Slide 1: Investor Presentation Q3 FY26
Investor Presentation Q3 FY26 November 2025
Slide 2: Forward-looking statements
Certain matters in this presentation including, but not limited to, statements as to: expectations with respect to growth, performance and benefits of NVIDIA’s products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand fo
Slide 3: Revenue
Revenue $ in billions Record sequential revenue growth of $10 billion $57.0B Three platform shifts – accelerated computing, powerful AI models, and agentic applications – on the path to $3 to $4 trillion in annual AI infrastructure build $35.1B Visibility into $0.5 trillion of Blackwell and Rubin re
Slide 4: Data Center
Data Center Revenue $ in billions Compute Networking $43.0B $8.2B $27.6B $3.1B Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Blackwell Ultra now our leading architecture Largest networking business in the world across all customer categories
Slide 5: Gross Margin
Gross Margin GAAP Non-GAAP 75.0% 74.6% 73.4% 73.6% Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Transitioning from offering Hopper HGX systems to Blackwell full-scale data center solutions Blackwell ramping with improved mix and cost structure
Slide 6: Operating Expenses
Operating Expenses $ in billions GAAP Non-GAAP $5.8B $4.2B $4.3B $3.0B Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Investing to address the multitude of growth opportunities ahead
Slide 7: Earnings per Share
Earnings per Share GAAP Non-GAAP $1.30 $1.30 $0.78 $0.81 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Top-line growth and operating leverage drives accelerating EPS
Slide 8: Summary Cash Flow Items
Summary Cash Flow Items $ in billions Free Cash Flow Capital Return Dividends Share Repurchases $22.1B $12.7B $11.2B $16.8B Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Investing for growth while returning capital to shareholders
Slide 9: GAAP P&L
GAAP P&L $ in billions, except EPS Q3 FY26 YoY % Q3 FY25 Revenue $57.0 62% $35.1 Gross Margin % 73.4% -120 bps 74.6% Operating Expenses $5.8 36% $4.3 Operating Income $36.0 65% $21.9 Net Income $31.9 65% $19.3 Diluted EPS $1.30 67% $0.78
Slide 10: Non-GAAP P&L
Non-GAAP P&L $ in billions, except EPS Q3 FY26 YoY % Q3 FY25 Revenue $57.0 62% $35.1 Gross Margin % 73.6% -140 bps 75.0% Operating Expenses $4.2 38% $3.0 Operating Income $37.8 62% $23.3 Net Income $31.8 59% $20.0 Diluted EPS $1.30 60% $0.81
Slide 11: Q4 FY26 Outlook – Non-GAAP
Q4 FY26 Outlook – Non-GAAP Q4 FY26 Revenue $65.0 billion + / - 2% Gross Margin % 75.0% + / - 50 bps Operating Expenses $5.0 billion Approximately Excl. gains / losses from non-marketable and Other Income and Expense $500 million publicly-held equity securities Tax Rate 17.0% Excl. discrete items
Slide 12: Reconciliation of Non-GAAP to GAAP Financial Measures
Reconciliation of Non-GAAP to GAAP Financial Measures
Slide 13: Reconciliation of Non-GAAP to GAAP Financial Measures
Reconciliation of Non-GAAP to GAAP Financial Measures Acquisition- Stock-Based Tax Impact of Q3 FY26 Non-GAAP Related and Other Other (C) GAAP Compensation (B) Adjustments Costs (A) Gross margin ($ in million) $41,967 (48) (70) — — $41,849 Gross margin % 73.6% (0.1) (0.1) — — 73.4% Operating expense
Slide 14: Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)
Reconciliation of Non-GAAP to GAAP Financial Measures (contd.) Acquisition- Stock-Based Tax Impact of Q3 FY25 Non-GAAP Related and Other Other (C) GAAP Compensation (B) Adjustments Costs (A) Gross margin ($ in million) $26,322 (116) (50) — — $26,156 Gross margin % 75.0% (0.3) (0.1) — — 74.6% Operati
Slide 15: Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)
Reconciliation of Non-GAAP to GAAP Financial Measures (contd.) ($ in Millions) Q4 FY26 Outlook Non-GAAP gross margin 75.0% Impact of stock-based compensation expense, acquisition-related costs, and other costs 0.2% GAAP gross margin 74.8% Non-GAAP operating expenses $5,000 Stock-based compensation e
Slide 16: Reconciliation of Non-GAAP to GAAP Financial Measures (contd.)
Reconciliation of Non-GAAP to GAAP Financial Measures (contd.) Purchases Related to Principal Payments on Property and Equipment Property and Equipment Net Cash Provided by ($ in Millions) Free Cash Flow and Intangible Assets and Intangible Assets Operating Activities Q3 FY 2025 $16,787 813 29 $17,6
Slide 17: NVIDIA
NVIDIA. |