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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________
FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 26, 2025
NVIDIA CORPORATION
(Exact name of registrant as specified in its charter)
Delaware0-2398594-3177549
(State or other jurisdiction(Commission(IRS Employer
of incorporation)File Number)Identification No.)
2788 San Tomas Expressway, Santa Clara, CA 95051
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (408) 486-2000
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareNVDAThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

     Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.
On February 26, 2025, NVIDIA Corporation, or the Company, issued a press release announcing its results for the quarter and fiscal year ended January 26, 2025. The press release is attached as Exhibit 99.1 and is incorporated herein by reference.
Attached hereto as Exhibit 99.2 and incorporated by reference herein is financial information and commentary by Colette M. Kress, Executive Vice President and Chief Financial Officer of the Company, regarding results for the quarter and fiscal year ended January 26, 2025, or the CFO Commentary. The CFO Commentary will be posted to https://investor.nvidia.com immediately after the filing of this Current Report.
The press release and CFO Commentary are furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information in this Current Report shall not be incorporated by reference in any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
 
ExhibitDescription
99.1
99.2
104The cover page of this Current Report on Form 8-K, formatted in inline XBRL (included as Exhibit 101)




SIGNATURE 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 NVIDIA Corporation
Date: February 26, 2025By: /s/ Colette M. Kress
 Colette M. Kress
 Executive Vice President and Chief Financial Officer



FOR IMMEDIATE RELEASE:
NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2025
•Record quarterly revenue of $39.3 billion, up 12% from Q3 and up 78% from a year ago
•Record quarterly Data Center revenue of $35.6 billion, up 16% from Q3 and up 93% from a year ago
•Record full-year revenue of $130.5 billion, up 114%
SANTA CLARA, Calif.—Feb. 26, 2025―NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 26, 2025, of $39.3 billion, up 12% from the previous quarter and up 78% from a year ago.
For the quarter, GAAP earnings per diluted share was $0.89, up 14% from the previous quarter and up 82% from a year ago. Non-GAAP earnings per diluted share was $0.89, up 10% from the previous quarter and up 71% from a year ago.
For fiscal 2025, revenue was $130.5 billion, up 114% from a year ago. GAAP earnings per diluted share was $2.94, up 147% from a year ago. Non-GAAP earnings per diluted share was $2.99, up 130% from a year ago.
“Demand for Blackwell is amazing as reasoning AI adds another scaling law — increasing compute for training makes models smarter and increasing compute for long thinking makes the answer smarter,” said Jensen Huang, founder and CEO of NVIDIA.
“We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter. AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”
NVIDIA will pay its next quarterly cash dividend of $0.01 per share on April 2, 2025, to all shareholders of record on March 12, 2025.










Q4 Fiscal 2025 Summary
GAAP
($ in millions, except earnings per share)Q4 FY25Q3 FY25Q4 FY24Q/QY/Y
Revenue$39,331$35,082$22,103Up 12%Up 78%
Gross margin73.0 %74.6 %76.0 %Down 1.6 ptsDown 3.0 pts
Operating expenses$4,689$4,287$3,176Up 9%Up 48%
Operating income$24,034$21,869$13,615Up 10%Up 77%
Net income$22,091$19,309$12,285Up 14%Up 80%
Diluted earnings per share*$0.89$0.78$0.49Up 14%Up 82%
Non-GAAP
($ in millions, except earnings per share)Q4 FY25Q3 FY25Q4 FY24Q/QY/Y
Revenue$39,331$35,082$22,103Up 12%Up 78%
Gross margin73.5 %75.0 %76.7 %Down 1.5 ptsDown 3.2 pts
Operating expenses$3,378$3,046$2,210Up 11%Up 53%
Operating income$25,516$23,276$14,749Up 10%Up 73%
Net income$22,066$20,010$12,839Up 10%Up 72%
Diluted earnings per share*$0.89$0.81$0.52Up 10%Up 71%
Fiscal 2025 Summary
GAAP
($ in millions, except earnings per share)FY25FY24Y/Y
Revenue$130,497$60,922Up 114%
Gross margin75.0 %72.7 %Up 2.3 pts
Operating expenses$16,405$11,329Up 45%
Operating income$81,453$32,972Up 147%
Net income$72,880$29,760Up 145%
Diluted earnings per share*$2.94$1.19Up 147%
Non-GAAP
($ in millions, except earnings per share)FY25FY24Y/Y
Revenue$130,497$60,922Up 114%
Gross margin75.5 %73.8 %Up 1.7 pts
Operating expenses$11,716$7,825Up 50%
Operating income$86,789$37,134Up 134%
Net income$74,265$32,312Up 130%
Diluted earnings per share*$2.99$1.30Up 130%
*All per share amounts presented herein have been retroactively adjusted to reflect the ten-for-one stock split, which was effective June 7, 2024.






Outlook
NVIDIA’s outlook for the first quarter of fiscal 2026 is as follows:
•Revenue is expected to be $43.0 billion, plus or minus 2%.
•GAAP and non-GAAP gross margins are expected to be 70.6% and 71.0%, respectively, plus or minus 50 basis points.
•GAAP and non-GAAP operating expenses are expected to be approximately $5.2 billion and $3.6 billion, respectively.
•GAAP and non-GAAP other income and expense are expected to be an income of approximately $400 million, excluding gains and losses from non-marketable and publicly-held equity securities.
•GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items.
Highlights
NVIDIA achieved progress since its previous earnings announcement in these areas:
Data Center
•Fourth-quarter revenue was a record $35.6 billion, up 16% from the previous quarter and up 93% from a year ago. Full-year revenue rose 142% to a record $115.2 billion.
•Announced that NVIDIA will serve as a key technology partner for the $500 billion Stargate Project.
•Revealed that cloud service providers AWS, CoreWeave, Google Cloud Platform (GCP), Microsoft Azure and Oracle Cloud Infrastructure (OCI) are bringing NVIDIA® GB200 systems to cloud regions around the world to meet surging customer demand for AI.
•Partnered with AWS to make the NVIDIA DGX™ Cloud AI computing platform and NVIDIA NIM™ microservices available through AWS Marketplace.
•Revealed that Cisco will integrate NVIDIA Spectrum-X™ into its networking portfolio to help enterprises build AI infrastructure.
•Revealed that more than 75% of the systems on the TOP500 list of the world’s most powerful supercomputers are powered by NVIDIA technologies.
•Announced a collaboration with Verizon to integrate NVIDIA AI Enterprise, NIM and accelerated computing with Verizon’s private 5G network to power a range of edge enterprise AI applications and services.
•Unveiled partnerships with industry leaders including IQVIA, Illumina, Mayo Clinic and Arc Institute to advance genomics, drug discovery and healthcare.
•Launched NVIDIA AI Blueprints and Llama Nemotron model families for building AI agents and released NVIDIA NIM microservices to safeguard applications for agentic AI.
•Announced the opening of NVIDIA’s first R&D center in Vietnam.
•Revealed that Siemens Healthineers has adopted MONAI Deploy for medical imaging AI.
Gaming and AI PC
•Fourth-quarter Gaming revenue was $2.5 billion, down 22% from the previous quarter and down 11% from a year ago. Full-year revenue rose 9% to $11.4 billion.


•Announced new GeForce RTX™ 50 Series graphics cards and laptops powered by the NVIDIA Blackwell architecture, delivering breakthroughs in AI-driven rendering to gamers, creators and developers.
•Launched GeForce RTX 5090 and 5080 graphics cards, delivering up to a 2x performance improvement over the prior generation.
•Introduced NVIDIA DLSS 4 with Multi Frame Generation and image quality enhancements, with 75 games and apps supporting it at launch, and unveiled NVIDIA Reflex 2 technology, which can reduce PC latency by up to 75%.
•Unveiled NVIDIA NIM microservices, AI Blueprints and the Llama Nemotron family of open models for RTX AI PCs to help developers and enthusiasts build AI agents and creative workflows.
Professional Visualization
•Fourth-quarter revenue was $511 million, up 5% from the previous quarter and up 10% from a year ago. Full-year revenue rose 21% to $1.9 billion.
•Unveiled NVIDIA Project DIGITS, a personal AI supercomputer that provides AI researchers, data scientists and students worldwide with access to the power of the NVIDIA Grace™ Blackwell platform.
•Announced generative AI models and blueprints that expand NVIDIA Omniverse™ integration further into physical AI applications, including robotics, autonomous vehicles and vision AI.
•Introduced NVIDIA Media2, an AI-powered initiative transforming content creation, streaming and live media experiences, built on NIM and AI Blueprints.
Automotive and Robotics
•Fourth-quarter Automotive revenue was $570 million, up 27% from the previous quarter and up 103% from a year ago. Full-year revenue rose 55% to $1.7 billion.
•Announced that Toyota, the world’s largest automaker, will build its next-generation vehicles on NVIDIA DRIVE AGX Orin™ running the safety-certified NVIDIA DriveOS operating system.
•Partnered with Hyundai Motor Group to create safer, smarter vehicles, supercharge manufacturing and deploy cutting-edge robotics with NVIDIA AI and NVIDIA Omniverse.
•Announced that the NVIDIA DriveOS safe autonomous driving operating system received ASIL-D functional safety certification and launched the NVIDIA DRIVE™ AI Systems Inspection Lab.
•Launched NVIDIA Cosmos™, a platform comprising state-of-the-art generative world foundation models, to accelerate physical AI development, with adoption by leading robotics and automotive companies 1X, Agile Robots, Waabi, Uber and others.
•Unveiled the NVIDIA Jetson Orin Nano™ Super, which delivers up to a 1.7x gain in generative AI performance.
CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.
Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2025 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m.


Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2026.
Non-GAAP Measures
To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.
About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.
###

For further information, contact:
Stewart SteckerMylene Mangalindan
Investor RelationsCorporate Communications
NVIDIA CorporationNVIDIA Corporation
sstecker@nvidia.commmangalindan@nvidia.com
Certain statements in this press release including, but not limited to, statements as to: AI advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the first quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and,


except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
© 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce RTX, NVIDIA Cosmos, NVIDIA Spectrum-X, NVIDIA DGX, NVIDIA DRIVE, NVIDIA DRIVE AGX Orin, NVIDIA Grace, NVIDIA Jetson Orin Nano, NVIDIA NIM and NVIDIA Omniverse are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.


NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
 Three Months EndedTwelve Months Ended
 January 26,January 28,January 26,January 28,
2025202420252024
Revenue$39,331 $22,103 $130,497 $60,922 
Cost of revenue 10,608 5,312 32,639 16,621 
Gross profit28,723 16,791 97,858 44,301 
Operating expenses
Research and development 3,714 2,465 12,914 8,675 
Sales, general and administrative975 711 3,491 2,654 
Total operating expenses4,689 3,176 16,405 11,329 
Operating income24,034 13,615 81,453 32,972 
Interest income511 294 1,786 866 
Interest expense(61)(63)(247)(257)
Other, net733 260 1,034 237 
Other income (expense), net1,183 491 2,573 846 
Income before income tax25,217 14,106 84,026 33,818 
Income tax expense3,126 1,821 11,146 4,058 
Net income$22,091 $12,285 $72,880 $29,760 
Net income per share:
Basic$0.90 $0.51 $2.97 $1.21 
Diluted$0.89 $0.49 $2.94 $1.19 
Weighted average shares used in per share computation:
Basic24,489 24,660 24,555 24,690 
Diluted24,706 24,900 24,804 24,940 






NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
January 26,January 28,
20252024
ASSETS
Current assets:
Cash, cash equivalents and marketable securities$43,210 $25,984 
Accounts receivable, net23,065 9,999 
Inventories10,080 5,282 
Prepaid expenses and other current assets3,771 3,080 
Total current assets80,126 44,345 
Property and equipment, net6,283 3,914 
Operating lease assets1,793 1,346 
Goodwill5,188 4,430 
Intangible assets, net807 1,112 
Deferred income tax assets10,979 6,081 
Other assets 6,425 4,500 
Total assets$111,601 $65,728 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable$6,310 $2,699 
Accrued and other current liabilities11,737 6,682 
Short-term debt— 1,250 
Total current liabilities18,047 10,631 
Long-term debt8,463 8,459 
Long-term operating lease liabilities1,519 1,119 
Other long-term liabilities4,245 2,541 
Total liabilities32,274 22,750 
Shareholders' equity79,327 42,978 
Total liabilities and shareholders' equity$111,601 $65,728 




NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months EndedTwelve Months Ended
January 26,January 28,January 26,January 28,
 2025202420252024
Cash flows from operating activities:  
Net income$22,091 $12,285 $72,880 $29,760 
Adjustments to reconcile net income to net cash
provided by operating activities:
Stock-based compensation expense1,321 993 4,737 3,549 
Depreciation and amortization543 387 1,864 1,508 
Deferred income taxes(598)(78)(4,477)(2,489)
Gains on non-marketable equity securities and publicly-held equity securities, net(727)(260)(1,030)(238)
Other(138)(109)(502)(278)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(5,370)(1,690)(13,063)(6,172)
Inventories(2,424)(503)(4,781)(98)
Prepaid expenses and other assets331 (1,184)(395)(1,522)
Accounts payable867 281 3,357 1,531 
Accrued and other current liabilities360 1,072 4,278 2,025 
Other long-term liabilities372 305 1,221 514 
Net cash provided by operating activities16,628 11,499 64,089 28,090 
Cash flows from investing activities:
Proceeds from maturities of marketable securities1,710 1,731 11,195 9,732 
Proceeds from sales of marketable securities177 50 495 50 
Proceeds from sales of non-marketable equity securities— — 171 1 
Purchases of marketable securities(7,010)(7,524)(26,575)(18,211)
Purchase related to property and equipment and intangible assets(1,077)(253)(3,236)(1,069)
Purchases of non-marketable equity securities(478)(113)(1,486)(862)
Acquisitions, net of cash acquired(542)— (1,007)(83)
Other22 — 22 (124)
Net cash used in investing activities(7,198)(6,109)(20,421)(10,566)
Cash flows from financing activities:
Proceeds related to employee stock plans— — 490 403 
Payments related to repurchases of common stock(7,810)(2,660)(33,706)(9,533)
Payments related to tax on restricted stock units(1,861)(841)(6,930)(2,783)
Repayment of debt— — (1,250)(1,250)


Dividends paid(245)(99)(834)(395)
Principal payments on property and equipment and intangible assets(32)(29)(129)(74)
Other— — — (1)
Net cash used in financing activities(9,948)(3,629)(42,359)(13,633)
Change in cash, cash equivalents, and restricted cash(518)1,761 1,309 3,891 
Cash, cash equivalents, and restricted cash at beginning of period9,107 5,519 7,280 3,389 
Cash, cash equivalents, and restricted cash at end of period$8,589 $7,280 $8,589 $7,280 
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net$4,129 $1,874 $15,118 $6,549 
Cash paid for interest$22 $26 $246 $252 


 NVIDIA CORPORATION
 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 (In millions, except per share data)
 (Unaudited)
 Three Months EndedTwelve Months Ended
 January 26,October 27,January 28,January 26,January 28,
 20252024202420252024
GAAP cost of revenue$10,608 $8,926 $5,312 $32,639 $16,621 
GAAP gross profit$28,723 $26,156 $16,791 $97,858 $44,301 
  GAAP gross margin73.0 %74.6 %76.0 %75.0 %72.7 %
Acquisition-related and other costs (A)118 116 119 472 477 
Stock-based compensation expense (B)53 50 45 178 141 
Other (C)— — 4 (3)40 
Non-GAAP cost of revenue$10,437 $8,759 $5,144 $31,992 $15,963 
Non-GAAP gross profit$28,894 $26,322 $16,959 $98,505 $44,959 
  Non-GAAP gross margin73.5 %75.0 %76.7 %75.5 %73.8 %
GAAP operating expenses$4,689 $4,287 $3,176 $16,405 $11,329 
Stock-based compensation expense (B)(1,268)(1,202)(948)(4,559)(3,408)
Acquisition-related and other costs (A)(43)(39)(18)(130)(106)
Other (C)— — — — 10 
Non-GAAP operating expenses$3,378 $3,046 $2,210 $11,716 $7,825 
GAAP operating income$24,034 $21,869 $13,615 $81,453 $32,972 
Total impact of non-GAAP adjustments to operating income1,482 1,407 1,134 5,336 4,162 
Non-GAAP operating income$25,516 $23,276 $14,749 $86,789 $37,134 
GAAP other income (expense), net$1,183 $447 $491 $2,573 $846 
Gains from non-marketable equity securities and publicly-held equity securities, net(727)(37)(260)(1,030)(238)
Interest expense related to amortization of debt discount1 1 1 4 4 
Non-GAAP other income (expense), net$457 $411 $232 $1,547 $612 
GAAP net income$22,091 $19,309 $12,285 $72,880 $29,760 
Total pre-tax impact of non-GAAP adjustments756 1,371 875 4,310 3,928 
Income tax impact of non-GAAP adjustments (D)(781)(670)(321)(2,925)(1,376)
Non-GAAP net income $22,066 $20,010 $12,839 $74,265 $32,312 



Three Months EndedTwelve Months Ended
January 26,October 27,January 28,January 26,January 28,
20252024202420252024
Diluted net income per share (E)
GAAP$0.89 $0.78 $0.49 $2.94 $1.19 
Non-GAAP $0.89 $0.81 $0.52 $2.99 $1.30 
Weighted average shares used in diluted net income per share computation (E)24,706 24,774 24,900 24,804 24,936 
GAAP net cash provided by operating activities$16,628 $17,629 $11,499 $64,089 $28,090 
Purchases related to property and equipment and intangible assets(1,077)(813)(253)(3,236)(1,069)
Principal payments on property and equipment and intangible assets(32)(29)(29)(129)(74)
Free cash flow$15,519 $16,787 $11,217 $60,724 $26,947 

(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
Three Months EndedTwelve Months Ended
 January 26,October 27,January 28,January 26,January 28,
 20252024202420252024
Cost of revenue$118 $116 $119 $472 $477 
Research and development$27 $23 $12 $79 $49 
Sales, general and administrative$16 $16 $6 $51 $57 
(B) Stock-based compensation consists of the following:
Three Months EndedTwelve Months Ended
January 26,October 27,January 28,January 26,January 28,
20252024202420252024
Cost of revenue$53 $50 $45 $178 $141 
Research and development$955 $910 $706 $3,423 $2,532 
Sales, general and administrative$313 $292 $242 $1,136 $876 
(C) Other consists of IP-related costs and assets held for sale related adjustments
(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard
(E) Reflects a ten-for-one stock split on June 7, 2024





 NVIDIA CORPORATION
 RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
 Q1 FY2026 Outlook
($ in millions)
GAAP gross margin70.6 %
Impact of stock-based compensation expense, acquisition-related costs, and other costs0.4 %
Non-GAAP gross margin71.0 %
GAAP operating expenses$5,150 
Stock-based compensation expense, acquisition-related costs, and other costs(1,550)
Non-GAAP operating expenses$3,600 





                             nvdalogoa19.jpg
CFO Commentary on Fourth Quarter and Fiscal 2025 Results
Q4 Fiscal 2025 Summary
GAAP
($ in millions, except earnings per share)Q4 FY25Q3 FY25Q4 FY24Q/QY/Y
Revenue$39,331$35,082$22,103Up 12%Up 78%
Gross margin73.0 %74.6 %76.0 %Down 1.6 ptsDown 3.0 pts
Operating expenses$4,689$4,287$3,176Up 9%Up 48%
Operating income$24,034$21,869$13,615Up 10%Up 77%
Net income$22,091$19,309$12,285Up 14%Up 80%
Diluted earnings per share$0.89$0.78$0.49Up 14%Up 82%
Non-GAAP
($ in millions, except earnings per share)Q4 FY25Q3 FY25Q4 FY24Q/QY/Y
Revenue$39,331$35,082$22,103Up 12%Up 78%
Gross margin73.5 %75.0 %76.7 %Down 1.5 ptsDown 3.2 pts
Operating expenses$3,378$3,046$2,210Up 11%Up 53%
Operating income$25,516$23,276$14,749Up 10%Up 73%
Net income$22,066$20,010$12,839Up 10%Up 72%
Diluted earnings per share$0.89$0.81$0.52Up 10%Up 71%
Revenue by Reportable Segments
($ in millions)Q4 FY25Q3 FY25Q4 FY24Q/QY/Y
Compute & Networking$36,036$31,036$17,898Up 16%Up 101%
Graphics3,2954,0464,205Down 19%Down 22%
Total$39,331$35,082$22,103Up 12%Up 78%
Revenue by Market Platform
($ in millions)Q4 FY25Q3 FY25Q4 FY24Q/QY/Y
Data Center$35,580$30,771$18,404Up 16%Up 93%
Compute32,55627,64415,073Up 18%Up 116%
Networking3,0243,1273,331Down 3%Down 9%
Gaming2,5443,2792,865Down 22%Down 11%
Professional Visualization511486463Up 5%Up 10%
Automotive570449281Up 27%Up 103%
OEM and Other1269790Up 30%Up 40%
Total$39,331$35,082$22,103Up 12%Up 78%


Fiscal 2025 Summary
GAAP
($ in millions, except earnings per share)FY25FY24Y/Y
Revenue$130,497$60,922Up 114%
Gross margin75.0 %72.7 %Up 2.3 pts
Operating expenses$16,405$11,329Up 45%
Operating income$81,453$32,972Up 147%
Net income$72,880$29,760Up 145%
Diluted earnings per share$2.94$1.19Up 147%
Non-GAAP
($ in millions, except earnings per share)FY25FY24Y/Y
Revenue$130,497$60,922Up 114%
Gross margin75.5 %73.8 %Up 1.7 pts
Operating expenses$11,716$7,825Up 50%
Operating income$86,789$37,134Up 134%
Net income$74,265$32,312Up 130%
Diluted earnings per share$2.99$1.30Up 130%
Revenue by Reportable Segments
($ in millions)FY25FY24Y/Y
Compute & Networking$116,193$47,405Up 145%
Graphics14,30413,517Up 6%
Total$130,497$60,922Up 114%
Revenue by Market Platform
($ in millions)FY25FY24Y/Y
Data Center$115,186$47,525Up 142%
Compute102,19638,950Up 162%
Networking12,9908,575Up 51%
Gaming11,35010,447Up 9%
Professional Visualization1,8781,553Up 21%
Automotive1,6941,091Up 55%
OEM and Other389306Up 27%
Total$130,497$60,922Up 114%
We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive.
On June 7, 2024, we completed a 10-for-1 forward stock split. All share and per share amounts presented have been retroactively adjusted to reflect the stock split.
Revenue
Revenue for the fourth quarter was a record $39.3 billion, up 78% from a year ago and up 12% sequentially. Fiscal year revenue was $130.5 billion, up 114% from a year ago.


Data Center revenue for fiscal 2025 was $115.2 billion, up 142% from a year ago. Data Center revenue for the fourth quarter was a record, up 93% from a year ago and up 16% sequentially. The strong year-on-year and sequential growth was driven by demand for our accelerated computing platform used for large language models, recommendation engines, and generative AI applications. We delivered $11.0 billion of Blackwell architecture revenue in the fourth quarter of fiscal 2025, the fastest product ramp in our company’s history. Blackwell sales were led by large cloud service providers which represented approximately 50% of our Data Center revenue. Data Center compute revenue was $32.6 billion, up 116% from a year ago and up 18% sequentially, driven by demand for our Blackwell computing platform and sequential growth from our H200 offering. Networking revenue was $3.0 billion, down 9% from a year ago and down 3% sequentially. We are transitioning from small NVLink 8 with Infiniband to large NVLink 72 with Spectrum X. Networking experienced growth in Ethernet for AI, which includes Spectrum-X end-to-end ethernet platform, and NVLink products related to the ramp of our Grace Blackwell platform.
Gaming revenue for fiscal 2025 was up 9% from a year ago, driven by sales of our GeForce RTX 40 Series GPUs. Gaming revenue for the fourth quarter was down 11% from a year ago and down 22% sequentially, due to limited supply for both Blackwell and Ada GPUs.
Professional Visualization revenue for fiscal 2025 was up 21% from a year ago. Professional Visualization revenue for the fourth quarter was up 10% from a year ago and up 5% sequentially. These increases were driven by the continued ramp of Ada RTX GPU workstations for use cases such as generative AI-powered design, simulation, and engineering.
Automotive revenue for fiscal 2025 was up 55% from a year ago. Automotive revenue for the fourth quarter was up 103% from a year ago and up 27% sequentially. These increases were driven by sales of our self-driving platforms.
Gross Margin
GAAP and non-GAAP gross margins for the fourth quarter decreased from a year ago and sequentially, primarily due to a transition to more complex and higher cost systems within Data Center.
Fiscal 2025 GAAP and Non-GAAP gross margin increased from a year ago, driven by a higher mix of Data Center revenue.
Expenses
GAAP operating expenses for the fourth quarter were up 48% from a year ago and up 9% sequentially, and non-GAAP operating expenses were up 53% from a year ago and up 11% sequentially. Fiscal 2025 GAAP and non-GAAP operating expenses were up 45% and 50% from a year ago, respectively. The fourth quarter and fiscal 2025 year-on-year increases were primarily driven by higher compensation and benefits expenses due to employee growth and compensation increases, and engineering development, compute and infrastructure costs for new product introductions. The sequential increases were primarily driven by engineering development, compute and infrastructure costs for new product introductions.
Other Income & Expense and Income Tax
GAAP other income and expense (OI&E) includes interest income, interest expense, and gains or losses from non-marketable and publicly-held equity securities. Non-GAAP OI&E excludes the gains or losses from non-marketable and publicly-held equity securities.
Interest income for the fourth quarter and fiscal year was $511 million and $1.8 billion, respectively, up from a year ago and sequentially, reflecting growth in cash, cash equivalents, and marketable securities. Net gains from non-marketable and publicly-held equity securities for the fourth quarter were $727 million, reflecting fair value adjustments and sales of equity investments.


GAAP effective tax rate for the fourth quarter was 12.4%, a decrease from a year ago reflecting a higher tax benefit from stock-based compensation. GAAP effective tax rate for the fiscal year was 13.3%, an increase from a year ago primarily reflecting higher pre-tax income and a discrete benefit in fiscal 2024 due to an audit resolution. Non-GAAP effective tax rate for the fourth quarter and fiscal year was 15.0% and 15.9%, respectively.
Balance Sheet and Cash Flow
Cash, cash equivalents and marketable securities were $43.2 billion, up from $26.0 billion a year ago and $38.5 billion a quarter ago. The increases primarily reflect higher revenue partially offset by stock repurchases.
Accounts receivable was $23.1 billion with 53 days sales outstanding (DSO).
Inventory was $10.1 billion with 86 days sales of inventory (DSI). Inventory increased from $7.7 billion, and DSI increased from 78 days sequentially. Purchase commitments and obligations for inventory and manufacturing capacity were $30.8 billion, including new capacity commitments and components. Supply and capacity prepayments were $5.1 billion.
Other non-inventory purchase obligations were $14.3 billion, including $10.9 billion of multi-year cloud service agreements. We expect cloud service agreements to be used to support our research and development efforts and our DGX Cloud offerings.
Cash flow from operating activities was $16.6 billion, up from $11.5 billion a year ago and down from $17.6 billion a quarter ago. Fiscal year cash flow from operating activities was $64.1 billion, up from $28.1 billion a year ago. The year-on-year increases reflect higher revenue. The sequential decrease was driven by a higher accounts receivable balance due to shipment linearity and increased inventory to support our Blackwell product ramp.
We utilized cash of $8.1 billion towards shareholder returns, including $7.8 billion in share repurchases and $245 million in cash dividends. In fiscal 2025, we utilized cash of $34.5 billion towards shareholder returns, including $33.7 billion in share repurchases and $834 million in cash dividends.
First Quarter of Fiscal 2026 Outlook
Outlook for the first quarter of fiscal 2026 is as follows:
•Revenue is expected to be $43.0 billion, plus or minus 2%.
•GAAP and non-GAAP gross margins are expected to be 70.6% and 71.0%, respectively, plus or minus 50 basis points.
•GAAP and non-GAAP operating expenses are expected to be approximately $5.2 billion and $3.6 billion, respectively.
•GAAP and non-GAAP other income and expense are expected to be an income of approximately $400 million, excluding gains and losses from non-marketable and publicly-held equity securities.
•GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items.
___________________________


For further information, contact:
Stewart SteckerMylene Mangalindan
Investor RelationsCorporate Communications
NVIDIA CorporationNVIDIA Corporation
sstecker@nvidia.commmangalindan@nvidia.com
Non-GAAP Measures
To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. In order for NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user's overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.
Certain statements in this CFO Commentary including, but not limited to, statements as to: expectations with respect to growth, performance and benefits of our products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for our products, services, and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; our financial and business outlook for the first quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
# # #
© 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.


 NVIDIA CORPORATION
 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 (In millions, except per share data)
 (Unaudited)
 Three Months EndedTwelve Months Ended
 January 26,October 27,January 28,January 26,January 28,
 20252024202420252024
GAAP cost of revenue$10,608 $8,926 $5,312 $32,639 $16,621 
GAAP gross profit$28,723 $26,156 $16,791 $97,858 $44,301 
  GAAP gross margin73.0 %74.6 %76.0 %75.0 %72.7 %
Acquisition-related and other costs (A)118 116 119 472 477 
Stock-based compensation expense (B)53 50 45 178 141 
Other (C)— — 4 (3)40 
Non-GAAP cost of revenue$10,437 $8,759 $5,144 $31,992 $15,963 
Non-GAAP gross profit$28,894 $26,322 $16,959 $98,505 $44,959 
  Non-GAAP gross margin73.5 %75.0 %76.7 %75.5 %73.8 %
GAAP operating expenses$4,689 $4,287 $3,176 $16,405 $11,329 
Stock-based compensation expense (B)(1,268)(1,202)(948)(4,559)(3,408)
Acquisition-related and other costs (A)(43)(39)(18)(130)(106)
Other (C)— — — — 10 
Non-GAAP operating expenses$3,378 $3,046 $2,210 $11,716 $7,825 
GAAP operating income$24,034 $21,869 $13,615 $81,453 $32,972 
Total impact of non-GAAP adjustments to operating income1,482 1,407 1,134 5,336 4,162 
Non-GAAP operating income$25,516 $23,276 $14,749 $86,789 $37,134 
GAAP other income (expense), net$1,183 $447 $491 $2,573 $846 
Gains from non-marketable equity securities and publicly-held equity securities, net(727)(37)(260)(1,030)(238)
Interest expense related to amortization of debt discount1 1 1 4 4 
Non-GAAP other income (expense), net$457 $411 $232 $1,547 $612 
GAAP net income$22,091 $19,309 $12,285 $72,880 $29,760 
Total pre-tax impact of non-GAAP adjustments756 1,371 875 4,310 3,928 
Income tax impact of non-GAAP adjustments (D)(781)(670)(321)(2,925)(1,376)
Non-GAAP net income $22,066 $20,010 $12,839 $74,265 $32,312 



Three Months EndedTwelve Months Ended
January 26,October 27,January 28,January 26,January 28,
20252024202420252024
Diluted net income per share (E)
GAAP$0.89 $0.78 $0.49 $2.94 $1.19 
Non-GAAP $0.89 $0.81 $0.52 $2.99 $1.30 
Weighted average shares used in diluted net income per share computation (E)24,706 24,774 24,900 24,804 24,936 
GAAP net cash provided by operating activities$16,628 $17,629 $11,499 $64,089 $28,090 
Purchases related to property and equipment and intangible assets(1,077)(813)(253)(3,236)(1,069)
Principal payments on property and equipment and intangible assets(32)(29)(29)(129)(74)
Free cash flow$15,519 $16,787 $11,217 $60,724 $26,947 

(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
Three Months EndedTwelve Months Ended
 January 26,October 27,January 28,January 26,January 28,
 20252024202420252024
Cost of revenue$118 $116 $119 $472 $477 
Research and development$27 $23 $12 $79 $49 
Sales, general and administrative$16 $16 $6 $51 $57 
(B) Stock-based compensation consists of the following:
Three Months EndedTwelve Months Ended
January 26,October 27,January 28,January 26,January 28,
20252024202420252024
Cost of revenue$53 $50 $45 $178 $141 
Research and development$955 $910 $706 $3,423 $2,532 
Sales, general and administrative$313 $292 $242 $1,136 $876 
(C) Other consists of IP-related costs and assets held for sale related adjustments
(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard
(E) Reflects a ten-for-one stock split on June 7, 2024


 NVIDIA CORPORATION
 RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
 Q1 FY2026 Outlook
($ in millions)
GAAP gross margin70.6 %
Impact of stock-based compensation expense, acquisition-related costs, and other costs0.4 %
Non-GAAP gross margin71.0 %
GAAP operating expenses$5,150 
Stock-based compensation expense, acquisition-related costs, and other costs(1,550)
Non-GAAP operating expenses$3,600 


v3.25.0.1
Document and Entity Information
Feb. 26, 2025
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Feb. 26, 2025
Entity Registrant Name NVIDIA CORP
Entity Central Index Key 0001045810
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 0-23985
Entity Tax Identification Number 94-3177549
Entity Address, Address Line One 2788 San Tomas Expressway
Entity Address, City or Town Santa Clara
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95051
City Area Code 408
Local Phone Number 486-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 par value per share
Trading Symbol NVDA
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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