NVIDIA CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NVIDIA CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	6,910	9,714	11,716	10,918	16,675	26,914	26,974	60,922	130,497	215,938
Cost of revenue	2,847	3,892	4,545	4,150	6,279	9,439	11,618	16,621	32,639	62,475
Gross profit	4,063	5,822	7,171	6,768	10,396	17,475	15,356	44,301	97,858	153,463
Research and development	1,463	1,797	2,376	2,829	3,924	5,268	7,339	8,675	12,914	18,497
Selling, general and administrative	663	815	991	1,093	1,940	2,166	2,440	2,654	3,491	4,579
Operating expenses	2,129	2,612	3,367	3,922	5,864	7,434	11,132	11,329	16,405	23,076
Operating income	1,934	3,210	3,804	2,846	4,532	10,041	4,224	32,972	81,453	130,387
Interest expense	58	61	58	52	184	236	262	257	247	259
Interest income	54	69	136	178	57	29	267	866	1,786	2,300
Other non-operating income	-29	-14	92	124	-123	-100	-43	846	2,573	11,063
Pre-tax income	1,905	3,196	3,896	2,970	4,409	9,941	4,181	33,818	84,026	141,450
Income tax	239	149	-245	174	77	189	-187	4,058	11,146	21,383
Net income	1,666	3,047	4,141	2,796	4,332	9,752	4,368	29,760	72,880	120,067
EBITDA	2,121	3,409	4,066	3,227	5,630	11,215	5,768	34,480	83,317	133,230
EPS, basic	0.08	0.12	0.17	0.11	0.17	0.38	0.18	1.21	2.97	4.93
EPS, diluted	0.06	0.12	0.16	0.11	0.17	0.38	0.17	1.19	2.94	4.90
Shares, basic (weighted)	22,149	24,524	24,892	24,964	25,250	25,547	24,870	24,690	24,555	24,359
Shares, diluted (weighted)	26,571	25,875	25,588	25,302	25,691	25,946	25,070	24,940	24,804	24,514
Dividend per share	0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.02	0.03	0.04

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	1,766	4,002	782	10,896	847	1,990	3,389	7,280	8,589	10,605
Short-term investments	5,032	3,106	6,640	1	10,714	19,218	9,907	18,704	34,621
Receivables	826	1,265	1,424	1,657	2,429	4,650	3,827	9,999	23,065	38,466
Inventory	794	796	1,575	979	1,826	2,605	5,159	5,282	10,080	21,403
Other current assets	62	319	108	157	97	366	791	3,080	3,771	3,180
Total current assets	8,536	9,255	10,557	13,690	16,055	28,829	23,073	44,345	80,126	125,605
Property, plant and equipment	521	997	1,404	1,674	2,149	2,778	3,807	3,914	6,283	10,383
Lease right-of-use assets			0	618	707	829	1,038	1,346	1,793	2,867
Goodwill	618	618	618	618	4,193	4,349	4,372	4,430	5,188	20,832
Intangible assets	104	52	45	49	2,737	2,339	1,676	1,112	807	3,306
Other non-current assets	62	319	108	118	2,144	3,841	3,820	4,500	3,038	8,301
Total assets	9,841	11,241	13,292	17,315	28,791	44,187	41,182	65,728	111,601	206,803
Accounts payable	485	596	511	687	1,149	1,783	1,193	2,699	6,310	9,812
Accrued liabilities	507	542	818	1,097	1,777	2,552	4,120	6,682	11,737	21,352
Deferred revenue	85	53	92	141	288	300	354	764	837	1,379
Short-term debt			0	0	999	0	1,250	1,250	0	999
Total current liabilities	1,788	1,153	1,329	1,784	3,925	4,335	6,563	10,631	18,047	32,163
Long-term debt				1,991	5,964	10,946	9,703	8,459	8,463	7,469
Lease liabilities			0	561	634	741	902	1,119	1,519	2,572
Other non-current liabilities	277	632	633	775	1,375	1,553	1,913	2,541	4,245	7,306
Total liabilities	4,048	3,770	3,950	5,111	11,898	17,575	19,081	22,750	32,274	49,510
Total debt	1,983	1,985	1,988	1,991	6,963	10,946	10,953	9,709	8,463	8,468
Paid-in capital	4,708	5,351	6,051	7,045	8,719	10,385	11,971	13,109	11,237	10,118
Retained earnings	6,108	8,787	12,565	14,971	18,908	16,235	10,171	29,817	68,038	146,973
Treasury stock	-5,039	-6,650	-9,263	-9,814	-10,756	0
Other comprehensive income	-16	-18	-12	1	19	-11	-43	27	28	178
Shareholders' equity	5,762	7,471	9,342	12,204	16,893	26,612	22,101	42,978	79,327	157,293
Total equity	5,762	7,471	9,342	12,204	16,893	26,612	22,101	42,978	79,327	157,293
Total liabilities and equity	9,841	11,241	13,292	17,315	28,791	44,187	41,182	65,728	111,601	206,803
Shares outstanding	23,951	24,810	24,810	6,264	25,373	25,650	2,466	24,643	24,477	24,304

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	1,666	3,047	4,141	2,796	4,332	9,752	4,368	29,760	72,880	120,067
Depreciation and amortization	187	199	262	381	1,098	1,174	1,544	1,508	1,864	2,843
Stock-based compensation	247	391	557	844	1,397	2,004	2,709	3,549	4,737	6,386
Deferred income tax	197	-359	-315	18	-282	-406	-2,164	-2,489	-4,477	-1,424
Change in receivables	-321	-440	-149	-233	-550	-2,215	822	-6,172	-13,063	-15,399
Change in inventory	-375	0	-776	597	-524	-774	-2,554	-98	-4,781	-11,324
Change in payables	184	90	-135	194	312	568	-551	1,531	3,357	3,096
Cash from operations	1,672	3,502	3,743	4,761	5,822	9,108	5,641	28,090	64,089	102,718
Capital expenditures						-976	-1,833	-1,069	-3,236	-6,042
Acquisitions			0	-4	-8,524	-263	-49	-83	-1,007	-1,535
Purchases of investments	-3,134	-36	-11,148	-1,461	-19,308	-24,787	-11,897	-18,211	-26,575	-40,616
Sales and maturities of investments	1,546	863	428	4,744	8,792	15,197	19,425	9,732	11,195	11,226
Cash from investing	-793	1,278	-4,097	6,145	-19,675	-9,830	7,375	-10,566	-20,421	-52,228
Debt issued	1,980	1,980	1,980	1,980
Debt repaid				0	0	-1,000	0	-1,250	-1,250	0
Share buybacks	-739	-909	-1,579	0	0	0	-10,039	-9,533	-33,706	-40,086
Dividends paid	-261	-341	-371	-390	-395	-399	-398	-395	-834	-974
Cash from financing	291	-2,544	-2,866	-792	3,804	1,865	-11,617	-13,633	-42,359	-48,474
Net change in cash	1,170	2,236	-3,220	10,114	-10,049	1,143	1,399	3,891	1,309	2,016
Free cash flow						8,132	3,808	27,021	60,853	96,676
Interest paid	13	55	55	54	138	246	254	252	246
Income taxes paid	14	22	61	176	249	396	1,404	6,549	15,118	20,288

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 26, 2026; growth uses fiscal years. Valuation uses the share price of $225.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	74.7%	Gross profit / revenue.
Operating margin	65.2%	Operating income / revenue.
EBITDA margin	66.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	75.8%	Pre-tax income / revenue.
Net margin	63.7%	Net income / revenue.
FCF margin	41.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	44.3%	Cash from operations / revenue.
Effective tax rate	16.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	84.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	60.2%	Net income / average total assets.
Return on invested capital (ROIC)	69.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.8%	Research and development expense / revenue.
SG&A / revenue	1.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	65.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	100.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	66.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	56.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	115.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	71.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	60.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	213.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	95.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	59.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	184.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	88.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	64.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	201.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	94.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	66.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	206.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	96.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	60.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	163.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	77.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	58.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	193.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	17.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	35.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	20.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	98.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	92.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	56.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	85.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	71.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	48.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.59x	Current assets / current liabilities.
Quick ratio	1.99x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.15x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.4%	Total debt / total assets.
Liabilities / assets	28.5%	Total liabilities / total assets.
Net debt	$10.92B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	427x	Operating income / interest expense.
Working capital	$154.39B	Current assets - current liabilities.
Goodwill and intangibles / assets	7.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$204.86B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.95x	Revenue / average total assets.
Fixed asset turnover	21.2x	Revenue / average property, plant and equipment.
Inventory turnover	2.43x	Cost of revenue / average inventory.
Days inventory	150 days	365 x average inventory / cost of revenue.
Receivables turnover	4.80x	Revenue / average receivables.
Days sales outstanding	76 days	365 x average receivables / revenue.
Days payables	72 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	155 days	Days inventory + days sales outstanding - days payables.
FCF conversion	65.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.94	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.48	Revenue / diluted weighted shares.
FCF per share	$5.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.53	Cash from operations / diluted weighted shares.
Book value per share	$9.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.44	Tangible book value / shares outstanding.
Cash per share	$0.92	(Cash + short-term investments) / shares outstanding.
Payout ratio	3.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	5.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	43.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.45T	Share price x shares outstanding.
Enterprise value	$5.46T	Market cap + total debt - cash - short-term investments.
P/E	28.2x	Market cap / net income. Only when net income is positive.
P/S	18.0x	Market cap / revenue.
P/B	23.8x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	26.6x	Market cap / tangible book value, when positive.
P/FCF	42.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	40.5x	Market cap / cash from operations, when positive.
EV/Sales	18.0x	Enterprise value / revenue.
EV/EBIT	27.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	43.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	3.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.14x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NVIDIA CORP's revenue in fiscal 2026?

NVIDIA CORP reported revenue of $215.94B for fiscal 2026, 65.5% higher than the year before.

Was NVIDIA CORP profitable in fiscal 2026?

Yes. Net income was $120.07B, a net margin of 55.6%.

How much free cash flow did NVIDIA CORP generate in fiscal 2026?

Cash from operations of $102.72B minus capital expenditures of $6.04B left free cash flow of $96.68B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to NVIDIA CORP