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Nvidia

NVDA Nasdaq Semiconductors Financials FY2017–FY2026

Nvidia's revenue rose 65.5% to $215.9 billion in fiscal 2026. Its operating margin was 60.4%, down from 62.4% a year earlier. Free cash flow was $96.7 billion, up 58.9%. It paid out $41.1 billion in dividends and buybacks, 42% of free cash flow. The diluted share count fell 1.2%.

Last close · Oct 23, 2026

$210.96

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$215.9B
65.5% vs prior year
Operating margin Operating income as a share of revenue.
60.4%
2.0 pts
Net income Profit after all expenses, interest and tax.
$120.1B
64.7%
Free cash flow Cash from operations minus capital spending.
$96.7B
58.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$5.12T
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
26.7x
On $7.91 EPS (TTM)

About these figures. Nvidia's fiscal 2026 filing doesn't tag its marketable securities in the SEC's structured data, so cash and the ratios built on it are left blank for that year. Capital expenditure before fiscal 2022 isn't in the SEC's structured data (Nvidia used its own label for it), so free cash flow starts in fiscal 2022. Share counts and per-share figures for earlier years are restated for stock splits (10-for-1 and 4-for-1), so every year is on today's share basis.

What Nvidia does

Nvidia designs graphics processing units (GPUs), the chips that do many calculations at once, along with processors, networking gear and the software that runs on them. Its biggest buyers are cloud computing providers, companies building AI models, other businesses and government bodies, which use its systems to train and run AI. It also sells GeForce chips for gaming PCs, RTX chips for designers' workstations, and computers and software for self-driving cars.

Nvidia reports two segments. Compute & Networking covers its data center systems and its car business; Graphics covers gaming and workstation chips. Revenue in fiscal 2026 was $215.9 billion. Much of it comes from a few customers: one direct customer accounted for 22% of revenue and another for 14%. Nvidia names AMD, Intel and Huawei among its competitors, along with large cloud companies such as Amazon, Alphabet and Microsoft that design their own chips.

Nvidia does not own factories. It designs its products and relies on outside manufacturers such as TSMC and Samsung to make, assemble and test them. Its software, including the CUDA programming platform, is a large part of what it sells. The company is based in Santa Clara, California, and had about 42,000 employees in 38 countries at the end of fiscal 2026, most of them in research and development.

Legal name
NVIDIA CORP
Fiscal year ends
January 25, 2026
Latest annual report
10-K · Feb 25, 2026
Accession · CIK
0001045810-26-000021
0001045810

Revenue and margins

Nvidia had $215.9B of revenue in fiscal 2026, up 65.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 63.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $96.7B in fiscal 2026, 44.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Nvidia returned $41.1B to shareholders in fiscal 2026, 42% of free cash flow. The diluted share count fell 1.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Nvidia yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 24,514.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 26.7x · peers 81.0x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Nvidia can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $21.2B$13.3B$26.0B$43.2B—
Debt incl. finance leases $10.9B$11.0B$9.7B$8.5B$8.5B
Net debt / EBITDA −0.9x−0.4x−0.5x−0.4x—
Debt / equity 0.4x0.5x0.2x0.1x0.1x
Interest coverage 42.6x16.1x128.3x329.8x503.4x
Current ratio 6.7x3.5x4.2x4.4x3.9x
Quick ratio 6.1x2.7x3.7x3.9x3.2x
Total assets $44.2B$41.2B$65.7B$111.6B$206.8B
Total liabilities $17.6B$19.1B$22.8B$32.3B$49.5B
Shareholders' equity $26.6B$22.1B$43.0B$79.3B$157.3B
Net debt (− = net cash) −$10.3B−$2.3B−$16.3B−$34.7B—

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.3B

4 insiders

Of sales under plans

2%

$21.0M

DateInsiderTradeSharesPriceValueFiling
Sep 21, 2026 Timothy S. TeterEVP, General Counsel and Sec Sold plan 30,460 $222.80 $6.8M Form 4
Sep 18, 2026 Mark A StevensDirector Sold 1,366,000 $219.73 $300M Form 4
Sep 17, 2026 Colette KressEVP & Chief Financial Officer Sold plan 34,918 $219.05 $7.6M Form 4
Sep 4, 2026 Mark A StevensDirector Sold 622,239 $231.62 $144M Form 4
Sep 3, 2026 Mark A StevensDirector Sold 400,000 $228.79 $91.5M Form 4
Sep 2, 2026 Mark A StevensDirector Sold 1,200,000 $223.34 $268M Form 4
Sep 1, 2026 Mark A StevensDirector Sold 63,501 $220.06 $14.0M Form 4
Aug 31, 2026 Mark A StevensDirector Sold 585,000 $220.29 $129M Form 4
Aug 31, 2026 Timothy S. TeterEVP, General Counsel and Sec Sold plan 30,000 $217.88 $6.5M Form 4
Jun 18, 2026 Mark A StevensDirector Sold 885,000 $210.17 $186M Form 4
Jun 4, 2026 Mark A StevensDirector Sold 500,000 $219.83 $110M Form 4
Jun 3, 2026 Stephen C NealDirector Sold 15,500 $215.73 $3.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✕ ✕ ✕
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score 8 / 98 / 94 / 9
Accruals ratio 3.1%9.9%10.9%
Altman Z'' 10.2013.1212.85

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Nvidia NVDA $5.12T 65.5% 60.4% 44.8% — 26.7x 4
AMD AMD $857.4B 34.3% 10.7% 19.4% 6.7% 132.9x 8 Compare →
Intel INTC $443.8B −0.5% −4.2% −9.4% −0.8% — 6 Compare →
Microsoft MSFT $3.91T 17.8% 46.8% 20.2% 30.9% 29.2x 6 Compare →

Stories about Nvidia

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $6.9B $9.7B $11.7B $10.9B $16.7B $26.9B $27.0B $60.9B $130.5B $215.9B
Gross profit $4.1B $5.8B $7.2B $6.8B $10.4B $17.5B $15.4B $44.3B $97.9B $153.5B
Research and development $1.5B $1.8B $2.4B $2.8B $3.9B $5.3B $7.3B $8.7B $12.9B $18.5B
Operating income $1.9B $3.2B $3.8B $2.8B $4.5B $10.0B $4.2B $33.0B $81.5B $130.4B
Interest expense $58.0M $61.0M $58.0M $52.0M $184M $236M $262M $257M $247M $259M
Pretax income $1.9B $3.2B $3.9B $3.0B $4.4B $9.9B $4.2B $33.8B $84.0B $141.5B
Income tax $239M $149M −$245M $174M $77.0M $189M −$187M $4.1B $11.1B $21.4B
Net income $1.7B $3.0B $4.1B $2.8B $4.3B $9.8B $4.4B $29.8B $72.9B $120.1B
Diluted EPS $0.06 $0.12 $0.17 $0.11 $0.17 $0.39 $0.17 $1.19 $2.94 $4.90
Diluted shares 25.96B 25.28B 25.00B 24.72B 25.10B 25.35B 25.07B 24.94B 24.80B 24.51B
Cash flow
Cash from operations $1.7B $3.5B $3.7B $4.8B $5.8B $9.1B $5.6B $28.1B $64.1B $102.7B
Capital expenditure — — — — — $976M $1.8B $1.1B $3.2B $6.0B
Free cash flow — — — — — $8.1B $3.8B $27.0B $60.9B $96.7B
Depreciation and amortization $187M $199M $262M $381M $1.1B $1.2B $1.5B $1.5B $1.9B $2.8B
Stock-based compensation $247M $391M $557M $844M $1.4B $2.0B $2.7B $3.5B $4.7B $6.4B
Acquisitions $0.0M $0.0M $0.0M $4.0M $8.5B $263M $49.0M $83.0M $1.0B $1.5B
Share buybacks $739M $909M $1.6B $0.0M $0.0M $0.0M $10.0B $9.5B $33.7B $40.1B
Dividends paid $261M $341M $371M $390M $395M $399M $398M $395M $834M $974M
Dividends and buybacks $1.0B $1.3B $2.0B $390M $395M $399M $10.4B $9.9B $34.5B $41.1B
Balance sheet
Cash and short-term investments $6.8B $7.1B $7.4B $10.9B $11.6B $21.2B $13.3B $26.0B $43.2B —
Total debt $2.0B $2.0B $2.0B $2.0B $7.0B $10.9B $11.0B $9.7B $8.5B $8.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $8.5B $9.3B $10.6B $13.7B $16.1B $28.8B $23.1B $44.3B $80.1B $125.6B
Current liabilities $1.8B $1.2B $1.3B $1.8B $3.9B $4.3B $6.6B $10.6B $18.0B $32.2B
Inventory $794M $796M $1.6B $979M $1.8B $2.6B $5.2B $5.3B $10.1B $21.4B
Property and equipment, net $521M $997M $1.4B $1.7B $2.1B $2.8B $3.8B $3.9B $6.3B $10.4B
Total assets $9.8B $11.2B $13.3B $17.3B $28.8B $44.2B $41.2B $65.7B $111.6B $206.8B
Total liabilities $4.0B $3.8B $4.0B $5.1B $11.9B $17.6B $19.1B $22.8B $32.3B $49.5B
Shareholders' equity $5.8B $7.5B $9.3B $12.2B $16.9B $26.6B $22.1B $43.0B $79.3B $157.3B
Margins
Gross margin 58.8% 59.9% 61.2% 62.0% 62.3% 64.9% 56.9% 72.7% 75.0% 71.1%
Operating margin 28.0% 33.1% 32.5% 26.1% 27.2% 37.3% 15.7% 54.1% 62.4% 60.4%
EBITDA margin 30.7% 35.1% 34.7% 29.6% 33.8% 41.7% 21.4% 56.6% 63.9% 61.7%
Net margin 24.1% 31.4% 35.3% 25.6% 26.0% 36.2% 16.2% 48.9% 55.9% 55.6%
FCF margin — — — — — 30.2% 14.1% 44.4% 46.6% 44.8%
Returns
Return on capital — 185.8% 121.6% 74.4% 57.1% 68.8% 23.4% 124.9% 198.2% —
Return on capital employed 29.6% 35.4% 34.5% 20.7% 22.4% 31.0% 11.3% 73.5% 109.6% 97.2%
Return on equity 32.6% 46.1% 49.3% 26.0% 29.8% 44.8% 17.9% 91.5% 119.2% 101.5%
Return on assets 19.4% 28.9% 33.8% 18.3% 18.8% 26.7% 10.2% 55.7% 82.2% 75.4%
Growth
Revenue growth 37.9% 40.6% 20.6% −6.8% 52.7% 61.4% 0.2% 125.9% 114.2% 65.5%
Net income growth 171.3% 82.9% 35.9% −32.5% 54.9% 125.1% −55.2% 581.3% 144.9% 64.8%
EPS growth 138.0% 87.6% 37.6% −31.8% 53.1% 122.5% −55.8% 600.0% 147.1% 66.7%
FCF growth — — — — — — −53.2% 609.6% 125.2% 58.9%
Share count change 14.1% −2.6% −1.1% −1.1% 1.5% 1.0% −1.1% −0.5% −0.6% −1.2%
Financial health
Net debt / EBITDA −2.3x −1.5x −1.3x −2.8x −0.8x −0.9x −0.4x −0.5x −0.4x —
Debt / equity 0.3x 0.3x 0.2x 0.2x 0.4x 0.4x 0.5x 0.2x 0.1x 0.1x
Interest coverage 33.3x 52.6x 65.6x 54.7x 24.6x 42.6x 16.1x 128.3x 329.8x 503.4x
Current ratio 4.8x 8.0x 7.9x 7.7x 4.1x 6.7x 3.5x 4.2x 4.4x 3.9x
Quick ratio 4.3x 7.3x 6.8x 7.1x 3.6x 6.1x 2.7x 3.7x 3.9x 3.2x
Capital allocation
Capex / revenue — — — — — 3.6% 6.8% 1.8% 2.5% 2.8%
Stock comp / revenue 3.6% 4.0% 4.8% 7.7% 8.4% 7.5% 10.0% 5.8% 3.6% 3.0%
Payouts / FCF — — — — — 4.9% 274.1% 36.7% 56.8% 42.5%
Quality scores
Piotroski F-score 7.0 9.0 7.0 6.0 6.0 6.0 5.0 8.0 8.0 4.0
Altman Z'' 9.3 11.3 12.0 10.9 7.5 8.0 5.3 10.2 13.1 12.9
Accruals ratio −0.1% −4.3% 3.2% −12.8% −6.5% 1.8% −3.0% 3.1% 9.9% 10.9%

Source: SEC EDGAR XBRL filings (CIK 0001045810). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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