NVIDIA Q3 2025 Earnings Preview: What to Expect From Results

When is NVIDIA’s earnings date?

NVIDIA will report its third quarter earnings for 2025 (Q3 2025) on Wednesday the 20th of November 2024.

NVIDIA results Q3 2025 earnings preview, what does ‘The Street’ expect?

NVIDIA’s outlook for Q3 of fiscal 2025 is as follows:

• Revenue is expected to be $32.5 billion, plus or minus 2%.
• GAAP and non-GAAP gross margins are expected to be 74.4% and 75.0%, respectively, plus or minus 50 basis points. For the full year, gross margins are expected to be in the mid-70% range.
• GAAP and non-GAAP operating expenses are expected to be approximately $4.3 billion and $3.0 billion, respectively. Full-year operating expenses are expected to grow in the mid- to upper-40% range.
• GAAP and non-GAAP other income and expense are expected to be an income of approximately $350 million, excluding gains and losses from non-affiliated investments and publicly-held equity securities.
• GAAP and non-GAAP tax rates are expected to be 17%, plus or minus 1%, excluding any discrete items.

NVIDIA's performance has been dominated by its Data Center segment, which accounts for nearly 90% of total revenue (as of Q2 2025). This segment has been showing remarkable growth, which is expected to continue for the next few years.

The long-term outlook suggests an eventual downcycle in the artificial intelligence (AI) semiconductor market. This moderation is expected due to several factors: market saturation of initial infrastructure demands, increasing competition from new entrants in the AI chip market, and the cyclical nature of the semiconductor industry.

NVIDIA's other segments have shown modest but stable growth. The Gaming segment reported 16% year-over-year (YoY) growth in Q2 2025, while the Professional Visualization segment grew by 20%. Both segments are expected to maintain similar growth rates in Q3, though they remain overshadowed by the dominant Data Center segment's performance.

How to trade the NVIDIA results

Based on 42 Wall Street analysts offering 12 month price targets for NVIDIA in the last 3 months. The average price target is US$158.34 with a high forecast of US$200.00 and a low forecast of US$90.00. The average price target represents a 6.78% change from the last price of US$148.29.

75% of IG clients with open positions on NVIDIA (as of the 14th of November 2024) expect the share price to rise in the near term, while 25% of IG clients with open positions on the company expect the price to fall.

NVIDIA results: technical analysis

Long term trend for NVIDIA remains up. In the short to medium term we have seen continuation of this trend commencing with a breakout from a triangle shaped consolidation. The height of the pattern projected from the breakout area suggests a longer term upside target of 171.70.

The share price is, however, overbought at present. This suggests that traders looking to join the uptrend might prefer to wait for the first pullback from new high territory to look for long entry provide a pullback (should it occur) does not take the price below trend line support.