Nvidia Statistics 2027
By Axis Intelligence Research
Co-author: Mia Scarlett, Business & Capital Markets | Last updated: November 3, 2026 | License: CC BY 4.0
Nvidia booked $96.2 billion of revenue in the quarter ended July 26, 2026. Axis Intelligence Research calculates that its Hyperscale revenue equalled 29.5% of the cash capex Microsoft, Alphabet, Amazon and Meta spent that quarter, while 60.7% of Nvidia’s first-half free cash flow went back out as equity stakes.
Quick Answer
Nvidia’s fiscal 2027 (February 2026 to January 2027) is on track to beat all of fiscal 2026 by at least a third. First-half revenue reached $177.8 billion (+95.8%), and the company has guided $108.0 billion ±2% for the quarter it reports on November 17, 2026. Data Center supplied 92.5% of Q2 revenue. Three direct customers accounted for 44% of first-half sales. For fiscal 2028, the twelve months that run through most of calendar 2027, management expects revenue growth of about 70% and says supply will stay the constraint. The two Axis metrics on this page measure what sits behind that growth. CXR™ (Capex Capture Ratio) tracks how much of Big Tech’s capex shows up as Nvidia revenue. EQR™ (Equity Recycle Ratio) tracks how much of Nvidia’s own free cash flow returns to the AI ecosystem as equity investments.
Key Findings
- Axis Intelligence Research finds that Nvidia’s Hyperscale revenue equalled 29.5% of Big Four cash capex in calendar Q2 2026. That is $48.7 billion against $165.1 billion. A year earlier the same ratio was 27.3% on an implied basis.
- Axis Intelligence Research calculates an Equity Recycle Ratio (EQR™) of 60.7% for Nvidia’s first half of fiscal 2027. Nvidia put $42.4 billion into equity securities out of $69.9 billion of free cash flow. Fiscal 2025 shows a floor reading of 2.4%.
- In H1 FY2027 Nvidia spent 125.5% of its free cash flow on buybacks, dividends and equity stakes, according to Axis Intelligence Research. The $17.8 billion overshoot arrived in the same half as $24.9 billion of net debt proceeds.
- Three direct customers produced 44% of Nvidia’s H1 FY2027 revenue (16%, 15% and 13%), up from 35% for the top two in H1 FY2026. Five customers held 70% of the $63.1 billion receivables balance.
- Nvidia turned only $0.40 of each dollar of Q2 FY2027 net income into operating cash, against $0.86 in Q1. Over the same quarter, days sales outstanding rose from 45.4 to 59.6 and supply commitments more than doubled to $279 billion.
axis-intelligence.com/nvidia-statistics/
How Much Revenue Does Nvidia Make in Fiscal 2027?
Nvidia’s fiscal 2027 has had a strange shape. In the second quarter, revenue, gross margin and net income all hit records, yet operating cash flow fell to less than half of the first quarter’s. Both facts come from the Q2 FY2027 earnings release filed with the SEC, and the second one explains most of what follows.
Nvidia quarterly revenue, fiscal 2026 to fiscal 2027
| Quarter (fiscal) | Quarter ended | Revenue ($M) | YoY growth | GAAP gross margin | Source |
|---|---|---|---|---|---|
| Q2 FY2026 | Jul 27, 2025 | 46,743 | — | 72.4% | NVIDIA 8-K Ex. 99.1 (Q2 FY27) |
| Q3 FY2026 | Oct 26, 2025 | 57,006 | — | — | NVIDIA 8-K Ex. 99.1 (Q4 FY26) |
| Q1 FY2027 | Apr 26, 2026 | 81,615 | +85% | 74.9% | NVIDIA 8-K Ex. 99.1 (Q1 FY27) |
| Q2 FY2027 | Jul 26, 2026 | 96,221 | +106% | 75.0% | NVIDIA 8-K Ex. 99.1 (Q2 FY27) |
| Q3 FY2027 (guidance) | Oct 2026 | 108,000 ±2% | +89.5% (Axis calc.) | 74.0% ±0.5 pt | NVIDIA 8-K Ex. 99.1 (Q2 FY27) |
Q2 FY2027 GAAP operating income was $63.7 billion, a 66.2% operating margin. GAAP net income was $59.7 billion and diluted EPS was $2.46 on 24,285 million diluted shares. Non-GAAP net income was $54.0 billion. Since Q1 FY2027, Nvidia’s non-GAAP figures include stock-based compensation, and the company restated history to match. Older non-GAAP comparisons are therefore stale.
Fiscal 2027 so far versus all of fiscal 2026
- H1 FY2027 revenue: $177,837 million, up 95.8% from $90,805 million. That is already 82.4% of full-year fiscal 2026 revenue of $215,938 million (fiscal 2026 results release).
- Booked plus guided through Q3: $285,837 million (H1 actual plus the $108.0 billion midpoint). This is 32.4% above all of fiscal 2026, with a quarter still to go.
- H1 FY2027 GAAP net income: $118,010 million. H1 diluted EPS: $4.85.
What Nvidia expects for Q3 FY2027 and fiscal 2028 (calendar 2027)
On the Q2 FY2027 earnings call, CFO Colette Kress said: “We expect to grow revenue by approximately 70% in fiscal 2028.” She called that outlook supply-constrained. Management also gave this margin path: 74.0% in Q3, a 71%–72% bottom in Q4, then 72%–73% for fiscal 2028. The reason given was memory prices rising faster than the company had planned for. According to Kress, Vera Rubin should account for “about 20% of data center revenue in Q3.”
| 2027 indicator | Value | Type | Source |
|---|---|---|---|
| Q3 FY2027 revenue guidance | $108.0B ±2% | Company guidance | NVIDIA 8-K Ex. 99.1 |
| FY2028 revenue growth outlook | ~70% | Management statement | Q2 FY27 call transcript |
| Q4 FY2027 gross margin trough | 71%–72% | Management statement | Q2 FY27 call transcript |
| FY2028 gross margin | 72%–73% | Management statement | Q2 FY27 call transcript |
| Top-five hyperscaler capex, 2027 | ~$1.3T | Nvidia’s estimate, not a hyperscaler disclosure | Q2 FY27 call transcript |
| FY2027 floor scenario (Q4 = Q3 guide) | $393.8B | Axis scenario | Axis calculation |
| FY2028 on that floor at +70% | $669.5B | Axis scenario | Axis calculation |
The two scenario rows are arithmetic, not forecasts. Nvidia has not guided Q4 FY2027. The floor assumes Q4 revenue only matches Q3 guidance, which would make it the first flat quarter of the AI cycle. The fiscal 2028 figure applies management’s ~70% to that floor (393,837 × 1.70).
Analyst commentary — Mia Scarlett, Business & Capital Markets. The 70% fiscal 2028 outlook rests on supply, not demand. When a company says the plan is capped by what it can build, the numbers to watch are inventory, purchase commitments and memory pricing, not order commentary. All three moved sharply in Q2. Inventory rose 22.4% in one quarter, supply commitments went from $119 billion to $279 billion, and management cut its margin path because of memory costs. For calendar 2027, the question is whether Nvidia can turn $279 billion of commitments into shipped systems at a 72%-plus gross margin. Whether customers want the systems is no longer in doubt.
How Much of Big Tech’s Capex Becomes Nvidia Revenue? The Capex Capture Ratio (CXR™)
“How much of the AI capex boom goes to Nvidia?” comes up again and again, and it rarely gets an answer with the inputs shown. In Q2 FY2027 Nvidia began reporting a Hyperscale sub-segment, covering public clouds and the largest consumer internet companies. That makes it possible to put the question on a single, auditable footing.
Formula. CXR™ = Nvidia Hyperscale revenue ÷ combined cash capex (purchases or additions to property and equipment) of Microsoft, Alphabet, Amazon and Meta in the overlapping calendar quarter × 100.
| Input | Q2 CY2026 ($M) | Q2 CY2025 ($M) | Source |
|---|---|---|---|
| Nvidia Hyperscale revenue | 48,710 | 24,114 (implied) | NVIDIA CFO commentary, Q2 FY27 |
| Microsoft additions to property and equipment | 35,802 | 17,079 | Microsoft FY26 Q4 release; FY25 Q4 release |
| Alphabet purchases of property and equipment | 44,924 | 22,446 | Alphabet Q2 2026 8-K |
| Amazon purchases of property and equipment | 54,208 | 32,183 | Amazon Q2 2026 8-K |
| Meta purchases of property and equipment | 30,116 | 16,538 | Meta Q2 2026 Exhibit 99.1 |
| Big Four cash capex | 165,050 | 88,246 | Axis sum |
| CXR™ | 29.5% | 27.3% | Axis calculation |
Reading. In calendar Q2 2026, Nvidia’s Hyperscale revenue equalled 29.5 cents for every dollar of cash capex at the four largest US cloud and internet spenders. That ratio rose 2.2 percentage points in a year. The reason is that Nvidia’s Hyperscale revenue grew 102% while Big Four capex grew 87.0%. However much hyperscalers spend on land, power, shells, memory and their own custom chips, Nvidia’s share of the money went up, not down. The 2025 figure is implied. Nvidia disclosed 102% growth for the recast segment, so 48,710 ÷ 2.02 gives $24,114 million. Because the growth rate is rounded, the true value sits between $24,055 and $24,174 million, which puts CXR between 27.3% and 27.4%.
What CXR is not. It is not a market share figure. Nvidia’s Hyperscale line also includes large consumer internet companies outside the Big Four. Capex also covers spending that never touches a GPU, and timing differs: Nvidia recognises revenue when it ships, while capex is recorded when cash goes out. CXR is a capture ratio, and its trend matters more than its level.
The November 17 test: what Q3 Hyperscale revenue keeps CXR flat?
The Big Four have already reported calendar Q3 2026. Combined cash capex reached $201.9 billion, up 107.6% year over year and 22.3% from Q2. The inputs were Microsoft $39,367 million (FY27 Q1 release), Alphabet $51,355 million, Amazon $77,259 million and Meta $33,942 million. For CXR to hold at 29.5%, Nvidia’s Q3 FY2027 Hyperscale revenue needs to be about $59.6 billion. A figure above that means Nvidia’s share of the hyperscaler dollar is still growing. A figure below it means more of the spending is going to power, buildings, memory and in-house silicon. Axis will publish the Q3 CXR reading when Nvidia reports.
Quarter-by-quarter spending by company is tracked in the Axis AI capex tracker, and the sites it funds are logged in the AI data center tracker.
Nvidia Revenue by Segment: Hyperscale, ACIE and Edge Computing
From fiscal 2027 Nvidia reports two market platforms instead of four. Data Center is split into Hyperscale and ACIE (AI Clouds, Industrial and Enterprise, which covers neoclouds, sovereign AI, enterprise and AI factories). Edge Computing covers PCs, game consoles, workstations, AI-RAN, robotics and automotive. Gaming is no longer a headline line, so any “Nvidia gaming revenue 2027” figure on the web that has no source is someone’s estimate.
| Platform, Q2 FY2027 | Revenue ($M) | QoQ | YoY | Share | Source |
|---|---|---|---|---|---|
| Data Center | 89,023 | +18% | +117% | 92.5% of total | NVIDIA CFO commentary |
| ↳ Hyperscale | 48,710 | +13% | +102% | 54.7% of Data Center | NVIDIA CFO commentary |
| ↳ ACIE | 40,313 | +25% | +138% | 45.3% of Data Center | NVIDIA CFO commentary |
| Edge Computing | 7,198 | +13% | +27% | 7.5% of total | NVIDIA CFO commentary |
| Total | 96,221 | +18% | +106% | 100% | NVIDIA 8-K Ex. 99.1 |
ACIE is the faster-growing half of Data Center
ACIE grew 138% year over year, against 102% for Hyperscale. Kress told analysts that non-hyperscale customers are expected to make up roughly half of the data center business. On the call, sovereign AI revenue grew 35% sequentially and more than tripled year over year. For readers modelling 2027, this is the line that decides whether Nvidia’s customer base widens or concentrates.
Networking and the Rubin transition
Nvidia stopped publishing a networking dollar figure in Q2. The last disclosed number is $14.8 billion in Q1 FY2027, up 199% (Q1 FY2027 release). In Q2, networking revenue grew 18% sequentially, according to the call. Vera Rubin began production shipments in August 2026. For the platform’s product-level history, see Nvidia Blackwell statistics.
Analyst commentary — Mia Scarlett. The Hyperscale/ACIE split is the most useful disclosure Nvidia has added this cycle, because it separates customers that design their own accelerators from customers that mostly do not. Hyperscalers can, over time, replace Nvidia silicon with their own. Neoclouds, sovereign programmes and enterprises largely cannot. ACIE growing 36 points faster than Hyperscale therefore lowers substitution risk. The trade-off is that ACIE includes younger, less-capitalised neoclouds alongside sovereign and enterprise buyers, which links straight to the receivables and financing data below.
Who Are Nvidia’s Biggest Customers? Revenue Concentration in Fiscal 2027
Nvidia does not name its direct customers. Its Q2 FY2027 Form 10-Q does disclose how concentrated they are, and concentration rose again.
| Measure | FY2025 | FY2026 | H1 FY2026 | H1 FY2027 | Q2 FY2027 | Source |
|---|---|---|---|---|---|---|
| Direct customers at ≥10% of revenue | 3 (12%, 11%, 11%) | 2 (22%, 14%) | 2 (20%, 15%) | 3 (16%, 15%, 13%) | 1 (16%) | 10-K FY2026; 10-Q Q2 FY2027 |
| Combined share of ≥10% direct customers | 34% | 36% | 35% | 44% | 16% | Axis sum |
| Share of receivables held by five customers | — | — | — | — | 70% (22/14/13/11/10) | 10-Q Q2 FY2027 |
On a like-for-like half-year basis, concentration rose 9 percentage points: two customers held 35% of revenue in H1 FY2026, while three held 44% in H1 FY2027. The largest single customer shrank from 22% of fiscal 2026 to 16%, so this is not one buyer taking over, but more buyers moving above the 10% threshold. Direct customers are mostly system builders and distributors, so these percentages describe the distribution channel, not end demand. The 10-Q notes that indirect customers, typically the hyperscalers that buy through those builders, also individually exceed 10% of revenue.
The figure that matters more is in receivables. Five customers account for 70% of a $63.1 billion balance, about $44.1 billion. When customer credit is this concentrated, the payment terms on those accounts matter as much as the revenue.
Is Nvidia Funding Its Own Demand? The Equity Recycle Ratio (EQR™)
Nvidia’s investments in the AI labs and clouds that buy its systems have become the most debated point in AI finance. Words like “circular” get used freely, and figures rarely appear alongside them. EQR™ replaces the adjective with a ratio built entirely from Nvidia’s own cash flow statement.
Formula. EQR™ = cash spent on purchases of equity securities ÷ free cash flow (as reported by Nvidia), same period × 100.
| Period | Equity purchases ($M) | Free cash flow ($M) | EQR™ | Source |
|---|---|---|---|---|
| FY2025 (floor) | 1,486 | 60,724 | 2.4% | Fiscal 2026 release (non-marketable only) |
| FY2026 (floor) | 17,502 | 96,575 | 18.1% | Fiscal 2026 release (non-marketable only) |
| Q1 FY2027 | 26,582 | 48,554 | 54.7% | Q2 FY27 release (derived: 42,404 − 15,822) |
| Q2 FY2027 | 15,822 | 21,341 | 74.1% | Q2 FY27 release |
| H1 FY2027 | 42,404 | 69,895 | 60.7% | Q2 FY27 release |
The FY2025 and FY2026 readings are floors because those releases report marketable equity purchases together with debt-security purchases. Only the non-marketable line can be isolated. The $13.0 billion Groq payment in Q4 FY2026 is left out of every reading because Nvidia classifies it as an IP licensing arrangement, not an equity stake.
Reading. In two years, the share of Nvidia’s free cash flow going into equity securities rose from about one cent per dollar to about sixty cents. Management confirmed the scale on the call: “we’ve invested nearly $50 billion in the frontier AI labs.” The 10-Q puts total equity investments at $99 billion, with a further $25 billion committed.
Where every dollar of H1 FY2027 free cash flow went
| Use of cash, H1 FY2027 | $M | % of FCF | Source |
|---|---|---|---|
| Share repurchases | 39,044 | 55.9% | Q2 FY27 release |
| Dividends | 6,290 | 9.0% | Q2 FY27 release |
| Equity securities purchases | 42,404 | 60.7% | Q2 FY27 release |
| Total deployed | 87,738 | 125.5% | Axis sum |
| Free cash flow | 69,895 | 100% | Q2 FY27 release |
| Deployed in excess of FCF | 17,843 | — | Axis calculation |
In the same half, Nvidia received $24.9 billion of net debt proceeds, and long-term debt rose from $7.5 billion to $32.4 billion. The company issued $25.0 billion of senior notes. A balance sheet with $56.6 billion of cash and marketable debt securities can easily carry this. What has changed is that, for the first time this cycle, buybacks, dividends and ecosystem stakes together cost more than the business generated in cash.
Nvidia’s dividend went from $0.01 to $0.25 a quarter in May 2026, so Q2 dividends of $6.0 billion are now a material use of cash. That changes how Nvidia compares on the stock buyback statistics leaderboard.
How much of Nvidia’s profit comes from equity gains?
| Period | Equity gains, net ($M) | Pre-tax income ($M) | Share | Source |
|---|---|---|---|---|
| FY2025 | 1,030 | 84,026 | 1.2% | Fiscal 2026 release |
| FY2026 | 8,918 | 141,450 | 6.3% | Fiscal 2026 release |
| Q1 FY2027 | 15,936 | 69,903 | 22.8% | Q1 FY27 release |
| Q2 FY2027 | 7,771 | 71,507 | 10.9% | Q2 FY27 release |
| H1 FY2027 | 23,707 | 141,410 | 16.8% | Q2 FY27 release |
About one dollar in six of Nvidia’s first-half pre-tax profit came from revaluing its equity portfolio, not from selling hardware. Equity securities now make up 29.3% of total assets ($93.9 billion of $320.3 billion), up from 17.0% in January 2026. This is why GAAP and non-GAAP net income diverge: non-GAAP other income was only $300 million in Q2. For forecasting, use non-GAAP. For risk, use GAAP.
Analyst commentary — Mia Scarlett. EQR does not show that demand is artificial. Hyperscaler capex is independently disclosed and doubled year over year. What it shows is a change in Nvidia’s role. Nvidia now supplies the hardware and also part of the capital its customers use to buy it. On the Q2 call, management said demand from AI labs that Nvidia helps finance should contribute roughly a quarter of the business next year. Add the guarantee of up to $105 billion on the SB Energy campus in Ohio tied to OpenAI-affiliate leases, and Nvidia’s calendar 2027 revenue is exposed to its customers’ ability to raise money as well as to their appetite for compute. EQR is the gauge for that exposure, and its next reading lands on November 17.
Why Did Nvidia’s Cash Flow Fall While Profit Hit a Record?
| Indicator | Q4 FY2026 | Q1 FY2027 | Q2 FY2027 | Source |
|---|---|---|---|---|
| Operating cash flow ($M) | — | 50,344 | 24,077 | NVIDIA releases |
| Operating cash flow ÷ net income | 0.86 (FY) | 0.86 | 0.40 | Axis calculation |
| Accounts receivable ($M) | 38,466 | 40,710 | 63,059 | NVIDIA releases |
| Days sales outstanding | 51.4 | 45.4 | 59.6 | Axis calc. (company: 60 days) |
| Inventories ($M) | 21,403 | 25,797 | 31,575 | NVIDIA releases |
| Supply and capacity commitments ($B) | — | 119 | 279 | 10-Q Q2 FY2027 |
The CFO commentary gives two reasons: “higher working capital adjustments and cash taxes,” and extended payment terms “on large, multi-quarter agreements with investment-grade customers.” Receivables rose 63.9% in six months, while quarterly revenue rose 41%.
Total future commitments reached $366 billion, or 3.8 times Q2 revenue. That figure combines $279 billion of supply and capacity (mainly memory), $29 billion of cloud service agreements, $25 billion of data center leases not yet started, $25 billion of equity investment commitments and $8 billion of capex. The memory line connects Nvidia directly to suppliers such as Micron. See the Micron statistics page for the supplier side of the same contracts.
Nvidia Revenue by Country: United States, Taiwan and China
The 10-Q splits revenue by customer headquarters location. This shows where invoices go, which is not necessarily where GPUs end up.
| Region (customer HQ) | Q2 FY2027 ($M) | Share | H1 FY2027 ($M) | H1 share | Source |
|---|---|---|---|---|---|
| United States | 60,074 | 62.4% | 123,843 | 69.6% | 10-Q Q2 FY2027 |
| Taiwan | 26,985 | 28.0% | 38,991 | 21.9% | 10-Q Q2 FY2027 |
| China (incl. Hong Kong) | 7,880 | 8.2% | 12,430 | 7.0% | 10-Q Q2 FY2027 |
| Other | 1,282 | 1.3% | 2,573 | 1.4% | 10-Q Q2 FY2027 |
| Total | 96,221 | 100% | 177,837 | 100% | 10-Q Q2 FY2027 |
Revenue billed outside the United States went from 31% in fiscal 2026 (Form 10-K) to 38% in Q2 FY2027. Taiwan-billed revenue more than tripled (+203.1%, from $8.9 billion in Q2 FY2026). The Taiwan line counts billing to Taiwan-headquartered customers, a group that includes the contract manufacturers that assemble systems for buyers elsewhere. Some of the $7.9 billion billed to China-headquartered customers is Edge Computing and other products. Hopper shipments to China were “less than 1% of Data Center revenue,” H200 sales were “restricted by the PRC government,” and Nvidia took a $0.4 billion H200 inventory charge. The Q3 outlook assumes no China Data Center compute revenue at all. The 10-K already said the company was “effectively foreclosed” from China’s data center compute market.
Nvidia vs AMD: Data Center Revenue Compared
| Company | Quarter ended | Data Center revenue ($M) | YoY | Source |
|---|---|---|---|---|
| Nvidia | Jul 26, 2026 | 89,023 | +117% | NVIDIA CFO commentary |
| AMD | Jun 27, 2026 | 6,718 | +107% | AMD Q2 2026 8-K |
| Multiple | — | 13.3× | — | Axis calculation |
Nvidia’s quarterly Data Center revenue was 13.3 times AMD’s, almost the same as the 13.0× gap one quarter earlier (Nvidia $75.2 billion vs AMD $5.8 billion). AMD is growing quickly, but from a base too small to close the dollar gap. AMD’s segment also includes server CPUs, so the multiple understates Nvidia’s lead in accelerators. For the wider chip landscape, see semiconductor statistics and Intel statistics.
Nvidia by the Numbers: Workforce and Platform
| Metric | Value | As of | Source |
|---|---|---|---|
| Employees | ~42,000 in 38 countries | Jan 25, 2026 | Form 10-K FY2026 |
| R&D employees | 31,000 | Jan 25, 2026 | Form 10-K FY2026 |
| Revenue per employee | $5.14M | FY2026 | Axis calc. (215,938 ÷ 42,000) |
| CUDA developers | 7.5M+ | Jan 25, 2026 | Form 10-K FY2026 |
| Q2 R&D expense | $7.05B (7.3% of revenue) | Q2 FY2027 | NVIDIA 8-K Ex. 99.1 |
What to Watch When Nvidia Reports on November 17, 2026
Nvidia will report Q3 FY2027 on Tuesday, November 17, 2026, with the call at 2 p.m. PT. These are the five numbers Axis will update that day:
- Revenue vs $108.0B ±2% (range $105.8B–$110.2B).
- Hyperscale revenue vs ~$59.6B, the level that keeps CXR™ flat at 29.5%.
- EQR™ for Q3: equity purchases ÷ free cash flow, against 74.1% in Q2.
- DSO vs 59.6 days, which shows whether the extended terms are a one-off or the new normal.
- Gross margin vs 74.0%, the first reading on the guided slide to a 71%–72% Q4 trough.
The spending side is tracked in corporate AI spending statistics and in the data center trends 2027 base case. Power requirements are logged in the data center electricity demand tracker.
Methodology
Collection. Every Nvidia figure comes from documents Nvidia filed with the SEC (Forms 8-K, 10-Q and 10-K) or published itself (the Q2 FY2027 earnings call transcript and the Q3 call announcement). Hyperscaler capex comes from each company’s own quarterly earnings release. AMD figures come from AMD’s 8-K. All 19 source documents were fetched on November 3, 2026. No third-party data aggregator was used.
Formulas.
- CXR™ (Capex Capture Ratio) = Nvidia Hyperscale revenue ÷ (Microsoft additions to property and equipment + Alphabet, Amazon and Meta purchases of property and equipment) × 100. Nvidia’s fiscal quarter (ending late July or late October) is paired with the calendar quarter it mostly overlaps. Cash capex excludes finance-lease principal so that all four companies are on the same basis.
- EQR™ (Equity Recycle Ratio) = purchases of equity securities ÷ Nvidia-reported free cash flow × 100, same period. Where marketable equity purchases cannot be isolated (FY2025 and FY2026), only non-marketable purchases are counted and the reading is labelled a floor.
- Capital deployment ratio = (repurchases + dividends + equity purchases) ÷ free cash flow × 100.
- DSO = period-end accounts receivable ÷ quarterly revenue × 91.
- Cash conversion = operating cash flow ÷ GAAP net income.
- Scenario rows (FY2027 floor, FY2028 at +70%) are arithmetic on company guidance. They are not Axis forecasts.
Verification. Every derived number was computed twice in Python, once in floating point and once with exact rational arithmetic (fractions.Fraction). Every number in the prose matches a row in the CSV.
Scope. Direct-customer percentages describe Nvidia’s distribution channel, not end users. Geographic figures use customer headquarters, not where systems are deployed. Hyperscale revenue for Q2 FY2026 is implied from a rounded growth rate. Management statements about calendar 2027 (capex of $1.3 trillion, fiscal 2028 growth of about 70%) are reported as statements, not as verified data.
Refused figures. Axis does not publish a calendar 2026 “Nvidia GPU market share” percentage. No primary source reports accelerator unit shipments across vendors, and estimates in circulation cannot be reproduced. We also do not publish a Q2 FY2027 networking dollar figure, because Nvidia stopped disclosing it.
About This Dataset
The Nvidia Statistics dataset by Axis Intelligence Research has 247 rows. Each row carries its value, unit, period, as-of date, entity, geography, segment, source organisation, source document, source URL, retrieval date, a primary-source flag, an Axis-calculated flag and, for calculated rows, the exact formula.
- Download: nvidia-statistics-dataset.csv
- Mirrors: Hugging Face, Kaggle and GitHub (Axis Intelligence Research)
- License: CC BY 4.0. Reuse, remix and commercial use are allowed with attribution to “Axis Intelligence Research.”
- Citation format: Axis Intelligence Research. (2026). Nvidia Statistics 2027 [Data set]. https://axis-intelligence.com/nvidia-statistics/
Cite This Research
APA
Axis Intelligence Research, & Scarlett, M. (2026, November 3). Nvidia statistics 2027: Revenue, customers, capex capture and where the cash goes. Axis Intelligence. https://axis-intelligence.com/nvidia-statistics/
MLA
Axis Intelligence Research, and Mia Scarlett. “Nvidia Statistics 2027: Revenue, Customers, Capex Capture and Where the Cash Goes.” Axis Intelligence, 3 Nov. 2026, axis-intelligence.com/nvidia-statistics/.
Chicago
Axis Intelligence Research, and Mia Scarlett. “Nvidia Statistics 2027: Revenue, Customers, Capex Capture and Where the Cash Goes.” Axis Intelligence, November 3, 2026. https://axis-intelligence.com/nvidia-statistics/.
Citing a metric: “Capex Capture Ratio (CXR™), Axis Intelligence Research” · “Equity Recycle Ratio (EQR™), Axis Intelligence Research”.
FAQ: Nvidia’s Numbers Heading Into 2027
When does Nvidia report Q3 fiscal 2027 earnings, and what has it guided?
Nvidia reports on Tuesday, November 17, 2026, with the conference call at 2 p.m. PT. It has guided revenue of $108.0 billion ±2%, GAAP gross margin of 74.0% ±0.5 points and GAAP operating expenses of about $9.2 billion, and assumes no China Data Center compute revenue.
How much of Big Tech’s AI capex ends up as Nvidia revenue?
About 29.5%, according to the Axis Capex Capture Ratio (CXR™). Nvidia’s Hyperscale revenue of $48.7 billion in its Q2 FY2027 compares with $165.1 billion of combined cash capex at Microsoft, Alphabet, Amazon and Meta in calendar Q2 2026. The ratio was about 27.3% a year earlier.
Is Nvidia financing the customers that buy its chips?
In part, yes. Axis Intelligence Research’s Equity Recycle Ratio (EQR™) shows Nvidia put 60.7% of its H1 FY2027 free cash flow ($42.4 billion of $69.9 billion) into equity securities, against a 2.4% floor in fiscal 2025. Management says it has invested “nearly $50 billion in the frontier AI labs.” The 10-Q reports $99 billion of equity investments and $25 billion more committed.
Who are Nvidia’s biggest customers in 2026?
Nvidia does not name them. In H1 FY2027 three direct customers, mostly system builders and distributors, accounted for 16%, 15% and 13% of revenue, 44% combined. In the Hyperscale segment, the end buyers are public clouds and the largest consumer internet companies, which produced $48.7 billion in Q2 FY2027.
Why did Nvidia’s operating cash flow drop in Q2 fiscal 2027?
Nvidia gave customers longer payment terms on large multi-quarter contracts and paid more cash taxes. Operating cash flow fell to $24.1 billion from $50.3 billion, or $0.40 per dollar of net income. Receivables rose to $63.1 billion and days sales outstanding to about 60 days, from 45.
What does Nvidia expect for fiscal 2028, the year covering most of 2027?
Revenue growth of about 70%, and Nvidia describes that as limited by supply, not demand. Management expects gross margin to bottom at 71%–72% in Q4 FY2027 and then settle at 72%–73% in fiscal 2028, as higher memory prices weigh on costs. It also says supply will stay a bottleneck at least until the end of fiscal 2028.
How much revenue does Nvidia still make from China?
Very little from data centers. Hopper shipments to China were under 1% of Data Center revenue in Q2 FY2027, and the Q3 outlook assumes no China data center compute revenue. Customers headquartered in China and Hong Kong were billed $7.9 billion (8.2%) in Q2, which includes Edge Computing products. Nvidia also took a $0.4 billion H200 inventory charge.
Why is it called fiscal 2027 when it is still 2026?
Nvidia’s fiscal year ends in late January. Fiscal 2027 began on January 26, 2026 and ends in late January 2027. Fiscal 2028 therefore covers almost all of calendar 2027, so “Nvidia 2027 revenue” usually means fiscal 2028 guidance in analyst notes and fiscal 2027 results in news headlines.
Update note, November 3, 2026: This page has been rebuilt around Nvidia’s Q2 fiscal 2027 filings (August 26, 2026) and its new Hyperscale/ACIE/Edge Computing reporting structure. Figures previously published on this page for fiscal 2026 and Q1 fiscal 2027 were rechecked against the original filings and confirmed. The Strategic Portfolio Dependence (SPD) Index has been retired and replaced by the Equity Recycle Ratio (EQR™), which measures the same exposure from the cash flow statement.