NVIDIA Beats Again: $91 Billion for Q2 and Another $80 Billion Buyback Authorization
May 21, 2026 - 8:11 am
Image by: Nvidia
- Q1 Revenue: $81.6 billion (+85% YoY), with data center revenue at $75.2 billion.
- Net Income: $58.3 billion, up 37% sequentially and over 200% year-on-year.
- Dividend Boost: Quarterly dividend increased from one cent to 25 cents per share.
- Buyback Authorization: Second $80 billion program in three quarters, totaling over $160 billion since market cap exceeded $4 trillion.
Key Highlights:
- Revenue Guide: Q2 revenue guided to approximately $91 billion (plus or minus 2%).
- Analyst Consensus: Exceeds analyst estimate of $86.84 billion.
- Sequential Growth: Implies about a 12% growth rate from Q1 to Q2.
- Competitive Landscape: Strong data center market share for Nvidia, with limited competition from alternatives like RISC-V/x86 (US) and domestic accelerators (China).
Notable Future Factors:
- Meta's Capex: $115 billion-plus Meta capex plans, including NVL72 deployments.
- Google-Blackstone JV: $25 billion TPU cloud joint venture.
- H200 Sales to China: Trump-Xi licensing track on H200 sales as a key variable for FY27 guide.
Unaddressed Questions:
- Time horizon for new buyback authorization.
- Geographic breakdown of Q1 data center revenue.
- Specific GB300 NVL72 shipment volumes in Q2 guide.
- H200 licensing revenue within China line.
CEO Jensen Huang noted that the AI infrastructure build-out is still in its "early innings," consistent with Nvidia's standard positioning. The next significant data point will be the FY27 Q2 print and its associated guide.