Common-Size Income Statement
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
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NVIDIA Corp., common-size consolidated income statement
Based on: 10-K (reporting date: 2025-01-26), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26).
- Revenue and Gross Profit Trends
- Revenue remained constant as a base measure at 100% throughout the periods analyzed. Gross profit exhibited fluctuations, decreasing from 61.99% in early 2020 to 56.93% in early 2023, before significantly increasing to 74.99% by early 2025. This reflects a notable improvement in profitability after 2023.
- Cost of Revenue
- The cost of revenue as a percentage of revenue showed a general downward trend over the period. From 38.01% in early 2020, it decreased to 25.01% in early 2025, with a sharp increase noted in early 2023 to 43.07%, followed by a substantial reduction thereafter. This implies improved cost efficiency particularly after 2023.
- Research and Development (R&D) Expenses
- R&D expenses decreased significantly as a percentage of revenue, dropping from 25.91% in early 2020 to 9.9% in early 2025. There was a temporary increase to 27.21% in early 2023 but the overall long-term trend indicates tighter expenditure or higher revenue growth relative to R&D spend.
- Sales, General and Administrative (SG&A) Expenses
- SG&A expenses displayed a consistent decline from 10.01% in early 2020 to 2.68% in early 2025. This reduction suggests improved operational efficiency or cost control measures in non-R&D overhead costs over time.
- Operating Expenses and Related Costs
- Operating expenses as a portion of revenue declined from 35.92% in early 2020 to 12.57% by early 2025, albeit with a notable increase to 41.27% in early 2023. Acquisition termination costs were recognized only in early 2023 (5.02%), contributing to higher operating expenses during that year.
- Operating Income
- Operating income showed variability with an initial increase from 26.07% in early 2020 to a peak of 37.31% in early 2022, followed by a sharp decline to 15.66% in early 2023. Subsequently, it rose steeply to 62.42% in early 2025, reflecting enhanced operational profitability, particularly after 2023.
- Interest Income and Expense
- Interest income fluctuated with a low in early 2022 (0.11%) and an increase thereafter, reaching 1.37% in early 2025. Interest expense decreased significantly over the period, from 0.48% in early 2020 to 0.19% in early 2025, indicating reduced borrowing costs or lower debt levels.
- Other Income and Expense
- Other net income showed variability, being slightly negative or near zero in the earlier years, improving to 0.79% by early 2025. Other income (expense), net also improved significantly, moving from a negative value in early 2021 and 2022, to positive and increasing in early 2024 and 2025.
- Income Before Income Tax and Income Tax Expense
- Income before income tax closely followed operating income trends, decreasing in early 2023 before rising substantially to 64.39% in early 2025. Income tax expense was relatively low initially, fluctuating and turning into a tax benefit in early 2023, but rising again to a substantial expense by early 2025 (8.54%).
- Net Income
- Net income mirrored the overall profitability pattern, increasing from 25.61% in early 2020 to a peak of 36.23% in early 2022, then declining sharply to 16.19% in early 2023 before increasing markedly to 55.85% by early 2025. This denotes strong recovery and growth in profitability after 2023.
- Summary
- The financial data reveal a cycle of declining profitability and increased costs in early 2023, including a notable recognition of acquisition termination costs. However, from 2024 onward, there is a clear turnaround characterized by improved gross margins, reduced cost structures, decreased operating expenses, and a significant increase in operating and net income. Interest expenses decreased and other income components improved, supporting overall profitability gains. Income tax expenses rose in the final period analyzed, although net profitability remained strong. The data suggest enhanced operational efficiency and effective cost management strategies contributing to substantial profit growth post-2023.