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NVIDIA Corp. Q1 FY2025 results: revenue $26.0 billion, up 262.1% on the year

NVIDIA Corp. (NVDA) reported revenue of $26.0 billion for Q1 FY2025, the quarter ended 28 April 2024, up 262.1% on the same quarter a year earlier. Net income was $14.9 billion, up 628.4% on the year, and diluted earnings per share $5.98. The figures are the company's own, from the 10-Q it filed with the SEC on 29 May 2024.

Revenue$26.0 billionup 262.1%
Net income$14.9 billionup 628.4%
Diluted EPS$5.98
QuarterQ1 FY2025ended 28 April 2024

The quarter, against the one before and a year earlier

LineQ1 FY2025Q4 FY2024A year earlierChange on the year
Revenue26,04422,103n/an/a
Cost of revenue5,6385,312n/an/a
Gross profit20,40616,791n/an/a
Gross margin78.4%76.0%n/a
Research and development2,7202,466n/an/a
Selling, general and administrative777710n/an/a
Operating income16,90913,615n/an/a
Operating margin64.9%61.6%n/a
Interest expense64.063.0n/an/a
Pre-tax income17,27914,106n/an/a
Income tax2,3981,820n/an/a
Effective tax rate13.9%12.9%n/a
Net income14,88112,286n/an/a
Net margin57.1%55.6%n/a
Diluted EPS$5.98$4.92n/an/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ1 FY2025Q4 FY2024A year earlierChange on the year
Operating cash flow15,34511,499n/an/a
Capital expenditure369254n/an/a
Free cash flow14,97611,245n/an/a
Free cash flow margin57.5%50.9%n/a
Depreciation and amortisation410387n/an/a
Share-based compensation1,011993n/an/a
Buybacks7,7402,659n/an/a
Dividends paid98.098.0n/an/a
Dividend per share$0.04n/an/an/a
Diluted shares, weighted2,489m2,494mn/an/a
Shares outstanding at period end2,460m2,464mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2025Q4 FY2024A year earlierChange on the year
Total assets77,07265,728n/an/a
Cash and equivalents7,5877,280n/an/a
Receivables12,3659,999n/an/a
Inventory5,8645,282n/an/a
Goodwill4,4534,430n/an/a
Long-term debt9,7109,709n/an/a
Operating lease liabilities1,2811,119n/an/a
Shareholders' equity49,14242,978n/an/a

Quarterly results, the last 12 quarters

Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *Q1 FY2027Q2 FY2027
Revenue18,12022,10326,04430,04035,08239,33144,06246,74357,00668,12781,61596,221
Cost of revenue4,7205,3125,6387,4668,92610,60917,39412,89015,15717,03420,45824,079
Gross profit13,40016,79120,40622,57426,15628,72226,66833,85341,84951,09361,15772,142
Gross margin74%76%78%75%75%73%61%72%73%75%75%75%
R&D2,2942,4662,7203,0903,3903,7143,9894,2914,7055,5126,3217,054
SG&A6897107778428979751,0411,1221,1341,2821,3001,354
Operating income10,41713,61516,90918,64221,86924,03321,63828,44036,01044,29953,53663,734
Operating margin57%62%65%62%62%61%49%61%63%65%66%66%
Interest expense63.063.064.061.061.061.063.062.061.073.0102227
Pre-tax income10,52214,10617,27919,21422,31625,21721,91031,20637,93650,39869,90371,507
Tax rate12%13%14%14%13%12%14%15%16%15%17%17%
Net income9,24312,28614,88116,59919,30922,09118,77526,42231,91042,96058,32159,688
Net margin51%56%57%55%55%56%43%57%56%63%71%62%
Diluted EPS$3.71$4.92$5.98$0.67$0.78n/a$0.76$1.08$1.30$1.76$2.39$2.46
Operating cash flow7,33211,49915,34514,48817,62716,62927,41415,36523,75136,18850,34424,077
Capital expenditure2782543699778131,0771,2271,8951,6361,2841,7572,677
Free cash flow7,05411,24514,97613,51116,81415,55226,18713,47022,11534,90448,58721,400
Buybacks3,8072,6597,7407,15810,9977,81114,0959,72012,4563,81519,31219,732
Dividends paid99.098.098.02462452452442442442422436,000
Shares outstanding2,470m2,464m2,460m24,530m24,490m24,477m24,400m24,300m24,300m24,304m24,200m24,100m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless. EPS is as filed for each quarter. A split or a bonus issue changes the share count, so quarters before it are on the old count.

Source

10-Q for the period ended 28 April 2024, filed 29 May 2024, accession 0001045810-24-000124: the filing on EDGAR. All of NVIDIA Corp.'s filings: EDGAR company page.

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