Slide 1: Investor Presentation Q2 FY26
Investor Presentation Q2 FY26 September 2025
Slide 2: Forward-looking statements
Certain matters in this presentation including, but not limited to, statements as to: the impact of H20 export licensing requirements; expectations with respect to growth, performance and benefits of NVIDIA’s products, services, and technologies, including Blackwell, and related trends and drivers;
Slide 3: Content
Content • Q2 FY26 Earnings Summary • Key Announcements This Quarter • Reconciliation of Non-GAAP to GAAP Financial Measures
Slide 4: Q2 FY26 Earnings Summary
Q2 FY26 Earnings Summary
Slide 5: Highlights
Highlights Record quarter exceeded our outlook in what continues to be a dynamic external environment • Total revenue up 56% Y/Y to $46.7B, above outlook of $45.0B +/- 2% • Data Center up 56% Y/Y to $41.1B • Gaming up 49% Y/Y to $4.3B Record Data Center revenue driven by continued Blackwell ramp • N
Slide 6: Q2 FY26 Financial Summary
Q2 FY26 Financial Summary GAAP Non-GAAP 51,500 Revenue($M) Non-GAAP GM 100.0% $46,743 46,500 95.0% Q2 FY26 Y/Y Q/Q Q2 FY26 Y/Y Q/Q $44,062 41,500 $39,331 90.0% Revenue $46,743 +56% +6% $46,743 +56% +6% 36,500 $35,082 85.0% Gross Margin 31,500 $30,040 72.4% -2.7 pts +11.9 pts 72.7% -3.0 pts +11.7 pts
Slide 7: Data Center
Data Center Highlights 56% Y/Y and 5% Q/Q • The GB200 NVL system is seeing widespread adoption with deployments at CSPs and consumer internet customers $41,096 $39,112 • New Blackwell Ultra platform had a strong quarter, generating tens $35,580 of billions in revenue $30,771 • Current run rate back
Slide 8: Gaming
Gaming 49% Y/Y Highlights and 14% Q/Q • Record gaming revenue driven by the ramp of Blackwell GeForce $4,287 GPUs, as strong sales continued and supply availability increased • Shipped GeForce RTX 5060 desktop GPUs this quarter $3,763 • Blackwell is coming to GeForce Now in September, the most $3,27
Slide 9: Professional Visualization
Professional Visualization Highlights • Growth driven by the adoption of high-end RTX workstation 32% Y/Y and GPUs for AI-powered workloads like design, simulation, and 18% Q/Q prototyping $601 • Key customers are leveraging NVIDIA solutions to accelerate $511 their operations $509 $486 $454 • Activ
Slide 10: Automotive
Automotive 69% Y/Y and Highlights 3% Q/Q • Growth primarily driven by self-driving solutions $586 $570 $567 • Began shipments of NVIDIA Thor SoC, the successor to Orin • NVIDIA’s full-stack DRIVE AV software platform is now in $449 production, opening up billions in new revenue opportunities for NVI
Slide 11: Sources & Uses of Cash
Sources & Uses of Cash Highlights • Y/Y increase reflects growth in revenue, partially offset by an $27,414 increase in working capital • Q/Q decrease was mainly driven by $8.1B in taxes paid in the quarter 6% Y/Y • Returned $10.0B to shareholders in the second quarter through 44% Q/Q $17,629 $9.7B
Slide 12: Q3 FY26 Outlook
Q3 FY26 Outlook $54.0 billion, plus or minus 2% Revenue Does not assume any H20 shipments to China If geopolitical issues recede, could ship $2 to $5 billion dollars in H20 revenue in Q3 Gross Margins 73.3% GAAP and 73.5% non-GAAP, plus or minus 50 basis points Continue to expect to exit the year wi
Slide 13: Key Announcements This Quarter
Key Announcements This Quarter
Slide 14: Europe Builds Over 3,000 Exaflops of NVIDIA AI Infrastructure
Europe Builds Over 3,000 Exaflops of NVIDIA AI Infrastructure to Fuel Region’s Next Industrial Transformation EU plans to invest 20B Euros to establish 20 AI factories including 5 "gigafactories," to increase its AI compute infrastructure 10x • NVIDIA is working with European nations, and technology
Slide 15: NVIDIA Partners With Europe Model Builders and Cloud Providers
NVIDIA Partners With Europe Model Builders and Cloud Providers to Accelerate Region’s Leap Into AI • NVIDIA is teaming with model builders and cloud providers across Europe and the Middle East to optimize sovereign LLMs, helping to accelerate enterprise AI adoption for the region’s industries • Mode
Slide 16: NVIDIA Partners With Novo Nordisk and DCAI to Advance Drug Discovery
NVIDIA Partners With Novo Nordisk and DCAI to Advance Drug Discovery • NVIDIA and Novo Nordisk are collaborating to accelerate drug discovery through innovative AI use cases • Novo Nordisk will use the Gefion sovereign AI supercomputer – powered by NVIDIA DGX SuperPOD – for running drug discovery an
Slide 17: Siemens and NVIDIA Expand Partnership in Manufacturing
Siemens and NVIDIA Expand Partnership to Accelerate AI Capabilities in Manufacturing • Siemens and NVIDIA announced an expansion of their partnership to accelerate the next era of industrial AI and digitalization and enable the factory of the future • The partnership empowers industrial companies to
Slide 18: NVIDIA DGX Cloud Lepton Connects Europe's Developers
NVIDIA DGX Cloud Lepton Connects Europe’s Developers to Global NVIDIA Compute Ecosystem • NVIDIA is expanding NVIDIA DGX Cloud Lepton — an AI platform featuring a global compute marketplace that connects developers building agentic and physical AI applications — with GPUs now available from a growin
Slide 19: NVIDIA Blackwell Delivers Breakthrough Performance in MLPerf Training
NVIDIA Blackwell Delivers Breakthrough Performance in Latest MLPerf Training Results • NVIDIA AI platform delivered the highest performance at scale on every benchmark and powered every result submitted on the benchmark’s toughest large language model (LLM)-focused test: Llama 3.1 405B pretraining –
Slide 20: OpenAI and NVIDIA Propel AI Innovation With New Open Models
OpenAI and NVIDIA Propel AI Innovation With New Open Models Optimized for the World’s Largest AI Inference Infrastructure • OpenAI’s two new open-weight AI reasoning models, oss-120b and gpt-oss-20b, bring cutting-edge AI development to developers, enthusiasts, enterprises, startups and governments
Slide 21: NVIDIA RTX PRO Servers in Full Production
NVIDIA RTX PRO Servers are in Full Production From the World’s Systems Makers • Powered by NVIDIA RTX PRO 6000 Blackwell Server Edition GPUs, these servers speed the shift from traditional CPU systems to accelerated computing platforms • These air-cooled, PCIe-based systems integrate seamlessly into
Slide 22: NVIDIA Opens Portals to World of Robotics
NVIDIA Opens Portals to World of Robotics With New Omniverse Libraries, Cosmos Physical AI Models and AI Computing Infrastructure Images | Video | Lidar Robot Model CAD, UDRF, MJCF • New NVIDIA Omniverse libraries and Cosmos world foundation models (WFMs) accelerate the development and deployment of
Slide 23: Blackwell-Powered Jetson Thor Now Available
NVIDIA Blackwell-Powered Jetson 7.5x Orin 3.5x Orin Thor Now Available, the Ultimate AI Compute Energy Efficiency Platform for Physical AI & Robotics 3.1x Orin 10x Orin CPU Performance I/O Throughput • These powerful new robotics computers are built for generative reasoning and designed to power mil
Slide 24: Reconciliation of Non-GAAP to GAAP Financial Measures
Reconciliation of Non-GAAP to GAAP Financial Measures
Slide 25: Reconciliation of Non-GAAP to GAAP Financial Measures
Reconciliation of Non-GAAP to GAAP Financial Measures Acquisition- Stock-Based Tax Impact Related and Other H20 related Other Non-GAAP Compensation of GAAP Costs releases (C) (B) Adjustments (A) Q2 FY26 $33,960 (49) (58) — — $33,853 Gross margin ($ in million) 72.7% (0.1) (0.2) — — 72.4% Gross margi
Slide 26: Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)
Reconciliation of Non-GAAP to GAAP Financial Measures (contd.) Acquisition-Related and Stock-Based Gross Margin Non-GAAP Other Costs Compensation GAAP (A) (B) Q2 FY 2025 75.7% (0.4) (0.2) 75.1% Q3 FY 2025 75.0% (0.3) (0.1) 74.6% Q4 FY 2025 73.5% (0.3) (0.2) 73.0% Q1 FY 2026 61.0% (0.3) (0.2) 60.5% A
Slide 27: Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)
Reconciliation of Non-GAAP to GAAP Financial Measures (contd.) ($ in Millions) Q3 FY26 Outlook Non-GAAP gross margin 73.5% Impact of stock-based compensation expense, acquisition-related costs, and other costs 0.2% GAAP gross margin 73.3% Non-GAAP operating expenses $4,200 Stock-based compensation e
Slide 28: NVIDIA
NVIDIA. |