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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NVIDIA Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Revenue Trend
- The revenue demonstrates a strong upward trajectory overall, increasing from $2,220 million in April 2019 to $44,062 million projected by April 2025. There is a noticeable acceleration beginning around mid-2023, with quarterly revenue surging sharply from $7,192 million in January 2023 to over $44,000 million by April 2025.
- Cost of Revenue
- The cost of revenue exhibits a generally increasing pattern, consistent with rising sales volume. Costs grew from $924 million in April 2019 to a forecasted $17,394 million by October 2024, and further to $44,000+ million in April 2025. However, costs fluctuate and show some periods of decline, particularly between October 2022 and July 2023, suggesting variance in cost control or product mix.
- Gross Profit
- Gross profit follows the revenue trend with an upward movement overall, rising from $1,296 million in April 2019 to a peak near $28,722 million by July 2024. There is a marked spike starting in early 2023 where gross profit more than doubles, peaking in late 2024 before slightly declining in the last quarter. This indicates improved margins or scaling benefits during this period.
- Research and Development Expenses
- R&D expenses consistently increase over the entire period, reflecting ongoing investment in innovation and product development. Starting at $674 million in April 2019, expenses rise to nearly $3,989 million by April 2025. Despite some fluctuations, the general upward trend is steady, underscoring continued prioritization of R&D.
- Sales, General and Administrative Expenses
- SG&A expenses also trend upward, growing from $264 million in April 2019 to over $1,041 million projected by April 2025. The increase appears more gradual compared to R&D, indicating controlled expansion of administrative and selling costs relative to revenue growth.
- Operating Expenses
- The total operating expenses reflect the combined increase in R&D and SG&A costs, rising from $938 million in April 2019 to over $5,000 million by April 2025, with a notable spike in May 2022 attributed to acquisition termination costs totaling $1,353 million in that quarter. Such an expense caused a temporary increase in operating costs.
- Operating Income
- Operating income rises substantially from $358 million in April 2019 to a forecast of $24,033 million by January 2025, reflecting strong operational leverage. A significant jump occurs starting in mid-2023, similar to the revenue and gross profit trends, indicating improving profitability stemming from scale and margin enhancement.
- Interest Income and Expense
- Interest income increases steadily over time, from $44 million in April 2019 to an expected $515 million by April 2025, indicating growing cash or investment balances. Interest expense remains relatively stable and low, fluctuating slightly around $60 million, demonstrating manageable debt costs.
- Other Income (Expense), Net
- This item shows more variability, with several quarters showing positive gains (e.g., $734 million in January 2025) and others showing losses. Such volatility suggests income from non-operating activities or investments that do not consistently contribute to core earnings.
- Income Before Income Tax
- There is a strong upward trend in income before tax, rising from $389 million in April 2019 to a projected $25,217 million by April 2025. Despite some fluctuations, the significant growth after early 2023 aligns with other profitability metrics, reinforcing the company's improving financial performance.
- Income Tax Expense (Benefit)
- Income tax expenses are volatile, with occasional tax benefits (including positive tax adjustments) and substantial expense spikes aligned with peaks in pre-tax income. Overall, tax expense increases in absolute terms in line with growing earnings but occasionally shows non-linear patterns that may reflect tax planning or one-time adjustments.
- Net Income
- Net income reflects the overall profitability trend, increasing from $394 million in April 2019 to a peak projection of approximately $22,091 million by April 2025. The strong growth, particularly after early 2023, indicates effective scaling and cost management. There is a temporary dip in net income in the quarter following May 2022, associated with the acquisition termination cost and tax effects, but earnings recover strongly thereafter.