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 26, 2026	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	96,221)	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	(24,079)	(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	72,142)	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	(7,054)	(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	(1,354)	(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	(8,408)	(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	63,734)	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	—)	—)	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	—)	—)	(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	7,773)	16,367)	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	7,773)	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	71,507)	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	(11,819)	(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	59,688)	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 exhibits a period of steady growth followed by an exponential acceleration in scale and profitability. Revenue growth shifted from a moderate upward trend between April 2020 and January 2023 to an aggressive expansion phase starting in July 2023, culminating in a quarterly peak of 96,221 million US dollars by July 2026.

Revenue and Gross Profitability: A significant inflection point occurred in mid-2023, where quarterly revenue jumped from approximately 7,192 million US dollars in January 2023 to 13,507 million US dollars in July 2023. This momentum continued unabated, with gross profit scaling from 4,648 million US dollars in the first quarter of 2023 to 72,142 million US dollars by July 2026. The expansion of gross profit suggests a substantial increase in pricing power or a shift toward higher-margin product mixes.
Operating Efficiency and Leverage: Operating expenses, primarily driven by Research and Development (R&D), increased in absolute terms but decreased dramatically as a percentage of total revenue. R&D spending grew from 735 million US dollars in April 2020 to 7,054 million US dollars in July 2026; however, the rate of revenue growth far exceeded the rate of expense growth. This creates significant operating leverage, allowing operating income to surge from 976 million US dollars in April 2020 to 63,734 million US dollars in July 2026.
Expense Analysis and Non-Recurring Items: Sales, General and Administrative (SG&A) expenses remained remarkably stable relative to the scale of the business, growing from 293 million US dollars to 1,354 million US dollars over the analyzed period. A notable non-recurring event occurred on May 1, 2022, with an acquisition termination cost of 1,353 million US dollars, which temporarily depressed operating income for that period.
Net Income and Bottom-Line Performance: Net income mirrored the explosive growth of operating income, rising from 917 million US dollars in April 2020 to 59,688 million US dollars by July 2026. While income tax expenses increased in tandem with profits, the net profit margin expanded significantly. The later periods show increased volatility in other income and expenses, specifically a large spike in other income in the 2025-2026 periods, which further bolstered the bottom line.

Overall, the data indicates a transition from a high-growth technology company to a dominant market entity with extreme scalability. The decoupling of revenue growth from operating expense growth has resulted in a rapid expansion of both operating and net margins.

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NVIDIA Corp. (NASDAQ:NVDA)

Income Statement Quarterly Data

Income Statement
Quarterly Data