Quick Read
- Nvidia’s Q3 2026 revenue reached $57 billion, up 62% year-over-year.
- Data center revenue was $51.2 billion, driven by exponential AI demand.
- Gross margins stayed high at 73.4% (GAAP), with EPS at $1.30.
- Major partnerships announced with OpenAI, Google Cloud, Microsoft, and others.
- Q4 revenue is projected at $65 billion, plus or minus 2%.
Nvidia’s third quarter fiscal 2026 earnings report lands like a thunderclap in the tech world. On November 20, 2025, the company announced record revenue of $57.0 billion for the quarter ending October 26. That’s a 22% jump from the previous quarter and a staggering 62% leap compared to the same period last year. It’s not just numbers—this surge is a snapshot of a company riding the crest of the artificial intelligence wave.
Behind these figures lies a story of transformation. Nvidia’s data center revenue, which now accounts for the lion’s share of its business, hit $51.2 billion. That’s up 25% sequentially and 66% year-over-year. The driver? AI. CEO Jensen Huang summed it up: “Blackwell sales are off the charts, and cloud GPUs are sold out. Compute demand keeps accelerating and compounding across training and inference—each growing exponentially. We’ve entered the virtuous cycle of AI.”
The company’s gross margins held strong at 73.4% (GAAP) and 73.6% (non-GAAP), with diluted earnings per share at $1.30. Operating income soared to $36.0 billion, while net income reached $31.9 billion, both showing more than 20% growth quarter-over-quarter and over 65% growth year-over-year.
AI Infrastructure: Strategic Partnerships and Expansions
Nvidia’s momentum isn’t just about selling chips—it’s about reshaping digital infrastructure globally. In Q3, the company announced a high-profile partnership with OpenAI to deploy at least 10 gigawatts of Nvidia systems for OpenAI’s next-gen AI infrastructure. Nvidia is also working with Google Cloud, Microsoft, Oracle, and xAI to build out America’s AI backbone, leveraging hundreds of thousands of its GPUs.
Other tech giants are joining the Nvidia ecosystem. Anthropic, an emerging force in AI, will now run and scale on Nvidia infrastructure, initially adopting 1 gigawatt of compute capacity using the latest Grace Blackwell and Vera Rubin systems. Intel, too, is collaborating with Nvidia to jointly develop custom data center and PC products with NVLink, promising deeper integration in future platforms.
Seven new supercomputers are set to accelerate, including Oracle’s project to build the U.S. Department of Energy’s largest AI supercomputer, Solstice, which will feature 100,000 Nvidia Blackwell GPUs. Another system, Equinox, will have 10,000 Blackwell GPUs. Nvidia also marked a milestone with the first Blackwell wafer produced in the U.S. at TSMC’s Arizona facility, signaling a revitalization of American manufacturing.
Product Innovations: AI, Gaming, and Beyond
Innovation is at the heart of Nvidia’s growth. The company unveiled the Rubin CPX GPU, purpose-built for massive-context processing, and introduced NVQLink™, an open architecture for coupling Nvidia GPU computing with quantum processors—a step embraced by more than a dozen supercomputing centers worldwide.
In the gaming sector, revenue held at $4.3 billion, a 1% dip from Q2 but up 30% year-over-year. Nvidia launched major titles like Borderlands 4, Battlefield 6, and ARC Raiders, all powered by DLSS 4 and Multi Frame Generation. The GeForce Gamer Festival in Seoul marked 25 years of GeForce™, celebrating Nvidia’s legacy in PC gaming.
Professional visualization revenue climbed to $760 million, up 26% sequentially and 56% year-over-year. The DGX Spark™, the world’s smallest AI supercomputer, began shipping, offering Nvidia’s AI stack in a compact form factor. In automotive and robotics, revenue reached $592 million, supported by the launch of DRIVE AGX Hyperion™ 10 and partnerships with Uber and leading robotics firms to scale level 4 mobility networks and reindustrialization efforts.
Financial Health and Shareholder Returns
Nvidia’s balance sheet looks robust. Total assets grew to $161.1 billion, with $60.6 billion in cash, cash equivalents, and marketable securities. Operating cash flow for the quarter hit $23.8 billion. During the first nine months of fiscal 2026, Nvidia returned $37.0 billion to shareholders through share repurchases and dividends. As of Q3’s end, $62.2 billion remains authorized for further repurchases.
The next quarterly cash dividend of $0.01 per share will be paid on December 26, 2025, to shareholders of record as of December 4. These returns reflect Nvidia’s confidence in its continued growth trajectory and commitment to rewarding investor loyalty.
Looking Ahead: Q4 Guidance and Industry Impact
Nvidia’s outlook for Q4 is ambitious: revenue is expected to reach $65.0 billion (plus or minus 2%), with gross margins projected at 74.8% (GAAP) and 75.0% (non-GAAP). Operating expenses are estimated at $6.7 billion (GAAP) and $5.0 billion (non-GAAP). The company expects other income of around $500 million, and a tax rate of 17%.
Industry watchers will be looking closely at Nvidia’s ability to sustain this pace. The “virtuous cycle of AI” Jensen Huang described is not just rhetoric—the exponential growth of AI model training and inference, coupled with the scaling of foundational AI platforms across sectors, is creating a feedback loop of demand. Nvidia’s unique position as the backbone of global AI infrastructure puts it at the center of tech’s most profound transformation.
As competition intensifies, especially in data center chips and AI accelerators, Nvidia’s strategic partnerships, manufacturing milestones, and product launches will be crucial to maintaining its lead. With investments in regions like the U.K. (£2 billion for AI infrastructure) and new ventures in Germany and South Korea, Nvidia’s global footprint continues to expand.
Nvidia’s Q3 2026 performance is more than a financial headline—it’s a lens on the future of technology. The company’s ability to scale innovation, drive strategic alliances, and deliver shareholder value amid explosive AI demand positions it as a defining force in the digital era. If the next quarter matches the guidance, Nvidia may well set a new standard for what tech leadership looks like in 2025 and beyond.