NVDA Q3 2026 Earnings

Call Details

• Call Title: Nvidia Q3 2026 Earnings Call
• Date: November 19, 2025 at 10:00 PM UTC
• Management Team:
  • Jensen Huang (President and Chief Executive Officer)
  • Colette Kress (Executive Vice President and Chief Financial Officer)
  • Toshiya Hari (Head of Investor Relations)

Call Summary

Financial Performance

• Total revenue for the quarter was $57 billion, up 62% year over year and up $10 billion sequentially, or 22%.
• Record Q3 data center revenue was $51 billion, up 66% year over year.
• Compute revenue grew 56% year over year driven primarily by the GB300 ramp, while networking revenue was $8.2 billion, up 162% year over year.
• Gaming revenue was $4.3 billion, up 30% year over year, and professional visualization revenue was $760 million, up 56% year over year.
• Automotive revenue was $592 million, up 32% year over year, with self-driving solutions as the primary driver.
• GAAP gross margin was 73.4% and non-GAAP gross margin was 73.6% for the quarter, and GAAP operating expenses rose 8% sequentially while non-GAAP operating expenses rose 11% sequentially.
• Non-GAAP effective tax rate for the quarter was just over 17%, which exceeded prior guidance of 16.5%.
• Inventory increased 32% quarter over quarter and supply commitments rose 63% sequentially.

Guidance

• Total revenue for Q4 is expected to be $65 billion plus or minus 2%, with the midpoint implying approximately 14% sequential growth.
• GAAP gross margin is expected to be 74.8% and non-GAAP gross margin is expected to be 75.0%, each plus or minus 50 basis points, for Q4.
• For fiscal year 2027, the company expects to hold gross margins in the mid-70s despite input cost increases.
• GAAP operating expenses for fiscal 2027 are expected to be approximately $6.7 billion and non-GAAP operating expenses are expected to be approximately $5.0 billion.
• GAAP and non-GAAP other income and expenses 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 approximately 17%, plus or minus 1%, excluding any discrete items.
• The company reiterated it is not assuming any data center compute revenue from China for the outlook period.