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.
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- 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., consolidated income statement (quarterly data)
US$ in millions
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).
The financial data reflects the quarterly performance of the company over several years, exhibiting trends in revenue, costs, profits, and expenses.
- Revenue
- Revenue displays a general upward trajectory over the periods analyzed, starting at 2,220 million USD and rising substantially to over 57,000 million USD by the last reported quarter. Notably, there are periods of accelerated growth, especially from early 2023 onward, where revenue more than doubles within a few quarters, indicating strong market demand or successful business expansion.
- Cost of Revenue
- The cost of revenue increases aligned with the growth in sales, moving from approximately 924 million USD up to over 17,000 million USD at its peak before fluctuating. The increase in costs generally parallels revenue growth, maintaining the scale of operations but occasionally showing volatility, such as a significant jump in mid-2025, which may suggest increased production costs or changes in cost structure.
- Gross Profit
- Gross profit follows the trend of revenue but with some fluctuations in margin. Initial periods show steady growth from 1,296 million USD to a peak of 13,400 million USD. However, mid-term values indicate some compression of gross profit, likely due to increased costs outpacing revenue temporarily. Later quarters recover strongly, reflecting improved operational efficiency or higher-margin sales.
- Research and Development (R&D)
- R&D expenses steadily rise throughout the periods, from 674 million USD to 4,705 million USD. This consistent increase signals ongoing investment in innovation and product development, contributing to sustaining competitive advantage and supporting future growth avenues.
- Sales, General and Administrative (SG&A)
- SG&A costs also increase over time, though at a slower rate than R&D. The expense rises from 264 million USD to about 1,134 million USD, consistent with organizational expansion and scaling of administrative functions supporting growing operations.
- Acquisition Termination Cost
- A notable one-time acquisition termination cost occurred in an earlier period amounting to about 1,353 million USD, which impacted the operating expense significantly during that quarter.
- Operating Expenses
- Operating expenses rise substantially over time, reflecting greater R&D and SG&A spending plus the one-time termination cost. Operating expenses peak in quarters where both R&D and SG&A increase sharply, suggesting aggressive investment in growth initiatives.
- Operating Income
- Operating income trends upward overall, starting at 358 million USD and peaking beyond 36,000 million USD in later quarters. Despite some fluctuations caused by rising expenses, the company achieves strong profitability growth, indicating effective cost management relative to revenue increases.
- Interest Income and Expense
- Interest income grows from 44 million USD to over 600 million USD, signaling enhanced interest-earning assets or better investments. Interest expense remains relatively stable, ranging around 13 to 65 million USD, reflecting controlled debt levels or effective interest cost management.
- Other Income (Expense), Net
- The data exhibits volatility in other income and expense, with sporadic positive and negative values. Some quarters report significant positive contributions, which could originate from gains on investments or non-recurring items, contributing to overall income variability.
- Income Before Income Tax
- Income before tax grows robustly following revenue and operating income trends, with some dips correlating with increased expenses or lower other income contributions. It peaks significantly in recent quarters, surpassing 37,000 million USD, highlighting operational success and favorable financial management.
- Income Tax (Expense) Benefit
- Income tax expense generally increases in line with pre-tax income growth; however, it shows variability with some quarters reflecting tax benefits or reductions. The notable increase in tax expense in recent quarters aligns with higher profitability but also suggests an effective tax rate adjustment over time.
- Net Income
- Net income follows the overall upward earnings trend, rising from 394 million USD to over 31,000 million USD. This substantial growth indicates enhanced profitability and efficient management despite increasing R&D and overhead costs. Some fluctuations occur in the mid-periods but are outweighed by the strong recovery and growth in the latest quarters.
Overall, the company demonstrates robust revenue and profit growth, supported by rising investments in research and development and controlled increases in operating expenses. The financials reveal an expansionary phase with efficient cost management and increasing net profitability, suggesting strong operational performance and strategic positioning in the market.