NVIDIA said revenue for the third quarter of fiscal 2025 was $35.1 billion, up 94% from a year earlier and up 17% sequentially. Data Center compute revenue was $27.6 billion, and networking revenue was $3.1 billion.

10-QQuarterly reportFiled Nov 20, 2024Period of report Oct 27, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

NVIDIA said revenue for the third quarter of fiscal 2025 was $35.1 billion, up 94% from a year earlier and up 17% sequentially. Data Center compute revenue was $27.6 billion, and networking revenue was $3.1 billion.
The company said Blackwell production shipments are scheduled to begin in the fourth quarter of fiscal 2025 and to continue ramping into fiscal 2026. It also said both Hopper and Blackwell systems have supply constraints, and it expects Blackwell demand to exceed supply for several quarters in fiscal 2026.
The company said gross margin was 74.6% for Q3, up from 74.0% a year earlier, due to a higher mix of Data Center revenue. The net effect of inventory and excess inventory purchase obligation provisions of $865 million and provision releases of $106 million was an unfavorable impact of 2.2% on gross margin.
The company said it repurchased 92 million shares for $11.1 billion on Q3. It said the remaining repurchase authorization was $46.4 billion as of October 27, 2024. Cash, cash equivalents and marketable securities were $38.5 billion on the same date.

Key figures

Quarter ended October 27, 2024

Revenue: $35.1B
Operating income: $21.9B
Net income: $19.3B
EPS: $0.78
Gross profit: $26.2B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Quarterly Revenue of $35.1 billion, Data Center Compute $27.6 billion

NVIDIA said revenue for the third quarter of fiscal 2025 was $35.1 billion, up 94% from a year earlier and up 17% sequentially. Data Center compute revenue was $27.6 billion, and networking revenue was $3.1 billion.

Source · Based on the MD&A text of the filing

Blackwell Production Shipment Timing and Supply Constraints

The company said Blackwell production shipments are scheduled to begin in the fourth quarter of fiscal 2025 and to continue ramping into fiscal 2026. It also said both Hopper and Blackwell systems have supply constraints, and it expects Blackwell demand to exceed supply for several quarters in fiscal 2026.

Source · Based on the MD&A text of the filing

Gross Margin at 74.6% and Inventory Provision Impact

The company said gross margin was 74.6% for Q3, up from 74.0% a year earlier, due to a higher mix of Data Center revenue. The net effect of inventory and excess inventory purchase obligation provisions of $865 million and provision releases of $106 million was an unfavorable impact of 2.2% on gross margin.

Source · Based on the MD&A text of the filing

Share Repurchases of $11.1 billion and Remaining Authorization

The company said it repurchased 92 million shares for $11.1 billion on Q3. It said the remaining repurchase authorization was $46.4 billion as of October 27, 2024. Cash, cash equivalents and marketable securities were $38.5 billion on the same date.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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