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 FY25
Q3 FY25
Q4 FY24
Q/Q
Y/Y
Revenue
$39,331
$35,082
$22,103
Up 12%
Up 78%
Gross margin
73.0%
74.6%
76.0%
Down 1.6 pts
Down 3.0 pts
Operating expenses
$4,689
$4,287
$3,176
Up 9%
Up 48%
Operating income
$24,034
$21,869
$13,615
Up 10%
Up 77%
Net income
$22,091
$19,309
$12,285
Up 14%
Up 80%
Diluted earnings per share*
$0.89
$0.78
$0.49
Up 14%
Up 82%
Non-GAAP
($ in millions, except earnings
per share)
Q4 FY25
Q3 FY25
Q4 FY24
Q/Q
Y/Y
Revenue
$39,331
$35,082
$22,103
Up 12%
Up 78%
Gross margin
73.5%
75.0%
76.7%
Down 1.5 pts
Down 3.2 pts
Operating expenses
$3,378
$3,046
$2,210
Up 11%
Up 53%
Operating income
$25,516
$23,276
$14,749
Up 10%
Up 73%
Net income
$22,066
$20,010
$12,839
Up 10%
Up 72%
Diluted earnings per share*
$0.89
$0.81
$0.52
Up 10%
Up 71%
Fiscal 2025 Summary
GAAP
($ in millions, except earnings
per share)
FY25
FY24
Y/Y
Revenue
$130,497
$60,922
Up 114%
Gross margin
75.0%
72.7%
Up 2.3 pts
Operating expenses
$16,405
$11,329
Up 45%
Operating income
$81,453
$32,972
Up 147%
Net income
$72,880
$29,760
Up 145%
Diluted earnings per share*
$2.94
$1.19
Up 147%
Non-GAAP
($ in millions, except earnings
per share)
FY25
FY24
Y/Y
Revenue
$130,497
$60,922
Up 114%
Gross margin
75.5%
73.8%
Up 1.7 pts
Operating expenses
$11,716
$7,825
Up 50%
Operating income
$86,789
$37,134
Up 134%
Net income
$74,265
$32,312
Up 130%
Diluted earnings per share*
$2.99
$1.30
Up 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.
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
Three Months Ended
Twelve Months Ended
January 26,
January 28,
January 26,
January 28,
2025
2024
2025
2024
Revenue
$
39,331
$
22,103
$
130,497
$
60,922
Cost of revenue
10,608
5,312
32,639
16,621
Gross profit
28,723
16,791
97,858
44,301
Operating expenses
Research and development
3,714
2,465
12,914
8,675
Sales, general and administrative
975
711
3,491
2,654
Total operating expenses
4,689
3,176
16,405
11,329
Operating income
24,034
13,615
81,453
32,972
Interest income
511
294
1,786
866
Interest expense
(61
)
(63
)
(247
)
(257
)
Other, net
733
260
1,034
237
Other income (expense), net
1,183
491
2,573
846
Income before income tax
25,217
14,106
84,026
33,818
Income tax expense
3,126
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:
Basic
24,489
24,660
24,555
24,690
Diluted
24,706
24,900
24,804
24,940
NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
January 26,
January 28,
2025
2024
ASSETS
Current assets:
Cash, cash equivalents and marketable securities
$
43,210
$
25,984
Accounts receivable, net
23,065
9,999
Inventories
10,080
5,282
Prepaid expenses and other current assets
3,771
3,080
Total current assets
80,126
44,345
Property and equipment, net
6,283
3,914
Operating lease assets
1,793
1,346
Goodwill
5,188
4,430
Intangible assets, net
807
1,112
Deferred income tax assets
10,979
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 liabilities
11,737
6,682
Short-term debt
-
1,250
Total current liabilities
18,047
10,631
Long-term debt
8,463
8,459
Long-term operating lease liabilities
1,519
1,119
Other long-term liabilities
4,245
2,541
Total liabilities
32,274
22,750
Shareholders’ equity
79,327
42,978
Total liabilities and shareholders’ equity
$
111,601
$
65,728
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
Twelve Months Ended
January 26,
January 28,
January 26,
January 28,
2025
2024
2025
2024
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 expense
1,321
993
4,737
3,549
Depreciation and amortization
543
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 assets
331
(1,184
)
(395
)
(1,522
)
Accounts payable
867
281
3,357
1,531
Accrued and other current liabilities
360
1,072
4,278
2,025
Other long-term liabilities
372
305
1,221
514
Net cash provided by operating activities
16,628
11,499
64,089
28,090
Cash flows from investing activities:
Proceeds from maturities of marketable securities
1,710
1,731
11,195
9,732
Proceeds from sales of marketable securities
177
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
)
Other
22
-
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 period
9,107
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 Ended
Twelve Months Ended
January 26,
October 27,
January 28,
January 26,
January 28,
2025
2024
2024
2025
2024
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 margin
73.0
%
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 margin
73.5
%
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 income
1,482
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 discount
1
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 adjustments
756
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
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 Ended
Twelve Months Ended
January 26,
October 27,
January 28,
January 26,
January 28,
2025
2024
2024
2025
2024
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 Ended
Twelve Months Ended
January 26,
October 27,
January 28,
January 26,
January 28,
2025
2024
2024
2025
2024
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 (ASU 2016-09).
(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 margin
70.6
%
Impact of stock-based compensation expense, acquisition-related costs, and other costs
0.4
%
Non-GAAP gross margin
71.0
%
GAAP operating expenses
$
5,150
Stock-based compensation expense, acquisition-related costs, and other costs
(1,550
)
Non-GAAP operating expenses
$
3,600
