NVIDIA Corporation stock research
FY2025 Q1
NVIDIA (NVDA) Gross Margin — Quarter Ended Apr 28, 2024
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue rose at a slower pace, leading to an improved gross margin. The gross margin strengthened sequentially and year-over-year, reflecting a higher proportion of revenue retained as gross profit.
Gross margin takeaway
Quarter ended Apr 28, 2024 · FY2025 Q1
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue rose at a slower pace, leading to an improved gross margin. The gross margin strengthened sequentially and year-over-year, reflecting a higher proportion of revenue retained as gross profit.
- The strongest observable margin driver is the faster growth of gross profit relative to revenue, combined with a slower increase in cost of revenue, which directly expanded the gross margin.
- Compared to the prior quarter, gross margin was higher; compared to the same quarter last year, gross margin was also higher. Revenue, gross profit, and cost of revenue all increased from both comparison periods, with gross profit rising more than revenue and cost of revenue rising less than revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
78.4%
Gross profit
$20.4B
Revenue
$26.0B
Cost of revenue
$5.6B
Quarter-over-quarter change
+2.4 pts
Year-over-year change
+13.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jul 30, 2023 | $13.5B | $9.5B | $4.0B | 70.1% |
| Oct 29, 2023 | $18.1B | $13.4B | $4.7B | 74.0% |
| Jan 28, 2024 | $22.1B | $16.8B | $5.3B | 76.0% |
| Apr 28, 2024 | $26.0B | $20.4B | $5.6B | 78.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jan 28, 2024
+2.4 pts
Year-over-year change
Apr 30, 2023
+13.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the faster growth of gross profit relative to revenue, combined with a slower increase in cost of revenue, which directly expanded the gross margin.
Compared to the prior quarter, gross margin was higher; compared to the same quarter last year, gross margin was also higher. Revenue, gross profit, and cost of revenue all increased from both comparison periods, with gross profit rising more than revenue and cost of revenue rising less than revenue.
Monitor the trend in cost of revenue relative to revenue, as any change in this relationship could affect future gross margin.