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NVIDIA reported fiscal Q1 2027 revenue of $81.6 billion, up 85% year-over-year and 20% sequentially, with Data Center revenue climbing 92% to $75.2 billion. Non-GAAP diluted EPS rose 140% to $1.87 and non-GAAP gross margin held at 75.0%. Operating cash flow for the quarter reached $50.3 billion; free cash flow came in at $48.6 billion.
Why it matters
The $91 billion revenue guide for fiscal Q2 2027 is the headline inside the headline — and it explicitly excludes any Data Center compute revenue from China. That means the number management is willing to put on tape is, by their own framing, a floor rather than a ceiling. With Q1 already $6.6 billion above the prior quarter's record, the sequential ramp is intact even before any China contribution is added back into the model.
Market impact
For the broader AI-capex thesis, the print keeps the bid under the picks-and-shovels layer of the AI build-out. A 92% Data Center growth rate on a base that's already tens of billions per quarter is the read Wall Street has been waiting on to confirm the cycle hasn't rolled over. Watch the next quarter for any China-compute surprise on the upside — that is the swing variable the guide has now stripped out of consensus.
Source: [NVIDIA Announces Financial Results for First Quarter Fiscal 2027 — NVIDIA Newsroom](https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-first-quarter-fiscal-2027)
Frequently asked questions
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What were NVIDIA's Q1 fiscal 2027 revenue and earnings results?
NVIDIA reported fiscal Q1 2027 revenue of $81.6 billion, up 85% year-over-year and 20% sequentially. Non-GAAP diluted EPS was $1.87, up 140% year-over-year, and non-GAAP gross margin was 75.0%.
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How much did NVIDIA's Data Center segment grow?
Data Center revenue increased 92% year-over-year to $75.2 billion, making it the dominant contributor to the quarter's $81.6 billion total.
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What is NVIDIA's revenue guidance for Q2 fiscal 2027?
NVIDIA guided fiscal Q2 2027 revenue of approximately $91 billion, plus or minus 2%. Management noted the outlook does not include any Data Center compute revenue from China.
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How much operating and free cash flow did NVIDIA generate?
Operating cash flow for the quarter reached $50.3 billion, while free cash flow totaled $48.6 billion.
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Why is the Q2 guide considered a 'floor' rather than a ceiling?
Because the $91 billion outlook explicitly excludes any China Data Center compute revenue. Any reentry of China demand into the model would represent upside relative to current guidance.
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