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 2.3× the prior year
• Gross profit: $97.9B (75.0% margin)
• Operating profit: $81.5B (62.4% margin)
• Net profit: $72.9B (55.9% 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: $11.3B — the segment 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 next three architectures
• SG&A: $3.5B — for a company with a multi-trillion-dollar market cap

After $11.2B of tax, $72.9B lands at net profit. The expense fan is so thin relative to the revenue river that 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, almost nothing 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.