NVDA Q4 2025 Earnings

Call Details

• Call Title: Nvidia Q4 2025 Earnings Call
• Date: February 26, 2025 at 10:00 PM UTC
• Management Team:
  • Jensen Huang (Chief Executive Officer)
  • Colette Kress (Chief Financial Officer)

Call Summary

Financial Performance

• Total revenue for Q4 was $39.3B, which was up 12% sequentially and up 78% year-on-year, and exceeded the outlook of $37.5B.
• Data center revenue was a record $35.6B, which was up 16% sequentially and 93% year-on-year, and included $11B of Blackwell revenue.
• Data center compute revenue increased 18% sequentially and was over 2X year-on-year in Q4.
• Large cloud service providers represented about half of data center revenue and those sales increased nearly 2X year-on-year.
• Networking revenue declined 3% sequentially, while networking attached to GPU compute systems was reported as robust at over 75%.
• Gaming revenue was $2.5B in Q4, which decreased 22% sequentially and 11% year-on-year, with Q4 shipments impacted by supply constraints.
• Professional visualization revenue was $511M in Q4, which was up 5% sequentially and 10% year-on-year, and automotive revenue was $570M, which was up 27% sequentially and 103% year-on-year.
• GAAP gross margin was 73% and non-GAAP gross margin was 73.5%, with non-GAAP and GAAP operating expenses up 11% and 9% sequentially respectively.
• The company returned $8.1B to shareholders in Q4 via share repurchases and cash dividends.

Guidance

• Q1 revenue is expected to be $43B, plus or minus 2%.
• GAAP and non-GAAP gross margins for Q1 are expected to be 70.6% and 71.0%, respectively, plus or minus 50 basis points.
• GAAP and non-GAAP operating expenses for Q1 are expected to be approximately $5.2B and $3.6B, respectively.
• GAAP and non-GAAP other income are expected to be approximately $400M, excluding gains and losses from non-marketable and publicly held equity securities.
• GAAP and non-GAAP tax rates are expected to be 17%, plus or minus 1%, excluding any discrete items.
• The company expects Blackwell to ramp significantly in Q1 and expects gross margins to move from the low 70s during the ramp toward mid-70s later in the fiscal year.