Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

NVIDIA Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Apr 26, 2026	Jan 25, 2026	Oct 26, 2025	Jul 27, 2025	Apr 27, 2025	Jan 26, 2025	Oct 27, 2024	Jul 28, 2024	Apr 28, 2024	Jan 28, 2024	Oct 29, 2023	Jul 30, 2023	Apr 30, 2023	Jan 29, 2023	Oct 30, 2022	Jul 31, 2022	May 1, 2022	Jan 30, 2022	Oct 31, 2021	Aug 1, 2021	May 2, 2021	Jan 31, 2021	Oct 25, 2020	Jul 26, 2020	Apr 26, 2020
Revenue	81,615)	68,127)	57,006)	46,743)	44,062)	39,331)	35,082)	30,040)	26,044)	22,103)	18,120)	13,507)	7,192)	6,051)	5,931)	6,704)	8,288)	7,643)	7,103)	6,507)	5,661)	5,003)	4,726)	3,866)	3,080)
Cost of revenue	(20,458)	(17,034)	(15,157)	(12,890)	(17,394)	(10,609)	(8,926)	(7,466)	(5,638)	(5,312)	(4,720)	(4,045)	(2,544)	(2,218)	(2,754)	(3,789)	(2,857)	(2,643)	(2,472)	(2,292)	(2,032)	(1,846)	(1,766)	(1,591)	(1,076)
Gross profit	61,157)	51,093)	41,849)	33,853)	26,668)	28,722)	26,156)	22,574)	20,406)	16,791)	13,400)	9,462)	4,648)	3,833)	3,177)	2,915)	5,431)	5,000)	4,631)	4,215)	3,629)	3,157)	2,960)	2,275)	2,004)
Research and development	(6,321)	(5,512)	(4,705)	(4,291)	(3,989)	(3,714)	(3,390)	(3,090)	(2,720)	(2,466)	(2,294)	(2,040)	(1,875)	(1,952)	(1,945)	(1,824)	(1,618)	(1,467)	(1,403)	(1,245)	(1,153)	(1,145)	(1,047)	(997)	(735)
Sales, general and administrative	(1,300)	(1,282)	(1,134)	(1,122)	(1,041)	(975)	(897)	(842)	(777)	(710)	(689)	(622)	(633)	(625)	(631)	(592)	(592)	(563)	(557)	(526)	(520)	(505)	(515)	(627)	(293)
Acquisition termination cost	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,353)	—)	—)	—)	—)	—)	—)	—)	—)
Operating expenses	(7,621)	(6,794)	(5,839)	(5,413)	(5,030)	(4,689)	(4,287)	(3,932)	(3,497)	(3,176)	(2,983)	(2,662)	(2,508)	(2,577)	(2,576)	(2,416)	(3,563)	(2,030)	(1,960)	(1,771)	(1,673)	(1,650)	(1,562)	(1,624)	(1,028)
Operating income	53,536)	44,299)	36,010)	28,440)	21,638)	24,033)	21,869)	18,642)	16,909)	13,615)	10,417)	6,800)	2,140)	1,256)	601)	499)	1,868)	2,970)	2,671)	2,444)	1,956)	1,507)	1,398)	651)	976)
Interest income	540)	569)	624)	592)	515)	511)	472)	444)	359)	295)	234)	187)	150)	115)	88)	46)	18)	10)	7)	6)	6)	6)	7)	13)	31)
Interest expense	(102)	(73)	(61)	(62)	(63)	(61)	(61)	(61)	(64)	(63)	(63)	(65)	(66)	(64)	(65)	(65)	(68)	(61)	(62)	(60)	(53)	(52)	(53)	(54)	(25)
Other income (expense), net	15,929)	5,603)	1,363)	2,236)	(180)	734)	36)	189)	75)	259)	(66)	59)	(15)	(19)	(11)	(5)	(13)	(54)	22)	4)	135)	10)	(4)	(1)	(1)
Other income (expense), net	16,367)	6,099)	1,926)	2,766)	272)	1,184)	447)	572)	370)	491)	105)	181)	69)	32)	12)	(24)	(63)	(105)	(33)	(50)	88)	(36)	(50)	(42)	5)
Income before income tax	69,903)	50,398)	37,936)	31,206)	21,910)	25,217)	22,316)	19,214)	17,279)	14,106)	10,522)	6,981)	2,209)	1,288)	613)	475)	1,805)	2,865)	2,638)	2,394)	2,044)	1,471)	1,348)	609)	981)
Income tax (expense) benefit	(11,582)	(7,438)	(6,026)	(4,784)	(3,135)	(3,126)	(3,007)	(2,615)	(2,398)	(1,820)	(1,279)	(793)	(166)	126)	67)	181)	(187)	137)	(174)	(20)	(132)	(14)	(12)	13)	(64)
Net income	58,321)	42,960)	31,910)	26,422)	18,775)	22,091)	19,309)	16,599)	14,881)	12,286)	9,243)	6,188)	2,043)	1,414)	680)	656)	1,618)	3,002)	2,464)	2,374)	1,912)	1,457)	1,336)	622)	917)

The financial trajectory from April 2020 through April 2026 is characterized by an unprecedented acceleration in top-line growth and bottom-line profitability, with a distinct inflection point occurring in mid-2023.

Revenue Growth Trends: Revenue exhibited a steady increase from April 2020 ($3.08 billion) through early 2023. However, a period of exponential growth began in July 2023, where quarterly revenue jumped to $13.51 billion and continued a steep upward climb, eventually reaching $81.62 billion by April 2026. This represents a massive expansion in market scale over a six-year period.
Gross Profitability and Margin Expansion: Gross profit followed the revenue surge, rising from $2.00 billion in April 2020 to $61.16 billion in April 2026. The scaling of gross profit significantly outpaced the growth of the cost of revenue in the later periods, indicating substantial improvements in production efficiency or increased pricing power.
Operating Expense Management: Operating expenses grew at a far slower rate than revenue, demonstrating strong operating leverage. Research and development costs increased from $735 million to $6.32 billion, and sales, general, and administrative expenses rose from $293 million to $1.30 billion. Because these costs did not scale linearly with revenue, a larger percentage of each dollar earned contributed directly to operating income.
Operating Income and Net Profitability: Operating income transitioned from $976 million in April 2020 to $53.54 billion in April 2026. Net income mirrored this trend, growing from $917 million to $58.32 billion. A notable acceleration is observed in the final four quarters of the period, where net income figures saw substantial increases.
Non-Operating Items and Tax Impact: Interest income showed a consistent upward trend, reflecting a growing cash position. Significant volatility is observed in "Other income (expense), net," particularly in the final two quarters of the analysis, where figures spiked to $15.93 billion and $16.37 billion, respectively, contributing heavily to the final net income results. Income tax expenses also increased proportionally with the growth in pre-tax income, reaching $11.58 billion in the final quarter.

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NVIDIA Corp. (NASDAQ:NVDA)

Income StatementQuarterly Data

Income Statement
Quarterly Data