NVIDIA’s heavyweight earnings report will be unveiled on Wednesday! The estimated $78 billion in revenue is expected to set a record

NVIDIA will release its FY2027 Q1 earnings after the U.S. stock market closes this Wednesday (5/20). Wall Street consensus expects revenue of about $78 billion, up approximately 78% year-over-year, and non-GAAP EPS estimated at $1.77. The shipment cadence and gross margin of the Blackwell platform are the biggest highlights this quarter, and the options market has already priced in a volatility range of 8% to 10%.
(Previously: Trump stock trading details exposed! Q1 bulk purchases of 3,642 lots, spending money on NVIDIA Dell while publicly calling out buy levels)
(Background: Huang Renxun’s visit to China was also useless! China actively refused to buy H200—what are they calculating behind the scenes?)

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• Blackwell takes over, with data center revenue estimated at $73 billion
• Options market preparations
• Frequently Asked Questions

The world’s largest chip company by market value is about to hand in its results. NVIDIA will release its 2027 fiscal first-quarter performance after the U.S. market closes this Wednesday (5/20), and this is the first complete quarterly report after the comprehensive shipment of the Blackwell architecture—an important figure that will determine whether the AI hardware market can keep its momentum.

NVIDIA’s current market cap has reached a record $5.46 trillion, with the stock trading at $225.32. At this scale, any figures that fall short of expectations are not just NVIDIA’s problem.

Blackwell takes over, with data center revenue estimated at $73 billion

Wall Street’s consensus expectations for this quarter are quite clear: revenue of about $78 billion, up approximately 78% year-over-year, non-GAAP EPS of about $1.77, and all of them are set to set new quarterly records. The guidance NVIDIA provided last quarter also had revenue of around $78 billion with a ±2% range, marking a band of $76.4 billion to $79.6 billion—indicating that even NVIDIA itself expects to break the record.

The main protagonist behind the scenes is, of course, Blackwell. This architecture has now taken the lead in driving data center compute shipments. The consensus for data center segment revenue alone is about $73 billion, and some broker valuation models even push it to more than $75 billion. Overall, annualized revenue estimates related to Blackwell have risen from $86.4 billion last year to $137 billion this year, a growth rate of nearly 59%.

Options market preparations

Analysts generally believe that if both earnings and next quarter’s guidance beat expectations, there is still room for the stock to move higher. However, the options market has already priced in an 8% to 10% volatility range, meaning traders are not ruling out dramatic swings in any direction.

After NVIDIA released its last quarterly earnings report, the entire AI concept stock sector moved in tandem. From TSMC to Broadcom, AMD, and even the newly listed Cerebras, all were affected. With a market cap of $5.46 trillion, a 10% swing in NVIDIA in a single day would mean a change in market cap of more than $500 billion—larger than the total market value of most listed companies.

Another reason is the China market. Huang Renxun has recently visited China, but the news that the Chinese side actively refused to buy H200 is still developing. U.S. export controls are becoming increasingly stringent for the China market. China was once NVIDIA’s second-largest market. How much of this revenue shortfall can be made up is something that will definitely be asked during the earnings call.

Frequently Asked Questions

When will NVIDIA FY2027 Q1 earnings be announced?

NVIDIA will release its FY2027 first-quarter earnings and hold a conference call after the U.S. stock market closes on Wednesday, May 20, 2026. Wall Street consensus expects revenue of about $78 billion, up 78% year-over-year, and EPS of $1.77.

How much impact does the Blackwell platform have on NVIDIA’s revenue?

Blackwell has led NVIDIA’s data center compute shipments. Consensus for data center segment revenue is about $73 billion. Annualized revenue related to Blackwell has risen from $86.4 billion last year to $137 billion this year, growing nearly 59%.