Revenue growth has accelerated to 105.9% year-over-year in 2027Q2, supported by a stabilized gross margin of 75.0% and an operating margin that has expanded to 66.2%, demonstrating exceptional pricing power and operating leverage.
NVIDIA Corporation (NVDA) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 |
|---|
| Sales/Revenue | 302.97B | 215.94B | 130.5B | 60.92B | 26.97B | 26.91B | 16.68B | 10.92B | 11.72B | 9.71B | 6.91B | 5.01B | 4.68B | 4.13B | 4.28B | 4B | 3.54B | 3.33B | 3.42B | 4.1B | 3.07B | 2.38B | 2.01B | 1.82B | 1.91B | 1.37B | 735.26M | 374.5M | 158.2M |
| Revenue Growth % | 83.38% | 65.47% | 114.2% | 125.85% | 0.22% | 61.4% | 52.73% | -6.81% | 20.61% | 40.58% | 37.92% | 7.01% | 13.37% | -3.51% | 7.06% | 12.83% | 6.52% | -2.87% | -16.42% | 33.53% | 29.17% | 18.19% | 10.26% | -4.53% | 39.43% | 86.26% | 96.33% | 136.73% | - |
| Cost of Goods Sold | 76.73B | 62.48B | 32.64B | 16.62B | 11.62B | 9.44B | 6.28B | 4.15B | 4.54B | 3.89B | 2.85B | 2.2B | 2.08B | 1.86B | 2.05B | 1.94B | 2.13B | 2.15B | 2.25B | 2.23B | 1.77B | 1.47B | 1.36B | 1.29B | 1.33B | 850.23M | 462.38M | 232.66M | 103.2M |
| COGS % of Revenue | - | 28.93% | 25.01% | 27.28% | 43.07% | 35.07% | 37.66% | 38.01% | 38.79% | 40.07% | 41.2% | 43.89% | 44.49% | 45.08% | 47.98% | 48.56% | 60.23% | 64.62% | 65.71% | 54.38% | 57.62% | 61.69% | 67.78% | 70.99% | 69.83% | 62.08% | 62.89% | 62.13% | 65.23% |
| Gross Profit | 226.24B | 153.46B | 97.86B | 44.3B | 15.36B | 17.48B | 10.4B | 6.77B | 7.17B | 5.82B | 4.06B | 2.81B | 2.6B | 2.27B | 2.23B | 2.06B | 1.41B | 1.18B | 1.17B | 1.87B | 1.3B | 910.03M | 647.55M | 528.88M | 576.01M | 519.24M | 272.88M | 141.84M | 55M |
| Gross Margin % | 74.67% | 71.07% | 74.99% | 72.72% | 56.93% | 64.93% | 62.34% | 61.99% | 61.21% | 59.93% | 58.8% | 56.11% | 55.51% | 54.92% | 52.02% | 51.44% | 39.77% | 35.38% | 34.29% | 45.62% | 42.38% | 38.31% | 32.22% | 29.01% | 30.17% | 37.92% | 37.11% | 37.87% | 34.77% |
| Gross Profit Growth % | - | 56.82% | 120.89% | 188.49% | -12.13% | 68.09% | 53.61% | -5.62% | 23.17% | 43.29% | 44.54% | 8.16% | 14.59% | 1.87% | 8.26% | 45.95% | 19.73% | 0.23% | -37.18% | 43.74% | 42.9% | 40.53% | 22.44% | -8.18% | 10.93% | 90.28% | 92.38% | 157.9% | - |
| Operating Expenses | 28.66B | 23.08B | 16.41B | 11.33B | 11.13B | 7.43B | 5.86B | 3.92B | 3.37B | 2.61B | 2.13B | 2.06B | 1.84B | 1.77B | 1.58B | 1.41B | 1.15B | 1.28B | 1.24B | 1.03B | 847M | 573.37M | 552.38M | 438.72M | 432.03M | 277.51M | 144.74M | 83.23M | 50.5M |
| OpEx % of Revenue | - | 10.69% | 12.57% | 18.6% | 41.27% | 27.62% | 35.17% | 35.92% | 28.74% | 26.89% | 30.81% | 41.2% | 39.3% | 42.91% | 36.87% | 35.22% | 32.55% | 38.36% | 36.35% | 25.21% | 27.6% | 24.13% | 27.48% | 24.07% | 22.63% | 20.26% | 19.69% | 22.22% | 31.92% |
| Selling, General & Admin | 5.07B | 4.58B | 3.49B | 2.65B | 2.44B | 2.17B | 1.94B | 1.09B | 991M | 815M | 663M | 602M | 480M | 436M | 430.82M | 405.61M | 361.51M | 367.02M | 362.22M | 341.3M | 293.53M | 202.09M | 204.16M | 165.25M | 207.15M | 97.19M | 58.7M | 36.31M | 18.9M |
| SG&A % of Revenue | - | 2.12% | 2.68% | 4.36% | 9.05% | 8.05% | 11.63% | 10.01% | 8.46% | 8.39% | 9.59% | 12.02% | 10.25% | 10.56% | 10.07% | 10.15% | 10.2% | 11.03% | 10.58% | 8.33% | 9.57% | 8.51% | 10.16% | 9.06% | 10.85% | 7.1% | 7.98% | 9.7% | 11.95% |
| Research & Development | 23.59B | 18.5B | 12.91B | 8.68B | 7.34B | 5.27B | 3.92B | 2.83B | 2.38B | 1.8B | 1.46B | 1.33B | 1.36B | 1.34B | 1.15B | 1B | 848.83M | 908.85M | 855.88M | 691.64M | 553.47M | 357.12M | 348.22M | 269.97M | 224.87M | 153.92M | 86.05M | 46.91M | 25.1M |
| R&D % of Revenue | - | 8.57% | 9.9% | 14.24% | 27.21% | 19.57% | 23.53% | 25.91% | 20.28% | 18.5% | 21.17% | 26.57% | 29.05% | 32.35% | 26.8% | 25.08% | 23.96% | 27.32% | 24.99% | 16.88% | 18.04% | 15.03% | 17.32% | 14.81% | 11.78% | 11.24% | 11.7% | 12.53% | 15.87% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 1.35B | 0 | 0 | 0 | 0 | 0 | 3M | 131M | 0 | 0 | 0 | 0 | -57M | 0 | 26.87M | 0 | 0 | 14.16M | 0 | 3.5M | 0 | 26.4M | 0 | 0 | 6.5M |
| Operating Income | 197.58B | 130.39B | 81.45B | 32.97B | 4.22B | 10.04B | 4.53B | 2.85B | 3.8B | 3.21B | 1.93B | 747M | 759M | 496M | 648.24M | 648.3M | 255.75M | -98.94M | -70.7M | 836.35M | 453.45M | 336.66M | 95.18M | 90.16M | 143.99M | 241.73M | 128.13M | 58.62M | 4.5M |
| Operating Margin % | 65.21% | 60.38% | 62.42% | 54.12% | 15.66% | 37.31% | 27.18% | 26.07% | 32.47% | 33.05% | 27.99% | 14.91% | 16.21% | 12.01% | 15.15% | 16.22% | 7.22% | -2.97% | -2.06% | 20.41% | 14.78% | 14.17% | 4.74% | 4.95% | 7.54% | 17.65% | 17.43% | 15.65% | 2.84% |
| Operating Income Growth % | - | 60.08% | 147.04% | 680.59% | -57.93% | 121.56% | 59.24% | -25.18% | 18.5% | 65.98% | 158.9% | -1.58% | 53.02% | -23.48% | -0.01% | 153.49% | 358.47% | -39.95% | -108.45% | 84.44% | 34.69% | 253.73% | 5.57% | -37.38% | -40.44% | 88.65% | 118.6% | 1202.6% | - |
| EBITDA | 201.27B | 133.23B | 83.32B | 34.48B | 5.77B | 11.21B | 5.63B | 3.23B | 4.07B | 3.41B | 2.12B | 944M | 979M | 735M | 874.47M | 852.5M | 442.74M | 97.72M | 114.32M | 969.54M | 561.01M | 434.64M | 197.77M | 172.84M | 202.2M | 285.23M | 143.97M | 68.28M | 11M |
| EBITDA Margin % | 66.43% | 61.7% | 63.85% | 56.6% | 21.38% | 41.67% | 33.76% | 29.56% | 34.7% | 35.09% | 30.69% | 18.84% | 20.91% | 17.8% | 20.43% | 21.32% | 12.5% | 2.94% | 3.34% | 23.66% | 18.28% | 18.3% | 9.84% | 9.48% | 10.59% | 20.83% | 19.58% | 18.23% | 6.95% |
| EBITDA Growth % | 104.78% | 59.91% | 141.64% | 497.88% | -48.58% | 99.2% | 74.47% | -20.63% | 19.27% | 60.73% | 124.68% | -3.58% | 33.2% | -15.95% | 2.58% | 92.55% | 353.07% | -14.52% | -88.21% | 72.82% | 29.08% | 119.77% | 14.42% | -14.52% | -29.11% | 98.12% | 110.84% | 520.77% | - |
| D&A (Non-Cash Add-back) | 3.69B | 2.84B | 1.86B | 1.51B | 1.54B | 1.17B | 1.1B | 381M | 262M | 199M | 187M | 197M | 220M | 239M | 226.24M | 204.21M | 186.99M | 196.66M | 185.02M | 133.19M | 107.56M | 97.98M | 102.6M | 82.69M | 58.22M | 43.5M | 15.84M | 9.67M | 6.5M |
| EBIT | 229.77B | 141.71B | 84.27B | 34.08B | 4.44B | 10.18B | 4.59B | 3.02B | 3.95B | 3.26B | 1.96B | 790M | 801M | 520M | 665.33M | 666.49M | 274.3M | -78.97M | -42.55M | 836.35M | 453.45M | 336.66M | 95.18M | 93.66M | 143.99M | 251.76M | 128.13M | 58.62M | 4.5M |
| Net Interest Income | 1.77B | 2.04B | 1.54B | 609M | 5M | -207M | -127M | 126M | 78M | 8M | -4M | -8M | -18M | 7M | 16.61M | 16.06M | 15.93M | 19.8M | 42.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.23B | 2.3B | 1.79B | 866M | 267M | 29M | 57M | 178M | 136M | 69M | 54M | 39M | 28M | 17M | 19.91M | 19.15M | 19.06M | 23.11M | 42.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 463M | 259M | 247M | 257M | 262M | 236M | 184M | 52M | 58M | 61M | 58M | 47M | 46M | 10M | 3.29M | 3.09M | 3.13M | 3.32M | 406K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 32.16B | 11.06B | 2.57B | 846M | -43M | -100M | -123M | 124M | 92M | -14M | -29M | -4M | -4M | 14M | 13.8M | 15.1M | 15.42M | 16.65M | 27.75M | 65M | 41.03M | 20.12M | 11.85M | -3.48M | 6.57M | 11.02M | 16.67M | 1.75M | 0 |
| Pretax Income | 229.74B | 141.45B | 84.03B | 33.82B | 4.18B | 9.94B | 4.41B | 2.97B | 3.9B | 3.2B | 1.91B | 743M | 755M | 510M | 662.04M | 663.4M | 271.17M | -82.29M | -42.95M | 901.34M | 494.48M | 356.79M | 107.03M | 86.67M | 150.56M | 252.75M | 144.81M | 60.37M | 4.5M |
| Pretax Margin % | 75.83% | 65.5% | 64.39% | 55.51% | 15.5% | 36.94% | 26.44% | 27.2% | 33.25% | 32.9% | 27.57% | 14.83% | 16.13% | 12.35% | 15.47% | 16.59% | 7.65% | -2.47% | -1.25% | 22% | 16.11% | 15.02% | 5.32% | 4.75% | 7.88% | 18.46% | 19.69% | 16.12% | 2.84% |
| Income Tax | 36.87B | 21.38B | 11.15B | 4.06B | -187M | 189M | 77M | 174M | -245M | 149M | 239M | 129M | 124M | 70M | 99.5M | 82.31M | 18.02M | -14.31M | -12.91M | 103.7M | 46.35M | 55.61M | 18.41M | 12.25M | 59.76M | 75.83M | 46.34M | 19.41M | 400K |
| Effective Tax Rate % | 16.05% | 15.12% | 13.26% | 12% | -4.47% | 1.9% | 1.75% | 5.86% | -6.29% | 4.66% | 12.55% | 17.36% | 16.42% | 13.73% | 15.03% | 12.41% | 6.65% | 17.39% | 30.06% | 11.5% | 9.37% | 15.59% | 17.2% | 14.14% | 39.69% | 30% | 32% | 32.15% | 8.89% |
| Net Income | 192.88B | 120.07B | 72.88B | 29.76B | 4.37B | 9.75B | 4.33B | 2.8B | 4.14B | 3.05B | 1.67B | 614M | 631M | 440M | 562.54M | 581.09M | 253.15M | -67.99M | -30.04M | 797.64M | 448.83M | 301.18M | 88.61M | 74.42M | 90.8M | 176.92M | 98.47M | 40.96M | 4.1M |
| Net Margin % | 63.66% | 55.6% | 55.85% | 48.85% | 16.19% | 36.23% | 25.98% | 25.61% | 35.34% | 31.37% | 24.11% | 12.26% | 13.48% | 10.65% | 13.14% | 14.53% | 7.14% | -2.04% | -0.88% | 19.46% | 14.63% | 12.68% | 4.41% | 4.08% | 4.76% | 12.92% | 13.39% | 10.94% | 2.59% |
| Net Income Growth % | 122.73% | 64.75% | 144.89% | 581.32% | -55.21% | 125.12% | 54.94% | -32.48% | 35.9% | 82.89% | 171.34% | -2.69% | 43.41% | -21.78% | -3.19% | 129.55% | 472.34% | -126.31% | -103.77% | 77.71% | 49.03% | 239.87% | 19.08% | -18.04% | -48.68% | 79.67% | 140.41% | 899% | - |
| Net Income (Continuing) | 192.88B | 120.07B | 72.88B | 29.76B | 4.37B | 9.75B | 4.33B | 2.8B | 4.14B | 3.05B | 1.67B | 614M | 631M | 440M | 562.54M | 581.09M | 253.15M | -67.99M | -30.04M | 797.64M | 448.13M | 301.18M | 88.61M | 74.42M | 90.8M | 176.92M | 98.47M | 40.96M | 4.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.94 | 4.90 | 2.94 | 1.19 | 0.17 | 0.38 | 0.17 | 0.11 | 0.17 | 0.12 | 0.06 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.01 | -0.00 | -0.00 | 0.03 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 |
| EPS Growth % | 125.36% | 66.67% | 147.06% | 600% | -55.26% | 123.53% | 54.55% | -35.29% | 41.67% | 87.5% | 137.04% | -3.57% | 47.37% | -17.39% | -4.17% | 118.18% | - | - | -104.24% | 73.68% | 35.71% | - | - | - | - | - | - | - | - |
| EPS (Basic) | - | 4.93 | 2.97 | 1.21 | 0.18 | 0.39 | 0.18 | 0.12 | 0.17 | 0.13 | 0.08 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.01 | -0.00 | -0.00 | 0.04 | 0.02 | 0.02 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 24.29B | 24.51B | 24.8B | 24.94B | 25.07B | 25.35B | 25.12B | 24.72B | 25B | 25.28B | 25.96B | 22.76B | 22.52B | 23.78B | 25B | 24.65B | 23.55B | 21.98B | 21.93B | 24.27B | 23.48B | 21.93B | 21.18B | 20.71B | 20.2B | 20.52B | 19.11B | 17.32B | 13.15B |
| Basic Shares Outstanding | 24.19B | 24.36B | 24.55B | 24.69B | 24.87B | 24.96B | 24.68B | 24.36B | 24.32B | 23.96B | 21.64B | 21.72B | 22.09B | 23.52B | 24.77B | 24.15B | 23.01B | 21.98B | 21.93B | 22B | 21.13B | 20.35B | 19.92B | 19.3B | 18.41B | 17.15B | 15.71B | 14.33B | 14.05B |
| Dividend Payout Ratio | - | 0.81% | 1.14% | 1.33% | 9.11% | 4.09% | 9.12% | 13.95% | 8.96% | 11.19% | 15.67% | 34.69% | 29.48% | 41.14% | 8.33% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NVDA stock.
For fiscal year 2026, NVIDIA Corporation (NVDA) reported total revenue of $215.94B. This represents a 136396.8% increase compared to $158.2M in 1999.
NVIDIA Corporation (NVDA) is profitable, generating $120.07B in net income for the fiscal year ending 2026 with a net profit margin of 55.6%.
NVIDIA Corporation (NVDA) reported an operating income of $130.39B, resulting in an operating profit margin of 60.4%. This margin reflects the operational efficiency of the business before interest and taxes.
NVIDIA Corporation (NVDA) generated $153.46B in gross profit for the year, representing a gross profit margin of 71.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Hyperscaler CapEx Dependency
Metrics are mathematically derived from official filings.
Hyper-Growth Driven by Data Center Demand
NVIDIA's revenue growth has accelerated dramatically, reaching 105.9% year-over-year in 2027Q2, driven by the insatiable demand for AI accelerators from hyperscalers and sovereign entities.
The revenue trajectory shows a clear acceleration from 55.6% growth in 2026Q2 to over 100% in the latest quarter, indicating the AI infrastructure build-out is intensifying rather than maturing. This growth appears overwhelmingly organic and driven by volume expansion in the Data Center segment, as the company's pricing power remains intact despite the massive scale. The durability of this growth is now tied to the capital expenditure cycles of a handful of hyperscalers, creating a high-magnitude but concentrated demand profile.
Software-Like Margins on Hardware Scale
Gross margins have stabilized at an extraordinary 75.0% in 2027Q2, reflecting a pricing power and value proposition that fundamentally redefines the semiconductor industry's margin structure.
The gross margin expansion from 60.5% in 2026Q1 to a sustained 75% level suggests the market is pricing NVIDIA's solutions based on the value of the software ecosystem (CUDA) and systems integration, not just the silicon. This margin profile is more akin to a high-end software platform than a traditional fabless chip designer, indicating a structural moat. However, the slight compression from the 78.4% peak in 2025Q1 may indicate the beginning of mix pressure as the company scales to meet massive volume orders.
Extraordinary Operating Leverage Realized
Operating income has scaled to $63.7B in 2027Q2, representing a 66.2% operating margin, as R&D and SG&A expenses are leveraged across a rapidly expanding revenue base.
The operating leverage is profound; operating income grew 127.8% year-over-year in 2027Q2, outpacing revenue growth of 105.9%. This indicates that the incremental cost of serving each additional dollar of revenue is minimal, a hallmark of a highly scalable platform business. The operating margin has expanded from 49.1% in 2026Q1 to over 66%, demonstrating that management's expense discipline is allowing the top-line growth to flow directly to the bottom line.
High-Quality Earnings with SBC Dilution Watch
Net income of $59.7B in 2027Q2 represents a 62.0% net margin, though stock-based compensation of $2.0B in the quarter warrants monitoring for potential future dilution.
The quality of earnings appears high, with net income closely tracking operating income and minimal non-operating distortions visible in the data. The primary concern for investors is the absolute level of stock-based compensation, which has grown from $1.0B in 2025Q1 to $2.0B in 2027Q2. While this is a common practice for retaining talent in a high-growth tech environment, the massive run-up in share price means the dilutive impact per dollar of SBC is significant and could pressure EPS growth if the stock price plateaus.
Variable Cost Dominance and R&D Intensity
The cost structure is dominated by variable COGS to foundries, while R&D spending at $7.1B in 2027Q2 represents a strategic investment to maintain the CUDA software moat.
As a fabless designer, NVIDIA's primary cost is the variable payment to TSMC for wafer fabrication and advanced packaging, which scales directly with revenue. The more strategic cost line is R&D, which has grown from $2.7B to $7.1B over the period but has declined as a percentage of revenue from 10.4% to 7.4%. This suggests management is successfully scaling its innovation engine without proportionally increasing the cost base, a key factor in sustaining the long-term competitive advantage.
The Concentration and Cyclicality Risk
The hyper-growth narrative masks a critical vulnerability: extreme customer concentration and the potential for a sharp demand correction if hyperscaler AI investment cycles turn.
A short-seller would focus on the fact that this growth is likely driven by a very small number of hyperscaler customers. A slowdown in their CapEx plans, whether due to a macroeconomic shift or a reassessment of AI ROI, could lead to an abrupt revenue cliff. Furthermore, the 75% gross margin is predicated on sustained scarcity pricing; any shift toward customer-developed ASICs or a competitive response from AMD could trigger a rapid margin normalization that the current valuation does not appear to discount.