NVIDIA Corporation (NVDA)

Revenue Change y-o-y 46.4% 3.0% -16.5% -20.8% -13.2% 64.1%

Revenue Change qtr-to-qtr 14.9% 9.2% 7.6% 8.4% -19.1% -11.5% 2.0% 18.9% 52.9%

Quarterly Statements 4/30/2021 7/31/2021 10/31/2021 1/31/2022 4/30/2022 7/31/2022 10/31/2022 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 4/30/2024 7/31/2024 10/31/2024 1/31/2025
Income Statement Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2E Q3E Q4E Q1E Q2E Q3E Q4E
Operating Revenue $ 5,661.0 $ 6,507.0 $ 7,103.0 $ 7,643.0 $ 8,288.0 $ 6,704.0 $ 5,931.0 $ 6,051.0 $ 7,192.0 $ 11,000.0 $ 11,220.0 $ 11,444.4 $ 11,673.3 $ 11,906.8 $ 12,144.9 $ 12,387.8
Other Revenue $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Revenue $ 5,661.0 $ 6,507.0 $ 7,103.0 $ 7,643.0 $ 8,288.0 $ 6,704.0 $ 5,931.0 $ 6,051.0 $ 7,192.0 $ 11,000.0 $ 11,220.0 $ 11,444.4 $ 11,673.3 $ 11,906.8 $ 12,144.9 $ 12,387.8
% change from comparable period 83.8% 68.3% 50.3% 52.8% 46.4% 3.0% -16.5% -20.8% -13.2% 64.1% 89.2% 89.1% 62.3% 8.2% 8.2% 8.2%
Cost of Revenues $ 2,032.0 $ 2,292.0 $ 2,472.0 $ 2,644.0 $ 2,857.0 $ 3,789.0 $ 2,754.0 $ 2,218.0 $ 2,544.0 $ 3,459.8 $ 3,529.0 $ 3,599.6 $ 3,671.6 $ 3,745.0 $ 3,819.9 $ 3,896.3
% change from comparable period 88.8% 44.1% 40.0% 43.2% 40.6% 65.3% 11.4% -16.1% -11.0% -8.7% 28.1% 62.3% 44.3% 8.2% 8.2% 8.2%
COGS (%) 35.9% 35.2% 34.8% 34.6% 34.5% 56.5% 46.4% 36.7% 35.4% 31.5% 31.5% 31.5% 31.5% 31.5% 31.5% 31.5%
Gross Profit $ 3,629.0 $ 4,215.0 $ 4,631.0 $ 4,999.0 $ 5,431.0 $ 2,915.0 $ 3,177.0 $ 3,833.0 $ 4,648.0 $ 7,540.2 $ 7,691.0 $ 7,844.8 $ 8,001.7 $ 8,161.7 $ 8,324.9 $ 8,491.4
% change from comparable period 81.1% 85.3% 56.5% 58.4% 49.7% -30.8% -31.4% -23.3% -14.4% 158.7% 142.1% 104.7% 72.2% 8.2% 8.2% 8.2%

Gross Margin (%) 64.1% 64.8% 65.2% 65.4% 65.5% 43.5% 53.6% 63.3% 64.6% 68.5% 68.5% 68.5% 68.5% 68.5% 68.5% 68.5%
Operating Expenses
Sales & Marketing Expense $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Labor Expense $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other General & Administrative $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
General & Administrative Expense $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other SG&A $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Selling, General & Admin. Expenses $ 520.0 $ 526.0 $ 557.0 $ 563.0 $ 592.0 $ 592.0 $ 631.0 $ 625.0 $ 633.0 $ 860.9 $ 878.1 $ 891.3 $ 904.6 $ 918.2 $ 932.0 $ 946.0
% change from comparable period 77.5% -16.1% 8.2% 11.9% 13.8% 12.5% 13.3% 11.0% 6.9% 45.4% 39.2% 42.6% 42.9% 6.7% 6.1% 6.1%
SG&A (%) 9.2% 8.1% 7.8% 7.4% 7.1% 8.8% 10.6% 10.3% 8.8% 7.8% 7.8% 7.8% 7.7% 7.7% 7.7% 7.6%
Research & Development Expense $ 1,153.0 $ 1,245.0 $ 1,403.0 $ 1,466.0 $ 1,618.0 $ 1,824.0 $ 1,945.0 $ 1,952.0 $ 1,875.0 $ 2,550.0 $ 2,601.0 $ 2,653.0 $ 2,706.1 $ 2,760.2 $ 2,815.4 $ 2,871.7
% change from comparable period 56.9% 24.9% 34.0% 27.9% 40.3% 46.5% 38.6% 33.2% 15.9% 39.8% 33.7% 35.9% 44.3% 8.2% 8.2% 8.2%
R&D (%) 20.4% 19.1% 19.8% 19.2% 19.5% 27.2% 32.8% 32.3% 26.1% 23.2% 23.2% 23.2% 23.2% 23.2% 23.2% 23.2%
Depreciation & Amortization $ 281.0 $ 286.0 $ 298.0 $ 309.0 $ 334.0 $ 378.0 $ 406.0 $ 426.0 $ 384.0 $ 522.2 $ 532.7 $ 543.3 $ 554.2 $ 565.3 $ 576.6 $ 588.1
% change from comparable period 162.6% -29.2% -0.3% 7.3% 18.9% 32.2% 36.2% 37.9% 15.0% 38.2% 31.2% 27.5% 44.3% 8.2% 8.2% 8.2%
Depreciation & Amortization (%) 5.0% 4.4% 4.2% 4.0% 4.0% 5.6% 6.8% 7.0% 5.3% 4.7% 4.7% 4.7% 4.7% 4.7% 4.7% 4.7%
Restructuring, Remediation & Impairment Provisions $ - $ - $ - $ - $ (1,353.0) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Operating Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Operating Expenses $ 1,673.0 $ 1,771.0 $ 1,960.0 $ 2,029.0 $ 2,210.0 $ 2,416.0 $ 2,576.0 $ 2,577.0 $ 2,508.0 $ 3,410.9 $ 3,479.1 $ 3,544.3 $ 3,610.7 $ 3,678.4 $ 3,747.4 $ 3,817.7
Cost & Operating Expenses $ 1,673.0 $ 1,771.0 $ 1,960.0 $ 2,029.0 $ 2,210.0 $ 2,416.0 $ 2,576.0 $ 2,577.0 $ 2,508.0 $ 3,410.9 $ 3,479.1 $ 3,544.3 $ 3,610.7 $ 3,678.4 $ 3,747.4 $ 3,817.7
Total Operating Expenses $ 1,673.0 $ 1,771.0 $ 1,960.0 $ 2,029.0 $ 2,210.0 $ 2,416.0 $ 2,576.0 $ 2,577.0 $ 2,508.0 $ 3,410.9 $ 3,479.1 $ 3,544.3 $ 3,610.7 $ 3,678.4 $ 3,747.4 $ 3,817.7
% change from prev period 62.7% 9.1% 25.5% 23.0% 32.1% 36.4% 31.4% 27.0% 13.5% 41.2% 35.1% 37.5% 44.0% 7.8% 7.7% 7.7%
EBITDA $ 2,378.0 $ 2,740.0 $ 2,998.0 $ 3,235.0 $ 2,207.0 $ 918.0 $ 1,084.0 $ 1,778.0 $ 2,659.0 $ 4,651.5 $ 4,744.6 $ 4,843.8 $ 4,945.2 $ 5,048.6 $ 5,154.2 $ 5,261.9
% change from comparable period 113.7% 156.8% 76.4% 78.6% -7.2% -66.5% -63.8% -45.0% 20.5% 406.7% 337.7% 172.4% 86.0% 8.5% 8.6% 8.6%
EBITDA (%) 42.0% 42.1% 42.2% 42.3% 26.6% 13.7% 18.3% 29.4% 37.0% 42.3% 42.3% 42.3% 42.4% 42.4% 42.4% 42.5%
Operating Profit $ 1,956.0 $ 2,444.0 $ 2,671.0 $ 2,970.0 $ 3,221.0 $ 499.0 $ 601.0 $ 1,256.0 $ 2,140.0 $ 4,129.3 $ 4,211.9 $ 4,300.5 $ 4,391.0 $ 4,483.3 $ 4,577.6 $ 4,673.8
% change from comparable period 100.4% 275.4% 91.1% 97.1% 64.7% -79.6% -77.5% -57.7% -33.6% 727.5% 600.8% 242.4% 105.2% 8.6% 8.7% 8.7%

Operating Margin (%) 34.6% 37.6% 37.6% 38.9% 38.9% 7.4% 10.1% 20.8% 29.8% 37.5% 37.5% 37.6% 37.6% 37.7% 37.7% 37.7%
Other Income and Expense
EBIT $ 2,097.0 $ 2,454.0 $ 2,700.0 $ 2,926.0 $ 1,873.0 $ 540.0 $ 678.0 $ 1,352.0 $ 2,275.0 $ 4,129.3 $ 4,211.9 $ 4,300.5 $ 4,391.0 $ 4,483.3 $ 4,577.6 $ 4,673.8
% change from comparable period 108.4% 270.1% 92.7% 92.1% -10.7% -78.0% -74.9% -53.8% 21.5% 664.7% 521.2% 218.1% 93.0% 8.6% 8.7% 8.7%
Interest Expense $ 53,000,000.0 $ 60,000,000.0 $ 62,000,000.0 $ 61,000,000.0 $ 68,000,000.0 $ 65,000,000.0 $ 65,000,000.0 $ 64,000,000.0 $ 66,000,000.0 $ 65,000,000.0 $ 65,000,000.0 $ 65,000,000.0 $ 65,250,000.0 $ 65,062,500.0 $ 65,078,125.0 $ 65,097,656.3
% change from comparable period 112.0% 11.1% 17.0% 15.1% 28.3% 8.3% 4.8% 4.9% -2.9% 0.0% 0.0% 1.6% -1.1% 0.1% 0.1% 0.2%

Interest Income $ 6,000,000.0 $ 6,000,000.0 $ 7,000,000.0 $ 9,000,000.0 $ 18,000,000.0 $ 46,000,000.0 $ 88,000,000.0 $ 115,000,000.0 $ 150,000,000.0 $ 99,750,000.0 $ 113,187,500.0 $ 119,484,375.0 $ 120,605,468.8 $ 113,256,835.9 $ 116,633,544.9 $ 117,495,056.2
% change from comparable period -80.6% -53.8% 0.0% 28.6% 200.0% 666.7% 1157.1% 1177.8% 733.3% 116.8% 28.6% 3.9% -19.6% 13.5% 3.0% -1.7%
Other Interest Income/Expense $ - $ - $ - $ - $ - $ - $ - $ - $ -
% change from comparable period - - - - - - - - -

Non-operating Gains/Losses $ - $ - $ - $ - $ - $ - $ - $ - $ -
% change from comparable period - - - - - - - - -
Other Non-operating Income/Expense $ 135.0 $ 4.0 $ 22.0 $ (53.0) $ (13.0) $ (5.0) $ (11.0) $ (19.0) $ (15.0) $ (12.5) $ (14.4) $ (15.2) $ (14.3) $ (14.1) $ (14.5) $ (14.5)
% change from comparable period 13600.0% 500.0% 650.0% -688.9% -109.6% -225.0% -150.0% 64.2% -15.4% 150.0% 30.7% -19.9% -4.8% 12.7% 0.8% -4.6%
Total Non-operating Income/Expense $ 135.0 $ 4.0 $ 22.0 $ (53.0) $ (1,366.0) $ (5.0) $ (11.0) $ (19.0) $ (15.0) $ (12.5) $ (14.4) $ (15.2) $ (14.3) $ (14.1) $ (14.5) $ (14.5)
% change from comparable period 13600.0% 500.0% 650.0% -688.9% -1111.9% -225.0% -150.0% 64.2% 98.9%
Income Before Taxes (EBT) $ 2,044.0 $ 2,394.0 $ 2,638.0 $ 2,865.0 $ 1,805.0 $ 475.0 $ 613.0 $ 1,288.0 $ 2,209.0 $ 4,064.3 $ 4,146.9 $ 4,235.5 $ 4,325.7 $ 4,418.2 $ 4,512.5 $ 4,608.7
% change from comparable period 108.4% 293.1% 95.7% 94.9% -11.7% -80.2% -76.8% -55.0% 22.4% 755.6% 576.5% 228.8% 95.8% 8.7% 8.8% 8.8%
Income Taxes/(Credit) $ 132.0 $ 20.0 $ 174.0 $ (138.0) $ 187.0 $ (181.0) $ (67.0) $ (126.0) $ 166.0 $ 20.3 $ 20.7 $ 21.2 $ 21.6 $ 22.1 $ 22.6 $ 23.0
% change from comparable period 106.3% 253.8% 1350.0% -1161.5% 41.7% -1005.0% -138.5% 8.7% -11.2% -111.2% -130.9% -116.8% -87.0% 8.7% 8.8% 8.8%
Tax Rate % 6.5% 0.8% 6.6% -4.8% 10.4% -38.1% -10.9% -9.8% 7.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
Income After Taxes $ 1,912.0 $ 2,374.0 $ 2,464.0 $ 3,003.0 $ 1,618.0 $ 656.0 $ 680.0 $ 1,414.0 $ 2,043.0 $ 4,044.0 $ 4,126.1 $ 4,214.3 $ 4,304.1 $ 4,396.1 $ 4,489.9 $ 4,585.6
Noncontrolling Interest $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Equity Earnings $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Minority Interest & Equity Earnings $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Income before Extraordinary Items $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Extraordinary Items $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Accounting Change $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Income From Continuing Operations $ 1,912.0 $ 2,374.0 $ 2,464.0 $ 3,003.0 $ 1,618.0 $ 656.0 $ 680.0 $ 1,414.0 $ 2,043.0 $ 4,044.0 $ 4,126.1 $ 4,214.3 $ 4,304.1 $ 4,396.1 $ 4,489.9 $ 4,585.6
Net Income From Discontinued Operations $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Income Applicable to Common $ 1,912.0 $ 2,374.0 $ 2,464.0 $ 3,003.0 $ 1,618.0 $ 656.0 $ 680.0 $ 1,414.0 $ 2,043.0 $ 4,044.0 $ 4,126.1 $ 4,214.3 $ 4,304.1 $ 4,396.1 $ 4,489.9 $ 4,585.6
Preferred Dividends $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Income Total $ 1,912.0 $ 2,374.0 $ 2,464.0 $ 3,003.0 $ 1,618.0 $ 656.0 $ 680.0 $ 1,414.0 $ 2,043.0 $ 4,044.0 $ 4,126.1 $ 4,214.3 $ 4,304.1 $ 4,396.1 $ 4,489.9 $ 4,585.6
% change from comparable period 108.5% 281.7% 84.4% 106.1% -15.4% -72.4% -72.4% -52.9% 26.3% 516.5% 506.8% 198.0% 110.7% 8.7% 8.8% 8.8%

Net Margin (%) 33.8% 36.5% 34.7% 39.3% 19.5% 9.8% 11.5% 23.4% 28.4% 36.8% 36.8% 36.8% 36.9% 36.9% 37.0% 37.0%
Shares and EPS
Total Basic EPS $ 0.77 $ 0.95 $ 0.99 $ 1.20 $ 0.65 $ 0.26 $ 0.27 $ 0.57 $ 0.83 $ 1.64 $ 1.67 $ 1.71 $ 1.74 $ 1.78 $ 1.82 $ 1.86
% change from comparable period 106.7% 280.0% 83.3% 104.3% -15.6% -72.6% -72.7% -52.5% 27.7% 529.7% 518.7% 199.3% 109.9% 8.7% 8.8% 8.8%
Fully Diluted EPS $ 0.76 $ 0.94 $ 0.97 $ 1.18 $ 0.64 $ 0.26 $ 0.27 $ 0.57 $ 0.82 $ 1.62 $ 1.66 $ 1.69 $ 1.73 $ 1.77 $ 1.80 $ 1.84
% change from comparable period 106.8% 276.0% 83.0% 104.3% -15.8% -72.3% -72.2% -51.7% 28.1% 524.6% 513.7% 196.9% 110.8% 8.7% 8.8% 8.8%
Dividends Paid Per Share $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
% change from comparable period -0.1% -1.2% -0.1% 0.8% 0.1% 0.9% 0.6% -1.3% 0.4% -0.1% -0.6% 0.5% -0.1% 0.0% 0.0% 0.1%

Basic Shares Outstanding 2,484,000,000.0 2,493,000,000.0 2,499,000,000.0 2,505,000,000.0 2,506,000,000.0 2,495,000,000.0 2,483,000,000.0 2,463,000,000.0 2,470,000,000.0 2,470,000,000.0 2,470,000,000.0 2,470,000,000.0 2,470,000,000.0 2,470,000,000.0 2,470,000,000.0 2,470,000,000.0
% change from comparable period 1.1% 1.2% 1.1% 1.2% 0.9% 0.1% -0.6% -1.7% -1.4% -1.0% -0.5% 0.3% 0.0% 0.0% 0.0% 0.0%
Diluted Shares Outstanding 2,528,000,000.0 2,532,000,000.0 2,538,000,000.0 2,544,000,000.0 2,537,000,000.0 2,516,000,000.0 2,499,000,000.0 2,477,000,000.0 2,490,000,000.0 2,490,000,000.0 2,490,000,000.0 2,490,000,000.0 2,490,000,000.0 2,490,000,000.0 2,490,000,000.0 2,490,000,000.0
% change from comparable period 1.6% 1.1% 0.7% 0.6% 0.4% -0.6% -1.5% -2.6% -1.9% -1.0% -0.4% 0.5% 0.0% 0.0% 0.0% 0.0%
WACC Calculation DCF Valuation
($ in millions) ($ in millions)

Cost of Debt Calculation Sum of Projected FCFF

Interest Expense $ 262.00 Terminal Growth Rate
Total Debt $ 9,703.00 2025 FCFF x (1 + g)
Pre-Tax Cost of Debt 2.70% Terminal Value in Final Year
Effective Tax Rate % -4.47% PV of Terminal Value
After -Tax Cost of Debt 2.58% Total Enterprise Value (TEV)
Equity Value
Capital Asset Pricing Model (CAPM) Diluted Shares Outstanding 2,490,000,000
Risk-Free Rate (rf) 10y 3.80%
Beta 1.5 Implied Share Price
Equity Risk Premium 5.80%
Cost of Equity (Ke) 12.50%

Debt + Equity Weights $ %

Total Debt Balance $ 9,703.00 0.84%
Market Value of Equity $ 1,140,000.00 99.16%
Total Capitalization $ 1,149,703.00 100%

WACC 12.42%