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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 more than doubled and operating margin rose from 54.12% to 62.42%, with Data Center sales driving much of the growth. Comparable diluted EPS rose 147.06% using the statement's common split basis; mixing older API share units would give a misleading comparison. Use Grok Bot to retain filings, dates and calculations together, then examine concentration and valuation separately from reported business growth.

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

NVIDIA diluted EPS on one post-split share basis

Scale: 0 to 2.94 USD · zero baseline

Comparable annual diluted EPS

  • FY2023+0.17 USD
  • FY2024+1.19 USD
  • FY2025+2.94 USD

The FY2025 original statement restates all three years on the same split basis. Values are dollars per diluted share; the table retains the exact statement values.

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 Grok Bot

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

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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

  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

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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.

Build the NVDA brief from the company release

Inspect the original build the nvda brief from the company release

NVIDIA published fiscal Q2 2027 results on August 26, 2026 for the quarter ended July 26. Its GAAP table reports $96,221 million of company revenue versus $46,743 million a year earlier; the release rounds the current figure to $96.2 billion and reports 106% growth. Data Center revenue of $89.0 billion is a segment figure, not the company total.

Use the Bot's saved notes to separate reported revenue from management's next-quarter outlook. Revenue growth alone cannot answer whether receivables, customer concentration or supply commitments make that growth sustainable. Ask for the corresponding 10-Q and retain its publication date before interpreting those risks.

Brief fieldSource observation
Issuer and tickerNVIDIA · NVDA
Reporting periodFiscal Q2 2027 ended July 26, 2026
PublishedAugust 26, 2026
GAAP revenue$96,221 million; prior year $46,743 million
Reported growth106% year over year
Segment distinction$89.0 billion Data Center revenue is part of company revenue

Read the filing list before starting paid research

Inspect the original read the filing list before starting paid research

Use sec_edgar to list NVDA filings with the read-only request below. Open the relevant 10-Q and earnings 8-K; confirm issuer, accession, reporting period and filed date. The example above is a dated source check, not a claim that it will remain the latest quarter.

Missing filing values stay unresolved. action=ingest_filings persists source text and is a separate write, so listing filings does not grant permission to ingest them.

JSON
{
  "ticker": "NVDA",
  "action": "list_filings",
  "forms": [
    "10-Q",
    "8-K"
  ],
  "since": "2026-07-01",
  "limit": 10
}

Read the reported quarterly fundamentals

Inspect the original read the reported quarterly fundamentals

Use this separate sec_edgar request to read available quarterly XBRL metrics. Match each observation to its fiscal period, unit and filing date rather than assuming the first row is the quarter in this example. Open the issuer statement to resolve any discrepancy. A missing operating cash-flow value remains missing.

JSON
{
  "ticker": "NVDA",
  "action": "fundamentals",
  "periods": "quarterly"
}

Submit one bounded question, then poll its ID

Inspect the original submit one bounded question, then poll its id

After reviewing the question and its usage cost, explicitly approve one research_topic call with message. The structured result returns researchJobId and status. Copy that returned ID into get_research_status as research_job_id. PROCESSING means poll the same job; COMPLETED should include the report and citations; FAILED includes an error to inspect.

If the response is lost, inspect the task transcript for the accepted ID before starting another request. A second research_topic call can create another billed job. A missing or foreign ID is an ownership or identity problem, not an instruction to invent a result. Read each primary citation before accepting the brief.

Prompt
After I approve one research_topic request, use message: "Research NVDA using the primary earnings release and corresponding 10-Q. Compare reported revenue and operating cash flow with the matching prior-year period. Preserve GAAP basis, units, quarter-end and publication dates. Explain disclosed one-off items, customer concentration and missing evidence. Return facts, interpretation and disconfirming evidence with source URLs. Do not draft orders or alter portfolios."
Save the returned researchJobId. Call get_research_status with research_job_id set to that exact value until terminal status.

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.

Save the evidence and the rejected thesis in the Bot workspace

Inspect the original save the evidence and the rejected thesis in the bot workspace

Keep the NVDA source ledger, completed report and accepted job ID in /workspace/nvda-research. Ask the Bot to reopen those files when resuming. Its workspace persists, but a saved market claim still needs a dated source check.

Austin's published Grok Bot article records MCP and SDK strategy work, followed by a human-directed allocation redesign and manual approval of live orders. Use that as evidence that the workflow was used. Its historical tests and later account statements are dated case-study observations, not measured results for the new NVDA assignment.

Prompt
Save the NVDA brief, source URLs, publication dates, researchJobId and open questions in /workspace/nvda-research. Preserve rejected interpretations and their evidence. On resumption, read the saved job record before making another paid request. Ask before creating or changing a portfolio.

Choose a separate strategy experiment

Inspect the original choose a separate strategy experiment

A filing brief ends with a documented thesis and what would change it. Turning that thesis into a rule requires a separate entry, exit, sizing and timing decision. The price-rule guide below tests mechanics; it does not retrospectively treat a 2026 earnings release as information known in 2021.

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.

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 the Bot and keep writes behind approval

Connect the Bot and keep writes behind approval

For sign-in or two-factor authentication, open Agent Computer, take control, finish the sensitive step and return control. Browser sessions and command-line credentials are shared by your account's Bots. Keep the experiment notes in a named folder under /workspace.

Open Settings → General → Auto-review and add Ask first rules for paid research, backtests, portfolio changes and deployment. Review the exact inputs on the approval card and use Allow once for a single accepted operation. The published NexusTrade case study documents Grok Bot MCP and Python SDK use. The SDK guide provides a terminal route when the current connector cannot finish authentication; its API key is separate from MCP OAuth.

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