Nvidia (NVDA) reported its fourth quarter earnings after the bell on Wednesday beating analysts’ expectations on the top and bottom line and issuing solid Q1 guidance.
Nvidia’s stock was up more than 2% on the news.
Nvidia’s earnings come as the company girds itself for potential 25% tariffs on chips imported into the US and the threat of increased export controls on its shipments to China. The AI giant is also contending with the fallout from claims that Chinese startup DeepSeek developed its AI models using less powerful Nvidia chips than its US rivals, putting into question whether Big Tech companies are over investing in AI.
For the quarter, Nvidia reported earnings per share (EPS) of $0.89 on revenue of $39.3 billion. Wall Street was expecting EPS of $0.84 on revenue of $38.2 billion. The company said it expects Q1 revenue of $43 billion plus or minus 2%, better than the $42.3 billion expected.
Data center revenue clocked in at $35.6 billion versus expectations of $34 billion in the quarter.
“We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter,” CEO Jensen Huang said in a statement. “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.”
According to Nvidia CFO Colette Kress, cloud service providers made up 50% of Nvidia’s data center revenue in the quarter. The company reported similar results in Q3.
The company’s Blackwell line of chips contributed billions in sales for the quarter, Kress said.
“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.”
Nvidia’s gaming revenue, however, fell 11% year-over-year in Q4, due to supply constraints around its latest gaming chips.
Nvidia is the reigning champion of AI chips, and it’s not losing that crown anytime soon. Its chips are the envy of Silicon Valley and beyond, and its competitors are still far from overtaking its performance advantage.
Big Tech companies Amazon (AMZN), Google (GOOG, GOOGL), Meta (META), and Microsoft (MSFT) are spending billions of dollars building out their AI data centers, and a chunk of that is going straight to Nvidia.
But some of those same companies are also struggling in the early months of 2025. Google parent Alphabet is off more than 8% year-to-date, Amazon (AMZN) is down 2.5%, Microsoft (MSFT) has fallen 5.3% and Apple (AAPL) has dropped more than 4%. Meta (META) is the sole outlier in the group, with shares up over 14%.
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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 that the chipmaker is confident it will be able to continue its historic run of growth driven by AI well into 2025. Shares rose 2% in extended trading.
Here’s how the company did, compared with estimates from analysts polled by LSEG:
Nvidia said that 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.
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 that 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 continues to ride the AI boom with its data center graphics processors, 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 that it had $11 billion in Blackwell revenue during the fourth quarter. Nvidia CEO Jensen Huang said that demand for Blackwell is “amazing” in a statement, and CFO Colette 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, which 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 in the past two years.
Nvidia said that 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 like Blackwell would be used to deliver AI software, a process often called inference.
Kress also addressed investor concerns that efficient models like DeepSeek R1 may limit the need for additional Nvidia chips. New ways of running AI models which ask the AI to generate additional information 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 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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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 | ||
