Nvidia entered the quarter with the weight of an entire market narrative and came out with numbers that could prompt analysts to redraw all their models. The company reported revenue of $57 billion for the fiscal third quarter, well above Wall Street’s forecast of $55.4 billion. Earnings rose to $1.30 per share, beating the Street’s $1.26 range. And the growth rate did the rest; revenue increased 62% from last year and 22% from the previous quarter.
The center of gravity remained exactly where investors expected it. Nvidia’s data center business generated $51.2 billion, a 66% year-over-year increase and the clearest signal yet that hyperscalers’ spending is still dictating the shape of the company. This dominance could have pushed margins into more volatile territory, but they held up: Gross margin came in at 73.4% GAAP and 73.6% against GAAP.
The advice moved the story forward rather than sideways. Nvidia told investors that it expects revenue of $65 billion this quarter (fiscal 4Q 2026), with a margin profile approaching 75% on a non-GAAP basis. This forecast sits above the Street’s upper bound and suggests the company believes the current cycle has more room to run, even after stacking one historic quarter on top of another.
The rest of the financial lines moved in the same direction. Cash generation remained strong. Nvidia continued to return capital to shareholders. Inventories and long-term supply commitments increased as the company secured components for future production and sustained data center construction.
This quarter could reshape the conversation around the AI infrastructure boom. The results show that demand from larger buyers remains intense, Nvidia’s platform economics remain strong, and the inflection points anticipated by analysts have yet to materialize. The market’s center of gravity is shifting with results like these, and Nvidia’s numbers now set the line that everyone else must follow.
