Nvidia (NVDA)
ConvictionModerate
Fabless chip design — designs GPUs/CPUs/networking + CUDA software, outsources fab to TSMC, sells silicon, full systems (DGX / GB-NVL racks) and software/services; monetizes a full-stack platform sold mainly to cloud hyperscalers and enterprises.
Revenuefact
$81.6B quarterly+85% YoY (fact, Q1 FY27 ended Apr 26 2026); ~$253B TTMRev growth
+85% YoY totalData Center +92% YoY (fact, Q1 FY27Gross margin
74.9% GAAP / 75.0% non-GAAPfact, Q1 FY27Op margin
~65.6% GAAP$53.5B op income / $81.6B rev) (fact, Q1 FY27Capex intensity
~2%capex ~$1.7B / $81.6B rev) (fact, Q1 FY27) — fabless, capex-lightMarket cap
~$4.74Tfact, Jun 23 2026Across the boards
The thesis on this name
opportunityModerate
State of AI Compute
Full context
position · longWeak
State of AI Compute
Full context
book · long
State of AI Compute
Full context
subjectModerate
State of Nvidia
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-25. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’22
$26.9B
FY’23
$27.0B+0%
FY’24
$60.9B+126%
FY’25
$130.5B+114%
FY’26
$215.9B+65%
Margins & balance sheet — FY’26
Gross margin71.1%
Operating margin60.4%
Net margin55.6%
Net cash$4.8B
The read
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Full financial intelligence for Nvidia (NVDA)
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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