Nvidia, the world’s largest company by market capitalisation, announced its third quarter (Q3) results on 19 November.
Traditionally releasing its results around a month after the rest of the Magnificent Seven group, Nvidia’s earnings release marks the climax of big tech earnings season.
Nvidia’s earnings for Q3 were a knockout, smashing through analyst expectations on performance and forward guidance. Shares in Nvidia (NASDAQ:NVDA) were trading 4.5% above their 19 November close price in pre-market trading at approximately 10am GMT the morning after the results.
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Nvidia has been one of the most popular stocks with DIY investors and their professional counterparts for years, especially since November 2022 when ChatGPT’s public launch brought artificial intelligence (AI) to the forefront of stock market attention.
In that time, Nvidia’s market cap has increased more than 13 times over, leading to Nvidia becoming the world’s first $5 trillion company.
“Nvidia’s results have become a macro event, acting as a bellwether for the defining investment theme of our time,” said Kenneth Lamont, principal at Morningstar.
Anthropic has committed to buying $30 billion in computing capacity from Microsoft’s cloud unit, Azure – which will in turn be powered by Nvidia’s chips.
“It goes to show how sentiment has turned more negative in the last few weeks, with the circular AI deals being treated with increasing caution as the conversation around a potential bubble has gathered pace,” said Jim Reid, global head of macro research at Deutsche Bank.
Nvidia’s Q3 results: earnings, revenue and guidance all beat
Nvidia announced Q3 revenue of $57 billion, a 62% year-on-year increase and comfortably ahead of the $54.9 billion analysts had expected.
Similarly, Nvidia’s Q3 earnings per share (EPS) rose 67% year-on-year to $1.30, beating analyst expectations of $.125.
Revenue from Nvidia’s Data Center division (its key division, given it includes Nvidia’s AI hardware sales) rose 66% to $51.2 billion, with analysts having expected this to come in at $48.6 billion.
The outperformance was driven by strong demand for Blackwell, Nvidia’s latest generation of AI chips.
“Blackwell sales are off the charts, and cloud GPUs are sold out,” said Jensen Huang, founder and CEO of Nvidia.
One of the most encouraging aspects of the release, though, was Nvidia’s guidance for next quarter.
“Nvidia gave January guidance of $65 billion vs [Wall] Street's $61.7 billion estimate, an eye-popping guidance raise that will be a major positive catalyst,” said Dan Ives, head of global technology research at Wedbush Securities.
Why expectations were high coming into Nvidia earnings
Nvidia’s shares were down the week before its results, following news that Japanese investment giant SoftBank had sold its entire stake in the chipmaker for $5.8 billion.
It then emerged on 17 November that Thiel Macro LLC, the hedge fund owned by Palantir and PayPal co-founder Peter Thiel, had also sold off its stake in Nvidia.
In the near term, Nvidia “is facing the tough task of meeting high (earnings) expectations and high scepticism around AI capex, likely only resolved when broader market volatility (shutdown, interest rates) subsides,” said Bank of America analysts led by Vivek Arya in a research note.
As of 18 November, Nvidia’s share price has gained 35% in 2025 so far, and is up by 29% over the past 12 months.
“While Nvidia’s leadership in advanced chip design has propelled it to the forefront, emerging competitors, geopolitical tensions, and regulatory challenges will shape its future,” said Lamont. “Investors should remain cautious, as history shows that today’s leaders may not be the winners of tomorrow.”
When does Nvidia announce its Q4 results?
No date set for Nvidia’s next earnings announcement, but it will be approximately three months from the latest results – so roughly mid-February 2026.
According to Nvidia’s financial calendar, these results will cover Q4 of its 2026 financial year (despite aligning closely with Q4 in the 2025 calendar year).
Nvidia’s Q4 results for its 2025 financial year were announced on 26 February 2025.
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