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Did NVIDIA's growth come with a stronger operating business? Compare three filed periods, reproduce the calculation and inspect the accounting explanation.

As of 2026-10-11

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TL;DR

NVIDIA's FY2025 revenue grew 114.2% to $130.497 billion while operating margin rose from 54.12% to 62.42%. Data Center sales increased from $47.525 billion to $115.186 billion. Compare matching annual filings in Codex and preserve the calculations. Restate EPS to the same share basis before measuring growth: $2.94 versus $1.19 gives 147.06%, while mixing the older $11.93 API value with post-split EPS gives a misleading comparison. Business growth alone does not establish an attractive stock price.

Did NVIDIA's growth come with a stronger operating business?

Scale: 0 to 2.94 USD · zero baseline

FY2025 statement, split-restated

  • FY2023$0.17
  • FY2024$1.19
  • FY2025$2.94
FY2025 operating margin
62.42%
FY2025 revenue
$130.497B
Show the table · 2 rows, 4 columns

Scroll sideways to compare all columns. Select a heading to sort.

FY2025 statement, split-restated$0.17$1.19$2.94
BasisPost-splitPost-splitPost-split

Revenue more than doubled from FY2024 to FY2025 and operating margin increased from 54.12% to 62.42%. Data Center sales grew from $47.525B to $115.186B, making the segment an identifiable growth driver rather than an assumed AI label.

Comparable FY2025 EPS growth is (2.94 ÷ 1.19 − 1) × 100 = 147.06%. This calculation uses the original statement, not the mixed-basis raw API series.

Reproduce this evidence in Codex

Inspect the request

This worked comparison was checked in NexusTrade and against the original statements. It is not an execution receipt from your external client. Use the connected client capability described in the setup guide, or supply the public statements directly when a tool is unavailable.

Compare three full fiscal periods

Scale: 0 to 130.5B USD · zero baseline

Revenue

  • NVDA · 2023-01-29$26.974B
  • NVDA · 2024-01-28$60.922B
  • NVDA · 2025-01-26$130.497B

Scale: 0 to 72.88B USD · zero baseline

Net income

  • NVDA · 2023-01-29$4.368B
  • NVDA · 2024-01-28$29.760B
  • NVDA · 2025-01-26$72.880B

Scale: 0 to 60.85B USD · zero baseline

Source FCF

  • NVDA · 2024-01-28$27.021B
  • NVDA · 2025-01-26$60.853B

Not plotted because no numeric value was recorded: NVDA · 2023-01-29.

Operating margin = operating income ÷ revenue. Not returned means missing, never zero. Source FCF definitions require the reconciliation below.

Show the table · 3 rows, 5 columns

Scroll sideways to compare all columns. Select a heading to sort.

NVDA · 2023-01-29$26.974B$4.224B / 15.66%$4.368BNot returned
NVDA · 2024-01-28$60.922B$32.972B / 54.12%$29.760B$27.021B
NVDA · 2025-01-26$130.497B$81.453B / 62.42%$72.880B$60.853B

Operating margin = operating income ÷ revenue. Not returned means missing, never zero. Source FCF definitions require the reconciliation below.

Read-only NexusTrade sec_edgar fundamentals retrieved October 12, 2026 and checked against the original annual statements. Amounts below are USD billions; the retained raw response uses USD. These are historical fiscal periods, not a live quote or a forecast.

Follow the calculation into the business

NVIDIA Data Center sales

Scale: 0 to 115.19 USD billions · zero baseline

FY2023

  • Data Center+15.01 USD billions

FY2024

  • Data Center+47.53 USD billions

FY2025

  • Data Center+115.19 USD billions

Reported annual segment sales from the source statement. This comparison concerns the business and preserves fiscal-year scope.

  1. Evidence 1

    FY2023 → FY2024 → FY2025 Data Center revenue: $15.005B → $47.525B → $115.186B.

  2. Evidence 2

    Operating cash flow: $5.641B → $28.090B → $64.089B. Purchases of PPE and intangible assets: $1.833B → $1.069B → $3.236B.

  3. Evidence 3

    The FY2025 original statement restates diluted EPS to $0.17, $1.19 and $2.94 on the same post-split share basis. The API's older FY2024 $11.93 cannot be compared directly with FY2025 $2.94.

What this result leaves unanswered

  1. Accounting explanation

    A 10-for-1 share split changes per-share units; it does not divide company earnings. Retain both the raw API observation and the comparable restated statement values.

  2. Business and investment limits

    Data Center includes more than a single chip or customer. Customer concentration, supply restrictions and future margin sustainability need separate evidence. High business growth does not establish an attractive stock price.

Check fiscal periods and public availability

Inspect every input period, publication date and source

Select FY rows by periodEnd instead of assuming the array is latest first. Source statements may present comparative years in one filing. Their later publication does not prove those exact restated values were available at the earlier historical date.

Scroll sideways to compare all columns. Select a heading to sort.

NVDA20232023-01-292023-02-24Annual FY, USD
NVDA20242024-01-282024-02-21Annual FY, USD
NVDA20252025-01-262025-02-26Annual FY, USD

Finish with a claim you can audit

Show the table · 3 rows, 3 columns

Scroll sideways to compare all columns. Select a heading to sort.

The reported business improvedSame-period revenue and operating incomeSource definitions and segment mix
Profit turned into cashCFO reconciliation and PPE scopeWorking capital and noncash items
The stock is attractiveNot established by these statementsPrice, valuation assumptions and competing outcomes

NVDA: Q2 fiscal 2027 reported result

Inspect the original nvda: q2 fiscal 2027 reported result

NexusTrade sec_edgar read recorded October 10, 2026. The reporting period ended 2026-07-26; the filing date was 2026-08-26.

Revenue
$96.221B96,221,000,000 USD
Operating income
$63.734B63,734,000,000 USD
Operating margin
66.24%Calculated as operating income ÷ revenue.

Interpret the reported figures

Inspect the original interpret the reported figures

Operating margin describes this reported period. Keep annual and quarterly values separate, select the matching period explicitly, and retain the source filing. The fundamentals array includes older observations and is not ordered latest first.

Choose a separate next task

Inspect the original choose a separate next task

Request a bounded company brief

Inspect the original request a bounded company brief

Create research/nvda-filings.md as the evidence record. Keep issuer identity, metric, unit, fiscal period, publication date, URL and the exact source passage together. The worked historical release below is a verification exercise, not the company's latest report.

Prompt
Read NVDA issuer filings and the NVIDIA fiscal 2025 release published February 26, 2025. Extract annual revenue for FY2025 and FY2024 with units and fiscal end dates. Save a source table and the revenue-growth calculation in research/nvda-filings.md. Separate reported facts, arithmetic and interpretation. Do not submit research_topic, compute or orders until I approve the exact paid request.

Check a real NVIDIA revenue calculation

Inspect the original check a real nvidia revenue calculation

NVIDIA published its fiscal 2025 results on February 26, 2025 for the year ended January 26, 2025. Its GAAP table reports FY2025 revenue of $130,497 million and FY2024 revenue of $60,922 million.

The increase is $69,575 million. Dividing 69,575 by 60,922 gives about 114.2%, consistent with the release's rounded 114% growth. This supports a historical revenue-growth statement. Use separate valuation assumptions for a fair-value estimate. Keep the annual columns separate from the fourth-quarter figures.

Read filing references and statement periods

Inspect the original read filing references and statement periods

Call sec_edgar twice with the separate argument objects below. list_filings returns filing references; fundamentals reads inline XBRL metrics. Inspect filing dates, fiscal periods and units before comparing them with the historical release. The five recent filings may not include that older release. Missing evidence is a gap to resolve from the primary source, not permission to fill in a number.

Keep these reads separate from ingest_filings, which persists source text. For NVDA, annual periods preserve the twelve-month comparison.

JSON
{
  "ticker": "NVDA",
  "action": "list_filings",
  "forms": [
    "10-K",
    "10-Q"
  ],
  "limit": 5
}

{
  "ticker": "NVDA",
  "action": "fundamentals",
  "periods": "annual"
}

From a question to evidence

  1. Read filings

    NexusTrade tool

    sec_edgar

    Output to inspect

    Issuer, accession, reporting period and publication date

  2. Read relevant news

    NexusTrade tool

    search_stock_news

    Output to inspect

    Dated publisher links; distinguish news from filings

  3. Submit bounded research

    NexusTrade tool

    research_topic

    Output to inspect

    researchJobId and source-backed question

  4. Poll the accepted job

    NexusTrade tool

    get_research_status

    Output to inspect

    Same research_job_id, completed report and citations

Inspect the original from a question to evidence

Scroll sideways to compare all columns. Select a heading to sort.

Read filingssec_edgarIssuer, accession, reporting period and publication date
Read relevant newssearch_stock_newsDated publisher links; distinguish news from filings
Submit bounded researchresearch_topicresearchJobId and source-backed question
Poll the accepted jobget_research_statusSame research_job_id, completed report and citations

research_topic is asynchronous. Poll get_research_status with the same job ID instead of launching another billed research run for the same question.

Submit research only when the request is approved

Inspect the original submit research only when the request is approved

If the primary sources leave a specific question unresolved, show the exact message for research_topic first. The accepted response includes researchJobId and status; save them before ending the session. A completed inline response may already contain citations. Otherwise pass the saved researchJobId as research_job_id to get_research_status.

PROCESSING means poll the same job. COMPLETED returns the report content and citations. FAILED returns an error to investigate. A second research_topic call starts another billed run; a missing response is not permission to duplicate it. If no saved ID exists, inspect the original tool response before considering another submission.

Finish the brief and recover an interrupted session

Inspect the original finish the brief and recover an interrupted session

If the server is missing, inspect the selected local MCP configuration. If it requires OAuth, use Authenticate in the app or codex mcp login nexustrade in the CLI. After updating the desktop entry select Restart, then check /mcp. Reopen the saved artifact before continuing a new Codex task; a fresh conversation does not establish which operation was accepted.

Open research/nvda-filings.md and check each material claim against its link. Keep the original reported value and label each calculation. Leave absent/restated evidence explicit. For a newer-period brief repeat the source checks with the actual latest publication dates instead of carrying these historical figures forward.

The finished artifact should contain the source table, reproducible arithmetic, a bounded interpretation and the next unresolved question. It is a research brief, not a saved strategy or order instruction.

Costs and the next task

Inspect the original costs and the next task

The local brief records your sources and calculations. A research_topic submission can consume credits, so review its exact question and your plan before starting it. Reuse the accepted job ID when polling or recovering a session. Check each report claim against its cited source.

For live deployment, review the separate broker guide, exact trading account and permissions. Choose the broker guide that matches your trading account.

Actual NexusTrade filing-tool output

Inspect the exact returned fields and original requests

We ran the two read-only sec_edgar requests below through NexusTrade on October 10, 2026. The filing list and quarterly fundamentals returned NVDA Q2 fiscal 2027, ending 2026-07-26, filed 2026-08-26. The original SEC statement's three-month columns agree with the revenue and operating income shown here after converting millions to USD.

Select the matching fiscal period and periodEnd explicitly. The returned fundamentals array includes older observations and is not ordered latest first. These recorded NexusTrade tool results provide a reference for your own filing reads. Preserve the returned filing date even when it differs from the earnings release date.

This receipt records a NexusTrade filing read on October 10, 2026. Optional historical exercises retain their own periods and units.

Returned fieldActual value
TickerNVDA
Fiscal periodQ2 fiscal 2027
periodEnd2026-07-26
filed2026-08-26
totalRevenue (USD)96221000000
operatingIncome (USD)63734000000
JSON
[
  {
    "ticker": "NVDA",
    "action": "list_filings",
    "forms": [
      "10-K",
      "10-Q"
    ],
    "limit": 2
  },
  {
    "ticker": "NVDA",
    "action": "fundamentals",
    "periods": "quarterly"
  }
]

Connect Codex in the intended environment

Documented setup flow for this client
Documented setup flow for this client
Connect Codex in the intended environment
Connection boundary
Local desktop, CLI and IDE settings do not configure a hosted ChatGPT web chat.

For the CLI path, run the add and login commands below, complete NexusTrade sign-in in the browser, then start codex and inspect /mcp. The full guide also shows the local desktop settings path. ChatGPT web uses a separate connection.

What you should see: The local Codex host discovers NexusTrade tools. A server list alone does not show which portfolio account those tools read.

Shell
codex mcp add nexustrade --url https://nexustrade.io/api/mcp
codex mcp login nexustrade

Optional: check the account before owned-record changes

Optional: check the account before owned-record changes

Skip this step if you only want to inspect the public filing in the next step. Before reading or changing an owned portfolio, ask for a read-only list, inspect one returned ID with get_portfolio and compare its name, strategies and deployment type. An authenticated empty list is valid for a new account.

What you should see: For owned records, you have the intended account response or an authenticated empty response. Resolve an account mismatch before saving anything. Public filing inspection does not require an owned-portfolio read.

Identity boundary
A server list or public filing read does not verify access to your owned portfolios.
Prompt
Use only NexusTrade read tools. Call fetch_portfolios, then get_portfolio with one returned portfolio ID. Report the ID, name, strategies and deployment type. If the authenticated list is empty, report that result. Do not create, edit, backtest, deploy or place orders.

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