Short answer
NVIDIA Corp (NVDA) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2025. It reported revenue of $130.5B (+114.2% year over year) and net income of $72.9B.
- Top risk flagged: Geopolitical risk Israel conflict with ~4,700 employees supporting R&D, operations, sales, potential extended absences impacting product development
FY2025 key financial metrics · XBRL
- Revenue
- $130.5B
- +114.2% YoY
- Net income
- $72.9B
- +144.9% YoY
- Operating margin
- 62.4%
- +8.3 pp YoY
- Gross margin
- 75.0%
- +2.3 pp YoY
- EPS (diluted)
- $2.94
- −75.4% YoY
- ROE
- 91.9%
- +22.6 pp YoY
- Operating cash flow
- $64.1B
- +128.2% YoY
Source: XBRL data from the NVIDIA Corp (NVDA) FY2025 10-K on SEC EDGAR. USD.
NVIDIA Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Full-stack accelerated computing infrastructure with GPUs, CPUs, DPUs, software, and networking for AI, data center, gaming, professional visualization, automotive
- New in FY2025: Launched NVIDIA Blackwell architecture for data centers and GeForce RTX 50 Series with neural graphics and transformer-powered DLSS
- Strategic shift: Expanded unified AI platform leadership integrating GPUs, CPUs, DPUs, and networking with AI Enterprise software and DGX Cloud AI-service offering
- Key metric: Over 5.9 million developers using CUDA; NVIDIA powers 75% of TOP500 supercomputers, including 38 of top 50 Green500 systems
- Noteworthy fact: Introduced first data center CPU (Grace) in FY2024, now part of expanded AI platform alongside Blackwell GPUs and networking components
Management Discussion & Analysis
- Revenue $130.5B, up 114% YoY from $60.9B, driven by 145% growth in Compute & Networking and 6% in Graphics
- Operating margin 62.4% vs 54.1%; gross margin 75.0% vs 72.7%; net income margin 55.8% vs 48.9% in prior year
- Best segment: Compute & Networking revenue $116.2B (+145%), operating income $82.9B (+159%); Worst: Graphics revenue $14.3B (+6%), operating income $5.1B (-13%)
- Cash flow from operations $64.1B vs $28.1B; Capex $3.4B vs $1.1B; share repurchases $34.0B; dividends $834M paid in FY25
- Management expects increased capex in FY26; key risks include concentration of revenue among few customers and tax-related uncertainties
Risk Factors
- Geopolitical risk Israel conflict with ~4,700 employees supporting R&D, operations, sales, potential extended absences impacting product development
- Macroeconomic exposure global supply chain constraints with long manufacturing lead times over 12 months for some products increasing inventory risk
- Supply chain risk inventory provisions with 2.3% gross margin impact in fiscal 2025 due to excess or obsolete inventory amid demand forecasting uncertainties
- Market disruption risk generative AI demand surge driving 142% Data Center revenue growth with Hopper and new Blackwell architectures competing architecturally
- Financial risk 45% increase in operating expenses driven by higher compensation and engineering costs linked to employee growth and new product launches
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