| Non-GAAP | |||||||||||
| ($ in millions, except earnings
per share) | Q3 FY25 | Q2 FY25 | Q3 FY24 | Q/Q | Y/Y | ||||||
| Revenue | $ | 35,082 | $ | 30,040 | $ | 18,120 | Up 17% | Up 94% | |||
| Gross margin | 75.0 | % | 75.7 | % | 75.0 | % | Down 0.7 pts | -- | |||
| Operating expenses | $ | 3,046 | $ | 2,792 | $ | 2,026 | Up 9% | Up 50% | |||
| Operating income | $ | 23,276 | $ | 19,937 | $ | 11,557 | Up 17% | Up 101% | |||
| Net income | $ | 20,010 | $ | 16,952 | $ | 10,020 | Up 18% | Up 100% | |||
| Diluted earnings per share* | $ | 0.81 | $ | 0.68 | $ | 0.40 | Up 19% | Up 103% | |||
*All per share amounts presented herein have been retroactively adjusted to reflect the ten-for-one stock split, which was effective June 7, 2024.
Outlook
NVIDIA’s outlook for the fourth quarter of fiscal 2025 is as follows:
- Revenue is expected to be $37.5 billion, plus or minus 2%.
- GAAP and non-GAAP gross margins are expected to be 73.0% and 73.5%, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be approximately $4.8 billion and $3.4 billion, respectively.
- GAAP and non-GAAP other income and expense are expected to be an income of approximately $400 million, excluding gains and losses from non-affiliated investments and publicly-held equity securities.
- GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items.
