Nvidia reports Q2 earnings on August 26, and Wall Street already knows the headline number. Analysts expect about $92 billion in revenue and earnings per share of $2.08, double the year-ago figure.

The report is due in 14 days. Nvidia guided to $91 billion, so a beat is close to assumed. What to expect beyond that is where analysts split.

What Wall Street Expects From Nvidia Q2 Earnings

The call begins at 5 p.m. ET. It covers the quarter that ended July 26. Nvidia set the bar itself in May. It grew to $91 billion, give or take 2%, with gross margin near 75%. Those figures come from the company’s own outlook.

The year-ago quarter makes the math easy. Nvidia earned $1.05 per share on $46.7 billion in revenue. Hitting $92 billion would nearly double the top line.

One caveat on the earnings figure. TipRanks puts consensus at $2.08 from 37 analysts. Zacks, tracked by Nasdaq, shows $2.01 from 11. The gap is small, but it decides what counts as a beat.

Analysts are almost uniformly positive. Of the 37 tracked, 36 rate the stock a Buy and one a Hold. The average target sits near $310, with estimates from $250 to $500.

Crypto traders have their own reason to watch. Nvidia’s November 2025 report lifted Bitcoin above $91,000. AI sentiment now moves both markets.

Nvidia Has Beaten Its Own Guidance for Three Straight Quarters

The beat is expected because it keeps happening. The size of it barely changes.

• Nvidia guided to $54 billion for the October 2025 quarter and delivered $57 billion.
• It guided to $65 billion for January and delivered $68.1 billion.
• They also guided to $78 billion for April and delivered $81.6 billion.

That is a beat of $3 billion, $3.1 billion, then $3.6 billion. Every figure comes from Nvidia’s own quarterly releases.

Bank of America expects $94 billion to $95 billion this time. That is a beat of $3 billion to $4 billion. It sits exactly inside the pattern.

So the surprise would be a small beat, not a large one.

The Growth Rate is the Part Nobody Highlights

Here the picture shifts. Revenue growth from one quarter to the next has run near 20% three times in a row.

Nvidia’s $91 billion revenue guide implies growth of just 11.5%. Even Bank of America’s $95 billion works out to 16%. Both are the slowest pace in more than a year.

The year-on-year number still looks enormous at roughly 97%. That is because the comparison base is small, not because momentum is building.

While none of this means demand is fading, it does explain why a headline beat may not move the stock much.

The Guidance Number to Expect is $108 Billion

Bank of America analyst Vivek Arya models third-quarter guidance of $107 billion to $108 billion. Analysts currently carry roughly $104 billion. Arya keeps a Buy rating and a $350 target.

Goldman Sachs analyst James Schneider holds a Buy rating with a $285 target. He expects meaningful upside to guidance. He also warns that the bar is high after a 12% two-week run.

Goldman’s 2026 and 2027 estimates are 6% and 19% above consensus, respectively. Traders can weigh that against the current Nvidia stock price forecast.

The options market has voted too. Contracts expiring on August 28 imply a 6.75% move, or a range near $209 to $239. The stock traded around $224 on Wednesday after closing at $217.50 the day before.

What Could Go Wrong Between Vera Rubin and Memory Costs

Nvidia moved its Vera Rubin platform into full production on May 31. Shipments start in the fall.

“Agentic AI is a new kind of workload. One prompt can launch a thousand-step journey of reasoning, retrieval, tool use and response generation. Vera Rubin was built for this moment,” Jensen Huang, Nvidia founder and chief executive, in the company’s announcement.

• Memory is the cost problem.

It now accounts for 40% to 50% of the cost to build a system. That share used to be 15% to 20%.

Bank of America still sees margins holding near 73% to 74%. On Rubin racks, the memory hit is about 60 basis points. Larger pod systems could take 500.

• Then there is the funding question.

Nvidia has put roughly $70 billion into partners, including $30 billion in OpenAI and $10 billion in Anthropic. Critics say that props up its own order book.

Bank of America calls it 15% of the free cash flow it expects across 2026 and 2027. Skeptics are unmoved. The worry feeds the AI bubble debate.

Suppliers point the other way. Supermicro’s record AI backlog showed demand that has not cooled.

What to Watch on August 26

The setup is unusual. Nvidia could beat by $4 billion and still disappoint, because attention has moved to the October quarter.

Investors also want proof that the demand is external. That doubt grew once Nvidia began financing its own customers.

Expect the guidance slide to matter more than the beat. Whether $108 billion appears there may set the tone for months.

Source: BeInCrypto