Financial Trends -- 9/10

• Revenue grew from $13.5B (Q2 CY2024) to $68.1B (Q4 CY2025) -- a 5x increase in 11 quarters
• YoY growth peaked at +265% in Q4 CY2024, then decelerated through Q2 CY2026 (+56%)
• Growth re-accelerated to +73% in Q4 CY2025, driven by the Blackwell Ultra ramp -- a meaningful inflection at $68B quarterly scale
• Full-year CY2025 revenue of $215.9B vs CY2024 $130.5B (+66% YoY)
• Data Center segment represented 91.5% of Q4 CY2025 revenue ($62.3B)

• GAAP GM peaked at 78.4% in Q1 CY2025 before declining -- driven by Blackwell ramp costs and product mix shifts
• Q1 CY2026 saw a sharp drop to 60.5% due to a $4.5B H20 inventory write-down from China export controls; excluding that charge, underlying margins were in the low 70s
• Margins have since recovered sequentially: 72.4% -> 73.4% -> 75.0% through Q4 CY2025
• Q4 CY2025 margin is now expanding YoY again (+200bps), signaling the trough is behind

• Operating income grew from $13.6B (Q4 CY2024) to $44.3B (Q4 CY2025) -- a 3.3x increase
• Operating margin dipped to 49.1% in Q1 CY2026 due to the H20 write-down, then recovered to 65.0% in Q4 CY2025, exceeding prior peaks
• CY2025 full-year operating income of $130.4B with a 60.4% operating margin
• The margin trajectory mirrors gross margin: temporary H20 disruption followed by strong recovery

• FCF accelerated from $6.0B (Q2 CY2024) to $34.9B (Q4 CY2025) -- nearly 6x in 11 quarters
• Full-year CY2025 FCF of $96.6B represents 45% of revenue -- extraordinary cash generation
• FCF growth decelerated from +545% (Q2 CY2024) to +38% (Q4 CY2025) as the base effect normalizes, but absolute dollars continue to expand
• CY2025 FCF of $96.6B vs CY2024 $60.7B vs CY2023 $26.9B -- consistent year-over-year expansion

• 10:1 stock split occurred in June 2024; pre-split quarters (Q2-Q4 CY2024, Q1-Q2 CY2025) show higher per-share values
• Post-split EPS grew from $0.76 (Q1 CY2026) to $1.76 (Q4 CY2025) -- 132% sequential growth over 4 quarters
• Full-year CY2025 GAAP EPS of $4.90
• Share count modestly declined from ~24.85B to ~24.43B diluted shares, reflecting buybacks partially offsetting SBC dilution

• Revenue compounded from $26.9B (CY2021) to $215.9B (CY2025) -- an 8x increase in 4 years, driven entirely by data center AI demand
• Operating income went from $10.0B to $130.4B over the same period; margins expanded from 37.3% to 60.4%, with a CY2022 trough at 15.7% during the crypto/gaming inventory correction
• FCF grew from $8.0B (CY2021) to $96.6B (CY2025) -- a 12x increase
• Non-GAAP GM peaked at 75.5% in CY2024 and moderated to 71.3% in CY2025 due to Blackwell ramp costs and the H20 write-down

• FY2027E revenue of ~$313B implies +45% YoY growth from CY2025, consistent with Blackwell Ultra cycle and hyperscaler CapEx ramp (~$600B aggregate in 2026)
• Forward Non-GAAP P/E of ~21x on CY2027 estimates is below the semiconductor median of ~28x
• Average price target of $266 implies ~50% upside from current $177.39
• 38/38 analysts rate NVDA as Buy or Strong Buy -- zero Sell ratings

Revenue growth has re-accelerated to +73% YoY at $68B quarterly scale. Margins compressed temporarily from the H20 write-down and Blackwell ramp costs but have recovered to 75% GAAP GM. FCF of $96.6B annualized is extraordinary. Share count is modestly declining. The only knock is that margins peaked at 78.4% in Q1 CY2024 and are now at 75%, a ~340bps compression reflecting new product ramp and China disruption. Revenue growth re-acceleration at scale offsets the margin moderation. Score: 9/10 (not 10 because margins are net compressing YoY from 2024 peaks, preventing the "expanding 100+bps" criteria).