nvda-20250427

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 27, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 0-23985

NVIDIA CORPORATION

(Exact name of registrant as specified in its charter)


Delaware			94-3177549
(State or other jurisdiction of			(I.R.S. Employer
incorporation or organization)			Identification No.)

2788 San Tomas Expressway, Santa Clara, California			95051
(Address of principal executive offices)			(Zip Code)

(408) 486-2000

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	NVDA	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock, $0.001 par value, outstanding as of May 23, 2025, was 24.4 billion.

NVIDIA Corporation

Form 10-Q

For the Quarter Ended April 27, 2025

Table of Contents


		Page
	Part I : Financial Information

Item 1.	Financial Statements (Unaudited)

	a) Condensed Consolidated Statements of Income for the three months ended April 27, 2025 and April 28, 2024	3

	b) Condensed Consolidated Statements of Comprehensive Income for the three months ended April 27, 2025 and April 28, 2024	4

	c) Condensed Consolidated Balance Sheets as of April 27, 2025 and January 26, 2025	5

	d) Condensed Consolidated Statements of Shareholders' Equity for the three months ended April 27, 2025 and April 28, 2024	6

	e) Condensed Consolidated Statements of Cash Flows for the three months ended April 27, 2025 and April 28, 2024	7

	f) Notes to Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29

Item 4.	Controls and Procedures	30

	Part II : Other Information

Item 1.	Legal Proceedings	30

Item 1A.	Risk Factors	30

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36

Item 5.	Other Information	37

Item 6.	Exhibits	38

Signature		39

Where You Can Find More Information

Investors and others should note that we announce material financial information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. We also use the following social media channels as a means of disclosing information about the company, our products, our planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters, and for complying with our disclosure obligations under Regulation FD:

NVIDIA Corporate Blog (http://blogs.nvidia.com)

NVIDIA Technical Blog (http://developer.nvidia.com/blog/)

NVIDIA LinkedIn Page (http://www.linkedin.com/company/nvidia)

NVIDIA Facebook Page (https://www.facebook.com/nvidia)

NVIDIA Instagram Page (https://www.instagram.com/nvidia)

NVIDIA X Account (https://x.com/nvidia)

In addition, investors and others can view NVIDIA videos on YouTube (https://www.YouTube.com/nvidia).

The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these accounts and the blog, in addition to following our press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this Quarterly Report on Form 10-Q. These channels may be updated from time to time on NVIDIA's investor relations website.

Part I. Financial Information

Item 1. Financial Statements (Unaudited)

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Income

(In millions, except per share data)

(Unaudited)


	Three Months Ended
	Apr 27, 2025		Apr 28, 2024

Revenue	$	44,062	$	26,044
Cost of revenue	17,394		5,638
Gross profit	26,668		20,406
Operating expenses
Research and development	3,989		2,720
Sales, general and administrative	1,041		777
Total operating expenses	5,030		3,497
Operating income	21,638		16,909
Interest income	515		359
Interest expense	(63)		(64)
Other income (expense), net	(180)		75
Total other income (expense), net	272		370
Income before income tax	21,910		17,279
Income tax expense	3,135		2,398
Net income	$	18,775	$	14,881

Net income per share:
Basic	$	0.77	$	0.60
Diluted	$	0.76	$	0.60

Weighted average shares used in per share computation:
Basic	24,441		24,620
Diluted	24,611		24,890

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(In millions)

(Unaudited)


	Three Months Ended
	Apr 27, 2025		Apr 28, 2024

Net income	$	18,775	$	14,881
Other comprehensive income (loss), net of tax
Available-for-sale securities:
Net change in unrealized gain (loss)	139		(128)
Cash flow hedges:
Net change in unrealized gain (loss)	23		(4)
Reclassification adjustments for net realized loss included in net income	(4)		(4)
Net change in unrealized gain (loss)	19		(8)
Other comprehensive income (loss), net of tax	158		(136)
Total comprehensive income	$	18,933	$	14,745

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)


	Apr 27, 2025		Jan 26, 2025
Assets
Current assets:
Cash and cash equivalents	$	15,234	$	8,589
Marketable securities	38,457		34,621
Accounts receivable, net	22,132		23,065
Inventories	11,333		10,080
Prepaid expenses and other current assets	2,779		3,771
Total current assets	89,935		80,126
Property and equipment, net	7,136		6,283
Operating lease assets	1,810		1,793
Goodwill	5,498		5,188
Intangible assets, net	769		807
Deferred income tax assets	13,318		10,979
Other assets	6,788		6,425
Total assets	$	125,254	$	111,601

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	7,331	$	6,310
Accrued and other current liabilities	19,211		11,737

Total current liabilities	26,542		18,047
Long-term debt	8,464		8,463
Long-term operating lease liabilities	1,521		1,519
Other long-term liabilities	4,884		4,245
Total liabilities	41,411		32,274
Commitments and contingencies - see Note 11
Shareholders’ equity:
Preferred stock	—		—
Common stock	24		24
Additional paid-in capital	11,475		11,237
Accumulated other comprehensive income	186		28
Retained earnings	72,158		68,038
Total shareholders' equity	83,843		79,327
Total liabilities and shareholders' equity	$	125,254	$	111,601

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)


	Common Stock Outstanding			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Shareholders' Equity
	Shares	Amount
(In millions, except per share data)
Balances as of Jan 26, 2025	24,477	$	24	$	11,237	$	28	$	68,038	$	79,327
Net income	—	—		—		—		18,775		18,775
Other comprehensive income	—	—		—		158		—		158
Issuance of common stock from stock plans	50	—		370		—		—		370
Tax withholding related to common stock from stock plans	(13)	—		(1,532)		—		—		(1,532)
Shares repurchased	(126)	—		(92)		—		(14,411)		(14,503)
Cash dividends declared and paid ($0.01 per common share)	—	—		—		—		(244)		(244)
Fair value of partially vested equity awards assumed in connection with acquisitions	—	—		22		—		—		22
Stock-based compensation	—	—		1,470		—		—		1,470
Balances as of Apr 27, 2025	24,388	$	24	$	11,475	$	186	$	72,158	$	83,843
Balances as of Jan 28, 2024	24,643	$	25	$	13,109	$	27	$	29,817	$	42,978
Net income	—	—		—		—		14,881		14,881
Other comprehensive loss	—	—		—		(136)		—		(136)
Issuance of common stock from stock plans	73	—		285		—		—		285
Tax withholding related to common stock from stock plans	(19)	—		(1,752)		—		—		(1,752)
Shares repurchased	(99)	—		(33)		—		(8,002)		(8,035)
Cash dividends declared and paid ($0.004 per common share)	—	—		—		—		(98)		(98)
Stock-based compensation	—	—		1,019		—		—		1,019
Balances as of Apr 28, 2024	24,598	$	25	$	12,628	$	(109)	$	36,598	$	49,142

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In millions)

(Unaudited)


	Three Months Ended
	Apr 27, 2025		Apr 28, 2024
Cash flows from operating activities:
Net income	$	18,775	$	14,881
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	1,474		1,011
Depreciation and amortization	611		410
(Gains) losses on non-marketable equity securities and publicly-held equity securities, net	175		(69)
Deferred income taxes	(2,177)		(1,577)
Other	(98)		(145)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	933		(2,366)
Inventories	(1,258)		(577)
Prepaid expenses and other assets	560		(726)
Accounts payable	941		(22)
Accrued and other current liabilities	7,128		4,202
Other long-term liabilities	350		323
Net cash provided by operating activities	27,414		15,345
Cash flows from investing activities:
Proceeds from maturities of marketable securities	3,122		4,004
Proceeds from sales of marketable securities	467		149
Proceeds from sales of non-marketable equity securities	—		55
Purchases of marketable securities	(6,546)		(9,303)
Purchases related to property and equipment and intangible assets	(1,227)		(369)
Purchases of non-marketable equity securities	(649)		(190)
Acquisitions, net of cash acquired	(383)		(39)
Net cash used in investing activities	(5,216)		(5,693)
Cash flows from financing activities:
Proceeds related to employee stock plans	370		285
Payments related to repurchases of common stock	(14,095)		(7,740)
Payments related to employee stock plan taxes	(1,532)		(1,752)
Dividends paid	(244)		(98)
Principal payments on property and equipment and intangible assets	(52)		(40)
Net cash used in financing activities	(15,553)		(9,345)
Change in cash and cash equivalents	6,645		307
Cash and cash equivalents at beginning of period	8,589		7,280
Cash and cash equivalents at end of period	$	15,234	$	7,587

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. The January 26, 2025 consolidated balance sheet was derived from our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 26, 2025, as filed with the SEC, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 26, 2025.

SEC Form 10-Q filed by NVIDIA Corporation