Nvidia (NVDA) Net Income History: Quarterly Data (2020–2026)

Nvidia Net Income: 2020–2026

Nvidia (NVDA) reported $43.0 billion in GAAP net income for fiscal Q4 FY2027 (ending January 2026) — a 63.1% net profit margin on $68.1 billion in revenue. For calendar year 2025, GAAP net income totaled approximately $99.2 billion on $187.1 billion in revenue, a 53.0% net margin. This positions Nvidia alongside Apple as one of only two companies to report over $100 billion in annual net income.

Nvidia Annual Net Income by Year

Source: SEC EDGAR XBRL. GAAP net income.

Net Income vs. Operating Income

One notable feature of Nvidia’s financials is that net income often exceeds operating income in some periods and falls below it in others. The key reconciling items are:

• Tax benefits/expenses: Nvidia has benefited from significant deferred tax asset releases and R&D tax credits, periodically boosting net income above operating income
• Investment income: Nvidia holds substantial cash and short-term investments, generating meaningful interest income (especially as interest rates rose in 2022–2023)
• One-time items: The failed Arm acquisition generated a $1.35 billion charge in FY2022 (calendar 2021 Q1), though this is already reflected in operating expenses

The 2022 Trough: $656M in Q3

Net income hit $656 million in Q3 2022 — a 10.4% net margin — the lowest in this dataset. Notably, net income was actually higher than operating income ($499M) in this quarter because of tax benefits. The tax system provided a natural buffer during the downturn; as profits fell, so did the effective tax rate (and in some cases reversed).

$43 Billion in a Single Quarter

Nvidia’s Q1 2026 net income of $43.0 billion represents more profit in a single quarter than:

• Apple earned in any quarter before 2023
• Microsoft earned in any full year before 2021

This level of earnings density at Nvidia’s revenue scale (63.1% net margin on $68.1B revenue) is historically exceptional for a hardware company. Meta’s net income history for comparison — Meta earns roughly $16–18 billion per quarter on similar high margins, though Meta is a pure software/advertising business.

Key Takeaways

• GAAP net income grew from $622M (2020 Q3) to $43.0B (2026 Q1) — approximately 69x
• Calendar 2025 net income of $99.2B puts Nvidia in rare company with Apple as $100B+ profit companies
• Net margin of 53–63% in 2024–2026 is exceptional; typical hardware companies earn 5–15%
• The 2022 trough ($656M in Q3) demonstrated cyclicality but also tax system resilience