Nvidia announced its third-quarter fiscal 2025 financial results on Wednesday, once again breaking its own sales records as all data center GPUs sold out this quarter. The company’s total profits were $57 billion, and sales of all its products – except gaming GPUs – increased. Nvidia doesn’t expect its revenue growth to stop, so it models that its revenue will reach $65 billion in the fourth quarter of fiscal 2026, and the company expects sales of its Blackwell and Rubin GPU platforms to reach $0.5 trillion by the end of the 2026 calendar.
Nvidia’s GAAP revenue reached $57.006 billion, up 62% year-over-year and 22% quarter-over-quarter in the third quarter of fiscal 2026. The company’s net income reached $31.91 billion, up 65% from the third quarter of fiscal 2025, while gross margin was 73.4%, up 1% but down 1.2%. y/y.
Sales of data center equipment exceed $51 billion
Nvidia’s data center business delivered an impressive revenue of $51.215 billion in the third quarter of fiscal 2026, up 66% year-over-year and 25% sequentially. Within the segment, compute revenues – which include CPU and GPU sales – reached $43 billion as the Blackwell and Blackwell Ultra platforms were adopted by all major customers, including cloud hyperscalers, enterprise AI, sovereign AI projects and industrials. Network revenue was $8.2 billion, a remarkable 162% year-over-year growth as customers purchased more networking equipment as they switched from individual AI servers to rack-mounted solutions.
“Blackwell device sales are off the charts, and cloud GPUs are sold out,” said Jensen Huang, founder and CEO of Nvidia. “The demand for computation continues to accelerate and expand in training and inference – each of which is growing exponentially. We have entered an AI virtuous cycle. The AI ecosystem is scaling rapidly – with more new core modelers, more AI startups, in more industries and in more countries. AI is emerging everywhere, doing anything and everything at once.”
Gaming GPUs have reached their peak, while ProViz solutions set a modern record
Nvidia’s gaming segment generated $4.265 billion in the fiscal third quarter, up 30% year-over-year but down 1% sequentially, which was a surprise. Nvidia said channel inventories stabilized ahead of the holiday season, although GPUs are typically strongest in the third quarter, so it appears graphics card sales were impacted by other factors. Nevertheless, Nvidia’s fiscal 2025 third quarter of $4.265 billion is the company’s second-best quarter ever for consumer GPUs, suggesting that the market has peaked for the company at this time.
While sales of GeForce RTX graphics cards were so mighty in the second and third quarters that they could no longer grow, sales of professional visualization solutions rose to $760 million, up 56% year-over-year and 26% sequentially, setting an all-time record for Nvidia and likely the industry. The improvement was primarily driven by the launch and development of the DGX Spark AI workstation platform and increased demand for Blackwell platform-based professional GPUs used in CAD, CAM, DCC and various emerging imaginative workflows.
Nvidia’s automotive and robotics revenues reached $592 million in the third quarter of fiscal 2026, up 32% year-over-year and 1% sequentially, driven by the company’s continued adoption of autonomous platforms. This quarter, Nvidia announced that its Level 4-capable next-generation Drive AGX Hyperion 10 automotive platform has been adopted by major partners including Uber, so you can expect this segment to become even more crucial to the company in the future.
The OEM and Other segment posted revenue of $174 million in the third quarter, up 79% year-over-year and 1% sequentially.
Fourth quarter outlook: More money coming in
Nvidia expects another quarter of mighty growth, which is why it achieves revenue of $65 billion ±2% and a GAAP gross margin of 74.8%. These results will be primarily driven by continued adoption of the Blackwell and Blackwell Ultra platforms by various customers in the West. It’s worth noting that the company hasn’t mentioned anything about selling its AI GPUs to China, perhaps reflecting a feeling that that market has been largely lost for now.
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