Goldman lifts Nvidia outlook before earnings

Goldman Sachs (GS) has raised its earnings expectations for Nvidia ahead of the chipmaker’s upcoming fiscal first quarter earnings report, scheduled for May 20, 2026. The bank updated its forecasts as the stock continues to trade close to recent highs and investors focus on the company’s growth trajectory.

According to the revised projections, Goldman Sachs (GS) increased its Nvidia earnings per share (EPS) estimates by approximately 12% on average. The changes reflect the firm’s more optimistic view of Nvidia’s financial performance over the next several years, driven by stronger anticipated revenue.

Goldman’s updated estimates for Nvidia’s 2026 and 2027 EPS now stand 14% and 34% above Wall Street consensus, respectively. These gaps indicate that the bank expects Nvidia to outperform the broader analyst community’s current expectations over the medium term.

The higher projections suggest confidence in Nvidia’s ability to sustain elevated levels of profitability, though specific EPS figures were not disclosed in the available materials. The firm’s view positions Nvidia as a company with earnings power well ahead of what many other analysts are currently modeling.

Goldman Sachs analyst James Schneider expects Nvidia to report first quarter revenue of $80 billion, which would represent an approximately $2 billion beat relative to Wall Street consensus. The anticipated upside is a key driver behind the bank’s more positive earnings view.

For the second quarter, Schneider projects Nvidia revenue of $87.68 billion. This estimate is about 3% higher than the consensus forecast, indicating that Goldman sees continued strength beyond the imminent earnings release, rather than a one‑off performance in Q1.

Nvidia shares have advanced approximately 15.3% year-to-date and were trading near $215 as of May 8, 2026. The strong performance reflects investor optimism around the company’s growth prospects as earnings expectations have continued to rise.

Despite the recent share gains, Goldman Sachs reaffirmed its buy rating on Nvidia. The firm set a price target of $250, implying additional upside from the current trading level based on its updated revenue and earnings assumptions.

With the earnings date approaching, Goldman’s revised forecasts frame investor expectations for Nvidia’s near-term results and outlook commentary. The call for a Q1 revenue beat and above-consensus Q2 guidance underscores the bank’s constructive stance into the report.

The combination of higher EPS estimates, projected revenue outperformance, and a reiterated buy rating with a $250 target anchors Goldman’s reset of its Nvidia thesis ahead of the May 20, 2026 earnings release.