Common-Size Income Statement
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
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- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
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NVIDIA Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-07-26), 10-Q (reporting date: 2026-04-26), 10-K (reporting date: 2026-01-25), 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).
The financial trajectory over the analyzed period is characterized by a transition from moderate profitability to extreme margin expansion and operational efficiency. A significant volatility phase occurred between May 2022 and January 2023, followed by a sustained increase in both gross and operating margins, reflecting strong economies of scale and pricing power.
- Gross Profitability Trends
- Gross margins remained relatively stable between 58% and 65% from early 2020 through early 2022. A sharp contraction is observed in July 2022, where gross profit fell to 43.48% due to a spike in the cost of revenue to 56.52%. Following this trough, a robust recovery occurred, with gross margins climbing to a peak of 78.35% by April 2024. In the final periods, margins stabilized in the 73% to 75% range, indicating a fundamental shift in the cost structure or product mix.
- Operating Expense Management
- A marked reduction in operating expenses as a percentage of revenue is evident. Research and development (R&D) expenses, which peaked at 32.79% in October 2022, trended downward to 7.33% by July 2026. Similarly, sales, general and administrative (SG&A) expenses decreased from a high of 16.22% in July 2020 to 1.41% by July 2026. This downward trend in expense ratios suggests significant operating leverage, where revenue growth far outpaced the growth of the underlying cost base.
- Operating and Net Income Performance
- Operating income exhibited extreme fluctuations, reaching a low of 7.44% in July 2022 before accelerating to a range of 60% to 66% between 2024 and 2026. Net income followed a similar trajectory, starting at approximately 16% to 30% in 2020, dipping to 9.79% in July 2022, and eventually peaking at 71.46% in January 2026. The convergence of expanding gross margins and shrinking operating expense ratios drove this aggressive growth in bottom-line profitability.
- Non-Operating Items and Taxation
- Interest income as a percentage of revenue peaked in early 2023 at 2.09% before gradually declining. A one-time acquisition termination cost of 16.32% of revenue was recorded in May 2022, contributing to the temporary margin compression seen in that period. Income tax expenses as a percentage of revenue increased substantially over time, rising from negligible or positive benefit levels in early 2020 to a peak expense of 14.19% in January 2026, commensurate with the increase in pre-tax income.