NVIDIA CORP: revenue accelerated to +85%, but the real surprise is net profit jumping 211%

20 мая 2026 года NVIDIA CORP раскрыла результаты за первый квартал 2027 финансового года (закончился 26 апреля 2026). Выручка выросла на 85,2% год к году до 81 615 млн долларов, чистая прибыль — на 210,6% до 58 321 млн долларов, при этом маржа EBITDA достигла 66,8% против 50,5% годом ранее. Акции выглядят привлекательно: несмотря на высокую оценку, рост ускоряется, а модель портала показывает потенциал +37%.

Key takeaways

— Record Data Center revenue of $75.2 billion, up 92%, drove nearly all growth

— Net profit surged 211% on one-off equity gains, but operating income also doubled

— EBITDA margin jumped to 66.8% on revenue growth and stable costs

— Operating cash flow hit $50.3 billion, funding a record $20 billion return to shareholders

— Company raised quarterly dividend 25x and authorized new $80 billion buyback

— Net debt remained near zero despite debt rising $43 billion over the year

— Shares trade below their three-year average EV/EBITDA, with portal model upside of +37%

Attractiveness

Key figures, USD bn

Record Data Center revenue of $75.2 billion, up 92%, drove nearly all growth

In the first quarter of fiscal 2027, NVIDIA CORP revenue reached $81,615 million, up 85.2% year-over-year. The main driver was the Data Center segment, with record revenue of $75.2 billion, up 92% year-over-year. This segment accounted for over 90% of total revenue.

Within Data Center, compute revenue grew 77% to $60.4 billion, while networking revenue surged 199% to $14.8 billion. The company attributes this to accelerating AI factory buildouts and rising demand for agentic AI.

The Edge Computing segment, covering PCs, game consoles, and automotive, contributed $6.4 billion, up 29% year-over-year. Thus, growth remains almost entirely dependent on data centers, making the company sensitive to the capex cycle of major cloud providers.

Net profit surged 211% on one-off equity gains, but operating income also doubled

Net profit for the quarter reached $58,321 million, up 210.6% year-over-year. However, a significant portion of this growth came from one-off gains: the 'other income, net' line included gains from equity securities of $15,929 million, versus a loss of $180 million a year ago.

Excluding these effects, operating income grew 147% to $53,536 million, which remains impressive. GAAP EPS was $2.39, non-GAAP $1.87, with non-GAAP now including stock-based compensation, making it more conservative.

EBITDA margin jumped to 66.8% on revenue growth and stable costs

EBITDA for the quarter reached $54,533 million, implying a margin of 66.8% versus 50.5% a year ago. The main reason was revenue growing faster than costs: operating expenses rose 52% to $7,621 million, while revenue grew 85%.

Gross margin expanded by 14.4 percentage points to 74.9% (GAAP). The company also noted that last year's margin was pressured by one-off charges related to H20 products for China, which were absent this quarter.

Operating cash flow hit $50.3 billion, funding a record $20 billion return to shareholders

Operating cash flow for the quarter was $50,344 million, almost double the year-ago figure of $27,414 million. Free cash flow reached $48,554 million after capital expenditures of $1,757 million.

This funded a record $20 billion returned to shareholders via buybacks and dividends. Capital expenditures remain modest at less than 2% of revenue, typical of NVIDIA's fabless model.

Company raised quarterly dividend 25x and authorized new $80 billion buyback

The board approved raising the quarterly dividend from $0.01 to $0.25 per share — a 25x increase. The dividend will be paid on June 26, 2026, to shareholders of record on June 4.

Additionally, the company authorized an additional $80 billion share repurchase program with no expiration. Combined with the remaining $38.5 billion under previous authorizations, this provides significant capacity for capital returns.

Net debt remained near zero despite debt rising $43 billion over the year

At quarter-end, net debt stood at $807 million — essentially zero. Over the past 12 months, debt rose by $43 billion, but the company still holds a massive cash and marketable securities buffer.

Net debt to EBITDA for the trailing twelve months is 0.0x — minimal leverage. This gives NVIDIA financial flexibility to continue investing in R&D and returning capital.

Shares trade below their three-year average EV/EBITDA, with portal model upside of +37%

The current EV/EBITDA multiple for the trailing twelve months is 33.4x, below the three-year average of 37.8x. P/E LTM stands at 34.6x — valuation remains high in absolute terms, but relative to its own history, shares look reasonably priced.

According to the portal's model, EBITDA growth times the target multiple implies +37% upside to fair value. The shares are held in the 'US Leaders' and 'US Tech / AI leaders' strategies on the portal, reflecting their fit with quality and tech screens.

Valuation on the latest reported figures

Bottom line

NVIDIA CORP's first-quarter fiscal 2027 report was strong: revenue accelerated to +85%, EBITDA margin reached 66.8%, and operating cash flow nearly doubled. Part of net profit came from one-off equity gains, but operating income grew 147%, confirming business strength. The company raised its dividend 25x and announced a large buyback, signaling management confidence in future cash flows. With valuation below its own three-year average and +37% upside per the portal model, shares look attractive for long-term investors, though the high base from last year makes sustaining such growth rates challenging.