B, supply constraints resolved |
| Q1'26 | Exceeded | We expect networking to return to growth in Q1 Networking revenue up 64% QoQ to $5B, well above growth resumption promise |
| Q1'26 | Exceeded | Blackwell production is in full gear across multiple configurations, and we are increasing supply quickly Delivered $11B Blackwell revenue (Q4) vs expectations, now 70% of DC compute revenue in Q1 |
| Q4'25 | Delivered | China revenue to remain roughly at current percentage Maintained approximately same percentage as previous quarters |
| Q4'25 | Delivered | Gross margins to moderate to low-70s as Blackwell ramps Q4 at 73.5%, Q1 guide of 71% confirms low-70s trajectory |
| Q4'25 | Pending | Blackwell margins in mid-70s when fully ramped Now saying late fiscal year for recovery to mid-70s |
| Q4'25 | Delivered | Gaming Q4 sequential decline due to supply constraints Gaming down 22% sequentially as guided |
| Q4'25 | Missed | Networking sequential growth in Q4 Networking declined 3% sequentially, pushed growth expectations to Q1 |
| Q4'25 | Exceeded | Blackwell revenue of several billion dollars in Q4 Delivered $11B vs 'several billion' guidance - significant beat |
| Q3'25 | Delivered | Gross margins in mid-70% range for full year (Q2 call) Maintaining mid-70s despite Blackwell ramp pressure. Q4 guided to 73.5% still in range. |
| Q3'25 | Pending | Software revenue to approach $2B annual run rate exiting the year (Q2 call) Currently at $1.5B, targeting 'over $2B exit.' Need 33%+ Q4 growth to deliver. |
| Q3'25 | Pending | Spectrum-X well on-track to begin multi-billion dollar product line within a year (Q2 call) Revenue grew 3x YoY but still building toward multi-billion status. On track but not there yet. |
| Q3'25 | Delivered | Hopper shipments expected to increase in second half of fiscal 2025 (Q2 call) H200 ramped to double-digit billions, fastest product ramp in company history. |
| Q3'25 | Exceeded | Ship several billion dollars in Blackwell revenue Q4 (Q2 call) Now expect to 'exceed our previous Blackwell revenue estimate of several billion dollars.' |
| Q3'25 | Exceeded | Blackwell production ramp scheduled to begin in Q4 (Q2 call) Moved to 'in full production' vs just starting production. Delivered ahead of promise. |
| Q2'25 | Delivered | China market to remain very competitive Acknowledged continued competitive pressure despite sequential growth |
| Q2'25 | Delivered | Spectrum-X ramping in volume Revenue doubled sequentially with hundreds of customers |
| Q2'25 | Exceeded | Sovereign AI revenue approaching high single-digit billions Upgraded to low-double-digit billions this year |
| Q2'25 | Pending | Blackwell global availability later this year Timeline pushed to Q4 production ramp start, not full availability |
| Q2'25 | Delivered | H200 shipping in Q2 H200 platform began ramping in Q2 to large CSPs and enterprises |
| Q2'25 | Delivered | Networking to return to sequential growth in Q2 16% sequential growth in networking revenue as promised |
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