NVIDIA (NVDA) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 FY25 revenue of $35.1B, up 17% sequentially and 94% year-over-year, driven by exceptional Data Center growth and strong demand for Hopper and H200 platforms.

• Data Center revenue reached $30.8B, up 17% sequentially and 112% year-over-year, fueled by AI and accelerated computing demand.

• Net income for Q3 was $19.3B, up 109% year-over-year, with diluted EPS of $0.78 GAAP and $0.81 non-GAAP, both up over 100% year-over-year.

• AI-native startups, enterprise adoption, and industrial AI are accelerating, with major cloud providers and consulting firms scaling deployments.

• Completed a 10-for-1 stock split in June 2024.

Financial highlights

• Q3 GAAP gross margin was 74.6% (up 0.6 pts year-over-year), non-GAAP 75.0%; GAAP operating income was $21.9B, up 110% year-over-year.

• Cash, cash equivalents, and marketable securities totaled $38.5B at quarter-end.

• Returned $11.2B to shareholders in Q3 via $11.0B in share repurchases and $245M in dividends.

• Free cash flow for Q3 was $16.8B; cash flow from operations was $17.6B.

• Long-term debt at quarter-end was $8.5B.

Outlook and guidance

• Q4 FY25 revenue expected at $37.5B, plus or minus 2%, with continued strong AI demand and Blackwell ramp.

• Q4 GAAP and non-GAAP gross margins expected at 73.0% and 73.5%, respectively, moderating as Blackwell ramps.

• Q4 GAAP and non-GAAP operating expenses projected at $4.8B and $3.4B.

• Effective tax rate expected at 16.5%, plus or minus 1%.

• Blackwell production shipments to begin in Q4 FY25, with demand expected to exceed supply for several quarters.