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NVIDIA beat Wall Street expectations for its first quarter of fiscal 2027, reporting $81.615 billion in revenue and $1.87 in non-GAAP diluted earnings per share for the quarter ended April 26, 2026. The results, announced May 20, were powered chiefly by Data Center revenue of $75.2 billion. The comparison with analyst expectations uses FactSet figures reported by The Associated Press; the actual results come from NVIDIA.
How NVIDIA’s Q1 results compared with expectations
The Associated Press reported FactSet’s average analyst estimates of $78.91 billion in revenue and $1.75 per share in adjusted earnings. NVIDIA reported $81.615 billion in revenue and $1.76 per share excluding one-time items in AP’s comparison, so it exceeded both estimates. NVIDIA’s own release reports $1.87 in non-GAAP diluted EPS; these earnings figures use different presentations, so the FactSet comparison should be understood on the adjusted basis AP cited rather than compared with GAAP EPS.
| Measure | FactSet average estimate | NVIDIA Q1 FY2027 result |
|---|---|---|
| Revenue | $78.91 billion, reported by AP | $81.615 billion, reported by NVIDIA |
| Adjusted earnings per share | $1.75, reported by AP | $1.76 excluding one-time items in AP’s comparison |
NVIDIA separately reported GAAP diluted EPS of $2.39 and non-GAAP diluted EPS of $1.87. The company says that beginning in Q1 FY2027 its non-GAAP measures no longer exclude stock-based compensation, and it provides reconciliations to GAAP measures in its financial results release.
Data Center was the main driver
Data Center generated $75.2 billion in Q1 FY2027, up 21% from the preceding quarter and 92% from Q1 FY2026. That was the clear center of NVIDIA’s quarterly sales: total company revenue was $81.615 billion, up 20% sequentially and 85% year over year.
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NVIDIA attributed Data Center performance to the ramp of its Blackwell products and demand for InfiniBand, Spectrum-X Ethernet, and NVLink networking solutions. Those are the company’s explanations for its results, not an independent measure of demand across the entire AI-chip market. The figures do establish that Data Center was the dominant contributor to NVIDIA’s reported quarterly revenue.
What NVIDIA forecast—and what happened afterward
Outlook issued with Q1 results
For Q2 FY2027, NVIDIA forecast revenue of $45.0 billion, plus or minus 2%. The company said that outlook did not assume Data Center compute revenue from China. AP reported that FactSet analysts then expected $87.29 billion in revenue for the coming quarter. That figure was an analyst estimate, not NVIDIA guidance or a reported result.
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Subsequent Q2 results and Q3 outlook
NVIDIA later reported Q2 FY2027 revenue of $96.221 billion, up 106% year over year, and Data Center revenue of $89.0 billion, up 117%. Q2 GAAP EPS was $2.46 and non-GAAP EPS was $2.22. In the August 26, 2026 release, the company forecast Q3 FY2027 revenue of $108.0 billion, plus or minus 2%, again assuming no Data Center compute revenue from China. These later figures are subsequent context; they were not available when NVIDIA announced Q1 on May 20.
What the beat says—and does not say
The quarter shows that NVIDIA’s reported sales and adjusted earnings exceeded contemporaneous FactSet expectations, with Data Center growing faster than company-wide revenue. It does not, by itself, quantify total market-wide AI chip demand or establish how long that growth will continue. AP also reported that investors remained concerned about a possible slowdown after the multi-year boom; that was market context, not a prediction of what would happen to the stock.
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CEO Jensen Huang described the expansion in the company’s Q1 release as follows: “The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed.” This is management’s characterization, rather than an independent measurement of infrastructure spending.
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