NVIDIA Q3 fiscal 2026 earnings
NVIDIA delivered another stellar quarter (Q3 2025 – ended October 26, 2025 – published November 19, 2025), significantly exceeding Wall Street expectations and partially easing concerns about an artificial intelligence (AI) bubble for some. Demand for AI infrastructure remains extremely high, with the new Blackwell graphics processing unit (GPU) architecture powering Nvidia’s latest high-performance chips for AI and data centers growing faster than expected.
Table 1. Key Financial Highlights ($US)
| Metric | Q3 fiscal year 2026 | Q’aQ change | YoY change | versus expectations |
| Gain | $57.0 billion | +22 percent | +62 percent | Beat (~$54.9 billion expected) |
| Data center revenue | $51.2 billion | +25 percent | +66 percent | Core engine of growth |
| Net income | $31.91 billion | – | +65 percent | – |
| GAAP EPS | $1.30 | – | +67 percent (from $0.78) | Beat ($1.26 expected) |
| Non-GAAP gross margin | ~73-74 percent (in line or slightly missed costs) | – | – | Small weakness due to mix/rising inputs |
The data center segment (mainly AI chips like Hopper and now Blackwell) accounted for about 90 percent of total revenue. It reflected NVIDIA’s near-monopoly in training and inference for large-scale AI models.
Other segments, such as Gaming, grew 30 percent year-over-year (year-over-year), while Professional Visualization grew 56 percent year-over-year.
For the fourth quarter of 2026, the company expects continued acceleration of sequential growth and expects revenue of approximately $65 billion, above the current consensus of $61-62 billion.
While very few companies can afford to spend billions on an order for graphics processing units (GPUs) with an uncertain outcome, the companies that can can.
Commentary highlights
CEO Jensen Huang emphasized that demand and early production/deliveries of the new Blackwell (GB300/B200) GPUs were “off the charts” and far exceeded internal plans. This represents a meaningful positive shift, considering that previous quarters suffered from supply constraints. Today, the company says Blackwell is scaling rapidly and already making meaningful contributions.
CFO Colette Kress confirmed that the company remains on track (and will likely exceed the previously announced ~half trillion dollars in orders for Blackwell and next-gen Rubin chips for the 2025-2026 period combined). She noted: “The numbers will grow.”
Keeping in mind that you should never ask a hairdresser if you need a haircut, Huang directly addressed the market’s fear of an AI bubble, stating that the AI transformation is real and accelerating, with NVIDIA being fundamental at every stage (training, inference, robotics, quantum, etc.). He highlighted the massive gigawatt-scale AI factories being built by Meta, Microsoft, Google, Oracle, xAI, etc.
The result did not include any material chip sales in the second half of 2020 – a result of the impact of US-China trade tensions.
While revenue grew $10 billion sequentially to $57 billion, receivables for the quarter rose to $33.4 billion, an increase of $5.7 billion from the previous quarter.
Market response
NVDA Nasdaq shares rose five percent in four hours of after-hours trading until 8 p.m. in New York. That caused broader indices in Asia to rise, with Japan’s Nikkei up 2.98 percent at the time of writing, Taiwan up 3.2 percent and Korea’s KOSPI index up three percent. Here in Australia, the market rose 1.2 percent on easing pressure related to fears of a slowdown in AI spending.
NVIDIA continues its remarkable AI-driven growth, with sales of graphics processing units (GPU) increasing. There are no signs of slowing down; in fact, growth is accelerating again thanks to Blackwell’s strength and excellent prospects. This was one of the clearest “beat-and-raise” reports in recent quarters, reaffirming the company’s position as the primary beneficiary of the global boom in AI investment (capex).
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