NVIDIA's $96 billion quarter, read from the filings

NVIDIA sells most of the accelerators used to train and run AI models, so its quarterly filings are a direct readout of AI infrastructure demand. Here is what the August 26 documents show, with every figure taken from the filings.

Revenue: doubling again

Revenue for the quarter ended July 26, 2026 was $96.2 billion, up from $46.7 billion a year earlier and $81.6 billion in the previous quarter. Data Center revenue was $89.0 billion, up from $41.1 billion a year earlier, which NVIDIA attributes to 'the ramp of our Blackwell Ultra infrastructure.' Data Center now represents $89.0 billion of the $96.2 billion total.

Who is buying

NVIDIA splits Data Center into two customer groups. Hyperscale revenue, from the largest cloud companies, was $48.7 billion, up from $24.2 billion a year earlier. AI Clouds, Industrial and Enterprise, a group that includes AI-native companies, sovereign buyers and specialist clouds, grew faster: to $40.3 billion from $16.9 billion.

The 10-Q adds concentration data. For the quarter, one direct customer represented 16% of total revenue, or about $15.4 billion of the $96.2 billion. Over the first half of fiscal 2027, three direct customers represented 16%, 15% and 13% of revenue nContext: n=1 company, quarter ended Jul 26, 2026 · Q2 fiscal 2027 · NVIDIA 10-Q and CFO commentary · margin: not applicable, reported figures. Direct customers are often server makers and distributors, so the end buyers behind them are not named.

China barely registers. Shipments of Hopper data-center products to China were less than 1% of Data Center revenue in the quarter nContext: n=1 company, quarter ended Jul 26, 2026 · Q2 fiscal 2027 · NVIDIA 10-Q and CFO commentary · margin: not applicable, reported figures, and the outlook assumes no China data-center compute revenue.

Margins and outlook

Gross margin was 75.0%, against 72.4% a year earlier. For the third quarter of fiscal 2027, NVIDIA guided revenue of $108.0 billion, plus or minus 2%, and gross margin of 74.0%, plus or minus half a percentage point nContext: n=1 company, quarter ended Jul 26, 2026 · Q2 fiscal 2027 · NVIDIA 10-Q and CFO commentary · margin: not applicable, reported figures.

The balance-sheet details

Three lines in the CFO commentary show the strain of keeping up with demand:

• Commitments. Supply and capacity commitments rose to $279 billion from $119 billion a quarter earlier, 'primarily related to the procurement of memory.' Total future commitments, including cloud service agreements, leases and equity investments, reach $366 billion.
• Receivables. Accounts receivable reached $63.1 billion, and days sales outstanding rose to 60 from 45, 'due to extended payment terms on large, multi-quarter agreements with certain investment-grade customers.'
• Cash flow. Operating cash flow was $24.1 billion, down from $50.3 billion in the previous quarter, which NVIDIA attributes to working capital and cash taxes. Inventory rose to $31.6 billion from $25.8 billion ahead of the Vera Rubin launch.

NVIDIA also disclosed guarantees of up to $105 billion supporting data-center buildout at SB Energy's site in Ohio, which will host NVIDIA infrastructure under 20-year leases to OpenAI, with the first phase expected in fiscal 2029.

The company returned about $26.0 billion to shareholders in the quarter through buybacks and dividends and had about $99.0 billion left under its repurchase authorization. Jensen Huang summed up management's view in the release: 'Now, compute is revenue.'

After the quarter

On September 2, 2026, NVIDIA filed an 8-K announcing an agreement to acquire Hugging Face, the open-source AI model platform, for a purchase price of about $11.9 billion plus a retention program of up to about $1.0 billion, subject to regulatory approval. NVIDIA's next results are due in November.