{"id":101718,"date":"2025-08-27T21:27:08","date_gmt":"2025-08-27T21:27:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/101718\/"},"modified":"2025-08-27T21:27:08","modified_gmt":"2025-08-27T21:27:08","slug":"nvidia-announces-financial-results-for-second-quarter","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/101718\/","title":{"rendered":"NVIDIA Announces Financial Results for Second Quarter"},"content":{"rendered":"

Revenue of $46.7 billion, up 6% from Q1 and up 56% from a year agoData Center revenue of $41.1 billion, up 5% from Q1 and up 56% from a year agoBlackwell Data Center revenue grew 17% sequentially <\/p>\n

SANTA CLARA, Calif., Aug. 27, 2025 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the second quarter ended July 27, 2025, of $46.7 billion, up 6% from the previous quarter and up 56% from a year ago. NVIDIA\u2019s Blackwell Data Center revenue grew 17% sequentially.<\/p>\n

There were no H20 sales to China-based customers in the second quarter.\u00a0NVIDIA benefited from a $180 million release of previously reserved H20 inventory, from approximately $650 million in unrestricted H20 sales to a customer outside of China.<\/p>\n

For the quarter, GAAP and non-GAAP gross margins were 72.4% and 72.7%, respectively. Excluding the $180 million release, non-GAAP gross margin for the quarter would have been 72.3%.<\/p>\n

For the quarter, GAAP and non-GAAP earnings per diluted share were $1.08 and $1.05, respectively. Excluding the $180 million release and related tax impact, non-GAAP diluted earnings per share for the quarter would have been $1.04.<\/p>\n

\u201cBlackwell is the AI platform the world has been waiting for, delivering an exceptional generational leap \u2014 production of Blackwell Ultra is ramping at full speed, and demand is extraordinary,\u201d said Jensen Huang, founder and CEO of NVIDIA. \u201cNVIDIA NVLink rack-scale computing is revolutionary, arriving just in time as reasoning AI models drive orders-of-magnitude increases in training and inference performance. The AI race is on, and Blackwell is the platform at its center.\u201d<\/p>\n

During the first half of fiscal 2026, NVIDIA returned $24.3 billion to shareholders in the form of shares repurchased and cash dividends. As of the end of the second quarter, the company had $14.7 billion remaining under its share repurchase authorization. On August 26, 2025, the Board of Directors approved an additional $60.0 billion to the Company\u2019s share repurchase authorization, without expiration.<\/p>\n

NVIDIA will pay its next quarterly cash dividend of $0.01 per share on October 2, 2025, to all shareholders of record on September 11, 2025.<\/p>\n

Q2 Fiscal 2026 Summary<\/p>\n

GAAP
($ in millions, except earnings
per share)Q2 FY26Q1 FY26Q2 FY25Q\/QY\/YRevenue$46,743$44,062$30,0406%56%Gross margin72.4%60.5%75.1%11.9 pts(2.7) ptsOperating expenses$5,413$5,030$3,9328%38%Operating income$28,440$21,638$18,64231%53%Net income$26,422$18,775$16,59941%59%Diluted earnings per share$1.08$0.76$0.6742%61% Non-GAAP($ in millions, except earnings
per share)Q2 FY26Q1 FY26Q2 FY25Q\/QY\/YRevenue$46,743$44,062$30,0406%56%Gross margin72.7%61.0%75.7%11.7 pts(3.0) ptsGross margin excluding H20 related charges\/releases, net 72.3%71.3%\u00a01.0 pt\u00a0Operating expenses$3,795$3,583$2,7926%36%Operating income$30,165$23,275$19,93730%51%Net income$25,783$19,894$16,95230%52%Diluted earnings per share$1.05$0.81$0.6830%54%Diluted earnings per share excluding H20 related charges\/releases, net and related tax impact$1.04$0.96\u00a08%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n

Outlook
NVIDIA\u2019s outlook for the third quarter of fiscal 2026 is as follows:<\/p>\n

Revenue is expected to be $54.0 billion, plus or minus 2%. The company has not assumed any H20 shipments to China in the outlook.GAAP and non-GAAP gross margins are expected to be 73.3% and 73.5%, respectively, plus or minus 50 basis points. The company continues to expect to exit the year with non-GAAP gross margins in the mid-70% range.GAAP and non-GAAP operating expenses are expected to be approximately $5.9 billion and $4.2 billion, respectively. Full year fiscal 2026 operating expense growth is expected to be in the high-30% range.GAAP and non-GAAP other income and expense are expected to be an income of approximately $500 million, excluding gains and losses from non-marketable and publicly-held equity securities.GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items. <\/p>\n

Highlights
NVIDIA achieved progress since its first quarter earnings announcement in these areas:\u00a0<\/p>\n

Data Center <\/p>\n

Second-quarter revenue was $41.1 billion, up 5% from the previous quarter and up 56% from a year ago.Announced that the NVIDIA RTX PRO\u2122 6000 Blackwell Server Edition GPU<\/a> is coming to the world\u2019s most popular enterprise servers; Disney, Foxconn, Hitachi Ltd., Hyundai Motor Group, Lilly, SAP and TSMC are among the first to adopt the servers.Introduced NVIDIA\u00ae Spectrum-XGS Ethernet<\/a> to connect distributed data centers for giga-scale AI.Revealed that NVIDIA is working with European nations, including France<\/a>, Germany<\/a>, Italy<\/a>, Spain and the U.K.<\/a>, as well as technology industry leaders to build NVIDIA Blackwell<\/a> AI infrastructure, including the world\u2019s first industrial AI cloud<\/a> for European manufacturers, to fuel region\u2019s next industrial transformation.Announced the expansion of NVIDIA DGX Cloud Lepton\u2122<\/a> to connect Europe\u2019s developers to NVIDIA\u2019s global compute ecosystem.Collaborated with partners globally to build and accelerate advanced AI supercomputers, including Doudna<\/a> (U.S.), JUPITER<\/a> (Germany), Blue Lion<\/a> (Germany), Isambard<\/a> (U.K.) and FugakuNEXT<\/a> (Japan).Revealed that model builders across Europe and the Middle East are optimizing their sovereign large language models with NVIDIA Nemotron\u2122<\/a>, which will be available on Perplexity.Supported the launch of OpenAI\u2019s open gpt-oss models, delivering industry-leading gpt-oss-120b performance of 1.5 million tokens per second on a single NVIDIA Blackwell GB200 NVL72<\/a> rack-scale system.Announced a collaboration<\/a> with Novo Nordisk and DCAI to advance drug discovery.Revealed that the NVIDIA Blackwell<\/a> platform delivered the highest performance at scale on every MLPerf Training benchmark.Teamed with Ansys and DCAI to advance quantum algorithms for fluid dynamics using the NVIDIA CUDA-Q\u2122<\/a> platform on Denmark\u2019s Gefion supercomputer.Introduced NVFP4<\/a>, a 4-bit format purpose-built to deliver exceptional inference latency, for pretraining next-generation large language models. <\/p>\n

Gaming and AI PC<\/p>\n

Second-quarter Gaming revenue was $4.3 billion, up 14% from the previous quarter and up 49% from a year ago.Launched the Blackwell-powered NVIDIA GeForce RTX\u2122 5060<\/a>, which quickly became NVIDIA\u2019s fastest-ramping x60-class GPU ever.Made industry-leading NVIDIA\u00a0DLSS 4 technology<\/a> available in over 175 games and apps, and coming to top games such as Borderlands 4, Resident Evil Requiem and Phantom Blade Zero. Announced Blackwell coming to GeForce NOW\u2122<\/a> with the new Install-to-Play feature, doubling the game library to over 4,500 titles.Partnered with OpenAI on the launch of its newest open-weight models<\/a> optimized for RTX GPUs for fast, local inference in popular tools like Ollama, llama.cpp and Microsoft AI Foundry Local. <\/p>\n

Professional Visualization<\/p>\n

Second-quarter revenue was $601 million, up 18% from the previous quarter and up 32% from a year ago.Announced NVIDIA RTX PRO 4000 SFF Edition<\/a> and RTX PRO 2000 Blackwell GPUs.Expanded partnership<\/a> with Siemens to digitalize and enable the manufacturing factory of the future.Announced new NVIDIA Omniverse\u2122<\/a> libraries and software development kits to accelerate physical AI development. <\/p>\n

Automotive and Robotics<\/p>\n

Second-quarter Automotive revenue was $586 million, up 3% from the previous quarter and up 69% from a year ago.Announced that the full-stack NVIDIA DRIVE\u2122<\/a> AV software platform is now in full production to accelerate the large-scale deployment of safe, intelligent transportation.Achieved second consecutive win in the End-to-End Driving at Scale category of the Autonomous Grand Challenge<\/a> at the Computer Vision and Pattern Recognition conference.Commenced initial shipments of the NVIDIA DRIVE AGX Thor\u2122 system-on-a-chip.Announced the general availability of NVIDIA Jetson AGX Thor\u2122<\/a> developer kit and production modules, powerful new AI supercomputers designed to power millions of robots across industries.Released the NVIDIA Halos<\/a> full-stack safety platform for robotic development.Announced new NVIDIA Cosmos\u2122<\/a> world foundation models that accelerate the development and deployment of robotics solutions. <\/p>\n

CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA\u2019s executive vice president and chief financial officer, is available at https:\/\/investor.nvidia.com<\/a>.<\/p>\n

Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its second quarter fiscal 2026 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA\u2019s investor relations website, https:\/\/investor.nvidia.com<\/a>. The webcast will be recorded and available for replay until NVIDIA\u2019s conference call to discuss its financial results for its third quarter of fiscal 2026.<\/p>\n

Non-GAAP Measures
To supplement NVIDIA\u2019s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA\u2019s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains\/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, H20 related charges\/releases, net and the associated tax impact of these items where applicable. The inclusion of H20 related charges\/releases, net in the reconciliations to adjust the related GAAP financial measures was a result of the U.S. government informing NVIDIA in April 2025 that it requires a license for export to China of H20 product. The H20 product was designed primarily for the China market. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user\u2019s overall understanding of the company\u2019s historical financial performance. The presentation of the company\u2019s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company\u2019s financial results prepared in accordance with GAAP, and the company\u2019s non-GAAP measures may be different from non-GAAP measures used by other companies.<\/p>\n

\u00a0NVIDIA CORPORATION\u00a0CONDENSED CONSOLIDATED STATEMENTS OF INCOME(In millions, except per share data)(Unaudited)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Three Months Ended\u00a0Six Months Ended\u00a0July 27,\u00a0July 28,\u00a0July 27,\u00a0July 28,\u00a02025\u00a02024\u00a02025\u00a02024\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Revenue$46,743\u00a0\u00a0$30,040\u00a0\u00a0$90,805\u00a0\u00a0$56,084\u00a0Cost of revenue\u00a012,890\u00a0\u00a0\u00a07,466\u00a0\u00a0\u00a030,284\u00a0\u00a0\u00a013,105\u00a0Gross profit\u00a033,853\u00a0\u00a0\u00a022,574\u00a0\u00a0\u00a060,521\u00a0\u00a0\u00a042,979\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Operating expenses\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Research and development\u00a04,291\u00a0\u00a0\u00a03,090\u00a0\u00a0\u00a08,280\u00a0\u00a0\u00a05,810\u00a0Sales, general and administrative\u00a01,122\u00a0\u00a0\u00a0842\u00a0\u00a0\u00a02,163\u00a0\u00a0\u00a01,618\u00a0Total operating expenses\u00a05,413\u00a0\u00a0\u00a03,932\u00a0\u00a0\u00a010,443\u00a0\u00a0\u00a07,428\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Operating income\u00a028,440\u00a0\u00a0\u00a018,642\u00a0\u00a0\u00a050,078\u00a0\u00a0\u00a035,551\u00a0Interest income\u00a0592\u00a0\u00a0\u00a0444\u00a0\u00a0\u00a01,108\u00a0\u00a0\u00a0803\u00a0Interest expense\u00a0(62)\u00a0\u00a0(61)\u00a0\u00a0(124)\u00a0\u00a0(125)Other income (expense), net\u00a02,236\u00a0\u00a0\u00a0189\u00a0\u00a0\u00a02,055\u00a0\u00a0\u00a0264\u00a0Total other income (expense), net\u00a02,766\u00a0\u00a0\u00a0572\u00a0\u00a0\u00a03,039\u00a0\u00a0\u00a0942\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Income before income tax\u00a031,206\u00a0\u00a0\u00a019,214\u00a0\u00a0\u00a053,117\u00a0\u00a0\u00a036,493\u00a0Income tax expense\u00a04,784\u00a0\u00a0\u00a02,615\u00a0\u00a0\u00a07,920\u00a0\u00a0\u00a05,013\u00a0Net income$ 26,422\u00a0\u00a0$ 16,599\u00a0\u00a0$ 45,197\u00a0\u00a0$ 31,480\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Net income per share:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Basic$1.08\u00a0\u00a0$0.68\u00a0\u00a0$1.85\u00a0\u00a0$1.28\u00a0Diluted$1.08\u00a0\u00a0$0.67\u00a0\u00a0$1.84\u00a0\u00a0$1.27\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Weighted average shares used in per share computation:\u00a0\u00a0\u00a0\u00a0Basic\u00a024,366\u00a0\u00a0\u00a024,578\u00a0\u00a0\u00a024,404\u00a0\u00a0\u00a024,599\u00a0Diluted\u00a024,532\u00a0\u00a0\u00a024,848\u00a0\u00a0\u00a024,571\u00a0\u00a0\u00a024,869\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 NVIDIA CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In millions)(Unaudited)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0July 27,\u00a0January 26,\u00a02025\u00a02025ASSETS\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Current assets:\u00a0\u00a0\u00a0Cash, cash equivalents and marketable securities$56,791\u00a0$43,210Accounts receivable, net\u00a027,808\u00a0\u00a023,065Inventories\u00a014,962\u00a0\u00a010,080Prepaid expenses and other current assets\u00a02,658\u00a0\u00a03,771Total current assets\u00a0102,219\u00a0\u00a080,126\u00a0\u00a0\u00a0\u00a0Property and equipment, net\u00a09,141\u00a0\u00a06,283Operating lease assets\u00a02,084\u00a0\u00a01,793Goodwill\u00a05,755\u00a0\u00a05,188Intangible assets, net\u00a0755\u00a0\u00a0807Deferred income tax assets\u00a013,570\u00a0\u00a010,979Other assets\u00a07,216\u00a0\u00a06,425Total assets$ 140,740\u00a0$ 111,601\u00a0\u00a0\u00a0\u00a0LIABILITIES AND SHAREHOLDERS’ EQUITY\u00a0\u00a0\u00a0\u00a0Current liabilities:\u00a0\u00a0\u00a0Accounts payable$9,064\u00a0$6,310Accrued and other current liabilities\u00a015,193\u00a0\u00a011,737Total current liabilities\u00a024,257\u00a0\u00a018,047\u00a0\u00a0\u00a0\u00a0Long-term debt\u00a08,466\u00a0\u00a08,463Long-term operating lease liabilities\u00a01,831\u00a0\u00a01,519Other long-term liabilities\u00a06,055\u00a0\u00a04,245Total liabilities\u00a040,609\u00a0\u00a032,274\u00a0\u00a0\u00a0\u00a0Shareholders’ equity\u00a0100,131\u00a0\u00a079,327Total liabilities and shareholders’ equity$ 140,740\u00a0$ 111,601\u00a0\u00a0\u00a0\u00a0 NVIDIA CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Three Months Ended\u00a0Six Months Ended\u00a0July 27,\u00a0July 28,\u00a0July 27,\u00a0July 28,\u00a02025\u00a02024\u00a02025\u00a02024\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash flows from operating activities:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Net income$26,422\u00a0\u00a0$16,599\u00a0\u00a0$45,197\u00a0\u00a0$31,480\u00a0Adjustments to reconcile net income to net cash\u00a0provided by operating activities:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Stock-based compensation expense\u00a01,624\u00a0\u00a0\u00a01,154\u00a0\u00a0\u00a03,099\u00a0\u00a0\u00a02,164\u00a0Depreciation and amortization\u00a0668\u00a0\u00a0\u00a0433\u00a0\u00a0\u00a01,280\u00a0\u00a0\u00a0843\u00a0Deferred income taxes\u00a018\u00a0\u00a0\u00a0(1,699)\u00a0\u00a0(2,160)\u00a0\u00a0(3,276)Gains on non-marketable equity securities and publicly-held equity securities, net\u00a0(2,247)\u00a0\u00a0(193)\u00a0\u00a0(2,073)\u00a0\u00a0(264)Other\u00a0(100)\u00a0\u00a0(144)\u00a0\u00a0(196)\u00a0\u00a0(288)Changes in operating assets and liabilities, net of acquisitions:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Accounts receivable\u00a0(5,675)\u00a0\u00a0(1,767)\u00a0\u00a0(4,743)\u00a0\u00a0(4,133)Inventories\u00a0(3,622)\u00a0\u00a0(803)\u00a0\u00a0(4,880)\u00a0\u00a0(1,380)Prepaid expenses and other assets\u00a0387\u00a0\u00a0\u00a0714\u00a0\u00a0\u00a0946\u00a0\u00a0\u00a0(12)Accounts payable\u00a01,314\u00a0\u00a0\u00a0823\u00a0\u00a0\u00a02,255\u00a0\u00a0\u00a0801\u00a0Accrued and other current liabilities\u00a0(4,053)\u00a0\u00a0(888)\u00a0\u00a03,075\u00a0\u00a0\u00a03,314\u00a0Other long-term liabilities\u00a0629\u00a0\u00a0\u00a0260\u00a0\u00a0\u00a0979\u00a0\u00a0\u00a0584\u00a0Net cash provided by operating activities\u00a015,365\u00a0\u00a0\u00a014,489\u00a0\u00a0\u00a042,779\u00a0\u00a0\u00a029,833\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash flows from investing activities:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Proceeds from maturities of marketable securities\u00a03,130\u00a0\u00a0\u00a04,094\u00a0\u00a0\u00a06,252\u00a0\u00a0\u00a08,098\u00a0Proceeds from sales of marketable securities\u00a020\u00a0\u00a0\u00a015\u00a0\u00a0\u00a0487\u00a0\u00a0\u00a0164\u00a0Proceeds from sales of non-marketable equity securities\u00a070\u00a0\u00a0\u00a050\u00a0\u00a0\u00a070\u00a0\u00a0\u00a0105\u00a0Purchases of marketable securities\u00a0(7,812)\u00a0\u00a0(5,744)\u00a0\u00a0(14,358)\u00a0\u00a0(15,047)Purchase related to property and equipment and intangible assets\u00a0(1,894)\u00a0\u00a0(977)\u00a0\u00a0(3,122)\u00a0\u00a0(1,346)Purchases of non-marketable equity securities\u00a0(346)\u00a0\u00a0(344)\u00a0\u00a0(995)\u00a0\u00a0(534)Acquisitions, net of cash acquired\u00a0(294)\u00a0\u00a0(279)\u00a0\u00a0(677)\u00a0\u00a0(317)Net cash used in investing activities\u00a0(7,126)\u00a0\u00a0(3,185)\u00a0\u00a0(12,343)\u00a0\u00a0(8,877)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash flows from financing activities:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Proceeds related to employee stock plans\u00a0–\u00a0\u00a0\u00a0–\u00a0\u00a0\u00a0370\u00a0\u00a0\u00a0285\u00a0Payments related to repurchases of common stock\u00a0(9,721)\u00a0\u00a0(7,158)\u00a0\u00a0(23,815)\u00a0\u00a0(14,898)Payments related to employee stock plan taxes\u00a0(1,848)\u00a0\u00a0(1,637)\u00a0\u00a0(3,380)\u00a0\u00a0(3,389)Dividends paid\u00a0(244)\u00a0\u00a0(246)\u00a0\u00a0(488)\u00a0\u00a0(344)Principal payments on property and equipment and intangible assets\u00a0(21)\u00a0\u00a0(29)\u00a0\u00a0(73)\u00a0\u00a0(69)Repayment of debt\u00a0–\u00a0\u00a0\u00a0(1,250)\u00a0\u00a0–\u00a0\u00a0\u00a0(1,250)Net cash used in financing activities\u00a0(11,834)\u00a0\u00a0(10,320)\u00a0\u00a0(27,386)\u00a0\u00a0(19,665)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Change in cash and cash equivalents\u00a0(3,595)\u00a0\u00a0984\u00a0\u00a0\u00a03,050\u00a0\u00a0\u00a01,291\u00a0Cash and cash equivalents at beginning of period\u00a015,234\u00a0\u00a0\u00a07,587\u00a0\u00a0\u00a08,589\u00a0\u00a0\u00a07,280\u00a0Cash and cash equivalents at end of period$ 11,639\u00a0\u00a0$ 8,571\u00a0\u00a0$ 11,639\u00a0\u00a0$ 8,571\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Supplemental\u00a0disclosures\u00a0of\u00a0cash flow information:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash paid for income taxes, net$8,094\u00a0\u00a0$7,208\u00a0\u00a0$8,451\u00a0\u00a0$7,449\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0NVIDIA CORPORATION\u00a0\u00a0RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES\u00a0\u00a0(In millions, except per share data)\u00a0\u00a0(Unaudited)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Three Months Ended \u00a0Six Months Ended\u00a0\u00a0\u00a0\u00a0July 27,\u00a0April 27,\u00a0July 28,\u00a0July 27,\u00a0July 28,\u00a0\u00a0\u00a0\u00a02025\u00a02025\u00a02024\u00a02025\u00a02024\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0GAAP cost of revenue\u00a0$12,890\u00a0\u00a0$17,394\u00a0\u00a0$7,466\u00a0\u00a0$30,284\u00a0\u00a0$13,105\u00a0\u00a0\u00a0GAAP gross profit\u00a0$33,853\u00a0\u00a0$26,668\u00a0\u00a0$22,574\u00a0\u00a0$60,521\u00a0\u00a0$42,979\u00a0\u00a0\u00a0GAAP gross margin\u00a0\u00a072.4%\u00a0\u00a0\u00a060.5%\u00a0\u00a0\u00a075.1%\u00a0\u00a0\u00a066.6%\u00a0\u00a0\u00a076.6%\u00a0\u00a0\u00a0Acquisition-related and other costs (A)\u00a0\u00a049\u00a0\u00a0\u00a0123\u00a0\u00a0\u00a0118\u00a0\u00a0\u00a0170\u00a0\u00a0\u00a0238\u00a0\u00a0\u00a0Stock-based compensation expense (B)\u00a0\u00a058\u00a0\u00a0\u00a064\u00a0\u00a0\u00a040\u00a0\u00a0\u00a0123\u00a0\u00a0\u00a075\u00a0\u00a0\u00a0Other\u00a0\u00a0–\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0(3)\u00a0\u00a04\u00a0\u00a0\u00a0(4)\u00a0\u00a0Non-GAAP cost of revenue\u00a0$ 12,783\u00a0\u00a0$ 17,204\u00a0\u00a0$ 7,311\u00a0\u00a0$ 29,987\u00a0\u00a0$ 12,796\u00a0\u00a0\u00a0Non-GAAP gross profit\u00a0$ 33,960\u00a0\u00a0$ 26,858\u00a0\u00a0$ 22,729\u00a0\u00a0$ 60,818\u00a0\u00a0$ 43,288\u00a0\u00a0\u00a0Non-GAAP gross margin\u00a0\u00a072.7%\u00a0\u00a0\u00a061.0%\u00a0\u00a0\u00a075.7%\u00a0\u00a0\u00a067.0%\u00a0\u00a0\u00a077.2%\u00a0\u00a0\u00a0H20 related charges\/(releases), net\u00a0\u00a0(180)\u00a0\u00a04,538\u00a0\u00a0\u00a0\u00a0\u00a04,358\u00a0\u00a0\u00a0\u00a0\u00a0Non-GAAP gross profit, as adjusted to exclude H20 related charges\/releases, net\u00a0$33,780\u00a0\u00a0$31,396\u00a0\u00a0\u00a0\u00a0$65,176\u00a0\u00a0\u00a0\u00a0\u00a0Non-GAAP gross margin, as adjusted to exclude H20 related charges\/releases, net\u00a0\u00a0\u00a072.3%\u00a0\u00a0\u00a071.3%\u00a0\u00a0\u00a0\u00a0\u00a071.8%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0GAAP operating expenses\u00a0$5,413\u00a0\u00a0$5,030\u00a0\u00a0$3,932\u00a0\u00a0$10,443\u00a0\u00a0$7,428\u00a0\u00a0\u00a0Stock-based compensation expense (B)\u00a0\u00a0(1,566)\u00a0\u00a0(1,410)\u00a0\u00a0(1,114)\u00a0\u00a0(2,976)\u00a0\u00a0(2,089)\u00a0\u00a0Acquisition-related and other costs (A)\u00a0\u00a0(37)\u00a0\u00a0(37)\u00a0\u00a0(26)\u00a0\u00a0(74)\u00a0\u00a0(48)\u00a0\u00a0Other\u00a0\u00a0(15)\u00a0\u00a0–\u00a0\u00a0\u00a0–\u00a0\u00a0\u00a0(15)\u00a0\u00a0–\u00a0\u00a0\u00a0Non-GAAP operating expenses\u00a0$3,795\u00a0\u00a0$3,583\u00a0\u00a0$2,792\u00a0\u00a0$7,378\u00a0\u00a0$5,291\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0GAAP operating income\u00a0$28,440\u00a0\u00a0$21,638\u00a0\u00a0$18,642\u00a0\u00a0$50,078\u00a0\u00a0$35,551\u00a0\u00a0\u00a0Total impact of non-GAAP adjustments to operating income\u00a0\u00a01,725\u00a0\u00a0\u00a01,637\u00a0\u00a0\u00a01,295\u00a0\u00a0\u00a03,362\u00a0\u00a0\u00a02,446\u00a0\u00a0\u00a0Non-GAAP operating income\u00a0$30,165\u00a0\u00a0$23,275\u00a0\u00a0$19,937\u00a0\u00a0$53,440\u00a0\u00a0$37,997\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0GAAP total other income (expense), net\u00a0$2,766\u00a0\u00a0$272\u00a0\u00a0$572\u00a0\u00a0$3,039\u00a0\u00a0$942\u00a0\u00a0\u00a0(Gains) losses from non-marketable equity securities and publicly-held equity securities, net\u00a0\u00a0(2,247)\u00a0\u00a0175\u00a0\u00a0\u00a0(193)\u00a0\u00a0(2,073)\u00a0\u00a0(264)\u00a0\u00a0Interest expense related to amortization of debt discount\u00a0\u00a01\u00a0\u00a0\u00a01\u00a0\u00a0\u00a01\u00a0\u00a0\u00a02\u00a0\u00a0\u00a02\u00a0\u00a0\u00a0Non-GAAP total other income (expense), net\u00a0$520\u00a0\u00a0$448\u00a0\u00a0$380\u00a0\u00a0$968\u00a0\u00a0$680\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0GAAP net income\u00a0$26,422\u00a0\u00a0$18,775\u00a0\u00a0$16,599\u00a0\u00a0$45,197\u00a0\u00a0$31,480\u00a0\u00a0\u00a0Total pre-tax impact of non-GAAP adjustments\u00a0\u00a0(521)\u00a0\u00a01,813\u00a0\u00a0\u00a01,103\u00a0\u00a0\u00a01,291\u00a0\u00a0\u00a02,184\u00a0\u00a0\u00a0Income tax impact of non-GAAP adjustments (C)\u00a0\u00a0(166)\u00a0\u00a0(694)\u00a0\u00a0(750)\u00a0\u00a0(859)\u00a0\u00a0(1,475)\u00a0\u00a0Tax expense from OBBBA*\u00a0\u00a048\u00a0\u00a0\u00a0–\u00a0\u00a0\u00a0–\u00a0\u00a0\u00a048\u00a0\u00a0\u00a0–\u00a0\u00a0\u00a0Non-GAAP net income\u00a0$25,783\u00a0\u00a0$19,894\u00a0\u00a0$16,952\u00a0\u00a0$45,677\u00a0\u00a0$32,189\u00a0\u00a0\u00a0Total pre-tax impact of H20 related charges\/(releases), net\u00a0\u00a0(180)\u00a0\u00a04,538\u00a0\u00a0\u00a0\u00a0\u00a04,358\u00a0\u00a0\u00a0\u00a0\u00a0Income tax impact of H20 related charges\/releases, net\u00a0\u00a0(8)\u00a0\u00a0(797)\u00a0\u00a0\u00a0\u00a0(805)\u00a0\u00a0\u00a0\u00a0Non-GAAP net income, as adjusted to exclude H20 related charges\/releases, net\u00a0\u00a0$25,595\u00a0\u00a0$23,635\u00a0\u00a0\u00a0\u00a0$49,230\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Diluted net income per share\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0GAAP\u00a0$1.08\u00a0\u00a0$0.76\u00a0\u00a0$0.67\u00a0\u00a0$1.84\u00a0\u00a0$1.27\u00a0\u00a0\u00a0Non-GAAP\u00a0$1.05\u00a0\u00a0$0.81\u00a0\u00a0$0.68\u00a0\u00a0$1.86\u00a0\u00a0$1.29\u00a0\u00a0\u00a0Non-GAAP, as adjusted to exclude H20 related charges\/releases, net\u00a0$1.04\u00a0\u00a0$0.96\u00a0\u00a0\u00a0\u00a0$2.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Weighted average shares used in diluted net income per share computation\u00a0\u00a024,532\u00a0\u00a0\u00a024,611\u00a0\u00a0\u00a024,848\u00a0\u00a0\u00a024,571\u00a0\u00a0\u00a024,869\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0GAAP net cash provided by operating activities\u00a0$15,365\u00a0\u00a0$27,414\u00a0\u00a0$14,489\u00a0\u00a0$42,779\u00a0\u00a0$29,833\u00a0\u00a0\u00a0Purchases related to property and equipment and intangible assets\u00a0\u00a0(1,894)\u00a0\u00a0(1,227)\u00a0\u00a0(977)\u00a0\u00a0(3,122)\u00a0\u00a0(1,346)\u00a0\u00a0Principal payments on property and equipment and intangible assets\u00a0\u00a0(21)\u00a0\u00a0(52)\u00a0\u00a0(29)\u00a0\u00a0(73)\u00a0\u00a0(69)\u00a0\u00a0Free cash flow\u00a0$13,450\u00a0\u00a0$26,135\u00a0\u00a0$13,483\u00a0\u00a0$39,584\u00a0\u00a0$28,418\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:\u00a0\u00a0\u00a0\u00a0Three Months Ended\u00a0Six Months Ended\u00a0\u00a0\u00a0\u00a0July 27,\u00a0April 27,\u00a0July 28,\u00a0July 27,\u00a0July 28,\u00a0\u00a0\u00a0\u00a02025\u00a02025\u00a02024\u00a02025\u00a02024\u00a0\u00a0Cost of revenue\u00a0$49\u00a0\u00a0$123\u00a0\u00a0$118\u00a0\u00a0$170\u00a0\u00a0$238\u00a0\u00a0\u00a0Research and development\u00a0$29\u00a0\u00a0$28\u00a0\u00a0$17\u00a0\u00a0$57\u00a0\u00a0$30\u00a0\u00a0\u00a0Sales, general and administrative\u00a0$8\u00a0\u00a0$9\u00a0\u00a0$9\u00a0\u00a0$17\u00a0\u00a0$18\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(B) Stock-based compensation consists of the following:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Three Months Ended\u00a0Six Months Ended\u00a0\u00a0\u00a0\u00a0July 27,\u00a0April 27,\u00a0July 28,\u00a0July 27,\u00a0July 28,\u00a0\u00a0\u00a0\u00a02025\u00a02025\u00a02024
\u00a02025
\u00a02024
\u00a0\u00a0Cost of revenue\u00a0$58\u00a0\u00a0$64\u00a0\u00a0$40\u00a0\u00a0$123\u00a0\u00a0$75\u00a0\u00a0\u00a0Research and development\u00a0$1,191\u00a0\u00a0$1,063\u00a0\u00a0$832\u00a0\u00a0$2,254\u00a0\u00a0$1,559\u00a0\u00a0\u00a0Sales, general and administrative\u00a0$375\u00a0\u00a0$347\u00a0\u00a0$282\u00a0\u00a0$722\u00a0\u00a0$530\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(C) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).\u00a0\u00a0\u00a0\u00a0 NVIDIA CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP OUTLOOK\u00a0\u00a0\u00a0\u00a0Q3 FY2026 Outlook\u00a0($ in millions)\u00a0\u00a0GAAP gross margin\u00a073.3%\u00a0Impact of stock-based compensation expense, acquisition-related costs, and other costs\u00a00.2%\u00a0Non-GAAP gross margin\u00a073.5%\u00a0\u00a0\u00a0GAAP operating expenses$5,900\u00a0Stock-based compensation expense, acquisition-related costs, and other costs\u00a0(1,700)Non-GAAP operating expenses$ 4,200\u00a0\u00a0\u00a0 <\/p>\n

About NVIDIA
NVIDIA<\/a> (NASDAQ: NVDA) is the world leader in accelerated computing.<\/p>\n

For further information, contact:<\/p>\n

Certain statements in this press release including, but not limited to, statements as to: Blackwell as the AI platform the world has been waiting for and being at the center of the AI race; ramping of and demand for Blackwell Ultra;\u00a0reasoning AI models driving orders-of-magnitude increases in training and inference performance; expectations with respect to growth, performance and benefits of NVIDIA\u2019s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA\u2019s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA\u2019s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, including Rubin, and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA\u2019s financial and business outlook for the third quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the \u201csafe harbor\u201d created by those sections based on management\u2019s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA\u2019s reliance on third parties to manufacture, assemble, package and test NVIDIA\u2019s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA\u2019s existing product and technologies; market acceptance of NVIDIA\u2019s products or NVIDIA\u2019s partners\u2019 products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA\u2019s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company\u2019s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.<\/p>\n

\u00a9 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce, GeForce NOW, NVIDIA Cosmos, NVIDIA CUDA-Q, NVIDIA DGX Cloud Lepton, NVIDIA DRIVE, NVIDIA DRIVE AGX Thor, NVIDIA GeForce RTX, NVIDIA Jetson AGX Thor, NVIDIA Nemotron, NVIDIA Omniverse, and NVIDIA RTX PRO are trademarks and\/or registered trademarks of NVIDIA Corporation in the U.S. and\/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.<\/p>\n

A photo accompanying this announcement is available at:
https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/24a5522e-6258-4e72-9c8a-a57178db4b41<\/a><\/p>\n

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