NVIDIA, the tech giant that is the world’s most valuable stock, reported second-quarter revenue of USD46.7 billion, up 56 percent year-on-year, fueled by soaring demand for its Blackwell AI platform. Revenue was also up 6 percent from the first quarter, suggesting growth momentum is still intact.
At the company’s Blackwell Data Center, revenue rose 17 percent sequentially, highlighting its growing dominance in AI infrastructure.
NVIDIA, whose earnings report was widely anticipated by the markets, posted gross margins of 72.4 percent on a Generally Accepted Accounting Principles (GAAP) basis and 72.7 percent on a non-GAAP basis.
Excluding a USD180 million release of previously reserved H20 inventory, non-GAAP gross margin would have been 72.3 percent. There were no H20 sales to China-based customers during the quarter, but NVIDIA recorded approximately USD650 million in H20 sales to a customer outside China.
Earnings per diluted share came in at USD1.08 (GAAP) and USD1.05 (non-GAAP). Without the H20 inventory release and related tax impact, non-GAAP EPS would have been USD1.04.
“Blackwell is the AI platform the world has been waiting for,” said Jensen Huang, founder and chief executive officer. “Demand is extraordinary. The AI race is on, and Blackwell is the platform at its center.”
NVIDIA returned USD24.3 billion to shareholders during the first half of fiscal 2026 through share repurchases and dividends. As of quarter-end, it had USD14.7 billion remaining under its existing repurchase plan. On August 26, the board approved an additional USD60.0 billion in share repurchase authorization, with no expiration.
The results underscore NVIDIA’s pivotal role in powering the current wave of AI innovation, as enterprises accelerate investments in high-performance computing.
