Common-Size Income Statement
Quarterly Data
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NVIDIA Corp. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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NVIDIA Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-10-26), 10-Q (reporting date: 2025-07-27), 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28).
- Gross Profit Trends
- The gross profit margin showed an overall positive trend with fluctuations. It started at 58.38% of revenue in April 2019, improved progressively reaching as high as 78.35% by July 2023. There was a significant dip to 43.48% in July 2022, but the margin recovered thereafter to stabilize above 70%.
- Cost of Revenue
- The cost of revenue mostly decreased as a percentage of revenue over the observed periods, indicating improving efficiency or lower costs relative to revenue. It began at around 41.62% in April 2019, peaked briefly at 56.52% in July 2022 indicating a temporary rise in costs, and then improved significantly to a low of 21.65% in April 2024 before experiencing some minor fluctuations.
- Research and Development (R&D)
- R&D spend as a percentage of revenue trended downward overall, with a few spikes. Initial values were around 30% in early 2019, followed by a decline below 10% by late 2025. Notably, there was a spike over 32% in late 2022 and early 2023, but after that it steadily declined, signaling reduced relative investment in R&D or increased revenue growth outpacing R&D expenses.
- Sales, General and Administrative Expenses (SG&A)
- SG&A costs consistently decreased relative to revenue, moving from nearly 12% in early 2019 to below 2% by late 2025. This steady improvement suggests enhanced operational leverage, cost controls, or scaling effects.
- Operating Expenses
- Operating expenses as a percentage of revenue showed a downward trend overall but with volatility. A significant increase to over 43% was observed around mid 2022, followed by a major decline to approximately 10% by late 2025, indicating an overall improvement in managing operating costs relative to revenue.
- Operating Income
- The operating income margin improved substantially through the periods. Starting at about 16% in 2019, it consistently rose with some dips, peaking near 65% by mid to late 2024 and maintaining around 60% afterward. This upward trend reflects strong profitability growth and effective cost management.
- Interest Income and Expense
- Interest income as a percentage of revenue gradually declined from around 2% to about 1% by late 2025, suggesting lower investment income or shifting financial asset allocations. Interest expense also decreased from around 0.6% to below 0.1%, indicating reduced debt levels or favorable borrowing terms.
- Other Income (Expense), Net
- This category was volatile but mostly positive in later periods, with some significant spikes, particularly during 2024 and 2025. Positive values above 3% suggest occasional gains or income from non-core activities contributing to profitability.
- Income Before Income Tax
- Income before taxes mirrored the operating income pattern, rising from about 18% in early 2019 to surpassing 66% during 2024 and maintaining high levels thereafter. This reflects strong earnings growth before taxation.
- Income Tax Expense
- Income tax expense fluctuated significantly, with both positive and negative values, indicating periods of tax benefits or credits. In later years, tax expense increased in proportion to revenue, reaching nearly -10.5%, which could correspond to changes in effective tax rates or tax planning.
- Net Income
- Net income margins improved steadily from approximately 18% in 2019, with a dip around mid-2022 to below 10%, then rising to peak near 57% by late 2024. This strong upward trajectory demonstrates improved profitability after all expenses and taxes.