The largest company in the world by market value, and the single biggest concentration of the AI trade. Next dated event: FOMC decision, with a Summary of Economic Projections, on Dec 8–9, 2026.
NVIDIA designs the processors used to train and run artificial-intelligence models, and sells them mostly as complete systems to cloud providers and large enterprises. In the most recent quarter, $75.2bn of $81.6bn in revenue — 92% of the company — came from its Data Center segment. The rest is gaming, professional visualisation and automotive.
| Period | Total revenue | Data Center | GAAP gross margin | GAAP diluted EPS |
|---|---|---|---|---|
| Q4 FY2026 (qtr to Jan 25, 2026) | $68.1B | $62.3B | 75.0% | — |
| Q1 FY2027 (qtr to Apr 26, 2026) | $81.6B | $75.2B | 74.9% | $2.39 |
| Q2 FY2027 (guidance) | $91.0B ±2% | — | 74.9% ±50bp | — |
The July quarter's $91.0bn figure is company guidance, not a result. Treat it as a target the company set for itself.
| Q4 FY26 reported | 68.1 |
|---|---|
| Q1 FY27 reported | 81.6 |
| Q2 FY27 guidance | 91.0 |
| Measure | Result | Working |
|---|---|---|
| P/E on trailing FY2026 GAAP EPS | 45.9× | $225.16 ÷ $4.90 |
| P/E on annualised Q1 GAAP EPS | 23.6× | $225.16 ÷ ($2.39 × 4) |
| P/E on annualised Q1 non-GAAP EPS | 30.1× | $225.16 ÷ ($1.87 × 4) |
| Price ÷ annualised Q1 revenue | 16.7× | $5.453T ÷ ($81.6B × 4) |
| Price ÷ annualised Q2 guidance | 15.0× | $5.453T ÷ ($91.0B × 4) |
Drag the assumptions. The bars show what today's price demands against what your assumptions deliver. Nothing here is a forecast — it is the arithmetic of the price, and you supply the inputs.
The multiple a mature version of this business might command.
Applied to the current annualised run-rate. Zero means it simply holds.
How long the market is given to be proved right.
The most common argument about NVIDIA is whether it is expensive. That is the wrong question. Here is the arithmetic of what the market was paying for on August 15, 2026 — with every assumption disclosed.
Written nine days before NVIDIA's second-quarter results, this is what an investor should understand about the business — and what an earnings report can and cannot tell you, whichever quarter it is.