Complete NVIDIA (NVDA) Q3 Earnings Coverage

NVIDIA’s third quarter results delivered another massive step forward, and the stock’s reaction has pushed the company to the edge of a historic valuation milestone. After reporting $57.0 billion in revenue and $1.30 in earnings per share, with Data Center revenue reaching $51.2 billion, the stock gained 2.86 percent during the regular session and another 3.91 percent after hours. Based on the after hours price near $193.81, NVIDIA’s market capitalization is now roughly $4.7 trillion, which puts the company only about $280 billion away from reaching a $5 trillion valuation.

The guidance reinforced this momentum. NVIDIA is forecasting $65.0 billion in fourth quarter revenue, which is significantly higher than the roughly $60.0 billion analysts were expecting. Jensen Huang also said that Blackwell sales are “off the charts” and that cloud GPUs are sold out, confirming that demand is still far greater than supply.

A move of approximately 6 percent from current levels would add the remaining $280 billion needed for NVIDIA to reach $5 trillion. The company has added more than that in a week before. With AI spending continuing to accelerate and analysts now raising their estimates again, NVIDIA is closer than ever to joining the most exclusive valuation tier in global markets.

NVIDIA delivered another blowout quarter, sending shares up 2.86% after hours, as the company crushed expectations and raised guidance meaningfully. Q3 revenue came in at $57.0B (vs. $55.09B expected) with EPS of $1.30, fueled by a staggering $51.2B in Data Center sales — up 66% year over year — as Blackwell demand “went off the charts” and cloud GPUs remained sold out. Margins held strong in the mid-70s, free cash flow topped $22B, and NVIDIA signaled that the AI factory build-out is accelerating into year-end.

The biggest headline: Q4 revenue guidance of $65B, roughly 8% above implied Street estimates, reinforcing the view that AI infrastructure spending continues to compound faster than analysts projected. New hyperscaler, enterprise, and sovereign AI partnerships broaden the ecosystem, while gaming, Pro Viz, and automotive posted healthy double-digit growth. Bottom line: NVIDIA delivered the quarter bulls needed — a clean beat, a strong guide, and unmistakable confirmation that the AI super-cycle is still gathering momentum.

• Bullish points:

  • Clean beat on both revenue and EPS with Q4 guidance well above implied Street, despite prior caution around China/H20.

  • Data Center revenue +66% YoY to $51.2B, with management openly saying Blackwell is “off the charts” and GPUs are “sold out.”

  • Margins remain exceptional, free cash flow is enormous, and NVIDIA is returning capital aggressively while still ramping investment.

  • Strategic partnerships (OpenAI, Anthropic, hyperscalers, telecoms, industrials) deepen the moat and support the idea of NVIDIA as a platform, not a component vendor.

• Watch-outs / debate points:

  • Valuation remains demanding and leaves little room for execution missteps or a slowdown in AI CapEx growth.

  • Gross margins ticked down modestly versus last year, hinting at some normalization as the business scales, even if levels remain very high.

  • As the AI factory build-out broadens globally, regulatory, export-control and political risks (especially around China and sovereign AI) will stay in focus.

  • The bigger question for 2026–2027 is how quickly Rubin and subsequent architectures can sustain or accelerate growth off this new, much higher base.

• Guidance meaningfully reset higher.
  Q4 revenue guidance of $65B is roughly 8% above the implied prior consensus, signaling that the AI build-out into 2026 is tracking ahead of the Street’s glide path.

• Blackwell moved from story to reality.
  Management framed Blackwell sales as “off the charts” and cloud GPUs as sold out, validating the production ramp to ~1,000 racks per week flagged before the print and de-risking concerns about any early transition hiccups.

• China/H20 moved to the background.
  Earlier in FY26, NVIDIA took significant H20-related charges and explicitly stripped potential China H20 revenue from guidance. In Q3, H20 charges were “insignificant,” and the headline story is now global demand strength, not export control noise.

• Networking and ecosystem flywheel accelerated.
  New partnerships with OpenAI (10GW), Anthropic, Google Cloud, Microsoft, Oracle, xAI, Meta and others underscore that NVIDIA’s networking and system-level footprint is deepening, not just its GPU share.

• Physical AI narrative gained more weight.
  Deals with Uber, Nokia, Deutsche Telekom, Hyundai, Samsung, SK, industrial robotics leaders and Omniverse-powered digital twins extend the story beyond data centers into AI PCs, autos, factories and telecom – a broader TAM than classic GPU cycles.

• Capital returns remained aggressive without constraining growth.
  NVIDIA has already returned $37B to shareholders in nine months and still has $62.2B left on its buyback authorization, highlighting balance sheet strength and management’s confidence in long-term cash generation.

A look into NVIDIA’s guidance is the most important information to be had tonight:

NVIDIA guided Q4 FY26 revenue to $65.0B (±2%), implying another big sequential leg up from Q3’s $57.0B.

Using the pre-earnings full-year FY26 revenue consensus of $207.95B and NVIDIA’s year-to-date revenue of $147.8B, the Street was implicitly modeling roughly $60.1B for Q4. The new guide is therefore about 8% ahead of that implied consensus.

Guidance vs. Street (Implied)

Investor takeaway: This is a material guidance raise on the metric that matters most – revenue – and it comes with higher margins, not lower. Heading into the print, investors were just hoping the $500B Blackwell/Rubin “visibility” slide wasn’t overhyped. Q4 guidance suggests NVIDIA is actually tracking ahead of that narrative, not behind it.

The biggest takeaway from the earnings tonight was this quote,

Blackwell sales are off the charts, and cloud GPUs are sold out… We’ve entered the virtuous cycle of AI… AI is going everywhere, doing everything, all at once.” – Jensen Huang, CEO

Huang leaned hard into the idea that NVIDIA has moved from a one-off AI build-out to a self-reinforcing “AI factory” cycle. His emphasis on Blackwell being “off the charts” and cloud GPUs being “sold out” confirms what the numbers imply,  hyperscalers, AI startups, sovereign AI programs and industrial players are still racing to secure capacity, and NVIDIA remains the default platform.

For investors, the key is that this isn’t just another big quarter. Management is positioning Blackwell + Rubin + networking + software as a multi-year infrastructure stack, not a product cycle. The message from the top is simple, demand is compounding, and NVIDIA is still supply constrained at record revenue.

Revenue was $57.00 billion, above the $55.98 billion consensus estimate. EPS was $1.30, above the $1.27 consensus estimate. NVIDIA reported record revenue for Q3 FY26, marking a 22% increase from the previous quarter and a 62% increase year-over-year. The Data Center segment contributed significantly with $51.2 billion, up 25% sequentially and 66% year-over-year.

Gross margins were 73.4% GAAP and 73.6% non-GAAP. The company returned $37.0 billion to shareholders through share repurchases and dividends. NVIDIA’s outlook for Q4 FY26 anticipates revenue of $65.0 billion, plus or minus 2%, with gross margins expected to be 74.8% GAAP and 75.0% non-GAAP.

NVIDIA (NVDA) is up 2.86% after hours after posting another monster quarter and a big step-up in guidance. With options pricing in a ~6.9% move, the initial reaction says this is a clean beat plus a guidance raise – strong enough to validate the AI build-out, but not so shocking that it resets the whole sector in one print.

Earnings vs. Expectations

Recall that management’s prior Q3 guidance explicitly excluded $2B–$5B of potential H20 China revenue. Even with that headwind, NVIDIA still beat a very high bar on both the top and bottom line.

This is exactly the kind of quarter bulls wanted – a solid beat, record Data Center revenue of $51.2B (+66% YoY), and a Q4 revenue guide that points to acceleration into year-end. With the stock “only” up a few percent, the market is acknowledging how strong the AI cycle still looks while recognizing that expectations were already sky-high coming in.

NVIDIA numbers are in and the stock is up 2.83% in after-hours trading. Revenue beat expectations, on top of beatings 62% year-over-year growth. Adjusted EPS of $1.30 also beat estimates.

As we all wait for NVDA earnings to drop, the stock has moved .40% after-hours. The earnings call will follow in 45 minutes. Will have more for you shortly.

NVIDIA reports earnings in 25 minutes, and the stock is up 2.73% to close out the day. Expectations couldn’t be higher as Wall Street is looking for Q3 revenue of $55.09B and EPS of $1.26, implying 57% and 55% year-over-year growth. NVIDIA notably excluded $2B–$5B of potential H20 China revenue from its guidance due to ongoing licensing uncertainty. Investors will be focused on the Blackwell ramp, with production now running at roughly 1,000 racks per week, and whether GB300 deployments are accelerating into year-end.

Options markets are pricing in a 6.9% post-earnings move, while prediction markets imply an 80%+ chance of an EPS beat. AI equities are rebounding into the print, with NVDA up about 2 percent pre-earnings.

Key questions for the call include updates on the $500B Blackwell/Rubin revenue visibility, the pace of networking growth, China licensing progress, and early signals for NVIDIA’s 2026 demand outlook as AI infrastructure spending continues to surge.