• Report quarterly income of $30.0 billion, up 15% from Q1 and up 122% from a yr in the past 
• Report quarterly Information Heart income of $26.3 billion, up 16% from Q1 and up 154% from a yr in the past

NVIDIA (NASDAQ: NVDA) at present reported income for the second quarter ended July 28, 2024, of $30.0 billion, up 15% from the earlier quarter and up 122% from a yr in the past.

For the quarter, GAAP earnings per diluted share was $0.67, up 12% from the earlier quarter and up 168% from a yr in the past. Non-GAAP earnings per diluted share was $0.68, up 11% from the earlier quarter and up 152% from a yr in the past.

“Hopper demand stays robust, and the anticipation for Blackwell is unimaginable,” stated Jensen Huang, founder and CEO of NVIDIA. “NVIDIA achieved file revenues as international knowledge facilities are in full throttle to modernize the complete computing stack with accelerated computing and generative AI.”

“Blackwell samples are delivery to our companions and prospects. Spectrum-X Ethernet for AI and NVIDIA AI Enterprise software program are two new product classes reaching important scale, demonstrating that NVIDIA is a full-stack and knowledge center-scale platform. Throughout the complete stack and ecosystem, we’re serving to frontier mannequin makers to shopper web providers, and now enterprises. Generative AI will revolutionize each {industry}.”

In the course of the first half of fiscal 2025, NVIDIA returned $15.4 billion to shareholders within the type of shares repurchased and money dividends. As of the top of the second quarter, the corporate had $7.5 billion remaining beneath its share repurchase authorization. On August 26, 2024, the Board of Administrators permitted a further $50.0 billion in share repurchase authorization, with out expiration.

NVIDIA can pay its subsequent quarterly money dividend of $0.01 per share on October 3, 2024, to all shareholders of file on September 12, 2024.

On June 7, 2024, NVIDIA accomplished a ten-for-one ahead inventory cut up. All share and per-share quantities offered have been retroactively adjusted to mirror the inventory cut up.

Q2 Fiscal 2025 Abstract

GAAP
($ in hundreds of thousands, besides earnings per share)	Q2 FY25		Q1 FY25		Q2 FY24		Q/Q	Y/Y
Income	$30,040		$26,044		$13,507		Up 15%	Up 122%
Gross margin		75.1%		78.4%		70.1%	Down 3.3 pts	Up 5.0 pts
Working bills	$3,932		$3,497		$2,662		Up 12%	Up 48%
Working revenue	$18,642		$16,909		$6,800		Up 10%	Up 174%
Internet revenue	$16,599		$14,881		$6,188		Up 12%	Up 168%
Diluted earnings per share	$0.67		$0.60		$0.25		Up 12%	Up 168%

 

Non-GAAP
($ in hundreds of thousands, besides earnings per share)	Q2 FY25		Q1 FY25		Q2 FY24		Q/Q	Y/Y
Income	$30,040		$26,044		$13,507		Up 15%	Up 122%
Gross margin		75.7%		78.9%		71.2%	Down 3.2 pts	Up 4.5 pts
Working bills	$2,792		$2,501		$1,838		Up 12%	Up 52%
Working revenue	$19,937		$18,059		$7,776		Up 10%	Up 156%
Internet revenue	$16,952		$15,238		$6,740		Up 11%	Up 152%
Diluted earnings per share	$0.68		$0.61		$0.27		Up 11%	Up 152%

Outlook
NVIDIA’s outlook for the third quarter of fiscal 2025 is as follows:

• Income is anticipated to be $32.5 billion, plus or minus 2%.
• GAAP and non-GAAP gross margins are anticipated to be 74.4% and 75.0%, respectively, plus or minus 50 foundation factors. For the total yr, gross margins are anticipated to be within the mid-70% vary.
• GAAP and non-GAAP working bills are anticipated to be roughly $4.3 billion and $3.0 billion, respectively. Full-year working bills are anticipated to develop within the mid- to upper-40% vary.
• GAAP and non-GAAP different revenue and expense are anticipated to be an revenue of roughly $350 million, excluding features and losses from non-affiliated investments and publicly-held fairness securities.
• GAAP and non-GAAP tax charges are anticipated to be 17%, plus or minus 1%, excluding any discrete gadgets.

Highlights
NVIDIA achieved progress since its earlier earnings announcement in these areas: 

Information Heart

• Second-quarter income was a file $26.3 billion, up 16% from the earlier quarter and up 154% from a yr in the past.
• Introduced that the mix of NVIDIA H200 Tensor Core and NVIDIA Blackwell structure B200 Tensor Core processors swept the most recent industry-standard MLPerf benchmark outcomes for inference.
• Revealed that H200 GPU-powered methods at the moment are accessible on CoreWeave, the primary cloud service supplier to announce normal availability.
• Unveiled an array of Blackwell methods that includes NVIDIA Grace™ CPUs, networking and infrastructure from high producers reminiscent of GIGABYTE, QCT and Wiwynn.
• Reported broad adoption of the NVIDIA Spectrum-X™ Ethernet networking platform by cloud service suppliers, GPU cloud suppliers and enterprises, in addition to companions incorporating it into their choices.
• Launched NVIDIA NIM™ for broad availability to builders globally and introduced greater than 150 firms are integrating microservices into their platforms to hurry generative AI utility improvement.
• Unveiled an inference service with Hugging Face powered by NIM microservices on NVIDIA DGX™ Cloud to allow builders to deploy common massive language fashions.
• Launched an NVIDIA AI Foundry service and NIM inference microservices to speed up generative AI for the world’s enterprises with the Llama 3.1 assortment of fashions.
• Introduced Japan superior its sovereign AI capabilities with its ABCI 3.0 supercomputer, integrating H200 GPUs and NVIDIA Quantum-2 InfiniBand networking.
• Accelerated quantum computing efforts at nationwide supercomputing facilities around the globe with the open-source NVIDIA CUDA-Q™ platform.

Gaming and AI PC

• Second-quarter Gaming income was $2.9 billion, up 9% from the earlier quarter and up 16% from a yr in the past. 
• Introduced NVIDIA ACE, a set of generative AI applied sciences that carry digital people to life, now contains NVIDIA Nemotron-4 4B, a small language mannequin for on-device inference, and is on the market in early entry for RTX AI PCs.
• Launched Challenge G-Help, a expertise preview demonstrating the ability of AI brokers to help avid gamers and creators in actual time.
• Introduced new NVIDIA GeForce RTX and DLSS titles, together with Indiana Jones and the Nice Circle, Dune: Awakening and Dragon Age: The Veilguard, bringing the entire variety of RTX video games and apps to over 600.
• Surpassed 2,000 video games on GeForce NOW, expanded the service into Japan and introduced launches of Black Delusion: Wukong and Star Wars Outlaws.

Skilled Visualization

• Second-quarter income was $454 million, up 6% from the earlier quarter and up 20% from a yr in the past.
• Launched generative AI fashions and NIM microservices for OpenUSD to speed up workflows and the event of commercial digital twins and robotics.
• Introduced main Taiwanese electronics makers are creating extra autonomous factories with a brand new reference workflow that mixes NVIDIA Metropolis imaginative and prescient AI, NVIDIA Omniverse™ simulation and NVIDIA Isaac™ AI robotic improvement.

Automotive and Robotics

• Second-quarter Automotive income was $346 million, up 5% from the earlier quarter and up 37% from a yr in the past.
• Unveiled the world’s leaders in robotic improvement, together with BYD Electronics, Siemens and Teradyne Robotics, are adopting the Isaac robotics platform for R&D and manufacturing.
• Introduced Omniverse Cloud Sensor RTX™ microservices to allow bodily correct sensor simulation to hurry improvement of autonomous machines.
• Received the Autonomous Grand Problem on the Laptop Imaginative and prescient and Sample Recognition convention within the class of Finish-to-Finish Driving at Scale for advances in constructing bodily, generative AI purposes for autonomous car improvement.

CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s govt vp and chief monetary officer, is on the market at https://investor.nvidia.com.

Convention Name and Webcast Data
NVIDIA will conduct a convention name with analysts and traders to debate its second quarter fiscal 2025 monetary outcomes and present monetary prospects at present at 2 p.m. Pacific time (5 p.m. Jap time). A stay webcast (listen-only mode) of the convention name might be accessible at NVIDIA’s investor relations web site, https://investor.nvidia.com. The webcast might be recorded and accessible for replay till NVIDIA’s convention name to debate its monetary outcomes for its third quarter of fiscal 2025.

Non-GAAP Measures
To complement NVIDIA’s condensed consolidated monetary statements offered in accordance with GAAP, the corporate makes use of non-GAAP measures of sure parts of monetary efficiency. These non-GAAP measures embrace non-GAAP gross revenue, non-GAAP gross margin, non-GAAP working bills, non-GAAP revenue from operations, non-GAAP different revenue (expense), web, non-GAAP web revenue, non-GAAP web revenue, or earnings, per diluted share, and free money movement. For NVIDIA’s traders to be higher in a position to examine its present outcomes with these of earlier intervals, the corporate has proven a reconciliation of GAAP to non-GAAP monetary measures. These reconciliations regulate the associated GAAP monetary measures to exclude stock-based compensation expense, acquisition-related and different prices, different, features from non-affiliated investments and publicly-held fairness securities, web, curiosity expense associated to amortization of debt low cost, and the related tax affect of this stuff the place relevant. Free money movement is calculated as GAAP web money offered by working actions much less each purchases associated to property and gear and intangible property and principal funds on property and gear and intangible property. NVIDIA believes the presentation of its non-GAAP monetary measures enhances the person’s general understanding of the corporate’s historic monetary efficiency. The presentation of the corporate’s non-GAAP monetary measures isn’t meant to be thought-about in isolation or as an alternative choice to the corporate’s monetary outcomes ready in accordance with GAAP, and the corporate’s non-GAAP measures could also be completely different from non-GAAP measures utilized by different firms.

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In hundreds of thousands, besides per share knowledge)
(Unaudited)
				Three Months Ended								Six Months Ended
				July 28,				July 30,				July 28,				July 30,
					2024				2023				2024				2023
Income				$	30,040			$	13,507			$	56,084			$	20,699
Value of income					7,466				4,045				13,105				6,589
Gross revenue					22,574				9,462				42,979				14,110
Working bills
	Analysis and improvement				3,090				2,040				5,810				3,916
	Gross sales, normal and administrative				842				622				1,618				1,253
		Whole working bills			3,932				2,662				7,428				5,169
Working Revenue					18,642				6,800				35,551				8,941
	Curiosity revenue				444				187				803				338
	Curiosity expense				(61	)			(65	)			(125	)			(131	)
	Different, web				189				59				264				42
		Different revenue (expense), web			572				181				942				249
Revenue earlier than revenue tax					19,214				6,981				36,493				9,190
Revenue tax expense					2,615				793				5,013				958
Internet revenue				$	16,599			$	6,188			$	31,480			$	8,232
Internet revenue per share:
	Primary			$	0.68			$	0.25			$	1.28			$	0.33
	Diluted			$	0.67			$	0.25			$	1.27			$	0.33
Weighted common shares utilized in per share computation:
	Primary				24,578				24,729				24,599				24,716
	Diluted				24,848				24,994				24,869				24,948

 

NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In hundreds of thousands)
(Unaudited)
				July 28,			January 28,
				2024			2024
ASSETS
Present property:
	Money, money equivalents and marketable securities			$	34,800		$	25,984
	Accounts receivable, web				14,132			9,999
	Inventories				6,675			5,282
	Pay as you go bills and different present property				4,026			3,080
		Whole present property			59,633			44,345
Property and gear, web					4,885			3,914
Working lease property					1,556			1,346
Goodwill					4,622			4,430
Intangible property, web					952			1,112
Deferred revenue tax property					9,578			6,081
Different property					4,001			4,500
		Whole property		$	85,227		$	65,728
LIABILITIES AND SHAREHOLDERS’ EQUITY
Present liabilities:
	Accounts payable			$	3,680		$	2,699
	Accrued and different present liabilities				10,289			6,682
	Brief-term debt				–			1,250
		Whole present liabilities			13,969			10,631
Lengthy-term debt					8,461			8,459
Lengthy-term working lease liabilities					1,304			1,119
Different long-term liabilities					3,336			2,541
		Whole liabilities			27,070			22,750
Shareholders’ fairness					58,157			42,978
		Whole liabilities and shareholders’ fairness		$	85,227		$	65,728

 

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In hundreds of thousands)
(Unaudited)
		Three Months Ended								Six Months Ended
		July 28,				July 30,				July 28,				July 30,
			2024				2023				2024				2023
Money flows from working actions:
Internet revenue		$	16,599			$	6,188			$	31,480			$	8,232
Changes to reconcile web revenue to web money offered by working actions:
	Inventory-based compensation expense		1,154				842				2,164				1,576
	Depreciation and amortization		433				365				843				749
	Good points on investments in non-affiliated entities and publicly-held fairness securities, web		(193	)			(60	)			(264	)			(45	)
	Deferred revenue taxes		(1,699	)			(746	)			(3,276	)			(1,881	)
	Different		(144	)			(69	)			(288	)			(102	)
Modifications in working property and liabilities, web of acquisitions:
	Accounts receivable		(1,767	)			(2,986	)			(4,133	)			(3,239	)
	Inventories		(803	)			296				(1,380	)			861
	Pay as you go bills and different property		714				(376	)			(12	)			(592	)
	Accounts payable		823				777				801				789
	Accrued liabilities and different present liabilities		(888	)			1,986				3,314				2,675
	Different long-term liabilities		260				131				584				236
Internet money offered by working actions			14,489				6,348				29,833				9,259
Money flows from investing actions:
	Proceeds from maturities of marketable securities		4,094				2,598				8,098				5,111
	Proceeds from gross sales of marketable securities		15				–				164				–
	Purchases of marketable securities		(5,744	)			(2,542	)			(15,047	)			(5,343	)
	Buy associated to property and gear and intangible property		(977	)			(289	)			(1,346	)			(537	)
	Acquisitions, web of money acquired		(279	)			–				(317	)			(83	)
	Purchases of investments in non-affiliated entities		(344	)			(235	)			(534	)			(456	)
	Proceeds from gross sales of investments in non-affiliated entities		50				–				105				–
	Different		–				21				–				21
Internet money utilized in investing actions			(3,185	)			(447	)			(8,877	)			(1,287	)
Money flows from financing actions:
	Proceeds associated to worker inventory plans		–				1				285				247
	Funds associated to repurchases of frequent inventory		(7,158	)			(3,067	)			(14,898	)			(3,067	)
	Reimbursement of debt		(1,250	)			(1,250	)			(1,250	)			(1,250	)
	Funds associated to tax on restricted inventory models		(1,637	)			(672	)			(3,389	)			(1,179	)
	Dividends paid		(246	)			(99	)			(344	)			(199	)
	Principal funds on property and gear and intangible property		(29	)			(11	)			(69	)			(31	)
Internet money utilized in financing actions			(10,320	)			(5,098	)			(19,665	)			(5,479	)
Change in money, money equivalents, and restricted money			984				803				1,291				2,493
Money, money equivalents, and restricted money at starting of interval			7,587				5,079				7,280				3,389
Money, money equivalents, and restricted money at finish of interval		$	8,571			$	5,882			$	8,571			$	5,882
Reconciliation of money, money equivalents, and restricted money to the Condensed Consolidated Stability Sheet:
	Money and money equivalents	$	8,563			$	5,783			$	8,563			$	5,783
	Restricted money, included in Pay as you go bills and different present property		8				99				8				99
Whole money, money equivalents, and restricted money		$	8,571			$	5,882			$	8,571			$	5,882
Supplemental disclosures of money movement info:
Money paid for revenue taxes, web		$	7,208			$	227			$	7,449			$	328

 

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In hundreds of thousands, besides per share knowledge)
(Unaudited)
			Three Months Ended												Six Months Ended
			July 28,				April 28,				July 30,				July 28,				July 30,
				2024				2024				2023				2024				2023
GAAP gross revenue			$	22,574			$	20,406			$	9,462			$	42,979			$	14,110
GAAP gross margin				75.1	%			78.4	%			70.1	%			76.6	%			68.2	%
	Acquisition-related and different prices (A)			118				119				119				238				239
	Inventory-based compensation expense (B)			40				36				31				75				58
	Different (C)			(3	)			(1	)			2				(4	)			10
Non-GAAP gross revenue			$	22,729			$	20,560			$	9,614			$	43,288			$	14,417
Non-GAAP gross margin				75.7	%			78.9	%			71.2	%			77.2	%			69.7	%
GAAP working bills			$	3,932			$	3,497			$	2,662			$	7,428			$	5,169
	Inventory-based compensation expense (B)			(1,114	)			(975	)			(811	)			(2,089	)			(1,518	)
	Acquisition-related and different prices (A)			(26	)			(21	)			(18	)			(48	)			(72	)
	Different (C)			–				–				5				–				10
Non-GAAP working bills			$	2,792			$	2,501			$	1,838			$	5,291			$	3,589
GAAP working revenue			$	18,642			$	16,909			$	6,800			$	35,551			$	8,941
	Whole affect of non-GAAP changes to working revenue			1,295				1,150				976				2,446				1,887
Non-GAAP working revenue			$	19,937			$	18,059			$	7,776			$	37,997			$	10,828
GAAP different revenue (expense), web			$	572			$	370			$	181			$	942			$	249
	Good points from non-affiliated investments and publicly-held fairness securities, web			(193	)			(69	)			(62	)			(264	)			(46	)
	Curiosity expense associated to amortization of debt low cost			1				1				1				2				2
Non-GAAP different revenue (expense), web			$	380			$	302			$	120			$	680			$	205
GAAP web revenue			$	16,599			$	14,881			$	6,188			$	31,480			$	8,232
	Whole pre-tax affect of non-GAAP changes			1,103				1,082				915				2,184				1,843
	Revenue tax affect of non-GAAP changes (D)			(750	)			(725	)			(363	)			(1,475	)			(622	)
Non-GAAP web revenue			$	16,952			$	15,238			$	6,740			$	32,189			$	9,453
Diluted web revenue per share
	GAAP		$	0.67			$	0.60			$	0.25			$	1.27			$	0.33
	Non-GAAP		$	0.68			$	0.61			$	0.27			$	1.29			$	0.38
Weighted common shares utilized in diluted web revenue per share computation				24,848				24,890				24,994				24,869				24,948
GAAP web money offered by working actions			$	14,489			$	15,345			$	6,348			$	29,833			$	9,259
	Purchases associated to property and gear and intangible property			(977	)			(369	)			(289	)			(1,346	)			(537	)
	Principal funds on property and gear and intangible property			(29	)			(40	)			(11	)			(69	)			(31	)
Free money movement			$	13,483			$	14,936			$	6,048			$	28,418			$	8,691
(A) Acquisition-related and different prices are comprised of amortization of intangible property, transaction prices, and sure compensation expenses and are included within the following line gadgets:
			Three Months Ended												Six Months Ended
			July 28,				April 28,				July 30,				July 28,				July 30,
				2024				2024				2023				2024				2023
	Value of income		$	118			$	119			$	119			$	238			$	239
	Analysis and improvement		$	17			$	12			$	12			$	30			$	24
	Gross sales, normal and administrative		$	9			$	8			$	6			$	18			$	48
(B) Inventory-based compensation consists of the next:
			Three Months Ended												Six Months Ended
			July 28,				April 28,				July 30,				July 28,				July 30,
				2024				2024				2023				2024				2023
	Value of income		$	40			$	36			$	31			$	75			$	58
	Analysis and improvement		$	832			$	727			$	600			$	1,559			$	1,124
	Gross sales, normal and administrative		$	282			$	248			$	211			$	530			$	394
(C) Different consists of IP-related prices and property held on the market associated changes.
(D) Revenue tax affect of non-GAAP changes, together with the popularity of extra tax advantages or deficiencies associated to stock-based compensation beneath GAAP accounting normal (ASU 2016-09).

 

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
			Q3 FY2025 Outlook
			($ in hundreds of thousands)
GAAP gross margin				74.4	%
	Affect of stock-based compensation expense, acquisition-related prices, and different prices			0.6	%
Non-GAAP gross margin				75.0	%
GAAP working bills			$	4,250
	Inventory-based compensation expense, acquisition-related prices, and different prices			(1,250	)
Non-GAAP working bills			$	3,000