NVIDIA Corp (NVDA) FY2025 10-K Annual Report
NVIDIA Corp (NVDA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
NVIDIA Corp FY2025 10-K Analysis
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
NVIDIA Corp FY2025 Key Financial MetricsXBRL
Revenue
$130.5B
▲ +114.2% YoY
Net Income
$72.9B
▲ +144.9% YoY
Gross Margin
75.0%
▲ +227bp YoY
Operating Margin
62.4%
▲ +830bp YoY
Net Margin
55.8%
▲ +700bp YoY
ROE
91.9%
▲ +2263bp YoY
Total Assets
$111.6B
▲ +69.8% YoY
EPS (Diluted)
$2.94
▼ -75.4% YoY
Operating Cash Flow
$64.1B
▲ +128.2% YoY
Source: XBRL data from NVIDIA Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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