• NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2025

    Source: Nasdaq GlobeNewswire / 26 Feb 2025 16:20:07   America/New_York

    • 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 (GLOBE NEWSWIRE) -- 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.


     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 
        

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.


    For further information, contact:
      
    Stewart Stecker Mylene Mangalindan
    Investor RelationsCorporate Communications
    NVIDIA CorporationNVIDIA Corporation
    sstecker@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. 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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aabe86db-ce89-4434-b83c-495082979801


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