Nvidia sales grow 78% on AI demand, company gives strong guidance
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Nvidia reported fourth-quarter earnings after the bell on Wednesday that beat Wall Street expectations. The company also provided strong guidance for the current quarter.
The company’s report and guidance signals that the chipmaker is confident it will be able to continue its historic run of growth driven by artificial intelligence well into 2025. Shares were flat in extended trading.
Here’s how the company did, compared with estimates from analysts polled by LSEG:
Nvidia said it expected about $43 billion in first-quarter revenue, plus or minus 2%, versus $41.78 billion expected per LSEG estimates. The first-quarter forecast implies year-to-year growth of about 65% from a year earlier, a slowdown from 262% annual growth in the same period a year prior.
Chief Financial Officer Colette Kress said the company expects “a significant ramp” of sales of Blackwell, its next-generation AI chip, in the first quarter.
Net income during the quarter rose to $22.09 billion, or 89 cents per diluted share, versus $12.29 billion, or 49 cents per share, in the year-ago period.
Nvidia reported a 73% gross margin in the quarter, which was down three points on an annual basis. The company said the decline in gross margin was due to newer data center products that were more complicated and expensive.
Revenue continues to surge at Nvidia as the company rides the AI boom with its data center graphics processing units, or GPUs, which comprise the vast majority of the market for AI accelerators. Nvidia’s revenue in the quarter rose 78%, and full fiscal-year revenue for Nvidia rose 114% to $130.5 billion.
However, Nvidia’s growth is slowing as the company becomes larger. During the fourth-quarter of fiscal 2024, Nvidia sales more than tripled.
Much of the focus this calendar year is on how quickly the company can ship its next-generation AI processors, called Blackwell.
Nvidia said it had $11 billion in Blackwell revenue during the fourth quarter. Nvidia CEO Jensen Huang said demand for Blackwell is “amazing” in a statement, and Kress called it “the fastest product ramp in our company’s history.”
“Blackwell sales were led by large cloud service providers which represented approximately 50% of our Data Center revenue,” Kress said in a statement.
Blackwell sales, as well as sales of the previous generation Hopper AI chips, are reported in the company’s data center business. That unit now represents 91% of the company’s total sales, up from 83% a year ago and 60% in the same period of 2023. In total, data center revenue has increased about tenfold over the past two years.
Nvidia said it had $35.6 billion in data center revenue in the fourth quarter, which was up 93% on an annual basis. That also surpassed StreetAccount expectations of $33.65 billion.
Nvidia officials told investors that while its chips were previously used to develop, or train, artificial intelligence, its new chips such as Blackwell would be used to deliver AI software, a process often called inference.
Kress also addressed investor concerns that efficient models such as DeepSeek’s R1 may limit the need for additional Nvidia chips. New ways of running AI models that ask the AI to generate additional information to “think” through responses could require as much as 100 times the amount of Nvidia chips, she said.
“Long-thinking, reasoning AI can require 100 times more compute per task compared to one shot inferences,” Kress said.
“The vast majority of our compute today is actually inference,” Huang told investors. He said next-generation AI algorithms could even need millions of times the current amount of computing capacity.
Huang also addressed questions about whether Nvidia’s business could be threatened by custom chips being developed by technology companies such as Amazon, Microsoft and Google.
“Just because the chip is designed doesn’t mean it gets deployed,” Huang said.
The company’s data center business this quarter also included $3 billion in sales for the company’s networking parts, which are used to connect hundreds of thousands of GPUs together. However, while Nvidia had signaled that networking was a growth opportunity for the company, networking sales were down 9% from a year ago.
The company’s gaming business, which includes graphics processors for playing 3D games, reported $2.5 billion in sales versus StreetAccount expectations of $3.04 billion. Nvidia’s graphics sales actually declined 11% on an annual basis. The company announced new graphics cards for consumers during the quarter that share the same Blackwell architecture as the company’s AI chips.
One of the company’s growth categories is its business selling chips for cars and robots. Nvidia said on Wednesday that it had $570 million in automotive sales during the quarter, which is a small fraction of the company’s AI business, but which represents a 103% rise on a year-over-year basis.
Nvidia said it spent $33.7 billion on share repurchases in its fiscal 2025.
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Stocks closed mixed to end another volatile trading session after President Trump spoke about his tariff plans at a cabinet meeting Wednesday afternoon and investors also braced for Nvidia’s (NVDA) after-the-bell earnings, which beat on both the top and bottom lines.
The Nasdaq Composite (^IXIC) pared gains to finish the day up around 0.3%. The tech-heavy index had risen as much as 1% earlier in the session after consecutive sharp losses for the index. The benchmark S&P 500 (^GSPC) closed just above the flatline, while the Dow Jones Industrial Average (^DJI) fell roughly 0.4%.
Bitcoin (BTC-USD), which has been retreating from its post-election highs and trading at its lowest levels since November, also took a leg lower on Wednesday, losing over 4% to drop below $85,000.
Shortly after the market close, Nvidia reported Q4 earnings per share (EPS) of $0.89 on revenue of $39.3 billion. Analysts had anticipated EPS of $0.84 on revenue of $38.25 billion. Shares rose around 4% in after-hours trading.
Data center revenue beat expectations of $34.09 billion to hit $35.6 billion in the quarter. The company also issued better-than-expected guidance for the current quarter, anticipating revenue of $43 billion, plus or minus 2%.
The $3.2 trillion chipmaker entered Wednesday’s report with shares down over 2% since the start of the year.
Earlier in the day, President Trump said tariffs against the EU would include 25% on autos among other goods, while levies against Mexico and Canada will go into effect on April 2.
Investors are looking to Nvidia’s quarterly results due after the bell to potentially lift stocks more broadly, given the AI bellwether’s history of bullish reactions to earnings.
But Nvidia’s stock has lagged the S&P 500 so far this year, and the chipmaker’s prospects face headwinds from Trump’s tariff threats and export controls. Its shares closed nearly 4% higher after sliding 2.8% on Tuesday.
I have an interview with Salesforce (CRM) CEO Marc Benioff this evening — that will air around 7:00 p.m. ET on our homepage. But I just caught up with their finance lead on this full-year EPS guidance miss.
Their person tells me it reflects ongoing currency unfavorability, mostly. No change in demand backdrop.
Salesforce shares are coming back after an initial downdraft.
Yahoo Finance’s Laura Bratton reports:
Nvidia (NVDA) said Wednesday that its latest Blackwell AI chips have reached full-scale production, generating $11 billion in revenue during its fourth quarter.
“We delivered $11.0 billion of Blackwell architecture revenue in the fourth quarter of fiscal 2025, the fastest product ramp in our company’s history,” said Nvidia CFO Colette Kress in comments released with the chipmaker’s earnings results Wednesday after the bell.
“Blackwell sales were led by large cloud service providers which represented approximately 50% of our Data Center revenue.”‘
CEO Jensen Huang said in a separate statement: “We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter.”
The commentary dispelled fears of further Blackwell delays. Production of massive server racks using the latest AI chips had been pushed back amid reports of overheating issues and glitches, which reportedly prompted Nvidia’s top customers — Microsoft (MSFT), Amazon (AMZN), Google (GOOG), and Meta (META) — to cut orders of Blackwell products. Those four customers alone purchased an estimated $44 billion worth of Nvidia GPUs in the 2024 calendar year, according to a DA Davidson analysis.
Read more here.
Nvidia (NVDA) stock rose after the AI chipmaker reported Q4 earnings that beat on both the top and bottom lines.
The company reported earnings per share (EPS) of $0.89 on revenue of $39.3 billion. Analysts had anticipated EPS of $0.84 on revenue of $38.25 billion. Shares rose around 4% in after-hours trading.
Data center revenue beat expectations of $34.09 billion to hit $35.6 billion in the quarter. The company also issued better-than-expected guidance for the current quarter, anticipating revenue of $43 billion, plus or minus 2%.
The $3.2 trillion chipmaker entered Wednesday’s report with shares down over 2% since the start of the year.
Stocks closed mixed to end another volatile trading day as investors await Nvidia’s (NVDA) crucial earnings report due out after the bell.
The Nasdaq Composite (^IXIC) pared gains to finish the day up around 0.3%. The benchmark S&P 500 (^GSPC) closed just above the flatline, while the Dow Jones Industrial Average (^DJI) fell roughly 0.4%.
Notably, bitcoin prices took another leg lower, losing over 4% on Wednesday to drop below $85,000.
Tech stocks pared gains on Wednesday afternoon after President Trump referenced tariffs against the European Union during a Cabinet meeting.
All eyes were on Nvidia (NVDA) which will report earnings after the bell. Shares of the AI chip giant traded just 2% higher after rising as much as 5% earlier in the session.
EV maker Tesla (TSLA) dropped as much as 3% to hit a session low. Alphabet (GOOGL, GOOG) fell more than 1.5% while iPhone maker Apple (AAPL) also dropped 3% to hit a session low.
On Wednesday afternoon, President Trump said tariffs against the EU would amount to 25%, mentioning specifically auto imports, though more details are expected to come out soon.
The major gauges lost momentum Wednesday afternoon as President Trump said he was working on imposing new tariffs on imports from the EU.
In a Cabinet meeting Wednesday Trump said the tariffs would amount to 25% and would be announced soon. The president said the levies would be applied generally and specifically mentioned car imports.
The tech-heavy Nasdaq Composite (^IXIC) slipped just under the flat line, reversing earlier gains, and was on track to add to two back-to-back losing sessions. The benchmark S&P 500 (^GSPC) lost around 0.2%, while the Dow Jones Industrial Average (^DJI) gave up 0.6%.
AppLovin was a top trending ticker on Yahoo Finance after two short sellers targeted the stock, sending shares down as much as 20% before they recouped some of those losses by mid-afternoon trade.
The short-selling firms Culper Research and Fuzzy Panda Research each published bearish reports regarding the mobile tech company, which had been on a hot streak to kick off the year.
Prior to Wednesday’s steep sell-off, shares had been up over 20% year to date. The initial declines shaved off approximately $32 billion from its market cap.
Wall Street analysts remain bullish on the stock with 21 Buy ratings, 6 Holds, and no Sells, according to Bloomberg data.
Nvidia (NVDA) is set to report earnings after the bell with a lot riding on the results of the AI chipmaker.
Nvidia stock has struggled since the start of the year, but shares rose around 5% in Wednesday afternoon trading.
Yahoo Finance’s Laura Bratton has you covered with what to expect:
The AI chipmaker’s earnings results are a major test for the AI trade as investors closely watch whether Big Tech is maintaining its torrid pace of spending on artificial intelligence infrastructure, including investments in Nvidia’s $40,000 GPUs (graphics processing units). Microsoft (MSFT), Amazon (AMZN), Google (GOOG), and Meta (META) together purchased an estimated $44 billion worth of Nvidia GPUs in the 2024 calendar year, according to a DA Davidson analysis.
Wall Street once again has high expectations: Analysts expect revenue to rise 73% to $38.2 billion and earnings per share to jump 63% to $0.84 for the quarter.
Analysts maintain bullish outlooks on Nvidia stock ahead of the company’s earnings results. Of the 60 analysts tracked by Yahoo Finance, 56 have Buy ratings on the stock and, on average, see shares rising to $171.64 over the next 12 months.
Read more here.
Tech staged a recovery on Wednesday after back-to-back session declines, with Nvidia (NVDA) up over 4% ahead of its earnings and Meta (META) rising over 3%. Amazon (AMZN) and Microsoft (MSFT) also increased by more than 1%.
Bitcoin (BTC-USD) prices rose a modest 1% to trade around $87,500 after the cryptocurrency suffered its biggest one-day percentage drop in nearly seven months on Tuesday.
Meanwhile, yields on the 10-year Treasury held steady at some of its lowest levels of the year at around 4.3%.
Housing activity for new residential construction started the year lower as high mortgages pushed buyers to the sidelines.
Sales of new homes slumped 10.5% in January to a seasonally adjusted rate of 657,000 units, down from December’s revised rate of 734,000, according to Census Bureau data released on Wednesday. That was much lower than Bloomberg consensus expectations for a pace of 680,000.
Some house hunters have resisted purchasing due to expensive borrowing costs. Mortgage rates topped 7% in January and remain within the same range.
High homeownership costs have influenced builders to sweeten the deal for budget-conscious house hunters.
PulteGroup (PHM) CEO Ryan Marshall told investors and analysts on their fourth quarter earnings call in late January that “affordability is probably the one headwind that’s out there, but I continue to think that the economy will figure out ways to solve for that.”
Still, would-be buyers are dealing with high home prices. The median sales price of new homes rose to $446,300 from $427,000 in January.
Yahoo Finance’s Pras Subramanian reports:
General Motors (GM) shareholders received what they wanted only a few weeks back when the automaker posted Q4 results — cash.
GM announced on Wednesday that it was upping its quarterly dividend by $0.03 to $0.15 a share, its first hike since 2023. In addition, the company announced a new $6 billion “share repurchase authorization,” with $2 billion of that happening relatively soon in the form of a new accelerated share repurchase (ASR) program.
GM stock was up over 7% in early trade.
“The GM team’s execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,” GM CEO and chair Mary Barra said in a statement.
Last year GM issued a share buyback plan to repurchase up to $6 billion of its outstanding common shares. This was in addition to the $10 billion accelerated share repurchase (ASR) program it introduced at the end of last year, which coincided with a plan to increase its dividend by 33% beginning last January.
Read more here.
Tech stocks led the broader markets higher on Wednesday as investors awaited Nvidia’s (NVDA) crucial earnings report, due after the bell.
The tech-heavy Nasdaq Composite (^IXIC) rose around 0.4%, looking to make a comeback after two back-to-back losing sessions. The benchmark S&P 500 (^GSPC) added around 0.3%, while the Dow Jones Industrial Average (^DJI) inched up roughly 0.1%.
Some of the recent sell-offs in formerly high-flying names have been quite pronounced, Yahoo Finance’s Brian Sozzi writes.
Highly valued “Magnificent Seven” names, with the exception of Apple (AAPL) and Meta (META), are off their 52-week highs by 19.5% on average, according to data crunched by Yahoo Finance. Crypto names have also suffered recently, despite the perception that the Trump administration will be favorable to the industry.
Here are 10 assets that are more than 10% off their 52-week highs:
Amazon (AMZN): down 12
Alphabet (GOOG): down 15%
Microsoft (MSFT): down 15%
Nvidia (NVDA): down 17%
Tesla (TSLA): down 38%
Coinbase (COIN): down 40%
Strategy (MSTR): down 54%.
Bitcoin (BTC-USD): down 19%
Ethereum (ETH-USD): down 40%
Dogecoin (DOGE-USD): down 57%
Read more here.
Investors are eagerly awaiting Nvidia’s quarterly results to see if the AI giant’s earnings point to continuing euphoria or market discomfort. However, as Yahoo Finance’s Jared Blikre writes, the initial reaction to Nvidia’s results may not indicate the full picture of AI trends to come.
Nvidia has a storied history of bullish reactions following earnings, but the results are unsurprisingly volatile. Yahoo Finance analyzed stock price movement after all 103 earnings results for holding periods of one day, one week, one month, one quarter, and one year.
Over the last 10 years (40 reports), buying Nvidia stock just before the earnings announcement has yielded a median return of 3% to 4% on the one-day, one-week, and one-month time frames. Holding for three months has yielded nearly 18%.
But the most substantial gains have been recognized by the longer-term holders, who have seen their holdings more than double (112%) over the following year. No surprises here.
Read more here or sign up for the Morning Brief newsletter here.
The start of 2025 appears to be heading in the right direction for home improvement retailer, Lowe’s (LOW), which beat Wall Street estimates for its Q4 earnings report, released on Wednesday.
Lowe’s stock was up 4% in premarket trading today.
Yahoo Finance’s Brooke DiPalma reports:
Same-store sales increased 0.2%, turning positive for the first time in roughly two years. High-single-digit sales growth in its pro business and online segments, strong holiday performance, and “rebuilding efforts in the wake of recent hurricanes” boosted overall sales, the release said. Though sales gains were “partially offset by continued near-term pressure in DIY discretionary spending,” the company said.
Lowe’s chairman and CEO Marvin Ellison said the team remains “confident in the long-term strength of the home improvement industry.” He added that “we are equally confident in our strategy to capitalize on the expected recovery.”
For the full 2025 fiscal year, the company expects total sales to be between $83.5 billion and $84.5 billion. Same-store sales are expected to be flat to up 1% compared to a year ago.
Read more here.
Treasury yields are ticking higher as investors assess the chance of Trump’s deep tax cuts actually becoming reality following a successful House vote.
The Republican-controlled chamber voted narrowly late Tuesday to send the president’s tax-cut and border security plans to the Senate, keeping his pledges alive.
The 217-214 vote in favor came after hours of lobbying holdouts by House Speaker Mike Johnson and colleagues. But the measure is just a preliminary step toward delivering on the $4.5 trillion plan for tax cuts.
Yahoo Finance’s Ben Werschkul reports on the challenges facing Trump:
House Republicans have taken the first step to keeping Donald Trump’s push for “one big beautiful bill” alive this week with a budget resolution that will set the parameters of any deal.
But the challenge remains of making space for even a sliver of Trump’s 17 different tax cut ideas.
Even the smallest estimates of Trump’s varied tax promises put the tab at about $10 billion. The higher-side projections amount to much more: almost $18 trillion in new red ink over the coming decade.
Meanwhile, Johnson and his colleagues are putting aside space for, at most, $4.5 trillion for tax cuts as part of an overall bill that would be paired with about $1.5 trillion in spending cuts.
Read more here.
Super Micro shares were setting up to stage a roaring comeback on Wednesday after a rough patch that saw the server maker delay making SEC filings and face accusations of improper accounting.
Yahoo Finance’s Laura Bratton reports:
Super Micro (SMCI) rose over 25% in premarket trading on Wednesday after the company met a deadline from the Nasdaq to submit delayed regulatory filings in order to avoid delisting.
After the close on Tuesday, Super Micro filed updated quarterly reports for its fiscal year ended June 30, 2024, as well as quarters ended Sept. 30, 2024 and Dec. 31, 2024.
The company delayed submitting its quarterly and annual filings to the US Securities and Exchange Commission after a report from short seller Hindenburg Research last August accused Super Micro of accounting manipulations.
The allegations sent Super Micro stock tumbling as the company faced an investigation from the Department of Justice, its accountant resigned, and its delayed SEC filings put the server maker at risk of being delisted by the Nasdaq.
Read more here.
Economic data: MBA Mortgage Applications (week ending Feb. 21); New home sales (January); Building permits (January final)
Earnings: Nvidia (NVDA), Anheuser-Busch InBev (BUD), Advance Auto Parts (AAP), C3.ai (AI), Clear Secure (YOU), Lowe’s (LOW), Marathon Digital Holdings (MARA), NRG Energy (NRG), Salesforce (CRM), Snowflake (SNOW), Stellantis (STLA)
Here are some of the biggest stories you may have missed overnight and early this morning:
Wall Street braces for Nvidia earnings
Meta in talks to build $200 billion AI data center: Report
Nvidia’s post-earnings stock move may not reflect the big picture
Trump’s economic pick is under pressure over stance on the Fed
Super Micro rockets 25% after Nasdaq delisting deadline is met
Big bets on bond rally reflect worries about economic slowdown
DOE pulls application form for key student loan repayment plans
Copper futures (HG=F) prices leapt 4.5% on markets opening after President Donald Trump signed an executive order to investigate the impact of duties on all forms of Copper import.
Bloombergs reports:
The move was the latest in a string of steps aimed at imposing sector-specific levies to protect US producers and remake global supply chains. Copper markets have already seen major dislocations this year as traders bet on tariffs opening a gap between prices in America and the rest of the world.
Copper futures traded on the Comex in New York rose as much as 4.9%. Shares of US-traded copper miners also climbed on the news, with Freeport-McMoRan Inc. jumping more than 6% in after-market trading, compared with Tuesday’s settlement.
The investigation will be carried out under Section 232 of the Trade Expansion Act, which gives the president broad authority to impose restrictions on national security grounds. In a social media post, Trump wrote that the “Great American Copper Industry has been decimated by global actors attacking out domestic production”.
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In This Article:
Just off the phone with the Salesforce team
Nvidia sells $11 billion of next-gen Blackwell AI chips
Nvidia rises as earnings top estimates
Stocks close mixed ahead of Nvidia results
Tech stocks pare gains as investors prepare for Nvidia earnings
Stocks lose momentum as Trump threatens new tariffs on EU
AppLovin shares tumble on short seller reports
Nvidia set to report earnings after the bell. Here’s what to expect.
Tech stages comeback, bitcoin rises
New home sales slump in January amid elevated mortgage rates
General Motors stock pops on news of $6B share buyback, dividend boost
Opening bell: Tech leads broader markets higher
10 assets more than 10% off their 52-week highs
Nvidia’s post-earnings reactions don’t always align with the big picture
Lowe’s reports Q4 earnings beat, same-store sales growth turns positive for the first time in two years
Trump’s $4.5 trillion tax-cut plan in focus after House vote
Super Micro stock skyrockets after filing deadline is met
Good morning. Here’s what’s happening today.
Copper soars in the US as Trump signals potential new tariffs
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NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2025
NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 26, 2025, of $39.3 billion, up 12% from the previous quarter and up 78% from a year ago.
For the quarter, GAAP earnings per diluted share was $0.89, up 14% from the previous quarter and up 82% from a year ago. Non-GAAP earnings per diluted share was $0.89, up 10% from the previous quarter and up 71% from a year ago.
For fiscal 2025, revenue was $130.5 billion, up 114% from a year ago. GAAP earnings per diluted share was $2.94, up 147% from a year ago. Non-GAAP earnings per diluted share was $2.99, up 130% from a year ago.
“Demand for Blackwell is amazing as reasoning AI adds another scaling law — increasing compute for training makes models smarter and increasing compute for long thinking makes the answer smarter,” said Jensen Huang, founder and CEO of NVIDIA.
“We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter. AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”
NVIDIA will pay its next quarterly cash dividend of $0.01 per share on April 2, 2025, to all shareholders of record on March 12, 2025.
Q4 Fiscal 2025 Summary
Fiscal 2025 Summary
*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 first quarter of fiscal 2026 is as follows:
Highlights
NVIDIA achieved progress since its previous earnings announcement in these areas:
Data Center
Gaming and AI PC
Professional Visualization
Automotive and Robotics
CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.
Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2025 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2026.
Non-GAAP Measures
To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.
About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.
Certain statements in this press release including, but not limited to, statements as to: AI advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the first quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
© 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce RTX, NVIDIA Cosmos, NVIDIA Spectrum-X, NVIDIA DGX, NVIDIA DRIVE, NVIDIA DRIVE AGX Orin, NVIDIA Grace, NVIDIA Jetson Orin Nano, NVIDIA NIM and NVIDIA Omniverse are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.
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| GAAP | |||||
| ($ in millions, except earnings per share) |
Q4 FY25 | Q3 FY25 | Q4 FY24 | Q/Q | Y/Y |
| Revenue | $39,331 | $35,082 | $22,103 | Up 12% | Up 78% |
| Gross margin | 73.0% | 74.6% | 76.0% | Down 1.6 pts | Down 3.0 pts |
| Operating expenses | $4,689 | $4,287 | $3,176 | Up 9% | Up 48% |
| Operating income | $24,034 | $21,869 | $13,615 | Up 10% | Up 77% |
| Net income | $22,091 | $19,309 | $12,285 | Up 14% | Up 80% |
| Diluted earnings per share* | $0.89 | $0.78 | $0.49 | Up 14% | Up 82% |
| Non-GAAP | |||||
| ($ in millions, except earnings per share) |
Q4 FY25 | Q3 FY25 | Q4 FY24 | Q/Q | Y/Y |
| Revenue | $39,331 | $35,082 | $22,103 | Up 12% | Up 78% |
| Gross margin | 73.5% | 75.0% | 76.7% | Down 1.5 pts | Down 3.2 pts |
| Operating expenses | $3,378 | $3,046 | $2,210 | Up 11% | Up 53% |
| Operating income | $25,516 | $23,276 | $14,749 | Up 10% | Up 73% |
| Net income | $22,066 | $20,010 | $12,839 | Up 10% | Up 72% |
| Diluted earnings per share* | $0.89 | $0.81 | $0.52 | Up 10% | Up 71% |
| GAAP | |||
| ($ in millions, except earnings per share) |
FY25 | FY24 | Y/Y |
| Revenue | $130,497 | $60,922 | Up 114% |
| Gross margin | 75.0% | 72.7% | Up 2.3 pts |
| Operating expenses | $16,405 | $11,329 | Up 45% |
| Operating income | $81,453 | $32,972 | Up 147% |
| Net income | $72,880 | $29,760 | Up 145% |
| Diluted earnings per share* | $2.94 | $1.19 | Up 147% |
| Non-GAAP | |||
| ($ in millions, except earnings per share) |
FY25 | FY24 | Y/Y |
| Revenue | $130,497 | $60,922 | Up 114% |
| Gross margin | 75.5% | 73.8% | Up 1.7 pts |
| Operating expenses | $11,716 | $7,825 | Up 50% |
| Operating income | $86,789 | $37,134 | Up 134% |
| Net income | $74,265 | $32,312 | Up 130% |
| Diluted earnings per share* | $2.99 | $1.30 | Up 130% |
| NVIDIA CORPORATION | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| January 26, | January 28, | January 26, | January 28, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Revenue | $ | 39,331 | $ | 22,103 | $ | 130,497 | $ | 60,922 | |||||||||
| Cost of revenue | 10,608 | 5,312 | 32,639 | 16,621 | |||||||||||||
| Gross profit | 28,723 | 16,791 | 97,858 | 44,301 | |||||||||||||
| Operating expenses | |||||||||||||||||
| Research and development | 3,714 | 2,465 | 12,914 | 8,675 | |||||||||||||
| Sales, general and administrative | 975 | 711 | 3,491 | 2,654 | |||||||||||||
| Total operating expenses | 4,689 | 3,176 | 16,405 | 11,329 | |||||||||||||
| Operating income | 24,034 | 13,615 | 81,453 | 32,972 | |||||||||||||
| Interest income | 511 | 294 | 1,786 | 866 | |||||||||||||
| Interest expense | (61 | ) | (63 | ) | (247 | ) | (257 | ) | |||||||||
| Other, net | 733 | 260 | 1,034 | 237 | |||||||||||||
| Other income (expense), net | 1,183 | 491 | 2,573 | 846 | |||||||||||||
| Income before income tax | 25,217 | 14,106 | 84,026 | 33,818 | |||||||||||||
| Income tax expense | 3,126 | 1,821 | 11,146 | 4,058 | |||||||||||||
| Net income | $ | 22,091 | $ | 12,285 | $ | 72,880 | $ | 29,760 | |||||||||
| Net income per share: | |||||||||||||||||
| Basic | $ | 0.90 | $ | 0.51 | $ | 2.97 | $ | 1.21 | |||||||||
| Diluted | $ | 0.89 | $ | 0.49 | $ | 2.94 | $ | 1.19 | |||||||||
| Weighted average shares used in per share computation: | |||||||||||||||||
| Basic | 24,489 | 24,660 | 24,555 | 24,690 | |||||||||||||
| Diluted | 24,706 | 24,900 | 24,804 | 24,940 | |||||||||||||
| NVIDIA CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In millions) | ||||||||
| (Unaudited) | ||||||||
| January 26, | January 28, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and marketable securities | $ | 43,210 | $ | 25,984 | ||||
| Accounts receivable, net | 23,065 | 9,999 | ||||||
| Inventories | 10,080 | 5,282 | ||||||
| Prepaid expenses and other current assets | 3,771 | 3,080 | ||||||
| Total current assets | 80,126 | 44,345 | ||||||
| Property and equipment, net | 6,283 | 3,914 | ||||||
| Operating lease assets | 1,793 | 1,346 | ||||||
| Goodwill | 5,188 | 4,430 | ||||||
| Intangible assets, net | 807 | 1,112 | ||||||
| Deferred income tax assets | 10,979 | 6,081 | ||||||
| Other assets | 6,425 | 4,500 | ||||||
| Total assets | $ | 111,601 | $ | 65,728 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 6,310 | $ | 2,699 | ||||
| Accrued and other current liabilities | 11,737 | 6,682 | ||||||
| Short-term debt | – | 1,250 | ||||||
| Total current liabilities | 18,047 | 10,631 | ||||||
| Long-term debt | 8,463 | 8,459 | ||||||
| Long-term operating lease liabilities | 1,519 | 1,119 | ||||||
| Other long-term liabilities | 4,245 | 2,541 | ||||||
| Total liabilities | 32,274 | 22,750 | ||||||
| Shareholders’ equity | 79,327 | 42,978 | ||||||
| Total liabilities and shareholders’ equity | $ | 111,601 | $ | 65,728 | ||||
| NVIDIA CORPORATION | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
| (In millions) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| January 26, | January 28, | January 26, | January 28, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income | $ | 22,091 | $ | 12,285 | $ | 72,880 | $ | 29,760 | |||||||||
| Adjustments to reconcile net income to net cash | |||||||||||||||||
| provided by operating activities: | |||||||||||||||||
| Stock-based compensation expense | 1,321 | 993 | 4,737 | 3,549 | |||||||||||||
| Depreciation and amortization | 543 | 387 | 1,864 | 1,508 | |||||||||||||
| Deferred income taxes | (598 | ) | (78 | ) | (4,477 | ) | (2,489 | ) | |||||||||
| Gains on non-marketable equity securities and publicly-held equity securities, net | (727 | ) | (260 | ) | (1,030 | ) | (238 | ) | |||||||||
| Other | (138 | ) | (109 | ) | (502 | ) | (278 | ) | |||||||||
| Changes in operating assets and liabilities, net of acquisitions: | |||||||||||||||||
| Accounts receivable | (5,370 | ) | (1,690 | ) | (13,063 | ) | (6,172 | ) | |||||||||
| Inventories | (2,424 | ) | (503 | ) | (4,781 | ) | (98 | ) | |||||||||
| Prepaid expenses and other assets | 331 | (1,184 | ) | (395 | ) | (1,522 | ) | ||||||||||
| Accounts payable | 867 | 281 | 3,357 | 1,531 | |||||||||||||
| Accrued and other current liabilities | 360 | 1,072 | 4,278 | 2,025 | |||||||||||||
| Other long-term liabilities | 372 | 305 | 1,221 | 514 | |||||||||||||
| Net cash provided by operating activities | 16,628 | 11,499 | 64,089 | 28,090 | |||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Proceeds from maturities of marketable securities | 1,710 | 1,731 | 11,195 | 9,732 | |||||||||||||
| Proceeds from sales of marketable securities | 177 | 50 | 495 | 50 | |||||||||||||
| Proceeds from sales of non-marketable equity securities | – | – | 171 | 1 | |||||||||||||
| Purchases of marketable securities | (7,010 | ) | (7,524 | ) | (26,575 | ) | (18,211 | ) | |||||||||
| Purchase related to property and equipment and intangible assets | (1,077 | ) | (253 | ) | (3,236 | ) | (1,069 | ) | |||||||||
| Purchases of non-marketable equity securities | (478 | ) | (113 | ) | (1,486 | ) | (862 | ) | |||||||||
| Acquisitions, net of cash acquired | (542 | ) | – | (1,007 | ) | (83 | ) | ||||||||||
| Other | 22 | – | 22 | (124 | ) | ||||||||||||
| Net cash used in investing activities | (7,198 | ) | (6,109 | ) | (20,421 | ) | (10,566 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Proceeds related to employee stock plans | – | – | 490 | 403 | |||||||||||||
| Payments related to repurchases of common stock | (7,810 | ) | (2,660 | ) | (33,706 | ) | (9,533 | ) | |||||||||
| Payments related to tax on restricted stock units | (1,861 | ) | (841 | ) | (6,930 | ) | (2,783 | ) | |||||||||
| Repayment of debt | – | – | (1,250 | ) | (1,250 | ) | |||||||||||
| Dividends paid | (245 | ) | (99 | ) | (834 | ) | (395 | ) | |||||||||
| Principal payments on property and equipment and intangible assets | (32 | ) | (29 | ) | (129 | ) | (74 | ) | |||||||||
| Other | – | – | – | (1 | ) | ||||||||||||
| Net cash used in financing activities | (9,948 | ) | (3,629 | ) | (42,359 | ) | (13,633 | ) | |||||||||
| Change in cash, cash equivalents, and restricted cash | (518 | ) | 1,761 | 1,309 | 3,891 | ||||||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 9,107 | 5,519 | 7,280 | 3,389 | |||||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 8,589 | $ | 7,280 | $ | 8,589 | $ | 7,280 | |||||||||
| Supplemental disclosures of cash flow information: | |||||||||||||||||
| Cash paid for income taxes, net | $ | 4,129 | $ | 1,874 | $ | 15,118 | $ | 6,549 | |||||||||
| Cash paid for interest | $ | 22 | $ | 26 | $ | 246 | $ | 252 | |||||||||
| NVIDIA CORPORATION | ||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||
| (In millions, except per share data) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
| January 26, | October 27, | January 28, | January 26, | January 28, | ||||||||||||||||||
| 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||
| GAAP cost of revenue | $ | 10,608 | $ | 8,926 | $ | 5,312 | $ | 32,639 | $ | 16,621 | ||||||||||||
| GAAP gross profit | $ | 28,723 | $ | 26,156 | $ | 16,791 | $ | 97,858 | $ | 44,301 | ||||||||||||
| GAAP gross margin | 73.0 | % | 74.6 | % | 76.0 | % | 75.0 | % | 72.7 | % | ||||||||||||
| Acquisition-related and other costs (A) | 118 | 116 | 119 | 472 | 477 | |||||||||||||||||
| Stock-based compensation expense (B) | 53 | 50 | 45 | 178 | 141 | |||||||||||||||||
| Other (C) | – | – | 4 | (3 | ) | 40 | ||||||||||||||||
| Non-GAAP cost of revenue | $ | 10,437 | $ | 8,759 | $ | 5,144 | $ | 31,992 | $ | 15,963 | ||||||||||||
| Non-GAAP gross profit | $ | 28,894 | $ | 26,322 | $ | 16,959 | $ | 98,505 | $ | 44,959 | ||||||||||||
| Non-GAAP gross margin | 73.5 | % | 75.0 | % | 76.7 | % | 75.5 | % | 73.8 | % | ||||||||||||
| GAAP operating expenses | $ | 4,689 | $ | 4,287 | $ | 3,176 | $ | 16,405 | $ | 11,329 | ||||||||||||
| Stock-based compensation expense (B) | (1,268 | ) | (1,202 | ) | (948 | ) | (4,559 | ) | (3,408 | ) | ||||||||||||
| Acquisition-related and other costs (A) | (43 | ) | (39 | ) | (18 | ) | (130 | ) | (106 | ) | ||||||||||||
| Other (C) | – | – | – | – | 10 | |||||||||||||||||
| Non-GAAP operating expenses | $ | 3,378 | $ | 3,046 | $ | 2,210 | $ | 11,716 | $ | 7,825 | ||||||||||||
| GAAP operating income | $ | 24,034 | $ | 21,869 | $ | 13,615 | $ | 81,453 | $ | 32,972 | ||||||||||||
| Total impact of non-GAAP adjustments to operating income | 1,482 | 1,407 | 1,134 | 5,336 | 4,162 | |||||||||||||||||
| Non-GAAP operating income | $ | 25,516 | $ | 23,276 | $ | 14,749 | $ | 86,789 | $ | 37,134 | ||||||||||||
| GAAP other income (expense), net | $ | 1,183 | $ | 447 | $ | 491 | $ | 2,573 | $ | 846 | ||||||||||||
| Gains from non-marketable equity securities and publicly-held equity securities, net | (727 | ) | (37 | ) | (260 | ) | (1,030 | ) | (238 | ) | ||||||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | 1 | 4 | 4 | |||||||||||||||||
| Non-GAAP other income (expense), net | $ | 457 | $ | 411 | $ | 232 | $ | 1,547 | $ | 612 | ||||||||||||
| GAAP net income | $ | 22,091 | $ | 19,309 | $ | 12,285 | $ | 72,880 | $ | 29,760 | ||||||||||||
| Total pre-tax impact of non-GAAP adjustments | 756 | 1,371 | 875 | 4,310 | 3,928 | |||||||||||||||||
| Income tax impact of non-GAAP adjustments (D) | (781 | ) | (670 | ) | (321 | ) | (2,925 | ) | (1,376 | ) | ||||||||||||
| Non-GAAP net income | $ | 22,066 | $ | 20,010 | $ | 12,839 | $ | 74,265 | $ | 32,312 | ||||||||||||
| Diluted net income per share (E) | ||||||||||||||||||||||
| GAAP | $ | 0.89 | $ | 0.78 | $ | 0.49 | $ | 2.94 | $ | 1.19 | ||||||||||||
| Non-GAAP | $ | 0.89 | $ | 0.81 | $ | 0.52 | $ | 2.99 | $ | 1.30 | ||||||||||||
| Weighted average shares used in diluted net income per share computation (E) | 24,706 | 24,774 | 24,900 | 24,804 | 24,936 | |||||||||||||||||
| GAAP net cash provided by operating activities | $ | 16,628 | $ | 17,629 | $ | 11,499 | $ | 64,089 | $ | 28,090 | ||||||||||||
| Purchases related to property and equipment and intangible assets | (1,077 | ) | (813 | ) | (253 | ) | (3,236 | ) | (1,069 | ) | ||||||||||||
| Principal payments on property and equipment and intangible assets | (32 | ) | (29 | ) | (29 | ) | (129 | ) | (74 | ) | ||||||||||||
| Free cash flow | $ | 15,519 | $ | 16,787 | $ | 11,217 | $ | 60,724 | $ | 26,947 | ||||||||||||
| (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items: | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
| January 26, | October 27, | January 28, | January 26, | January 28, | ||||||||||||||||||
| 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Cost of revenue | $ | 118 | $ | 116 | $ | 119 | $ | 472 | $ | 477 | ||||||||||||
| Research and development | $ | 27 | $ | 23 | $ | 12 | $ | 79 | $ | 49 | ||||||||||||
| Sales, general and administrative | $ | 16 | $ | 16 | $ | 6 | $ | 51 | $ | 57 | ||||||||||||
| (B) Stock-based compensation consists of the following: | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
| January 26, | October 27, | January 28, | January 26, | January 28, | ||||||||||||||||||
| 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Cost of revenue | $ | 53 | $ | 50 | $ | 45 | $ | 178 | $ | 141 | ||||||||||||
| Research and development | $ | 955 | $ | 910 | $ | 706 | $ | 3,423 | $ | 2,532 | ||||||||||||
| Sales, general and administrative | $ | 313 | $ | 292 | $ | 242 | $ | 1,136 | $ | 876 | ||||||||||||
| (C) Other consists of IP-related costs and assets held for sale related adjustments | ||||||||||||||||||||||
| (D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09). | ||||||||||||||||||||||
| (E) Reflects a ten-for-one stock split on June 7, 2024 | ||||||||||||||||||||||
| NVIDIA CORPORATION | ||||
| RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK | ||||
| Q1 FY2026 Outlook | ||||
| ($ in millions) | ||||
| GAAP gross margin | 70.6 | % | ||
| Impact of stock-based compensation expense, acquisition-related costs, and other costs | 0.4 | % | ||
| Non-GAAP gross margin | 71.0 | % | ||
| GAAP operating expenses | $ | 5,150 | ||
| Stock-based compensation expense, acquisition-related costs, and other costs | (1,550 | ) | ||
| Non-GAAP operating expenses | $ | 3,600 | ||
