NVIDIA said revenue for July 27, 2025 was $46.7 billion, up 56% from a year ago and up 6% sequentially. Data Center revenue was $41.1 billion, up 56% from a year ago and up 5% sequentially.

10-QQuarterly reportFiled Aug 27, 2025Period of report Jul 27, 2025Summary published (UTC) Oct 10, 2026

Key points

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NVIDIA said revenue for July 27, 2025 was $46.7 billion, up 56% from a year ago and up 6% sequentially. Data Center revenue was $41.1 billion, up 56% from a year ago and up 5% sequentially.
The company said that in April 2025 the U.S. government informed it a license is required for exports of H20 into the China market, and as a result it recognized a $4.5 billion charge in Q1 associated with H20 excess inventory and purchase obligations. In Q2, the company recognized approximately $650 million of H20 revenue from sales to an unrestricted customer outside of China, resulting in a $180 million release of previously reserved inventory, and there were no H20 sales to China-based customers.
NVIDIA said gross margin for Q2 was 72.4%, down from 75.1% a year ago, and for the first half was 66.6%, down from 76.6% a year ago. The company cited Blackwell revenue consisting primarily of full-scale datacenter systems compared to Hopper HGX systems last year, and for the first half also noted the impact of a $4.5 billion charge associated with H20.
NVIDIA repurchased 67 million shares for $9.7 billion in Q2 of fiscal 2026 and 193 million shares for $24.2 billion in the first half. On August 26, 2025, the Board of Directors approved an additional $60.0 billion in share repurchase authorization, with a total of $71.2 billion available for repurchase at that time.

Key figures

Quarter ended July 27, 2025

Revenue: $46.7B
Operating income: $28.4B
Net income: $26.4B
EPS: $1.08
Gross profit: $33.9B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

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Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 Revenue $46.7 billion, Data Center $41.1 billion

NVIDIA said revenue for July 27, 2025 was $46.7 billion, up 56% from a year ago and up 6% sequentially. Data Center revenue was $41.1 billion, up 56% from a year ago and up 5% sequentially.

Source · Based on the MD&A text of the filing

H20 Export License Requirements and $4.5 billion Charge

The company said that in April 2025 the U.S. government informed it a license is required for exports of H20 into the China market, and as a result it recognized a $4.5 billion charge in Q1 associated with H20 excess inventory and purchase obligations. In Q2, the company recognized approximately $650 million of H20 revenue from sales to an unrestricted customer outside of China, resulting in a $180 million release of previously reserved inventory, and there were no H20 sales to China-based customers.

Source · Based on the MD&A text of the filing

Gross Margin 72.4% and Inventory Provision Impact

NVIDIA said gross margin for Q2 was 72.4%, down from 75.1% a year ago, and for the first half was 66.6%, down from 76.6% a year ago. The company cited Blackwell revenue consisting primarily of full-scale datacenter systems compared to Hopper HGX systems last year, and for the first half also noted the impact of a $4.5 billion charge associated with H20.

Source · Based on the MD&A text of the filing

First-Half Share Repurchases $24.2 billion and Additional Authorization

NVIDIA repurchased 67 million shares for $9.7 billion in Q2 of fiscal 2026 and 193 million shares for $24.2 billion in the first half. On August 26, 2025, the Board of Directors approved an additional $60.0 billion in share repurchase authorization, with a total of $71.2 billion available for repurchase at that time.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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