NVIDIA Corp. (NASDAQ:NVDA)

The analysis of the annual financial data reveals significant trends in revenue, operating income, and net income over the observed period.

Revenue

Revenue shows a generally upward trajectory from 2005 through 2025, starting at $2.01 billion and peaking at $130.5 billion in 2025. There are notable increments, especially after 2016, with a substantial acceleration from $6.9 billion in 2017 to over $130 billion in 2025. This indicates rapid growth, particularly in the most recent years. A slight dip is observed in 2020 compared to 2019, but overall the trend is strongly positive.

Operating Income (Loss)

Operating income fluctuates in the early years, with negative values in 2008 and 2009 (a loss of $71 million and $99 million respectively). Starting in 2010, operating income resumes positive and growing values, showing robust growth with some volatility. Especially after 2016, operating income increases significantly, reaching a peak of $81.5 billion in 2025. The year 2023 shows a decline compared to 2022, indicating some volatility, but the long-term trend remains strongly positive.

Net Income (Loss)

Net income follows a pattern similar to operating income. Early losses in 2008 and 2009 are evident, followed by recovery and steady growth. From 2010 onward, net income rises consistently, with substantial growth after 2016, reaching $72.9 billion by 2025. There is a decrease in 2023 relative to 2022, mirroring operating income's volatility, but the overall upward trend indicates improving profitability over the entire period.

In summary, while the company experienced financial challenges in 2008 and 2009 marked by operating and net losses, there has been a strong recovery since 2010. Revenue, operating income, and net income all demonstrate marked growth, especially from 2016 to 2025. The rapid increase in these figures during recent years highlights significant expansion and profitability improvements, with occasional short-term fluctuations evident in operating and net income figures in 2023. This suggests a generally successful growth strategy with some operational income variability in the latest periods.

The analysis of the financial data reveals significant growth and fluctuations in both current assets and total assets over the examined period.

Current Assets

Current assets exhibit a clear upward trend from 2005 through 2025. Beginning at $1,305 million in early 2005, there is steady growth reaching $4,775 million by 2013, followed by continued increases with minor fluctuations.

Notably, current assets surge sharply from $16,055 million in 2022 to $44,345 million in 2024, and further to $80,126 million in 2025, indicating accelerated accumulation of short-term assets in recent years.

Mid-period fluctuations occur, such as a decline from $28,829 million in 2022 to $23,073 million in 2023 before the substantial increases in subsequent years, suggesting possible changes in liquidity management or working capital requirements.

Total Assets

Total assets also demonstrate consistent growth through the period, increasing from $1,629 million in 2005 to $13,292 million by 2019. The growth appears relatively steady up to around 2019, with moderate increments in most years.

Similar to current assets, total assets show pronounced increases in the later years, particularly from $28,791 million in 2021 to $44,187 million in 2022, followed by a slight decline to $41,182 million in 2023, and then a substantial jump to $111,601 million in 2025.

The substantial rise in total assets in the most recent years might reflect large-scale investments, acquisitions, or capital expansions.

Comparative Insights

Throughout the entire period, current assets constitute a significant but varying proportion of total assets, with both metrics following a broadly parallel trajectory. The sharp asset growth in later years underlines a strategic expansion phase.

Fluctuations observed in 2023 for both current and total assets indicate potential realignments in asset structures, which may warrant further examination to understand their underlying causes and impacts on liquidity and solvency.

The data reveals several significant trends in the company's financial structure over the analyzed period.

Current Liabilities

Current liabilities exhibited a general upward trajectory, starting from US$421 million in early 2005 and escalating sharply to US$18,047 million by early 2025. Notable increases appear around 2016 and again from 2021 onwards, indicating expanding short-term obligations.

Total Liabilities

Total liabilities data is available from 2016 onwards, rising steadily from US$2,814 million to US$32,274 million by 2025. This trend mirrors the increase in current liabilities, suggesting that both short-term and long-term liabilities have grown substantially.

Total Debt

Total debt figures, which are partially available starting from 2009, show relatively stable low levels initially but rise sharply after 2014. Debt peaked around 2023 at approximately US$10,953 million before slightly declining to US$8,463 million by 2025. The increase reflects greater leverage or borrowing over time.

Shareholders' Equity

Shareholders’ equity rose consistently across the entire period, from US$1,178 million in 2005 to an impressive US$79,327 million in 2025. Growth was particularly notable from 2015 onwards, indicating accumulation of retained earnings, issuance of shares, or appreciation of assets.

Overall, the data indicates that the company expanded significantly over the 20-year span, with considerable increases in both liabilities and equity. The sharp increase in shareholders' equity coupled with rising liabilities and debt suggests substantial growth initiatives funded through both internal capital and external financing. The rise in current liabilities also points to increased operational scale requiring greater short-term financing. The leverage increased but remained moderate compared to equity growth, implying a balanced approach to financing expansion.

The analysis of the annual cash flow activities reveals notable trends and fluctuations over the observed periods.

Net cash provided by operating activities

This metric shows a generally strong upward trend, indicating increasing cash generation from core business operations. Starting from 132 million USD in early 2005, it exhibits moderate growth initially, with values around 400 to 900 million USD through 2009 to 2014. After 2015, there is a marked acceleration in operating cash flow, reaching a peak of 28,090 million USD in early 2024, followed by a further surge to 64,089 million USD in early 2025. Despite some fluctuations, the overall trajectory suggests improved operational efficiency and cash inflow generation.

Net cash (used in) provided by investing activities

The investing cash flow fluctuates significantly, reflecting varying levels of capital expenditures, asset sales, and investments. The early years predominantly show negative cash flow from investing activities, reflecting expenditures such as acquisitions or capital investments (e.g., -761 million USD in early 2008). Some years, such as early 2018 and early 2020, exhibit positive cash flows from investing activities (1,278 million USD and 6,145 million USD, respectively), possibly due to asset disposals or divestitures. However, the trend reverts to negative again in later years, with substantial outflows in early 2024 and early 2025 (-10,566 million USD and -20,421 million USD), indicating significant reinvestment or acquisitions.

Net cash provided by (used in) financing activities

Financing cash flows display considerable volatility across the periods, indicative of varying borrowing, repayment, dividends, and equity financing activities. The earlier years up to 2012 show relatively oscillating values without a clear trend. Post-2013, the company experiences sharp negative cash flows with notable large outflows in 2015 (-834 million USD) and even more pronounced outflows in 2018 and 2019 (-2,544 million USD and -2,866 million USD), likely representing debt repayments or share buybacks. Conversely, the years 2021 and 2022 see significant positive inflows (3,804 million USD and 1,865 million USD), possibly from new financing or debt issuance. However, by early 2024 and early 2025, the financing activities again reflect substantial outflows of -11,617 million USD and -42,359 million USD, respectively, demonstrating a pattern of considerable debt repayment or capital return to shareholders.

In summary, operational cash flow has strengthened robustly, suggesting a solid underlying business generating growing cash reserves. Investing cash flows indicate cycles of investment and asset dispositions, with recent years leaning towards heavy investment. Financing cash flows have been volatile, reflecting strategic shifts between raising and repaying capital. The overall cash flow patterns suggest an expanding business reinvesting earnings while actively managing its capital structure.

The financial data reveals notable trends in earnings per share and dividends over the examined periods. Both basic and diluted earnings per share exhibit generally positive growth with some fluctuations. Initially, the earnings per share remained quite low and fairly stable, ranging between $0.01 and $0.04 from 2005 through 2008, with missing values in some years. A gradual increase is noticeable starting in 2014, where basic EPS increased from $0.03 to $0.08 in 2017, followed by additional growth reaching $0.39 in 2022. The most dramatic rise occurred between 2023 and 2025, with basic EPS escalating from $0.18 to $2.97. Similarly, diluted EPS followed a comparable pattern, increasing from $0.01-$0.03 in the early years to $0.39 in 2022 and sharply rising to $2.94 by 2025.

Dividend per share data begins later in the timeline, starting in 2014 with a modest dividend of $0.01 per share. This dividend remained consistent at $0.01 per share until 2017, when it increased to $0.02 per share and stayed steady through 2023. A further increment to $0.03 per share is observed by 2025. This indicates a cautious yet steady dividend policy aligned with the company’s overall improving earnings capability.

Earnings Per Share (EPS)

Both basic and diluted EPS show a prolonged period of low earnings followed by a phase of steady growth from 2014 onwards. The EPS growth accelerates sharply from 2022, reflecting potentially improved profitability or changes in company scale or operations.

The rapid increase in EPS between 2023 and 2025 is very pronounced, suggesting significant business developments or financial performance enhancements.

Dividend Per Share

Dividend issuance begins in 2014, highlighting the initiation of shareholder returns.

Dividends increase gradually but remain modest relative to EPS, indicating a conservative payout approach, possibly to retain earnings for reinvestment or other strategic priorities.

Overall, the data reflects a company that has transitioned from minimal earnings and no dividends to a phase of strong earnings growth accompanied by a developing dividend policy. The substantial EPS growth in the most recent years indicates strong financial performance or expansion, whereas dividends have increased steadily but conservatively.