NVDA CY3Q25: Data Center Demand Remains Robust; CY2026 EPS Estimated at $9.5

Nvidia will report FY3Q26 (CY3Q25) results on Nov 19 after market close. We expect the market to focus on these key items in the earnings call: 1) Near-term concerns regarding over-investment/CAPEX. 2) Further details on its $500B Data Center revenue forecast. 3) CY26 ramp schedule for Rubin. 4) Concerns on supply and power constraints. 5) B30 inventory impacts. We expect CY25/26 EPS to be $4.7/$9.5, supported by strong 2026 visibility and the ongoing Blackwell ramp.

NVDA Q3 Preview

• Q3 Financials: Revenue ~$57B (Data Center ~$51B), vs. guidance $54B. Non-GAAP GM ~73.8%.

• Q3 Datacenter:

  1. Q3 datacenter GPU rev is expected to be ~$42B as B300 and GB300 continue ramping in the quarter.

  2. We expect significant QoQ NVSwitch revenue growth, driven by the GB-series volume ramp. InfiniBand demand is also increasing. Overall lead times have extended from 8-12 weeks to 16-20 weeks. We estimate Q3 networking revenue at ~$8.4B.

NVDA Q4 Outlook

• Q4 Guidance: Official guidance $62-63B, vs. our estimate of $64-65B (DC $59B). GM expected to recover to ~74.8%, benefiting from the GB300 volume ramp.

  • Datacenter GPU: Est. Q4 shipments ~1.3m units (B300 mix >90%), mapping to Q4 DC GPU rev ~$50B.

  • Networking: Q4 expected to see continued QoQ growth, driven by GB-series volume ramp.

  • Market expectations for the Q4 guide are muted. Given Jensen’s prior GTC comments targeting $500B in revenue for CY25/26, further post-earnings upside will require NV to provide more detailed full-year 2026 revenue/margin guidance.

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