FINANCIAL MODEL

NVIDIA Corporation

NVDA · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Income Statement
Revenue	5,010	6,910	9,714	11,716	10,918	16,675	26,914	26,974	60,922	130,497	215,938
Cost of Goods Sold	2,199	2,847	3,892	4,545	4,150	6,279	9,439	11,618	16,621	32,639	62,475
Gross Profit
SG&A	602	663	815	991	1,093	1,940	2,166	2,440	2,654	3,491	4,579
R&D	1,331	1,463	1,797	2,376	2,829	3,924	5,268	7,339	8,675	12,914	18,497
EBITDA
D&A	197	187	199	262	381	1,098	1,174	1,544	1,508	1,864	2,843
EBIT (Operating Income)	747	1,934	3,210	3,804	2,846	4,532	10,041	4,224	32,972	81,453	130,387
Interest Expense	47	58	61	58	52	184	236	262	257	247	259
Pre-Tax Income	743	1,905	3,196	3,896	2,970	4,409	9,941	4,181	33,818	84,026	141,450
Tax Expense	129	239	149	-245	174	77	189	-187	4,058	11,146	21,383
Net Income	614	1,666	3,047	4,141	2,796	4,332	9,752	4,368	29,760	72,880	120,067
Diluted EPS	1.08	2.57	4.82	6.63	4.52	6.90	3.85	1.74	11.93	2.94	4.90
Diluted Shares (M)	569.0	649.0	632.0	625.0	618.0	628.0	2,535.0	2,507.0	2,494.0	24,804.0	24,514.0
Balance Sheet
Total Cash & Equivalents	596	1,766	4,002	782	10,896	847	1,990	3,389	7,280	8,589	10,605
Short-term Debt		796	15	0		999	0	1,250	1,250	0	999
Long-term Debt	1,413	1,983	1,985	1,988	1,991	5,964	10,946	9,703	8,459	8,463	7,469
Total Debt
Net Debt
Total Current Assets		8,536	9,255	10,557	13,690	16,055	28,829	23,073	44,345	80,126	125,605
Total Current Liabilities		1,788	1,153	1,329	1,784	3,925	4,335	6,563	10,631	18,047	32,163
Total Assets	7,370	9,841	11,241	13,292	17,315	28,791	44,187	41,182	65,728	111,601	206,803
Total Liabilities	2,901	4,048	3,770	3,950	5,111	11,898	17,575	19,081	22,750	32,274	49,510
Shareholders' Equity	4,469	5,762	7,471	9,342	12,204	16,893	26,612	22,101	42,978	79,327	157,293
Minority Interest
Intangibles & Goodwill		618	618	618	618	4,193	4,349	4,372	4,430	5,188	20,832
PP&E		521	997	1,404	1,674	2,149	2,778	3,807	3,914	6,283	10,383
Receivables		826	1,265	1,424	1,657	2,429	4,650	3,827	9,999	23,065	38,466
Payables		485	596	511	687	1,201	1,783	1,193	2,699	6,310	9,812
Inventory		794	796	1,575	979	1,826	2,605	5,159	5,282	10,080	21,403
Retained Earnings	4,350	6,108	8,787	12,565	14,971	18,908	16,235	10,171	29,817	68,038	146,973
Cash Flow
Cash from Operations	1,175	1,672	3,502	3,743	4,761	5,822	9,108	5,641	28,090	64,089	102,718
Capital Expenditures	86	176	593	600	489	1,128	976	1,833	1,069	3,236	6,042
Free Cash Flow
Stock-Based Compensation	204	247	391	557	844	1,397	2,004	2,709	3,549	4,737	6,386
Dividends Paid	213	261	341	371	390	395	399	398	395	834	974
Share Repurchases	587	739	909	1,579				10,039	9,533	33,706	40,086