NVIDIA’s latest reported quarter shows why revenue, profit, and free cash flow should be read together: for the second quarter of fiscal 2027, the company reported $96.2 billion in revenue, $59.688 billion in GAAP net income, and $21.341 billion in free cash flow. Each figure measures a different part of performance, and the fiscal period ended July 26, 2026. NVIDIA announced the results on August 26, 2026.
What the three figures measure
| Measure | What it tells you | What it does not tell you by itself | GAAP status |
|---|---|---|---|
| Revenue | Sales earned during a reporting period; a measure of business scale and direction. | How much remains after costs, expenses, and taxes. | Reported as a GAAP income-statement measure. |
| Net income | Accounting profit after expenses and taxes for the period. | How much cash the company generated or retained during the period. | GAAP net income is a defined financial-statement measure. |
| Free cash flow | Cash remaining after operating cash flow is reduced by NVIDIA’s specified asset-related payments. | A standardized measure that can be compared without checking each company’s definition. | NVIDIA identifies it as a non-GAAP measure. |
“Profit” can refer to more than one income-statement line. Gross profit and operating income answer narrower questions about costs and operations; the figures below use the specific label GAAP net income.
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NVIDIA’s latest quarterly figures
In its fiscal 2027 second-quarter earnings release, NVIDIA reported the following results for the quarter ended July 26, 2026:
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minute| Metric | Fiscal Q2 2027 result | Comparison or period |
|---|---|---|
| Revenue | $96.2 billion | Up 18% sequentially and 106% year over year |
| Data Center revenue | $89.0 billion | Up 117% year over year |
| GAAP net income | $59.688 billion | Quarter ended July 26, 2026 |
| GAAP diluted earnings per share | $2.46 | Quarter ended July 26, 2026 |
| Free cash flow | $21.341 billion | Quarter ended July 26, 2026 |
The sequential revenue comparison is against the immediately preceding quarter; the year-over-year comparison is against the corresponding quarter a year earlier. They are different comparison windows, so keep the labels attached to the percentages. NVIDIA’s release is at NVIDIA Announces Financial Results for Second Quarter Fiscal 2027.
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How NVIDIA calculates free cash flow
NVIDIA’s free cash flow is not a GAAP line item or a universally standardized formula. The company calculates it by taking GAAP net cash provided by operating activities and subtracting purchases related to property and equipment and intangible assets, as well as principal payments on property and equipment and intangible assets.
That definition matters when interpreting the $21.341 billion quarterly figure or comparing NVIDIA with another company. A company using a different definition may report a different free-cash-flow figure from the same underlying cash flows. NVIDIA says its non-GAAP measures should not be considered in isolation or as substitutes for GAAP results, and may differ from non-GAAP measures used by other companies.
What the cash-flow figures add
For the six months ended July 26, 2026, NVIDIA reported $74.421 billion in net cash provided by operating activities and $69.895 billion in free cash flow. Those are six-month totals, not quarterly figures. The company’s Form 10-Q says operating cash flow rose from the prior-year first half because of higher revenue, partly offset by increased accounts receivable associated with extended payment terms on large, multi-quarter agreements with certain investment-grade customers.
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This is one reason cash flow and accounting earnings can tell different stories: the timing of customer payments and changes in working capital affect cash received, even when sales and income are recorded for the period. The Form 10-Q also reported $22.443 billion in cash and cash equivalents and $34.143 billion in marketable debt securities as of July 26, 2026, or $56.586 billion combined. These are balance-sheet amounts at a point in time, not revenue, profit, or cash flow over a quarter. See NVIDIA’s Form 10-Q for the quarter ended July 26, 2026.
How to compare periods and companies
Match the reporting period
Use figures from the same fiscal period when comparing revenue, net income, and free cash flow. NVIDIA’s “second quarter fiscal 2027” is its fiscal reporting period, not a generic calendar-quarter label. A six-month figure or full-year figure cannot be compared directly with one quarter without accounting for the difference in time covered.
Keep GAAP and non-GAAP labels visible
Net income in the quarterly comparison is GAAP net income; free cash flow is NVIDIA’s non-GAAP measure. NVIDIA states that for fiscal 2027 its non-GAAP measures no longer exclude stock-based compensation expense, and that historical non-GAAP information was updated to include it. When reviewing older comparisons, consult NVIDIA’s reconciliations and check that the measure is calculated consistently.
Use historical totals only as context
For scale, NVIDIA reported fiscal 2026 revenue of $215.9 billion and full-year free cash flow of $96.575 billion. These are full-year figures, announced in 2026, and should not be treated as directly comparable to a single fiscal quarter. The company’s prior-year results are in NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026.
A practical way to read the results
- Start with revenue to understand the scale and direction of sales, checking whether the comparison is sequential or year over year.
- Read net income next to see the accounting profit after expenses and taxes; use the stated line item rather than treating “profit” as a precise label.
- Then check free cash flow and NVIDIA’s definition to understand cash remaining after its stated asset-related deductions.
- Check period, working capital, and measure basis before drawing conclusions about cash generation or comparing NVIDIA with another company.
Together, these measures provide a fuller view than any one alone: revenue captures sales, GAAP net income captures accounting earnings, and NVIDIA-defined free cash flow captures cash after specified deductions.
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