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NVIDIA Announces Financial Results for First Quarter Fiscal 2025

  • Record quarterly revenue of $26.0 billion, up 18% from Q4 and up 262% from a year ago 
  • Record quarterly Data Center revenue of $22.6 billion, up 23% from Q4 and up 427% from a year ago
  • Ten-for-one forward stock split effective June 7, 2024
  • Quarterly cash dividend raised 150% to $0.01 per share on a post-split basis

NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 28, 2024, of $26.0 billion, up 18% from the previous quarter and up 262% from a year ago.

For the quarter, GAAP earnings per diluted share was $5.98, up 21% from the previous quarter and up 629% from a year ago. Non-GAAP earnings per diluted share was $6.12, up 19% from the previous quarter and up 461% from a year ago.

“The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence,” said Jensen Huang, founder and CEO of NVIDIA. “AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue opportunities.

“Our data center growth was fueled by strong and accelerating demand for generative AI training and inference on the Hopper platform. Beyond cloud service providers, generative AI has expanded to consumer internet companies, and enterprise, sovereign AI, automotive and healthcare customers, creating multiple multibillion-dollar vertical markets.

“We are poised for our next wave of growth. The Blackwell platform is in full production and forms the foundation for trillion-parameter-scale generative AI. Spectrum-X opens a brand-new market for us to bring large-scale AI to Ethernet-only data centers. And NVIDIA NIM is our new software offering that delivers enterprise-grade, optimized generative AI to run on CUDA everywhere — from the cloud to on-prem data centers and RTX AI PCs — through our expansive network of ecosystem partners.”

NVIDIA also announced a ten-for-one forward stock split of NVIDIA’s issued common stock to make stock ownership more accessible to employees and investors. The split will be effected through an amendment to NVIDIA’s Restated Certificate of Incorporation, which will result in a proportionate increase in the number of shares of authorized common stock. Each record holder of common stock as of the close of market on Thursday, June 6, 2024, will receive nine additional shares of common stock, to be distributed after the close of market on Friday, June 7, 2024. Trading is expected to commence on a split-adjusted basis at market open on Monday, June 10, 2024.

NVIDIA is increasing its quarterly cash dividend by 150% from $0.04 per share to $0.10 per share of common stock. The increased dividend is equivalent to $0.01 per share on a post-split basis and will be paid on Friday, June 28, 2024, to all shareholders of record on Tuesday, June 11, 2024.

Q1 Fiscal 2025 Summary

($ in millions, except earnings

per share)
Q1 FY25Q4 FY24Q1 FY24Q/QY/Y
Revenue$26,044$22,103$7,192Up 18%Up 262%
Gross margin78.4%76.0%64.6%Up 2.4 ptsUp 13.8 pts
Operating expenses$3,497$3,176$2,508Up 10%Up 39%
Operating income$16,909$13,615$2,140Up 24%Up 690%
Net income$14,881$12,285$2,043Up 21%Up 628%
Diluted earnings per share$5.98$4.93$0.82Up 21%Up 629%


($ in millions, except earnings

per share)
Q1 FY25Q4 FY24Q1 FY24Q/QY/Y
Revenue$26,044$22,103$7,192Up 18%Up 262%
Gross margin78.9%76.7%66.8%Up 2.2 ptsUp 12.1 pts
Operating expenses$2,501$2,210$1,750Up 13%Up 43%
Operating income$18,059$14,749$3,052Up 22%Up 492%
Net income$15,238$12,839$2,713Up 19%Up 462%
Diluted earnings per share$6.12$5.16$1.09Up 19%Up 461%


NVIDIA’s outlook for the second quarter of fiscal 2025 is as follows:

  • Revenue is expected to be $28.0 billion, plus or minus 2%.
  • GAAP and non-GAAP gross margins are expected to be 74.8% and 75.5%, respectively, plus or minus 50 basis points. For the full year, gross margins are expected to be in the mid-70% range.
  • GAAP and non-GAAP operating expenses are expected to be approximately $4.0 billion and $2.8 billion, respectively. Full-year operating expenses are expected to grow in the low-40% range.
  • GAAP and non-GAAP other income and expense are expected to be an income of approximately $300 million, excluding gains and losses from non-affiliated investments.
  • GAAP and non-GAAP tax rates are expected to be 17%, plus or minus 1%, excluding any discrete items.


NVIDIA achieved progress since its previous earnings announcement in these areas: 

Data Center

Gaming and AI PC

  • First-quarter Gaming revenue was $2.6 billion, down 8% from the previous quarter and up 18% from a year ago. 
  • Introduced new AI gaming technologies at GDC for NVIDIA ACE and Neural Graphics.
  • Unveiled new AI performance optimizations and integrations for Windows to deliver maximum performance on NVIDIA GeForce RTX AI PCs and workstations.
  • Announced more blockbuster games that will incorporate RTX technology, including Star Wars Outlaws and Black Myth Wukong.
  • Added support for new models, including Google’s Gemma, for ChatRTX, which brings chatbot capabilities to RTX-powered Windows PCs and workstations.

Professional Visualization

Automotive and Robotics

  • First-quarter Automotive revenue was $329 million, up 17% from the previous quarter and up 11% from a year ago.
  • Announced BYD, XPENG, GAC’s AION Hyper, Nuro and others have chosen the next-generation NVIDIA DRIVE Thor™ platform, which now features Blackwell GPU architecture, to power their next-generation consumer and commercial electric vehicle fleets.
  • Revealed U.S. and China electric vehicle makers Lucid and IM Motors are using the NVIDIA DRIVE Orin™ platform for vehicle models targeting the European market.
  • Announced an array of partners are using NVIDIA generative AI technologies to transform in-vehicle experiences.
  • Introduced the Project GR00T foundation model for humanoid robots and major Isaac robotics platform updates.

CFO Commentary

Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at

Conference Call and Webcast Information

NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2025 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its second quarter of fiscal 2025.

Non-GAAP Measures

To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains and losses from non-affiliated investments, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

(In millions, except per share data)
   Three Months Ended
   April 28, April 30,
    2024   2023 
Revenue$26,044  $7,192 
Cost of revenue 5,638   2,544 
Gross profit 20,406   4,648 
Operating expenses   
 Research and development 2,720   1,875 
 Sales, general and administrative 777   633 
  Total operating expenses 3,497   2,508 
Operating Income 16,909   2,140 
 Interest income 359   150 
 Interest expense (64)  (66)
 Other, net 75   (15)
  Other income (expense), net 370   69 
Income before income tax 17,279   2,209 
Income tax expense 2,398   166 
Net income$14,881  $2,043 
Net income per share:   
 Basic$6.04  $0.83 
 Diluted$5.98  $0.82 
Weighted average shares used in per share computation:   
 Basic 2,462   2,470 
 Diluted 2,489   2,490 


(In millions) 
    April 28, January 28, 
    2024 2024 
Current assets:     
 Cash, cash equivalents and marketable securities $31,438 $25,984 
 Accounts receivable, net  12,365  9,999 
 Inventories  5,864  5,282 
 Prepaid expenses and other current assets  4,062  3,080 
  Total current assets  53,729  44,345 
Property and equipment, net  4,006  3,914 
Operating lease assets  1,532  1,346 
Goodwill  4,453  4,430 
Intangible assets, net  986  1,112 
Deferred income tax assets  7,798  6,081 
Other assets  4,568  4,500 
  Total assets $77,072 $65,728 
Current liabilities:     
 Accounts payable $2,715 $2,699 
 Accrued and other current liabilities  11,258  6,682 
 Short-term debt  1,250  1,250 
  Total current liabilities  15,223  10,631 
Long-term debt  8,460  8,459 
Long-term operating lease liabilities  1,281  1,119 
Other long-term liabilities  2,966  2,541 
  Total liabilities  27,930  22,750 
Shareholders’ equity  49,142  42,978 
  Total liabilities and shareholders’ equity $77,072 $65,728 


(In millions)
  Three Months Ended
  April 28, April 30,
  2024 2023
Cash flows from operating activities:   
Net income$14,881  $2,043 
Adjustments to reconcile net income to net cash provided by operating activities:   
 Stock-based compensation expense 1,011   735 
 Depreciation and amortization 410   384 
 Realized and unrealized (gains) losses on investments in non-affiliated entities, net (69)  14 
 Deferred income taxes (1,577)  (1,135)
 Other (145)  (34)
Changes in operating assets and liabilities, net of acquisitions:   
 Accounts receivable (2,366)  (252)
 Inventories (577)  566 
 Prepaid expenses and other assets (726)  (215)
 Accounts payable (22)  11 
 Accrued and other current liabilities 4,202   689 
 Other long-term liabilities 323   105 
Net cash provided by operating activities 15,345   2,911 
Cash flows from investing activities:   
 Proceeds from maturities of marketable securities 4,004   2,512 
 Proceeds from sales of marketable securities 149    
 Purchases of marketable securities (9,303)  (2,801)
 Purchase related to property and equipment and intangible assets (369)  (248)
 Acquisitions, net of cash acquired (39)  (83)
 Investments in non-affiliated entities (135)  (221)
Net cash used in investing activities (5,693)  (841)
Cash flows from financing activities:   
 Proceeds related to employee stock plans 285   246 
 Payments related to repurchases of common stock (7,740)   
 Payments related to tax on restricted stock units (1,752)  (507)
 Dividends paid (98)  (99)
 Principal payments on property and equipment and intangible assets (40)  (20)
Net cash used in financing activities (9,345)  (380)
Change in cash and cash equivalents 307   1,690 
Cash and cash equivalents at beginning of period 7,280   3,389 
Cash and cash equivalents at end of period$7,587  $5,079 


(In millions, except per share data)
    Three Months Ended
   April 28, January 28, April 30,
   2024 2024 2023
GAAP gross profit  $20,406  $16,791  $4,648 
 GAAP gross margin   78.4%   76.0%   64.6% 
 Acquisition-related and other costs (A)  119   119   119 
 Stock-based compensation expense (B)  36   45   27 
 Other (C)  (1)  4   8 
Non-GAAP gross profit  $20,560  $16,959  $4,802 
 Non-GAAP gross margin   78.9%   76.7%   66.8% 
GAAP operating expenses  $3,497  $3,176  $2,508 
 Stock-based compensation expense (B)  (975)  (948)  (708)
 Acquisition-related and other costs (A)  (21)  (18)  (54)
 Other (C)        4 
Non-GAAP operating expenses  $2,501  $2,210  $1,750 
GAAP operating income  $16,909  $13,615  $2,140 
 Total impact of non-GAAP adjustments to operating income  1,150   1,134   912 
Non-GAAP operating income  $18,059  $14,749  $3,052 
GAAP other income (expense), net  $370  $491  $69 
 (Gains) losses from non-affiliated investments  (69)  (260)  14 
 Interest expense related to amortization of debt discount  1   1   1 
Non-GAAP other income (expense), net  $302  $232  $84 
GAAP net income  $14,881  $12,285  $2,043 
 Total pre-tax impact of non-GAAP adjustments  1,082   875   927 
 Income tax impact of non-GAAP adjustments (D)  (725)  (321)  (257)
Non-GAAP net income $15,238  $12,839  $2,713 
Diluted net income per share             
 GAAP $5.98  $4.93  $0.82 
 Non-GAAP $6.12  $5.16  $1.09 
Weighted average shares used in diluted net income per share computation   2,489   2,490   2,490 
GAAP net cash provided by operating activities  $15,345  $11,499  $2,911 
 Purchases related to property and equipment and intangible assets  (369)  (253)  (248)
 Principal payments on property and equipment and intangible assets  (40)  (29)  (20)
Free cash flow  $14,936  $11,217  $2,643 
(A) Acquisition-related and other costs are comprised of amortization of intangible assets and transaction costs, and are included in the following line items: 
   Three Months Ended
   April 28, January 28, April 30,
   2024 2024 2023
 Cost of revenue $119  $119  $119 
 Research and development $12  $12  $12 
 Sales, general and administrative $8  $6  $42 
(B) Stock-based compensation consists of the following:             
   Three Months Ended
   April 28, January 28, April 30,
   2024 2024 2023
 Cost of revenue $36  $45  $27 
 Research and development $727  $706  $524 
 Sales, general and administrative $248  $242  $184 
(C) Other consists of IP-related costs and assets held for sale related adjustments.             
(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09). 


  Q2 FY2025

  ($ in millions)
GAAP gross margin 74.8%
 Impact of stock-based compensation expense, acquisition-related costs, and other costs 0.7%
Non-GAAP gross margin 75.5%
GAAP operating expenses$3,950 
 Stock-based compensation expense, acquisition-related costs, and other costs (1,150)
Non-GAAP operating expenses$2,800 


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