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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 CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In millions)(Unaudited) January 26, January 28, 2025 2024ASSETS 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 3,914Operating lease assets 1,793 1,346Goodwill 5,188 4,430Intangible assets, net 807 1,112Deferred income tax assets 10,979 6,081Other 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 8,459Long-term operating lease liabilities 1,519 1,119Other 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 About NVIDIANVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.
For further information, contact: Stewart Stecker Mylene MangalindanInvestor RelationsCorporate CommunicationsNVIDIA CorporationNVIDIA Corporationsstecker@nvidia.com mmangalindan@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.
