Common-Size Income Statement
Quarterly Data
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NVIDIA Corp., common-size consolidated income statement (quarterly data)
Based on: 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 data exhibits a significant expansion in profitability and operational efficiency over the analyzed period. A structural shift in the cost profile is evident, characterized by a substantial increase in gross margins and a simultaneous reduction in operating expenses as a percentage of total revenue. This trajectory culminates in a marked increase in the net income margin, which rises from 29.77% in early 2020 to 71.46% by April 2026.
- Gross Profitability Trends
- Gross profit margins remained relatively stable between 58% and 65% from April 2020 through May 2022. A significant contraction occurred in July 2022, where the gross margin dropped to its lowest point of 43.48% due to a spike in the cost of revenue to 56.52%. Following this period, a strong recovery and expansion phase began, with margins peaking at 78.35% in April 2024. Despite a temporary dip to 60.52% in January 2025, the margin stabilized in the 73% to 75% range through April 2026.
- Operating Expense Optimization
- A consistent downward trend is observed across all primary operating expenses. Research and development (R&D) expenses, which initially accounted for approximately 23.86% of revenue, declined steadily to 7.74% by the end of the period. Sales, general, and administrative (SG&A) expenses showed an even more pronounced reduction, falling from a high of 16.22% in July 2020 to 1.59% by April 2026. Total operating expenses as a percentage of revenue decreased from a peak of 43.43% in October 2022 to 9.34% in April 2026, indicating significant operating leverage.
- Operating and Net Income Performance
- Operating income margins mirrored the volatility of gross margins in 2022, reaching a low of 7.44% in July 2022. However, from July 2023 onward, operating income margins surged, consistently staying above 50% and reaching 65.60% by April 2026. This operational growth was further augmented by a sharp increase in "Other income (expense), net," which spiked to 19.52% and 20.05% in the final quarters. While income tax expenses also increased as a percentage of revenue, reaching -14.19% in the final period, the combined effect of higher gross margins, lower operating costs, and increased other income resulted in a net income margin of 71.46%.