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:	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	Jan 26, 2020	Oct 27, 2019	Jul 28, 2019	Apr 28, 2019
Revenue	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)	3,105)	3,014)	2,579)	2,220)
Cost of revenue	(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)	(1,090)	(1,098)	(1,038)	(924)
Gross profit	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)	2,015)	1,916)	1,541)	1,296)
Research and development	(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)	(739)	(712)	(704)	(674)
Sales, general and administrative	(1,122)	(1,041)	(975)	(897)	(842)	(777)	(710)	(689)	(622)	(633)	(625)	(631)	(592)	(592)	(563)	(557)	(526)	(520)	(505)	(515)	(627)	(293)	(286)	(277)	(266)	(264)
Acquisition termination cost	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,353)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating expenses	(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)	(1,025)	(989)	(970)	(938)
Operating income	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)	990)	927)	571)	358)
Interest income	592)	515)	511)	472)	444)	359)	295)	234)	187)	150)	115)	88)	46)	18)	10)	7)	6)	6)	6)	7)	13)	31)	42)	45)	47)	44)
Interest expense	(62)	(63)	(61)	(61)	(61)	(64)	(63)	(63)	(65)	(66)	(64)	(65)	(65)	(68)	(61)	(62)	(60)	(53)	(52)	(53)	(54)	(25)	(13)	(13)	(13)	(13)
Other income (expense), net	2,236)	(180)	734)	36)	189)	75)	259)	(66)	59)	(15)	(19)	(11)	(5)	(13)	(54)	22)	4)	135)	10)	(4)	(1)	(1)	(3)	—)	1)	—)
Other income (expense), net	2,766)	272)	1,184)	447)	572)	370)	491)	105)	181)	69)	32)	12)	(24)	(63)	(105)	(33)	(50)	88)	(36)	(50)	(42)	5)	26)	32)	35)	31)
Income before income tax	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)	1,016)	959)	606)	389)
Income tax (expense) benefit	(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)	(65)	(60)	(54)	5)
Net income	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)	951)	899)	552)	394)

Revenue Trends: The revenue exhibited a generally increasing trend from April 2019 through January 2025, rising from $2,220 million to $46,743 million. There were notable accelerations in revenue growth particularly after mid-2022, with a marked surge beginning around July 2023, culminating in the highest recorded figures by early 2025.
Cost of Revenue Analysis: The cost of revenue also increased over the observed period, moving from $924 million to an elevated $12,890 million by July 2024, followed by a sharp spike to $17,394 million in October 2024. This increase reflects a rising expense base consistent with revenue expansion, although some volatility is apparent during late 2024.
Gross Profit Development: Gross profit demonstrated a rising trend, increasing from $1,296 million to peaks exceeding $33,853 million by October 2024. Despite a temporary decline in early to mid-2022, gross profit recovered thereafter with significant growth, particularly from early 2023 onwards, indicating improving profitability relative to cost management and revenue gains.
Research and Development (R&D) Expenses: R&D expenses consistently increased, starting at $674 million in April 2019 and reaching $4,291 million by July 2025. The data shows a steady rise implying sustained investment in innovation and technology, with the growth rate accelerating notably from 2020 onwards, suggesting a strategic emphasis on long-term product development.
Sales, General and Administrative Expenses (SG&A): SG&A expenses similarly increased over the timeframe, growing from $264 million to $1,122 million by July 2025. The expenses saw a sharp rise between 2019 and 2020 and maintained a steady upward trajectory thereafter, consistent with the expansion of operational activities and support functions.
Operating Expenses: Operating expenses increased from $938 million to $5,413 million, with a pronounced spike in early 2022 primarily due to acquisition termination costs of $1,353 million. Post this event, operating expenses resumed an increasing trend, reflecting both rising R&D and SG&A costs aligned with company growth.
Operating Income Evolution: Operating income exhibited steady growth from $358 million to a high of $28,440 million by January 2025. While a dip was noted around mid-2022, operating income recovered strongly, reflecting overall enhanced operational efficiency and scalable profitability amid rising revenues and managed expenses.
Interest Income and Expense: Interest income showed a consistent increase from $44 million to $592 million, indicating improved investment or financial returns. Interest expense remained relatively stable, fluctuating slightly around $60 million, suggesting controlled borrowing costs despite the company’s growth trajectory.
Other Income (Expense), Net: This item showed significant fluctuations throughout the periods, with instances of both large gains and losses. Notably, substantial positive spikes occurred in early 2024 and late 2024, which may indicate gains from non-operational activities or one-time events impacting net income variably over time.
Income Before Income Tax: Income before income tax increased progressively from $389 million to a peak of $31,206 million by early 2025, underscoring strong profitability growth aligned with operational performance and income from other financial activities.
Income Tax Expense: Income tax expense fluctuated substantially, with values ranging from slight positive and negative amounts to a significant increase in tax expense reaching nearly $4,784 million by April 2024. This variation reflects changes in pre-tax income levels and potentially differing tax strategies or impacts during certain periods.
Net Income Development: Net income followed an upward trajectory from $394 million to $26,422 million by July 2025, with some volatility around 2022 reflecting temporary declines. The general upward pattern after this period indicates strengthening profitability and efficient cost and tax management contributing to higher earnings.

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NVIDIA Corp. (NASDAQ:NVDA)

Income Statement Quarterly Data

Income Statement
Quarterly Data