Direct Answer
NVIDIA reported $130.497 billion in revenue and $81.453 billion in operating income for fiscal year 2025 (ending January 26, 2025). Compute and Networking generated $115.241 billion in revenue; Graphics generated $15.256 billion. GAAP gross margin was 74.6% and GAAP operating margin was 62.4%. In Q1 FY2026 (ending April 27, 2025), total revenue reached $44.062 billion, but GAAP gross margin declined to 60.5% due to a $4.5 billion export control charge on H20 inventory. All figures sourced from NVIDIA SEC filings. Data checkpoint: September 9, 2026; financial data through Q1 FY2026.
FY2025 annual segment results
| Segment | FY2025 Revenue | % of Total |
|---|---|---|
| Compute and Networking | $115.241B | 88.3% |
| Graphics | $15.256B | 11.7% |
| Total NVIDIA | $130.497B | 100% |
NVIDIA reports two operating segments. Compute and Networking includes data-center GPUs (H100, H200, Blackwell), networking products from the Mellanox acquisition, automotive SoCs for robotaxi platforms, and associated software and services. Graphics includes gaming GPUs under the GeForce brand, professional visualization products, and OEM/IP licensing.
FY2025 profitability
| Metric | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Total Revenue | $130.497B | $60.922B | $26.974B |
| GAAP Gross Profit | $97.326B | $44.301B | $15.356B |
| GAAP Gross Margin | 74.6% | 72.7% | 56.9% |
| GAAP Operating Income | $81.453B | $32.972B | $4.224B |
| GAAP Operating Margin | 62.4% | 54.1% | 15.7% |
| GAAP Net Income | $72.880B | $29.760B | $4.368B |
Q1 FY2026 segment results
| Segment | Q1 FY2026 Revenue |
|---|---|
| Compute and Networking | $38.788B |
| Graphics | $5.274B |
| Total NVIDIA | $44.062B |
Q1 FY2026 GAAP gross margin was 60.5%, impacted by a $4.5 billion charge related to U.S. government restrictions on exports of H20 chips to China imposed in April 2025. Excluding that charge, non-GAAP gross margin was approximately 71.0%. This quarter illustrates how geopolitical policy can create a one-time earnings headwind without permanently impairing the underlying business.
Cash flow and capital return
| Metric | FY2025 | FY2024 |
|---|---|---|
| Operating Cash Flow | $64.089B | $28.083B |
| Capital Expenditures | $1.069B | $0.677B |
| Free Cash Flow | ~$63.0B | ~$27.4B |
| Share Repurchases | $33.7B | $3.4B |
| Dividends Paid | $0.344B | $0.399B |
NVIDIA is a fabless semiconductor company, contracting all wafer production to TSMC and other foundries. This model means capital expenditures are a small fraction of revenue compared with vertically integrated chipmakers. The company dramatically accelerated share buybacks in FY2025 as free cash flow surged with the data-center revenue cycle.
Frequently Asked Questions
What was NVIDIA's total revenue in FY2025?
NVIDIA reported total revenue of $130.497 billion for fiscal year 2025 (ending January 26, 2025), consisting of $115.241 billion from Compute and Networking and $15.256 billion from Graphics.
What is NVIDIA's GAAP gross margin?
NVIDIA's GAAP gross margin was 74.6% for fiscal year 2025. In Q1 FY2026, GAAP gross margin declined to 60.5% due to a $4.5 billion charge related to U.S. export controls on H20 chips. Non-GAAP gross margin for Q1 FY2026 was approximately 71.0%.
How much did NVIDIA spend on capital expenditures in FY2025?
NVIDIA spent $1.069 billion on capital expenditures in FY2025. As a fabless semiconductor company, NVIDIA contracts manufacturing to TSMC and carries significantly lower capex than vertically integrated chipmakers.
How much did NVIDIA return to shareholders in FY2025?
NVIDIA returned approximately $34.0 billion to shareholders in FY2025, consisting of approximately $33.7 billion in share repurchases and $344 million in dividends.