NVIDIA Q3 Fiscal 2026 Earnings

Roger Montgomery | Montgomery Investment Management

NVIDIA delivered another blowout quarter (Q3 2025 – ended 26 October, 2025 – released 19 November, 2025), significantly beating Wall Street expectations, and for some, partially alleviating (perhaps only temporarily) concerns about an artificial intelligence (AI) bubble. Demand for AI infrastructure remains extremely strong, with the new Blackwell graphic processing unit (GPU) architecture powering Nvidia’s latest high-performance chips for AI and Data Centres ramping faster than anticipated.

Table 1. Key financial highlights ($US)

Source: Montgomery Investment Management 

The Data Centre segment (primarily AI chips like Hopper and now Blackwell) accounted for approximately 90 per cent of total revenue. It reflected NVIDIA’s near-monopoly in training and inference for large-scale AI models.

Other segments, such as Gaming, grew 30 per cent year-on-year (YoY), while Professional Visualisation grew 56 per cent YoY.

For Q4 2026 the company is implying continued acceleration in sequential growth and guiding revenue of approximately US$65 billion, which is above current consensus of US$61-62 billion.

While very few companies can afford to spend billions for an order of graphic processing units (GPUs) with an uncertain outcome, those that can are.

Commentary highlights

CEO Jensen Huang emphasised that demand and early production/shipments of the new Blackwell (GB300/B200) GPUs were “off the charts” and far exceeded internal plans. This represents a meaningful positive shift, remembering that previous quarters suffered from supply constraints. Today, the company says Blackwell is scaling rapidly and already contributing meaningfully.

CFO Colette Kress confirmed the company remains on track (and likely exceeding) the previously disclosed ~half-trillion dollars in orders for Blackwell and next-gen Rubin chips covering calendar 2025-2026 combined. She noted, “The number will grow.”

Keeping in mind you should never ask a barber whether you need a haircut, Huang directly addressed market fears of an AI bubble, stating the AI transformation is real and accelerating, with NVIDIA foundational across every phase (training, inference, robotics, quantum, etc.). He highlighted the massive gigawatt-scale AI factories being built by Meta, Microsoft, Google, Oracle, xAI, etc.

The result included no material H20 (China-compliant) chip sales – a consequence of the impact from trade tensions between the U.S. and China.

While revenue grew sequentially by US$10 billion to US$57 billion, receivables rose to US$33.4 billion for the quarter, up US$5.7 billion from the prior quarter.

Market reaction

NVDA Nasdaq stock rose five per cent in the four hours of ‘after hours’ trading to 8 pm in New York. That helped lift broader indices in Asia, with Japan’s Nikkei up 2.98 per cent at the time of writing, Taiwan up 3.2 per cent, and Korea’s KOSPI Index up three per cent. Here in Australia, the market rose 1.2 per cent amid easing pressure tied to AI spending slowdown fears.

NVIDIA continues its remarkable AI-driven growth, with graphic processing unit (GPU) sales increasing. There are no signs of slowdown – in fact, growth is accelerating again due to Blackwell’s strength and excellent outlook. This was one of the clearest “beat-and-raise” reports in recent quarters, reaffirming the company’s position as the main beneficiary of the global AI capital expenditure (capex) boom.

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All prices and analysis at 25 November 2025.  This document was originally published in Livewire Markets on 25 November 2025. This information has been prepared by Montgomery Investment Management Pty Ltd ABN 73 139 161 701 AFSL 354 564. The content is distributed by WealthHub Securities Limited (WSL) (ABN 83 089 718 249)(AFSL No. 230704). WSL is a Market Participant under the ASIC Market Integrity Rules and a wholly owned subsidiary of National Australia Bank Limited (ABN 12 004 044 937)(AFSL No. 230686) (NAB). NAB doesn’t guarantee its subsidiaries’ obligations or performance, or the products or services its subsidiaries offer.  This material is intended to provide general advice only. It has been prepared without having regard to or taking into account any particular investor’s objectives, financial situation and/or needs. All investors should therefore consider the appropriateness of the advice, in light of their own objectives, financial situation and/or needs, before acting on the advice.  Past performance is not a reliable indicator of future performance.  Any comments, suggestions or views presented do not reflect the views of WSL and/or NAB.  Subject to any terms implied by law and which cannot be excluded, neither WSL nor NAB shall be liable for any errors, omissions, defects or misrepresentations in the information or general advice including any third party sourced data (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (whether direct or indirect) suffered by persons who use or rely on the general advice or information. If any law prohibits the exclusion of such liability, WSL and NAB limit its liability to the re-supply of the information, provided that such limitation is permitted by law and is fair and reasonable. For more information, please click here.