NVIDIA achieved a 65.6% operating margin in 2027Q1, reflecting significant operating leverage as revenue expanded by 85.2% year-over-year.
| 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 | 253.49B | 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 % | 70.68% | 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 | 65.54B | 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 | 187.95B | 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 % | 74.15% | 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 | 25.67B | 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 | 4.84B | 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 | 20.83B | 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 | 162.28B | 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 % | 64.02% | 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 | 165.51B | 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 % | 65.29% | 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 % | 87.56% | 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) | 3.23B | 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 | 189.53B | 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 | 2.03B | 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 | 2.33B | 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 | 298M | 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 | 27.16B | 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 | 189.44B | 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 % | 74.73% | 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 | 29.83B | 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 % | 15.75% | 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 | 159.61B | 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 % | 62.97% | 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 % | 107.9% | 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) | 159.61B | 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) | 6.54 | 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 % | 110.65% | 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 | 24.39B | 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 | 24.29B | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Supply Chain Concentration Risk
As reported in recent financial statements, NVDA achieved a revenue growth rate of 85.2% in 2027Q1, signaling that the company's transition toward large-scale, project-based data center deployments remains the primary engine for top-line acceleration despite the massive scale of the underlying business operations.
The consistent quarter-over-quarter revenue growth suggests that demand for AI-optimized infrastructure is not merely cyclical but structural. Investors should monitor whether this trajectory can be sustained as the company faces increasingly difficult year-over-year comparisons and potential saturation in hyperscaler capital expenditure budgets.
According to the latest quarterly data, NVDA maintained a gross margin of 74.9% in 2027Q1, which underscores the company's exceptional pricing power and the high value-add nature of its proprietary software-defined hardware ecosystem compared to traditional semiconductor peers operating in more commoditized segments.
These margins appear to reflect a monopolistic advantage derived from the CUDA software moat, which effectively insulates the company from price-based competition. However, any shift in the competitive landscape toward internal ASIC development by major cloud customers may threaten this structural margin profile over the long term.
Based on the provided income statement figures, NVDA's operating margin reached 65.6% in 2027Q1, demonstrating significant operating leverage as the company successfully scales its R&D and SG&A expenses across a rapidly expanding revenue base without incurring proportional increases in overhead costs.
The ability to keep SG&A expenses at a relatively low $1.3B while revenue surged to $81.6B suggests a highly efficient, lean organizational structure. This operational discipline warrants further investigation to determine if such efficiency is sustainable as the company expands into more complex, full-stack system deployments.
While current performance is robust, the company's multi-billion dollar inventory obligations to foundries, as noted in recent filings, present a significant risk if demand for AI accelerators cools, potentially leading to substantial write-downs and margin compression in a less favorable macroeconomic environment.
The reliance on third-party foundry capacity for advanced packaging creates a bottleneck that could turn into a liability if the current AI investment cycle experiences a sharp correction. Analysts should remain cautious regarding the potential for over-earning during periods of supply constraints, which may mask underlying demand volatility.
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.