NVIDIA Announces Financial Results for First Quarter Fiscal 2025

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

  • Revenue is expected to be $28.0 billion, plus or minus 2%.
  • GAAP and non-GAAP gross margins are expected to be 74.8% and 75.5%, respectively, plus or minus 50 basis points. For the full year, gross margins are expected to be in the mid-70% range.
  • GAAP and non-GAAP operating expenses are expected to be approximately $4.0 billion and $2.8 billion, respectively. Full-year operating expenses are expected to grow in the low-40% range.
  • GAAP and non-GAAP other income and expense are expected to be an income of approximately $300 million, excluding gains and losses from non-affiliated investments.
  • GAAP and non-GAAP tax rates are expected to be 17%, plus or minus 1%, excluding any discrete items.

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

Data Center

Gaming and AI PC

  • First-quarter Gaming revenue was $2.6 billion, down 8% from the previous quarter and up 18% from a year ago. 
  • Introduced new AI gaming technologies at GDC for NVIDIA ACE and Neural Graphics.
  • Unveiled new AI performance optimizations and integrations for Windows to deliver maximum performance on NVIDIA GeForce RTX AI PCs and workstations.
  • Announced more blockbuster games that will incorporate RTX technology, including Star Wars Outlaws and Black Myth Wukong.
  • Added support for new models, including Google’s Gemma, for ChatRTX, which brings chatbot capabilities to RTX-powered Windows PCs and workstations.

Professional Visualization

Automotive and Robotics

  • First-quarter Automotive revenue was $329 million, up 17% from the previous quarter and up 11% from a year ago.
  • Announced BYD, XPENG, GAC’s AION Hyper, Nuro and others have chosen the next-generation NVIDIA DRIVE Thor™ platform, which now features Blackwell GPU architecture, to power their next-generation consumer and commercial electric vehicle fleets.
  • Revealed U.S. and China electric vehicle makers Lucid and IM Motors are using the NVIDIA DRIVE Orin™ platform for vehicle models targeting the European market.
  • Announced an array of partners are using NVIDIA generative AI technologies to transform in-vehicle experiences.
  • Introduced the Project GR00T foundation model for humanoid robots and major Isaac robotics platform updates.

CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2025 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’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its second quarter of fiscal 2025.

Non-GAAP Measures
To supplement NVIDIA’s 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 income from operations, 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’s 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 and losses from non-affiliated investments, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. 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’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

For further information, contact:

Simona Jankowski
Investor Relations
NVIDIA Corporation
Email Contact
Mylene Mangalindan
Corporate Communications
NVIDIA Corporation
Email Contact
  

Certain statements in this press release including, but not limited to, statements as to: companies and countries building AI factories with NVIDIA accelerated computing to produce artificial intelligence; accelerating demand for generative AI training and inference on the Hopper platform; the expanding reach of generative AI; generative AI expanding to consumer internet companies, and enterprise, sovereign AI, automotive, and healthcare customers, creating multiple multibillion-dollar vertical markets; NVIDIA being poised for the next wave of growth; the Blackwell platform in full production and forming the foundation for trillion-parameter-scale generative AI; Spectrum-X opening a brand-new market for NVIDIA to bring large-scale AI to Ethernet-only data centers; NVIDIA NIM as NVIDIA’s new software offering that delivers enterprise-grade, optimized generative AI run on CUDA everywhere — from the cloud, to on-prem data centers and RTX AI PCs — through NVIDIA’s expansive network of ecosystem partners; NVIDIA's forward stock split; NVIDIA’s next quarterly cash dividend; gross margins being in the mid-70% range for the full year; full-year operating expenses growing in the low-40% range; and NVIDIA’s financial outlook and expected tax rates for the second quarter of fiscal 2025 are forward-looking statements that 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 conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; and unexpected loss of performance of our products or technologies when integrated into systems, 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’s 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.

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