NVIDIA reported a standout QQ3 2025, with USD 35.08 billion in revenue, up 34.7% year-over-year and flat to the prior quarter. The performance reflects sustained AI compute demand across data centers and HPC, underpinned by robust gross margins and an outsized free cash flow profile. The company generated USD 19.31 billion in net income and USD 7.76 on a diluted earnings-per-share basis, supported by a heavily cash-generative operating model and a large cash-and-equivalents position. Gross margin was a premium 74.56%, driving an EBITDA margin of 65.15% and an operating margin of 62.34%, while the company delivered USD 16.81 billion in free cash flow on revenue of USD 35.08 billion. NVIDIA’s balance sheet remains exceptionally liquid, with USD 38.49 billion of cash and short-term investments and a net cash position near USD 1.12 billion, enabling aggressive capital allocation, including USD 10.997 billion of share repurchases during the quarter and USD 0.245 billion in dividends. The quarterly cadence shows a modest capex footprint (USD 0.813 billion) against a USD Incidentally, the quarter confirms NVIDIA’s unique leverage to a multi-year AI compute cycle. Management commentary (where available) emphasized durable AI adoption across hyperscale customers and enterprises, ongoing platform expansion, and the importance of software-enabled AI ecosystems. Looking forward, the core thesis rests on continued data center AI demand, with risks centered on potential shifts in AI spending momentum, competitive dynamics, and macroeconomic headwinds. Investors should monitor data center revenue contribution, GPU supply/demand dynamics, and the ongoing capital-return program.