Nvidia (NVDA) Q1 FY2026 Earnings Report: Record Revenue But China Curbs Trigger $8 Billion Warning

Nvidia (NVDA) Posts Record Q1 FY2026 Earnings—AI Demand Fuels $44.1B Revenue

Nvidia (NASDAQ: NVDA) released its highly anticipated Q1 FY2026 earnings report on May 28, 2025, delivering blockbuster numbers that beat Wall Street expectations. Fueled by exponential growth in AI infrastructure and data center demand, Nvidia reported a record $44.1 billion in revenue, a 69% year-over-year surge and 12% higher than the previous quarter.

NVDA stock responded positively, climbing over 4% in after-hours trading, as investors cheered both the results and Nvidia’s ambitious AI roadmap.

📊 Key Earnings Highlights—NVDA Stock Price Supported by AI Boom

• Total Revenue: $44.1 billion (YoY growth: +69%)

• Data Center Revenue: $39.1 billion (+73% YoY)

• Gaming Revenue: $3.8 billion (record high)

• Adjusted EPS: $0.81 (expectations: $0.73); Ex-China EPS: $0.96

• Free Cash Flow: $15 billion

The company’s flagship Blackwell NVL72 AI platform is now in full-scale production and has already been adopted by global cloud giants, including Amazon, Microsoft, and Google.

🟥 China Restrictions Hit Nvidia’s H20 Chips – $8 Billion at Risk in Q2

While Q1 results were stellar, Nvidia also warned investors about the impact of U.S. export restrictions on its H20 AI chips to China. These regulations resulted in:

• A $4.5 billion charge in Q1 for inventory and obligations

• Unshipped chips worth $2.5 billion

• An estimated$8 billion revenue impact is expected in Q2 FY2026

This disruption could slow Nvidia’s momentum in the Chinese AI market, a key region for its H20 product line.

📞 Nvidia Earnings Call & Analyst Takeaways

During the Nvidia earnings call, CEO Jensen Huang highlighted the company’s global growth strategy beyond China, with major AI infrastructure deployments underway in Saudi Arabia, Europe, and Taiwan. He reinforced Nvidia’s vision as the “AI engine of the modern economy.”

Analysts on the call raised concerns about China risks but remained bullish on long-term growth given strong AI tailwinds and innovation in GPU architectures.

⏰ What Time Was Nvidia’s Earnings Call Today?

The Nvidia earnings call was scheduled for 5:00 PM ET on May 28, 2025, following the market close. The call was streamed live on the Nvidia Investor Relations site, where a full replay and transcript are also available.

📈 What’s Next for NVDA Stock?

Despite the geopolitical headwinds, analysts forecast strong support for the NVDA stock price in the near term. The global race for AI supremacy continues to benefit Nvidia’s product roadmap, and with its next-gen GPUs set to launch later this year, NVDA remains a top pick for tech investors.

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📝 Conclusion

Nvidia’s Q1 FY2026 earnings prove that it remains at the heart of the global AI explosion. But with China headwinds looming large, investors are watching closely how the company navigates this geopolitical storm.

For now, NVDA stock remains on fire – but all eyes are on Q2.