NVIDIA (NVDA) Q3 FY2026 earnings: revenue $57.0 billion, up 62.5% on the year

NVIDIA Corp. (NVDA) reported revenue of $57.0 billion for Q3 FY2026, the quarter ended 26 October 2025, up 62.5% on the same quarter a year earlier. Net income was $31.9 billion, up 65.3% on the year, and diluted earnings per share $1.30. The figures are the company's own, from the 10-Q it filed with the SEC on 19 November 2025.

Revenue

$57.0 billion

+62.5% on the year · +22.0% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

63.2%

62.3% a year earlier

Q4 FY2024Q3 FY2026

Net income

$31.9 billion

+65.3% on the year · +20.8% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.30

+66.7% on the year · +20.4% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 new.

Revenue grew 22% sequentially: Revenue reached $57.0 billion, up 22% from the prior quarter and 62% from a year ago. Data Center accounted for most of the increase.
Data Center drove growth: Data Center revenue was $51.2 billion, with compute at $43.0 billion and networking at $8.2 billion. Management attributed growth to accelerated computing, AI models and agentic applications.
Blackwell Ultra became leading architecture: Blackwell Ultra now leads across all customer categories. Prior Blackwell architecture continued to see demand, and H20 sales were insignificant.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	57,006	46,743	35,082	+22.0%	+62.5%
Cost of revenue	15,157	12,890	8,926	+17.6%	+69.8%
Gross profit	41,849	33,853	26,156	+23.6%	+60.0%
Gross margin	73.4%	72.4%	74.6%
Research and development	4,705	4,291	3,390	+9.6%	+38.8%
Selling, general and administrative	1,134	1,122	897	+1.1%	+26.4%
Operating income	36,010	28,440	21,869	+26.6%	+64.7%
Operating margin	63.2%	60.8%	62.3%
Interest expense	61.0	62.0	61.0	-1.6%	0.0%
Pre-tax income	37,936	31,206	22,316	+21.6%	+70.0%
Income tax	6,026	4,784	3,007	+26.0%	+100.4%
Effective tax rate	15.9%	15.3%	13.5%
Net income	31,910	26,422	19,309	+20.8%	+65.3%
Net margin	56.0%	56.5%	55.0%
Diluted EPS	$1.30	$1.08	$0.78	+20.4%	+66.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	23,751	15,365	17,627	+54.6%	+34.7%
Capital expenditure	1,636	1,895	813	-13.7%	+101.2%
Free cash flow	22,115	13,470	16,814	+64.2%	+31.5%
Free cash flow margin	38.8%	28.8%	47.9%
Cash from investing	-9,024	-7,127	-4,346
Cash from financing	-14,880	-11,833	-12,745
Depreciation and amortisation	751	669	478	+12.3%	+57.1%
Share-based compensation	1,655	1,624	1,252	+1.9%	+32.2%
Buybacks	12,456	9,720	10,997	+28.1%	+13.3%
Dividends paid	244	244	245	0.0%	-0.4%
Dividend per share	$0.01	$0.01	$0.01	0.0%	0.0%
Diluted shares, weighted	24,483m	24,532m	24,774m	-0.2%	-1.2%
Shares outstanding at period end	24,300m	24,300m	24,490m	0.0%	-0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	118,897	100,131	65,899	+18.7%	+80.4%
Debt	8,467	8,466	8,462	+0.0%	+0.1%
Operating lease liabilities	2,014	1,831	1,490	+10.0%	+35.2%
Other liabilities	31,770	30,312	20,162	+4.8%	+57.6%
Total liabilities and equity	161,148	140,740	96,013	+14.5%	+67.8%
Fixed assets	9,780	9,141	5,343	+7.0%	+83.0%
Goodwill	6,261	5,755	4,724	+8.8%	+32.5%
Intangible assets	936	755	838	+24.0%	+11.7%
Investments	49,122	45,152	29,380	+8.8%	+67.2%
Cash and equivalents	11,486	11,639	9,107	-1.3%	+26.1%
Receivables	33,391	27,808	17,693	+20.1%	+88.7%
Inventory	19,784	14,962	7,654	+32.2%	+158.5%
Other assets	30,388	25,528	21,274	+19.0%	+42.8%
Total assets	161,148	140,740	96,013	+14.5%	+67.8%

Questions

What was NVIDIA's revenue in Q3 FY2026?

NVIDIA (NVDA) reported revenue of $57.0 billion for Q3 FY2026, the quarter ended 26 October 2025, up 62.5% on the same quarter a year earlier.

How much did NVIDIA earn in Q3 FY2026?

Net income for Q3 FY2026 was $31.9 billion, up 65.3% on the year, and diluted earnings per share $1.30.

When did NVIDIA report Q3 FY2026 results?

NVIDIA filed its 10-Q for the quarter ended 26 October 2025 with the SEC on 19 November 2025.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	7,103	7,643	8,288	6,704	5,931	6,051	7,192	13,507	18,120	22,103	26,044	30,040	35,082	39,331	44,062	46,743	57,006	68,127	81,615	96,221
Cost of revenue	2,472	2,643	2,857	3,789	2,754	2,218	2,544	4,045	4,720	5,312	5,638	7,466	8,926	10,609	17,394	12,890	15,157	17,034	20,458	24,079
Gross profit	4,631	5,000	5,431	2,915	3,177	3,833	4,648	9,462	13,400	16,791	20,406	22,574	26,156	28,722	26,668	33,853	41,849	51,093	61,157	72,142
Gross margin	65%	65%	66%	43%	54%	63%	65%	70%	74%	76%	78%	75%	75%	73%	61%	72%	73%	75%	75%	75%
R&D	1,403	1,467	1,618	1,824	1,945	1,952	1,875	2,040	2,294	2,466	2,720	3,090	3,390	3,714	3,989	4,291	4,705	5,512	6,321	7,054
SG&A	557	563	592	592	631	625	633	622	689	710	777	842	897	975	1,041	1,122	1,134	1,282	1,300	1,354
Operating income	2,671	2,970	1,868	499	601	1,256	2,140	6,800	10,417	13,615	16,909	18,642	21,869	24,033	21,638	28,440	36,010	44,299	53,536	63,734
Operating margin	38%	39%	23%	7%	10%	21%	30%	50%	57%	62%	65%	62%	62%	61%	49%	61%	63%	65%	66%	66%
Interest expense	62.0	61.0	68.0	65.0	65.0	64.0	66.0	65.0	63.0	63.0	64.0	61.0	61.0	61.0	63.0	62.0	61.0	73.0	102	227
Pre-tax income	2,638	2,865	1,805	475	613	1,288	2,209	6,981	10,522	14,106	17,279	19,214	22,316	25,217	21,910	31,206	37,936	50,398	69,903	71,507
Tax rate	7%	-5%	10%	-38%	-11%	-10%	8%	11%	12%	13%	14%	14%	13%	12%	14%	15%	16%	15%	17%	17%
Net income	2,464	3,002	1,618	656	680	1,414	2,043	6,188	9,243	12,286	14,881	16,599	19,309	22,091	18,775	26,422	31,910	42,960	58,321	59,688
Net margin	35%	39%	20%	10%	11%	23%	28%	46%	51%	56%	57%	55%	55%	56%	43%	57%	56%	63%	71%	62%
Diluted EPS	$0.10	n/a	$0.06	$0.03	$0.03	$0.06	$0.08	$0.25	$0.37	$0.49	$0.60	$0.67	$0.78	$0.89	$0.76	$1.08	$1.30	$1.76	$2.39	$2.46
Operating cash flow	1,519	3,033	1,731	1,270	392	2,248	2,911	6,348	7,332	11,499	15,345	14,488	17,627	16,629	27,414	15,365	23,751	36,188	50,344	24,077
Capital expenditure	222	273	n/a	n/a	n/a	n/a	248	289	278	254	369	977	813	1,077	1,227	1,895	1,636	1,284	1,757	2,677
Free cash flow	1,297	2,760	n/a	n/a	n/a	n/a	2,663	6,059	7,054	11,245	14,976	13,511	16,814	15,552	26,187	13,470	22,115	34,904	48,587	21,400
Buybacks	0.0	0.0	1,996	3,345	3,485	1,213	0.0	3,067	3,807	2,659	7,740	7,158	10,997	7,811	14,095	9,720	12,456	3,815	19,312	19,732
Dividends paid	100	100	100	100	100	98.0	99.0	99.0	99.0	98.0	98.0	246	245	245	244	244	244	242	243	6,000
Shares outstanding	25,000m	25,060m	25,000m	24,900m	24,600m	24,660m	24,700m	24,700m	24,700m	24,640m	24,600m	24,530m	24,490m	24,477m	24,400m	24,300m	24,300m	24,304m	24,200m	24,100m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 26 October 2025, filed 19 November 2025: the filing.