Markets NVDA -0.33% AUG 20, 2026

Nvidia T-6: Wall Street sets $94B revenue bar ahead of August 26 print

BofA models a $3–4B beat above Nvidia's own $91B guide and a Q3 raise to $107–108B, with the Vera Rubin ramp as the swing factor.

BY HENLEY MARRAST · MARKETS DESK

Nvidia reports fiscal Q2 2027 after the bell on August 26, and Bank of America has set the bar at $94 to $95 billion in revenue, a $3 to $4 billion beat above Nvidia’s own $91 billion (plus or minus 2%) guide. Six sessions out, the sell-side setup is already doing the work the print is supposed to do.

BofA keeps its Buy rating and $350 price objective, and models a Q3 FY2027 outlook of $107 to $108 billion against Street consensus near $104 billion. The swing factor is the Vera Rubin platform beginning to ship alongside the new Vera CPU ramp. If the guide lands where BofA thinks it’ll, the next several quarters get re-rated in one motion.

The demand backdrop cooperates. Alphabet raised its 2026 capex range to $195–205 billion from $180–190 billion. Amazon has been reported lifting its 2026 projection to roughly $220 billion from about $200 billion. Hyperscaler capex is the single cleanest read-through to Nvidia’s order book, and both dials just moved the same direction.

Nvidia comes into the print from a record Q1 FY2027: $81.6 billion in revenue, up 85% year over year, with Data Center at $75.2 billion (+92%) and GAAP gross margin of 74.9%. The board approved an additional $80 billion in buyback authorization and lifted the quarterly dividend to $0.25 from $0.01. Full-year fiscal 2026 revenue was $215.9 billion, up 65%. The April 26 balance sheet carried $80.6 billion in cash and marketable securities, $40.7 billion in receivables, $25.8 billion in inventory, $185.0 billion in retained earnings, and $64.0 billion in total liabilities.

None of that has protected the tape. NVDA has traded lower on four of its last five earnings prints, including roughly a 5% drop after February’s Q4 report and another decline after May’s Q1 beat. Shares are up 23% over twelve months and 18% year to date at about 25 times forward earnings. The setup asks whether beating a guide the buyside has already beaten is enough. That question, more than the numbers themselves, is what August 26 answers.

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About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.