Blackwell and inference demand are accelerating, but China restrictions create a substantial near-term revenue and margin headwind.
| Quarter | Q1 FY26 |
|---|---|
| Length | 63 minutes |
| EPS | $0.77 |
| EPS consensus | $0.80 |
NVIDIA reported first-quarter revenue of $44 billion, up 69% year over year, including $39 billion of data-center revenue, up 73%. Blackwell represented nearly 70% of data-center compute revenue, while major hyperscalers were deploying nearly 72,000 Blackwell GPUs weekly on average. New China export controls caused a $4.5 billion charge, prevented $2.5 billion of first-quarter H20 shipments, and are expected to drive an approximately $8 billion second-quarter H20 revenue loss. NVIDIA guided to second-quarter revenue of $45 billion plus or minus 2%, with non-GAAP gross margin of 72% plus or minus 50 basis points.
What changed, guidance prior to now, analyst Q&A candor and the case for and against are part of Core.
Other quarters: Q2 FY27 · Q1 FY27 · Q4 FY26 · Q3 FY26 · Q2 FY26 · Q1 FY25
Read the full Q1 FY26 earnings call transcript
All NVDA earnings · Back to NVDA overview
Transcript produced by Signals.AI from the company's own earnings call audio. Not personalized investment advice.