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NVIDIA Corporation NVDA

Technology  —  Semiconductors
225.07 0.49 0.22% as of 25 Sep
Market cap
$5.44T
P/E
28.3×
S&P 500 Member Dividend Champion (10y) Cash Flow Champion (3y) Revenue Champion (5y)
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

NVIDIA Corporation (NVDA) Financial Analysis

Updated · Covers results through Q2 FY2027 · How this is made

Snapshot

NVIDIA reported revenue of $215.9 billion in FY2026, net income of $120.1 billion in FY2026 and diluted EPS of $4.90 in FY2026. Gross profit was $153.5 billion in FY2026, while operating income was $130.4 billion in FY2026.

In Q2 FY2027, revenue was $96.2 billion, gross profit was $72.1 billion, operating income was $63.7 billion and net income was $59.7 billion. Diluted EPS was $2.46 in Q2 FY2027. Revenue in Q2 FY2027 was higher than $81.6 billion in Q1 FY2027 and $46.7 billion in Q2 FY2026. The company had 42,000 employees in FY2026, compared with 36,000 in FY2025.

Growth

Revenue reached $215.9 billion in FY2026, with growth of 65.5% in FY2026 against FY2025. Revenue compound annual growth was 100.0% in FY2023–FY2026 and 66.9% in FY2021–FY2026. Diluted EPS was $4.90 in FY2026, with growth of 66.7% in FY2026 against FY2025; its compound annual growth was 204.2% in FY2023–FY2026 and 95.3% in FY2021–FY2026. Free cash flow was $96.7 billion in FY2026 and grew 58.9% in FY2026 against FY2025.

Revenue was $96.2 billion in Q2 FY2027, up 17.9% in Q2 FY2027 against Q1 FY2027 and 105.9% in Q2 FY2027 against Q2 FY2026. Diluted EPS was $2.46 in Q2 FY2027, up 2.93% sequentially and 127.8% from a year earlier.

Profitability

Gross margin was 71.1% in FY2026, compared with 62.3% in FY2021; the change over FY2021–FY2026 was 8.7 percentage points. Operating margin was 60.4% in FY2026, compared with 27.2% in FY2021, a change of 33.2 percentage points over FY2021–FY2026. Net margin was 55.6% in FY2026, compared with 26.0% in FY2021, a change of 29.6 percentage points over FY2021–FY2026.

Return on equity was 101.5% in FY2026, return on assets was 75.4% in FY2026 and return on invested capital was 79.7% in FY2026. These return measures were lower than FY2025, when return on equity was 119.2%, return on assets was 82.2% and return on invested capital was 114.2%. Industry median profitability measures are not reported.

Balance sheet

Total debt was $7.5 billion in FY2026, down from $8.5 billion in FY2025. Cash and short-term investments were $62.6 billion in FY2026, compared with $43.2 billion in FY2025. Net debt was −$55.1 billion in FY2026, compared with −$34.7 billion in FY2025.

Shareholders’ equity was $157.3 billion in FY2026, up from $79.3 billion in FY2025, and working capital was $93.4 billion in FY2026, compared with $62.1 billion in FY2025. At Q2 FY2027, the current ratio was 4.6× and debt to equity was 0.1×. Net debt was −$67.0 billion in Q2 FY2027, compared with −$73.1 billion in Q1 FY2027.

Cash flow & capital return

Operating cash flow was $102.7 billion in FY2026, up 60.3% in FY2026 against FY2025. Capital expenditure was $6.0 billion in FY2026, compared with $3.2 billion in FY2025. Free cash flow was $96.7 billion in FY2026, up 58.9% in FY2026 against FY2025, and represented 80.5% of net income in FY2026.

Capital returned to shareholders was $41.1 billion in FY2026, including $40.1 billion of net share repurchases and $974.0 million of dividends paid in FY2026. Weighted average shares were 24.4 billion shares in FY2026, compared with 24.6 billion shares in FY2025. In Q2 FY2027, free cash flow was $21.4 billion, versus $48.6 billion in Q1 FY2027.

Valuation

Market capitalisation was $5.43 trillion as of September 24, 2026. P/E was 28.2× as of September 24, 2026, below the five-year median of 51.0× and the ten-year median of 49.8× as of September 24, 2026. P/S was 17.9× as of September 24, 2026, below the five-year median of 22.6× and the ten-year median of 18.8× as of September 24, 2026.

P/B was 23.7× as of September 24, 2026, below the five-year median of 28.7× but above the ten-year median of 20.9× as of September 24, 2026. EV/Sales was 17.7× as of September 24, 2026, below the five-year median of 22.3× and the ten-year median of 18.6×. Industry median valuation multiples are not reported.

What changed since last quarter

Revenue rose 17.9% in Q2 FY2027 against Q1 FY2027 and 105.9% in Q2 FY2027 against Q2 FY2026. Diluted EPS rose 2.93% sequentially in Q2 FY2027 and 127.8% from a year earlier in Q2 FY2027. Gross margin was unchanged by 0.0 percentage points sequentially in Q2 FY2027 and increased 2.6 percentage points year over year in Q2 FY2027. Operating margin increased 0.6 percentage points sequentially in Q2 FY2027 and 5.4 percentage points year over year in Q2 FY2027.

Free cash flow declined 56.0% in Q2 FY2027 against Q1 FY2027 but rose 58.9% in Q2 FY2027 against Q2 FY2026. Net debt changed by $6.1 billion in Q2 FY2027 against Q1 FY2027 and by −$18.7 billion in Q2 FY2027 against Q2 FY2026. Management’s reasons for these changes are not reported.

Open questions

  • What factors drove the sequential decline in free cash flow in Q2 FY2027?
  • What accounts for the sequential change in net debt in Q2 FY2027?
  • What explains the divergence between the FY2026 decline in gross margin and the Q2 FY2027 year-over-year increase in gross margin?
  • How is capital expenditure allocated across the company’s operations?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.