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NVDA Q3 2025 Earnings

AI Summary

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Call Details

  • Call Title: Nvidia Q3 2025 Earnings Call
  • Date: November 20, 2024 at 10:00 PM UTC
  • Management Team:
    • Jensen Huang (Chief Executive Officer)
    • Colette Kress (Executive Vice President and Chief Financial Officer)

Call Summary

Financial Performance

  • Total revenue was $35.1B, up 17% sequentially and up 94% year-on-year.
  • Data center revenue was $30.8B, up 17% sequentially and up 112% year-on-year.
  • H200 sales ramped to "double-digit billions" sequentially and were described as the fastest product ramp in company history.
  • Gaming revenue was $3.3B, up 14% sequentially and up 15% year-on-year, and channel inventory was reported as healthy.
  • ProViz revenue was $486M, up 7% sequentially and up 17% year-on-year.
  • Automotive revenue was $449M, up 30% sequentially and up 72% year-on-year.
  • GAAP gross margin was 74.6% and non-GAAP gross margin was 75%, with sequential decline driven by a mix shift to more complex, higher-cost H100 systems.
  • GAAP and non-GAAP operating expenses were up 9% sequentially due to higher compute, infrastructure, and engineering costs.

Guidance

  • Total revenue for Q4 is expected to be $37.5B, plus or minus 2%.
  • GAAP gross margin is expected to be 73% and non-GAAP gross margin is expected to be 73.5%, each plus or minus 50 basis points.
  • GAAP operating expenses are expected to be approximately $4.8B and non-GAAP operating expenses approximately $3.4B for Q4.
  • Other income and expenses are expected to be an income of approximately $400M, excluding gains and losses from non-affiliated investments.
  • GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items.
  • Blackwell revenue is expected to exceed the company's prior estimate of several billion dollars as visibility into supply increased.
  • Blackwell mix is expected to moderate gross margins to the low 70s during ramp, with an objective to reach mid-70s when fully ramped.
  • The company expects Q4 sequential networking growth after a sequential decline in Q3.

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