NVIDIA Corp. Q2 FY2025 results: revenue $30.0 billion, up 122.4% on the year

NVIDIA Corp. (NVDA) reported revenue of $30.0 billion for Q2 FY2025, the quarter ended 28 July 2024, up 122.4% on the same quarter a year earlier. Net income was $16.6 billion, up 168.2% on the year, and diluted earnings per share $0.67. The figures are the company's own, from the 10-Q it filed with the SEC on 28 August 2024.

Revenue$30.0 billionup 122.4%

Net income$16.6 billionup 168.2%

Diluted EPS$0.67

QuarterQ2 FY2025ended 28 July 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2025	Q1 FY2025	A year earlier	Change on the year
Revenue	30,040	26,044	n/a	n/a
Cost of revenue	7,466	5,638	n/a	n/a
Gross profit	22,574	20,406	n/a	n/a
Gross margin	75.1%	78.4%	n/a
Research and development	3,090	2,720	n/a	n/a
Selling, general and administrative	842	777	n/a	n/a
Operating income	18,642	16,909	n/a	n/a
Operating margin	62.1%	64.9%	n/a
Interest expense	61.0	64.0	n/a	n/a
Pre-tax income	19,214	17,279	n/a	n/a
Income tax	2,615	2,398	n/a	n/a
Effective tax rate	13.6%	13.9%	n/a
Net income	16,599	14,881	n/a	n/a
Net margin	55.3%	57.1%	n/a
Diluted EPS	$0.67	$5.98	n/a	n/a

$ million except per share. 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

Line	Q2 FY2025	Q1 FY2025	A year earlier	Change on the year
Operating cash flow	14,488	15,345	n/a	n/a
Capital expenditure	977	369	n/a	n/a
Free cash flow	13,511	14,976	n/a	n/a
Free cash flow margin	45.0%	57.5%	n/a
Depreciation and amortisation	433	410	n/a	n/a
Share-based compensation	1,154	1,011	n/a	n/a
Buybacks	7,158	7,740	n/a	n/a
Dividends paid	246	98.0	n/a	n/a
Dividend per share	$0.01	$0.04	n/a	n/a
Diluted shares, weighted	24,848m	2,489m	n/a	n/a
Shares outstanding at period end	24,530m	2,460m	n/a	n/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

Line	Q2 FY2025	Q1 FY2025	A year earlier	Change on the year
Total assets	85,227	77,072	n/a	n/a
Cash and equivalents	8,563	7,587	n/a	n/a
Receivables	14,132	12,365	n/a	n/a
Inventory	6,675	5,864	n/a	n/a
Goodwill	4,622	4,453	n/a	n/a
Long-term debt	8,461	9,710	n/a	n/a
Operating lease liabilities	1,304	1,281	n/a	n/a
Shareholders' equity	58,157	49,142	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	18,120	22,103	26,044	30,040	35,082	39,331	44,062	46,743	57,006	68,127	81,615	96,221
Cost of revenue	4,720	5,312	5,638	7,466	8,926	10,609	17,394	12,890	15,157	17,034	20,458	24,079
Gross profit	13,400	16,791	20,406	22,574	26,156	28,722	26,668	33,853	41,849	51,093	61,157	72,142
Gross margin	74%	76%	78%	75%	75%	73%	61%	72%	73%	75%	75%	75%
R&D	2,294	2,466	2,720	3,090	3,390	3,714	3,989	4,291	4,705	5,512	6,321	7,054
SG&A	689	710	777	842	897	975	1,041	1,122	1,134	1,282	1,300	1,354
Operating income	10,417	13,615	16,909	18,642	21,869	24,033	21,638	28,440	36,010	44,299	53,536	63,734
Operating margin	57%	62%	65%	62%	62%	61%	49%	61%	63%	65%	66%	66%
Interest expense	63.0	63.0	64.0	61.0	61.0	61.0	63.0	62.0	61.0	73.0	102	227
Pre-tax income	10,522	14,106	17,279	19,214	22,316	25,217	21,910	31,206	37,936	50,398	69,903	71,507
Tax rate	12%	13%	14%	14%	13%	12%	14%	15%	16%	15%	17%	17%
Net income	9,243	12,286	14,881	16,599	19,309	22,091	18,775	26,422	31,910	42,960	58,321	59,688
Net margin	51%	56%	57%	55%	55%	56%	43%	57%	56%	63%	71%	62%
Diluted EPS	$3.71	$4.92	$5.98	$0.67	$0.78	n/a	$0.76	$1.08	$1.30	$1.76	$2.39	$2.46
Operating cash flow	7,332	11,499	15,345	14,488	17,627	16,629	27,414	15,365	23,751	36,188	50,344	24,077
Capital expenditure	278	254	369	977	813	1,077	1,227	1,895	1,636	1,284	1,757	2,677
Free cash flow	7,054	11,245	14,976	13,511	16,814	15,552	26,187	13,470	22,115	34,904	48,587	21,400
Buybacks	3,807	2,659	7,740	7,158	10,997	7,811	14,095	9,720	12,456	3,815	19,312	19,732
Dividends paid	99.0	98.0	98.0	246	245	245	244	244	244	242	243	6,000
Shares outstanding	2,470m	2,464m	2,460m	24,530m	24,490m	24,477m	24,400m	24,300m	24,300m	24,304m	24,200m	24,100m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-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 July 2024, filed 28 August 2024, accession 0001045810-24-000264: the filing on EDGAR. All of NVIDIA Corp.'s filings: EDGAR company page.

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