NVIDIA earnings: guidance and what to watch
NVIDIA's next results are expected on November 18, 2026. Watch whether Vera Rubin's ramp is progressing.
What has NVIDIA guided for the quarter ending in October 2026?
Management’s in-force guidance for the quarter to October 2026 is revenue of $105,840 million to $110,160 million. It calls for gross margin of 73.5% to 74.5%. Management’s preliminary outlook calls for roughly 70% revenue growth in fiscal 2028, while supply limits how much demand it can serve.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Revenue | Quarter to Oct 2026 | 105,840 | 110,160 | Aug 26, 2026 |
| GAAP gross margin | Quarter to Oct 2026 | 73.5% | 74.5% | Aug 26, 2026 |
| Non-GAAP gross margin | Quarter to Oct 2026 | 73.5% | 74.5% | Aug 26, 2026 |
| GAAP operating expenses | Quarter to Oct 2026 | 9,200 | 9,200 | Aug 26, 2026 |
| Non-GAAP operating expenses | Quarter to Oct 2026 | 9,000 | 9,000 | Aug 26, 2026 |
| GAAP tax rate | Year to Jan 2027 | 16.0% | 18.0% | Aug 26, 2026 |
What this means. The company gives two versions of its costs: the standard accounting version includes more costs than the adjusted version, which also includes employee stock pay.
What do NVIDIA's last eight quarters show?
For the quarter ended July 26, 2026, revenue more than doubled from the same quarter a year earlier. Data Center revenue reached $89.0 billion, up 117% year over year, as Blackwell Ultra infrastructure ramped. Vera Rubin had begun production shipments in the following quarter, so this result was principally a Blackwell result.
Cash from operations fell to $24,077 million from $50,344 million in the prior quarter. Free cash flow fell to $21,400 million from $48,587 million. Receivables, inventory and payment timing can make quarterly cash conversion lumpy, so the decline does not by itself show a demand reversal.
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 96,221 | 81,615 | 68,127 | 57,006 | 46,743 | 44,062 | 39,331 | 35,082 |
| Gross margin | 75.0% | 74.9% | 75.0% | 73.4% | 72.4% | 60.5% | 73.0% | 74.6% |
| Operating income | 63,734 | 53,536 | 44,299 | 36,010 | 28,440 | 21,638 | 24,034 | 21,869 |
| Net income | 59,688 | 58,321 | 42,960 | 31,910 | 26,422 | 18,775 | 22,091 | 19,309 |
| EPS, diluted | 2.46 | 2.39 | 1.76 | 1.30 | 1.08 | 0.76 | 0.89 | 0.78 |
| = Free cash flow | 21,400 | 48,587 | 34,906 | 22,113 | 13,471 | 26,187 | 15,551 | 16,816 |
What this means. Free cash flow is not profit: it is the cash left after the company’s daily business brings in cash and it pays for equipment, buildings, and software.
What should investors watch in NVIDIA's next results?
The next results call is scheduled for November 17. Investors should check whether Vera Rubin’s ramp is progressing, whether customers can install the systems NVIDIA ships and whether expensive memory reduces gross margin. NVIDIA began production shipments of Vera Rubin in Q3 and expects it to provide a meaningful share of data-center revenue in that quarter.
NVIDIA has cash and extraordinary demand, but its success now depends on delivery, customer financing, infrastructure and policy. The central question is whether all those pieces arrive together—and produce enough profitable computing work to pay for what comes next.