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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
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NVIDIA Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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 income statement reveals a significant growth trajectory over the observed period, punctuated by periods of fluctuation. Revenue demonstrates a generally upward trend, accelerating markedly in the latter half of the period. While cost of revenue also increases, the rate of increase often outpaces revenue growth, particularly in the later quarters, impacting overall profitability.
- Revenue Growth
- Revenue begins at US$3,080 million and experiences consistent growth through October 2023, reaching US$18,120 million. A substantial increase is observed between July 2023 and October 2023, followed by continued growth to US$35,082 million in October 2024. The final two quarters show further increases, reaching US$68,127 million in January 2026. This indicates a period of rapid expansion, potentially driven by increased demand or market share.
- Gross Profit and Margins
- Gross profit mirrors the revenue trend, increasing from US$2,004 million to US$51,093 million over the period. However, the gross margin exhibits some volatility. Initially, the gross margin is relatively stable, but it declines in the latter half of the period as cost of revenue increases at a faster rate than revenue. This suggests potential pressures on input costs or pricing strategies.
- Operating Expenses
- Operating expenses, encompassing research and development and sales, general, and administrative costs, consistently increase throughout the period. Research and development expenditure shows a steady climb, indicating a continued investment in innovation. Sales, general, and administrative expenses also rise, potentially reflecting the costs associated with supporting revenue growth. A significant increase in operating expenses is observed in May 2022, largely attributable to an acquisition termination cost of US$1,353 million. This one-time expense significantly impacted operating income for that quarter.
- Operating Income
- Operating income demonstrates a positive trend overall, growing from US$976 million to US$44,299 million. However, the growth is not linear, with fluctuations influenced by both revenue growth and operating expense management. The impact of the acquisition termination cost in May 2022 is clearly visible as a dip in operating income. The latter part of the period shows substantial increases in operating income, aligning with the accelerated revenue growth.
- Net Income
- Net income follows a similar pattern to operating income, increasing from US$917 million to US$42,960 million. Interest income and expense remain relatively stable for much of the period, with a notable increase in other income (expense), net, particularly in the later quarters, contributing to the overall net income growth. Income tax expense also fluctuates, impacting the final net income figures. The final quarters show a significant increase in net income, driven by revenue growth and favorable adjustments to other income.
In summary, the financial performance demonstrates substantial growth, particularly in revenue and net income. However, increasing costs, especially cost of revenue and operating expenses, require continued monitoring to ensure sustained profitability. The impact of non-recurring items, such as the acquisition termination cost, is evident and should be considered when evaluating overall performance.