Filing Flows › Nutanix (NTNX) › Q3 FY26 › vs Q2 FY26
Nutanix (NTNX) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Nutanix's revenue fell $19.8M (-3%) from $723M in Q2 FY26 to $703M in Q3 FY26. The biggest changes: Subscription and Circulation −$25.7M (-4%); Professional Services +$6.0M (+19%). Gross margin 86.9% against 87.4% (-0.5 pts).
Nutanix, Q3 FY26: revenue $703M (+10% year over year), operating margin 10.0%, net earnings $72.1M, operating cash flow $208M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 86.9% | 87.4% | -0.5 pts |
| Operating margin | 10.0% | 11.6% | -1.6 pts |
| Net margin | 10.3% | 14.3% | -4.0 pts |
| Free cash flow margin | 28.0% | 26.5% | +1.6 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Subscriptionand Circulation Software Termbased Licenses | $342M | $370M | −$27.5M | -7% |
| Subscriptionand Circulation Software Entitlementand Support Subscription | $323M | $321M | $1.8M | +0.6% |
| Subscription and Circulation | $665M | $690M | −$25.7M | -4% |
| Professional Services | $38.3M | $32.3M | $6.0M | +19% |
| Revenue | $703M | $723M | −$19.8M | -3% |
| Gross profit | $611M | $632M | −$20.8M | -3% |
| Cost of revenue | $92.3M | $91.3M | $1.0M | +1% |
| Other income, net | $10.8M | $13.4M | −$2.6M | -19% |
| Operating profit | $70.5M | $84.1M | −$13.6M | -16% |
| Operating expenses | $540M | $547M | −$7.1M | -1% |
| Pre-tax earnings | $81.3M | $97.5M | −$16.2M | -17% |
| Research & development | $196M | $202M | −$6.2M | -3% |
| Sales & marketing | $284M | $278M | $6.1M | +2% |
| General & admin | $60.6M | $67.6M | −$7.0M | -10% |
| Net earnings | $72.1M | $103M | −$30.9M | -30% |
| Income tax | $9.2M | −$5.5M | $14.7M | — |
| Depreciation & amortization | $17.2M | $18.0M | −$889K | -5% |
| Share-based compensation | $82.8M | $103M | −$19.7M | -19% |
| Working capital & other | $35.4M | −$26.3M | $61.7M | — |
| Operating cash flow | $208M | $197M | $10.2M | +5% |
| Free cash flow (OCF − capex) | $197M | $191M | $5.8M | +3% |
| Capital expenditures | $10.3M | $5.9M | $4.4M | +74% |
Questions
How much did Nutanix's revenue grow quarter over quarter in Q3 FY26?
Nutanix's revenue fell $19.8M (-3%) from $723M in Q2 FY26 to $703M in Q3 FY26.
What drove Nutanix's revenue change in Q3 FY26?
Subscription and Circulation −$25.7M (-4%); Professional Services +$6.0M (+19%).