NVIDIA FY2025 Earnings: A 75% Gross Margin, Drawn to Scale

Some income statements need commentary. NVIDIA's FY2025 needs a chart wide enough for one ribbon. Data center revenue was $115.2B of the company's $130.5B total — and the flow only gets more extreme from there.

📊 The headline numbers

• Revenue: $130.5B, roughly 2.1× the prior year's $60.9B
• Gross profit: $97.9B (75.0% margin)
• Operating profit: $81.5B (62.4% margin)
• Net profit: $72.9B (55.8% margin)

Read those margins again. Of every dollar of revenue, 56 cents became net income.

🖥️ The left fan is barely a fan

• Data Center: $115.2B — 88% of revenue
• Gaming: $11.4B — the market that built the company, now a side ribbon
• Professional Visualization: $1.9B
• Automotive: $1.7B
• OEM & Other: $0.4B

On the chart, everything that is not data center is a set of threads next to a river. That is the AI capex cycle drawn to scale — and the concentration question every NVDA bull has to answer.

💰 The middle: costs almost don't matter

• Cost of revenue: $32.6B — a 75% gross margin on hardware, unheard of outside software
• R&D: $12.9B — under 10% of revenue funds the roadmap
• SG&A: $3.5B — for a company with a multi-trillion-dollar market cap

After $11.1B of tax and a $2.6B lift from other income, $72.9B lands at net profit. The expense fan is so thin relative to the revenue river that the right side of the chart is mostly green.

The bottom line

NVIDIA FY2025 is what a supply-constrained monopoly on a gold-rush input looks like in accounting form: one ribbon in, less than half peeled off, most of it out the other side. The risk is equally visible — the whole picture depends on a single ribbon staying wide.

Trace every flow yourself on Sankify — the interactive version renders from the 10-K in seconds, quarters included.