Nvidia Financial Outlook: Growth Projections and Debt Risks for Fiscal 2028

Nvidia reported significant financial growth during 2026. Investments in artificial intelligence infrastructure and the data center sector fueled this expansion.

1. Nvidia projects 70% revenue growth for fiscal year 2028. The company forecasts $108 billion in revenue for the current quarter, with a 2% margin of error.

2. Data center sales reached $89 billion in 2025. This figure marks a 117% increase from the $41 billion reported in 2024. Data center revenue accounts for the majority of the company's annual growth.

3. Nvidia returned $26 billion to shareholders through dividends and share repurchases in the second quarter of 2026. The company distributed this capital while pursuing its growth strategy.

4. Amazon Web Services (AWS) has committed to purchasing 2 million Nvidia graphics processing units (GPUs) and incorporating the Nvidia Vera central processing unit (CPU). This agreement establishes AWS as a primary buyer for the Nvidia hardware and software ecosystem.

1. Nvidia identified indebtedness as a standalone risk factor in its quarterly filing. As of July 26, 2026, the company held $33.5 billion in senior notes and maintained a $25 billion commercial paper program.

2. Supply commitments reached $279 billion in the latest period. This total is up from the $119 billion reported in the previous quarter.

3. Amazon, Alphabet, Tesla, and SpaceX reported negative free cash flow for the second quarter of 2026. These firms are major customers of Nvidia. Market analysts are evaluating the sustainability of current hardware spending levels.

4. Nvidia expects its gross margin to reach between 71% and 72% in the fourth quarter of fiscal 2027. These figures follow a period of margin compression as the company scales data center production.