Nvidia Earnings May 20 2026: $86 Billion Revenue, H200 China, and What the AI Capex Wave Really Means

# Nvidia Earnings May 20 2026: $86 Billion Revenue, H200 China, and What the AI Capex Wave Really Means

> **Quick answer:** Nvidia reports Q1 FY2027 on May 20, 2026 after market close. Analysts expect $78.8 billion in revenue and EPS of $1.77 — but the real number to watch is the Q2 guidance, where Wall Street's bar sits at $86–87 billion. Three variables make this the most-watched earnings of the quarter: the stalled H200 China deal, Applied Materials' blowout confirming AI infrastructure demand is real, and Cerebras' +68% IPO debut proving the AI chip market is deep enough for challengers.

Nvidia earnings May 20 2026 preview: five days from now, Jensen Huang will either validate one of the most aggressive earnings ramps in corporate history — or hand bears the ammunition they've been waiting for. Here is everything that matters going into Wednesday's print.

*This article is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor before making any investment decisions related to NVDA or any other security.*

## What Wall Street Expects From Nvidia on May 20

The consensus for Q1 FY2027 (the quarter ending April 2026) is $78.8 billion in revenue and $1.77 in non-GAAP EPS, according to analyst compilations tracked by sources including Motley Fool and IG International. Nvidia's own guidance issued in February was $78.0 billion, plus or minus 2% — a range of $76.4B to $79.6B. Notably, that $78B guide was itself $12 billion above the then-Street consensus of $66 billion, one of the widest guide-above-consensus spreads ever seen from a mega-cap company.