NVIDIA Corporation (NVDA) Q3 2024 Earnings Report

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NVIDIA Corporation

NVDA

$182.41 -0.53%

Exchange: NASDAQ | Sector: Technology | Industry: Semiconductors

Q3 2024

Published: Nov 21, 2023

Earnings Highlights

Revenue of $18.12B up 205.5% year-over-year
EPS of $0.37 increased by 1% from previous year
Gross margin of 74.0%
Net income of 9.24B
""Our Data Center compute revenue quadrupled from last year and networking revenue nearly tripled" - Colette Kress" - Colette Kress

NVDA

NVIDIA Corporation

Period Q3 2024

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

Executive Summary

In Q3 2024, NVIDIA Corporation achieved record revenue of $18.1 billion, reflecting an exceptional 34% increase sequentially and a staggering 205% year-on-year growth. This remarkable performance was largely driven by the Data Center segment, which generated $14.5 billion in revenue—up 41% from the previous quarter and 279% year-on-year. The ongoing adoption of generative AI applications and strong demand from consumer internet companies and enterprises significantly fueled growth. Management noted that NVIDIA is well-positioned to capitalize on accelerating AI infrastructure investments both domestically and globally. Notably, gross margins expanded to 74% supported by high-performing products and efficiencies in operations.

Key Performance Indicators

Revenue

Increasing

18.12B

QoQ: 34.15% | YoY: 205.51%

Gross Profit

Increasing

13.40B

73.95% margin

QoQ: 41.62% | YoY: 321.78%

Operating Income

Increasing

10.42B

QoQ: 53.19% | YoY: 1 633.28%

Net Income

Increasing

9.24B

QoQ: 49.37% | YoY: 1 259.26%

EPS

Increasing

0.38

QoQ: 52.00% | YoY: 1 307.41%

Revenue Trend

Margin Analysis

Financial Highlights

1. Revenue and Growth: $18.1 billion revenue (YoY: +205.51%, QoQ: +34.15%).
2. Gross Profit: $13.4 billion (YoY: +321.78%, QoQ: +41.62%).
3. Operating Income: $10.4 billion (YoY: +1,633.28%, QoQ: +53.19%).
4. Net Income: $9.24 billion (YoY: +1,259.26%, QoQ: +49.37%).
5. Earnings Per Share (EPS): $0.38 (YoY: +1,307.41%, QoQ: +52.00%).
Operating Margin: 57.5%, reflecting continued operational efficiency and demand increases.
6. Cash Flow Metrics: Free Cash Flow was reported at $7.05 billion, indicating robust cash generation from operations.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	18.12B	205.51%	34.15%
Gross Profit	13.40B	321.78%	41.62%
Operating Income	10.42B	1 633.28%	53.19%
Net Income	9.24B	1 259.26%	49.37%
EPS	0.38	1 307.41%	52.00%

Key Financial Ratios

Gross Profit Margin

Excellent

74.00%

Gross profit margin is exceptional, indicating strong pricing power and operational efficiency

Operating Profit Margin

Excellent

57.50%

Operating margin is exceptional, indicating strong pricing power and operational efficiency

Net Profit Margin

Excellent

51.00%

Net profit margin is exceptional, indicating strong pricing power and operational efficiency

Return on Assets

Strong

17.10%

Return on assets demonstrates excellent capital efficiency and value creation

Return on Equity

Strong

27.80%

Return on equity demonstrates excellent capital efficiency and value creation

Current Ratio

Strong

3.59

Current ratio indicates excellent liquidity and financial flexibility

Debt to Equity

Moderate

0.33

Debt-to-equity indicates balanced capital structure with manageable debt

P/E Ratio

Growth

27.48x

Elevated P/E suggests growth expectations or premium valuation

Price to Book

High Premium

30.54x

Very high premium suggests asset-light business model or lofty expectations

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q2 2026	46,743.00	1.08	+55.6%	View
Q1 2026	44,062.00	0.76	+69.2%	View
Q4 2025	39,331.00	0.89	+77.9%	View
Q3 2025	35,082.00	0.78	+93.6%	View
Q2 2025	30,040.00	0.67	+122.4%	View
Q3 2024	18,120.00	0.37	+205.5%	View

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Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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