NVIDIA FY25 Q3 earnings report

01 Business performance and growth drivers

Data Center revenue was 30.80 B$, up 112% year over year. Data Center is a market-platform disclosure spanning GPUs, networking and other products.

Versus the preceding quarter, consolidated revenue changed by +5.042 B$ and operating profit by +3.227 B$; operating margin changed by +0.3 percentage points. Segment commentary explains the consolidated result. Sequential changes without controlling for acquisitions, seasonality and product transitions are not long-term growth rates.

02 Profit quality and margins

The release reports GAAP gross margin of 74.6% and non-GAAP margin of 75.0%. GAAP margin changed by -0.5 percentage points sequentially and +0.6 points year over year. Assess product mix, inventory and transition costs separately from sales scale.

Data Center rose 17% sequentially; management linked demand to pretraining, post-training and inference scaling.

On consolidated revenue of 35.082 B$, operating margin was 62.3% and net margin 55.0%. Net profit differed from operating profit by -2.560 B$, reflecting non-operating items, taxes and related effects. This difference cannot by itself be attributed to product demand or operating competitiveness.

03 Cash flow and financial capacity

Quarterly operating cash flow of 17.629 B$ less capital expenditure of 0.813 B$ gives common-basis FCF of 16.816 B$. Ending cash and cash equivalents were 9.107 B$, versus total liabilities of 30.114 B$. Liabilities are not equivalent to borrowings; cash excludes separately reported short-term investments.

Common-basis FCF was 47.9% of revenue. Both operating cash flow and capital expenditure refer to this quarter, not annual or trailing-twelve-month periods. Working-capital movements and non-cash adjustments mean operating cash flow need not equal net profit.

The site's company-defined FCF is 16.787 B$, 0.029 B$ below the common basis. NVIDIA additionally deducts financing-related principal payments and related items; keep the two definitions separate.

04 Management commentary and contemporaneous guidance

Management demand commentary is based on the official release. Platform revenue is part of consolidated results, not incremental revenue to add to the totals.

Next-quarter revenue guidance was 37.50 B$±2%; GAAP/non-GAAP gross-margin guidance was 73.0%/73.5%, each ±0.5 percentage points. These are contemporaneous forecasts, not subsequent actual results.

05 Risks and next checks

Assess Blackwell ramp alongside transition margins; distinguish demand from shipments and revenue recognition.

Quarterly results · CY-aligned view

CY denotes the calendar quarter with the greatest overlap with the fiscal period. If the first period has no start date, 89 days before its end is used only for calendar mapping. Financial values are not recalculated into calendar quarters. Incomplete years show totals of included quarters; cash, liabilities, borrowings and net cash use the last period-end balance. QoQ and YoY show absolute changes; margin changes are percentage points. Dashes indicate missing evidence or incomparable periods or definitions. Total liabilities never substitute for borrowings.

Definitions and evidence coverage

A dash means unavailable or undisclosed, not zero. Company-defined FCF may differ from total operating cash flow less common-basis CapEx. Total liabilities are accounting liabilities, not interest-bearing debt.

Management commentary summarizes the contemporaneous official earnings release; this report does not represent a full conference-call Q&A review.