英伟达财报解析：单季营收962亿美元同比翻倍，数据中心占九成、季度指引1080亿美元
圣克拉拉——英伟达（NVIDIA，纳斯达克代码：NVDA）目前是全球市值最大的上市公司，市值超过 5 万亿美元居全球首位，苹果公司居次席。该公司已经发布的最新一份财报，是 2027 财年第二季度业绩：季度截至 2026 年 7 月 26 日，公司于 8 月 26 日发布。本篇依据英伟达向美国证券交易委员会（SEC）提交的 8-K 文件所附财报新闻稿与首席财务官评论，对这份财报作解析。
先看总账。该季营收 962.21 亿美元，同比增长 106%、环比增长 18%，高于财报发布前市场普遍预期的约 920 亿美元。GAAP 净利润 596.88 亿美元，同比增长 126%；GAAP 摊薄每股收益 2.46 美元，同比增长 128%。非 GAAP 净利润 539.54 亿美元，同比增长 118%；非 GAAP 摊薄每股收益 2.22 美元，同比增长 120%，高于市场普遍预期的约 2.02 美元。GAAP 与非 GAAP 毛利率均为 75.0%，同比提高 2.6 个百分点。
数据中心一线占了总营收的九成。该业务当季营收 890.23 亿美元，同比增长 117%、环比增长 18%，占总营收约 92%，公司称主要由 Blackwell Ultra 基础设施放量驱动。其中，超大规模客户贡献 487.10 亿美元，同比增长 102%；「AI 云、工业与企业」客户贡献 403.13 亿美元，同比增长 138%、环比增长 25%，增速快于超大规模客户。首席财务官评论指出，后者的终端需求来自 AI 原生公司、企业与主权客户，以及使用 AI 云的超大规模厂商——需求来源较此前主要由少数大客户拉动的阶段有所拓宽。创始人兼首席执行官黄仁勋在财报中表示：「AI 已经到达拐点，它在做有用的工作，它的 token 是有产出、能盈利的。如今，算力就是营收。」边缘计算营收 71.98 亿美元，同比增长 27%，Blackwell 工作站销售强劲，部分被消费级 PC 销售放缓抵消。按报表分部计，计算与网络分部营收 882.99 亿美元，同比增长 114%；图形分部 79.22 亿美元，同比增长 46%。
这份财报有一处罕见的数字关系：GAAP 每股收益（2.46 美元）高于非 GAAP 每股收益（2.22 美元），与通常非 GAAP 数字更高的情形相反。原因是 GAAP 净利润中包含约 78 亿美元的股权证券净收益，其中主要为未实现收益，而非 GAAP 口径将这类收益剔除。这也解释了另一处看似矛盾之处：GAAP 营业利润 637.34 亿美元，环比增长 19%、同比增长 124%，但 GAAP 净利润环比仅增长 2%——两个季度股权证券收益的多少不同，掩盖了主营业务利润的环比增幅。
再看指引与毛利率的走向。公司对 2027 财年第三季度的指引为营收 1080 亿美元，上下浮动 2%，高于市场此前约 1040 亿美元的普遍预期；但 GAAP 与非 GAAP 毛利率指引均为 74.0%，上下浮动 50 个基点，较本季的 75.0% 低约 1 个百分点。该指引未计入任何来自中国的数据中心计算营收；本季发往中国的 Hopper 产品出货占数据中心营收的比例不足 1%。第三季度营业费用指引约为 GAAP 口径 92 亿美元、非 GAAP 口径 90 亿美元，2027 财年全年税率预计在 16% 至 18% 之间。
现金流是这份财报里需要细读的第三本账。本季经营现金流为 241 亿美元，明显低于 596.88 亿美元的 GAAP 净利润，也低于上一季的 503 亿美元。公司在首席财务官评论中给出了解释路径：股权证券收益属于非现金项目；同时营运资本占用上升——应收账款达 631 亿美元，销售回款天数由 45 天升至 60 天，原因是公司对部分投资级大客户的大额多年期协议延长了付款期；库存升至 316 亿美元，高于上一季的 258 亿美元，是为第三季度 Vera Rubin 平台投产备货。公司当季还发行了 250 亿美元高级无担保票据，用于一般公司用途。季末，公司持有的现金、现金等价物与可出售债务证券合计 566 亿美元。
比利润表更能显示这家公司角色变化的，是承诺与担保的规模。为锁定未来数年的供应，英伟达的供应与产能承诺由上一季的 1190 亿美元升至 2790 亿美元，公司称主要与存储采购有关；全部类别的未来承诺合计 3660 亿美元。公司还为 AI 云合作伙伴的土地、电力与厂房租赁义务提供担保，总最高敞口为 1085 亿美元，其中包括 8 月签署的一项上限 1050 亿美元的担保：为 SB Energy 位于美国俄亥俄州 PORTS-Pike 园区约 4.25 吉瓦的容量建设提供信用支持，该园区将以 20 年租约专供 OpenAI 使用、部署英伟达基础设施；公司预计，该园区每一代基础设施部署约包含 150 万块 GPU，对应约 1500 亿至 2000 亿美元的英伟达营收。此外，英伟达已宣布与 Apollo、BlackRock、Blackstone、Brookfield、Goldman Sachs 和 KKR 等机构建立战略合作，设立独立的算力融资平台，目标是随时间调动超过 5000 亿美元的第三方资本，用于 AI 基础设施建设。
股东回报方面，公司当季以股票回购与现金分红形式向股东返还约 260 亿美元，创单季纪录；截至季末，公司股票回购授权剩余额度约 990 亿美元。每股 0.25 美元的季度现金分红已于 10 月 1 日支付，股权登记日为 9 月 10 日。
把这份财报放回行业背景看：它发布于全球 AI 资本开支加速扩张之时。摩根士丹利此前预测，2027 年全球 AI 资本开支将达 1.58 万亿美元，其中英伟达约占 6900 亿美元。据财报电话会的报道，英伟达管理层还给出了初步展望：2028 财年营收预计增长约 70%，并称这一数字受供应能力限制、低于客户提出的实际需求。公司新一代 Vera Rubin 平台已经进入全面量产，将是承接下一阶段订单的产品线。
关联：
摩根士丹利上调预测：2027年全球AI资本开支将达1.58万亿美元 英伟达独占约6900亿美元
来源：GSM·美国
NVIDIA Earnings Analysis: Revenue Doubles to $96.2 Billion as Data Center Reaches 92% of Sales, Quarterly Guidance Set at $108 Billion
SANTA CLARA — NVIDIA Corporation (NASDAQ: NVDA) is currently the world's largest listed company, with a market capitalization above $5 trillion, ahead of Apple in second place. Its most recent reported results are for the second quarter of fiscal 2027, the quarter ended July 26, 2026, released on August 26, 2026. This analysis is based on the earnings release and the CFO commentary furnished with the company's Form 8-K filing with the U.S. Securities and Exchange Commission (SEC).
Start with the headline ledger. Revenue was $96.221 billion, up 106% from a year ago and up 18% from the previous quarter, above the roughly $92 billion market consensus reported ahead of the release. GAAP net income was $59.688 billion, up 126% year on year, and GAAP diluted earnings per share were $2.46, up 128%. Non-GAAP net income was $53.954 billion, up 118%, and non-GAAP diluted EPS was $2.22, up 120%, above consensus of about $2.02. Gross margin was 75.0% on both a GAAP and a non-GAAP basis, up 2.6 points from a year ago.
The Data Center business now accounts for roughly nine-tenths of the company. Data Center revenue was a record $89.023 billion, up 117% from a year ago and 18% sequentially, or about 92% of total revenue, driven, the company said, by the ramp of Blackwell Ultra infrastructure. Within that total, Hyperscale customers contributed $48.710 billion, up 102% year on year, while AI Clouds, Industrial, and Enterprise (ACIE) contributed $40.313 billion, up 138% year on year and 25% sequentially — growing faster than the hyperscale business. The CFO commentary attributed ACIE demand to AI natives, enterprises and sovereign customers, as well as hyperscalers using AI clouds, a broader demand base than the handful of buyers that drove the first wave of the buildout. "AI has reached its inflection point. It's doing useful work. Its tokens are productive and profitable. Now, compute is revenue," founder and CEO Jensen Huang said in the release. Edge Computing revenue was $7.198 billion, up 27% year on year, as strong Blackwell workstation sales were partly offset by slower consumer PC sales. By reportable segment, Compute & Networking revenue was $88.299 billion, up 114%, and Graphics was $7.922 billion, up 46%.
One relationship in the release runs against the usual pattern: GAAP EPS ($2.46) came in above non-GAAP EPS ($2.22). The reason is that GAAP net income includes about $7.8 billion of net gains from equity securities, largely unrealized, which the non-GAAP figures exclude. The same item explains an apparent contradiction elsewhere in the release: GAAP operating income rose 19% sequentially to $63.734 billion, up 124% year on year, yet GAAP net income rose only 2% from the prior quarter, because the size of the equity-securities gain differed between the two quarters.
Guidance points to continued growth with a slightly lower margin. For the third quarter of fiscal 2027, NVIDIA guided revenue to $108.0 billion, plus or minus 2%, above the roughly $104 billion consensus reported at the time, while guiding GAAP and non-GAAP gross margins to 74.0%, plus or minus 50 basis points — about one point below the 75.0% just reported. The outlook assumes no Data Center compute revenue from China; shipments of Hopper products to China were less than 1% of Data Center revenue in the second quarter. Operating expenses for the third quarter are expected to be approximately $9.2 billion on a GAAP basis and $9.0 billion non-GAAP, with fiscal 2027 tax rates expected between 16% and 18%.
Cash flow is the third ledger that rewards a close read. Cash provided by operating activities was $24.1 billion, well below GAAP net income of $59.688 billion and down from $50.3 billion in the prior quarter. The CFO commentary lays out the path: the equity-securities gains are non-cash; working capital absorbed cash, with accounts receivable at $63.1 billion and days sales outstanding rising to 60 days from 45 days, which the company attributed to extended payment terms on large, multi-quarter agreements with certain investment-grade customers; and inventory rose to $31.6 billion from $25.8 billion as the company prepared for the Vera Rubin launch in the third quarter. NVIDIA also issued $25.0 billion of senior unsecured notes during the quarter for general corporate purposes. Cash, cash equivalents and marketable debt securities ended the quarter at $56.6 billion.
The clearest sign of how the company's role is changing sits in its commitments and guarantees. Supply and capacity commitments rose from $119 billion in the prior quarter to $279 billion, primarily related to the procurement of memory, and total future commitments across all categories reached $366 billion. NVIDIA also guarantees land, power and shell lease obligations for certain AI cloud partners, with maximum gross exposure of $108.5 billion. That total includes guarantees signed in August 2026, capped at $105 billion, supporting about 4.25 gigawatts of capacity at SB Energy's PORTS-Pike Technology Campus in Ohio, which will host NVIDIA infrastructure under 20-year leases to OpenAI; the company expects each generation of infrastructure deployed at the campus to comprise about 1.5 million GPUs, representing approximately $150 billion to $200 billion in NVIDIA revenue. Separately, the company announced strategic partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish independent compute financing platforms intended to mobilize over $500 billion of third-party capital for the AI infrastructure buildout over time.
On shareholder returns, NVIDIA returned approximately $26.0 billion in the quarter through share repurchases and cash dividends, a quarterly record, and ended the period with approximately $99.0 billion remaining under its share repurchase authorization. Its quarterly cash dividend of $0.25 per share was paid on October 1, 2026, to shareholders of record on September 10, 2026.
Set against the industry backdrop, the report landed as global AI capital spending accelerates. Morgan Stanley has forecast global AI capital expenditure of $1.58 trillion in 2027, with NVIDIA capturing about $690 billion of it, as GSM reported earlier. On the earnings call, as reported by financial media, management also gave a preliminary outlook of roughly 70% revenue growth for fiscal 2028, describing the figure as constrained by supply and below what customers are asking for. The Vera Rubin platform, now in full production, is the product line built to carry the next phase of that demand.
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Source: GSM · America
来源：GSM·美国（原文链接）
图片来源：英伟达（NVIDIA）公司标志。© NVIDIA Corporation，Apache License 2.0，经 Wikimedia Commons。 / NVIDIA corporate logo. © NVIDIA Corporation, Apache License 2.0, via Wikimedia Commons.
