Nvidia yesterday (19 November) reported record revenue for the third quarter ended 26 October 26 2025, of $57-billion, up 22% from the previous quarter and up 62% from a year ago.
For the quarter, GAAP and non-GAAP gross margins were 73,4% and 73,6%, respectively.
For the quarter, GAAP and non-GAAP earnings per diluted share were both $1.30.
“Blackwell sales are off the charts, and cloud GPUs are sold out,” says Jensen Huang, founder and CEO of Nvidia. “Compute demand keeps accelerating and compounding across training and inference — each growing exponentially.
“We’ve entered the virtuous cycle of AI. The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once.”
During the first nine months of fiscal 2026, Nvidia returned $37-billion to shareholders in the form of shares repurchased and cash dividends. As of the end of the third quarter, the company had $62,2-billion remaining under its share repurchase authorisation.
Q3 Fiscal 2026 Summary
| GAAP | |||||
| ($ in millions, except earnings per share) | Q3 FY26 | Q2 FY26 | Q3 FY25 | Q/Q | Y/Y |
| Revenue | $57,006 | $46,743 | $35,082 | 22% | 62% |
| Gross margin | 73.4% | 72.4% | 74.6% | 1.0 pts | (1.2) pts |
| Operating expenses | $5,839 | $5,413 | $4,287 | 8% | 36% |
| Operating income | $36,010 | $28,440 | $21,869 | 27% | 65% |
| Net income | $31,910 | $26,422 | $19,309 | 21% | 65% |
| Diluted earnings per share | $1.30 | $1.08 | $0.78 | 20% | 67% |
| Non-GAAP | |||||
| ($ in millions, except earnings per share) | Q3 FY26 | Q2 FY26 | Q3 FY25 | Q/Q | Y/Y |
| Revenue | $57,006 | $46,743 | $35,082 | 22% | 62% |
| Gross margin | 73.6% | 72.7% | 75.0% | 0.9 pts | (1.4) pts |
| Operating expenses | $4,215 | $3,795 | $3,046 | 11% | 38% |
| Operating income | $37,752 | $30,165 | $23,276 | 25% | 62% |
| Net income | $31,767 | $25,783 | $20,010 | 23% | 59% |
| Diluted earnings per share | $1.30 | $1.05 | $0.81 | 24% | 60% |
Outlook
Nvidia’s outlook for the fourth quarter of fiscal 2026 is as follows:
- Revenue is expected to be $65-billion, plus or minus 2%.
- GAAP and non-GAAP gross margins are expected to be 74,8% and 75%, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be approximately $6,7-billion and $5.0 billion, respectively.
- GAAP and non-GAAP other income and expense are expected to be an income of approximately $500-million, excluding gains and losses from non-marketable and publicly-held equity securities.
- GAAP and non-GAAP tax rates are expected to be 17%, plus or minus 1%, excluding any discrete items.