Nvidia Net income and revenue for past 10 years

Nvidia has demonstrated significant and often volatile earnings growth over the past decade, characterized by a dramatic acceleration in recent years, primarily driven by the Data Center segment and the rise of Artificial Intelligence (AI).  

The annual Net Income and the corresponding year-over-year (YOY) growth percentages for Nvidia (for fiscal years ending around January) from FY 2016 to FY 2025 are summarized in the table below. Note that the fiscal year (FY) is generally reported for the calendar year it ends in.

Fiscal Year End (Approx. Jan.) Net Income (in Billions USD) YOY Net Income Growth (%)

2025 $72.88B 144.89%

2024 $29.76B 581.32%

2023 $4.368B -55.21%

2022 $9.752B 125.12%

2021 $4.332B 54.94%

2020 $2.796B -32.48%

2019 $4.141B 35.90%

2018 $3.047B 82.89%

2017 $1.666B 171.34%

2016 $0.614B -2.69%

2015 $0.631B 43.41%

Key Trends in Earnings Growth

Early Growth (FY 2017 - FY 2019): Nvidia saw strong, triple-digit growth in FY 2017, largely fueled by its traditional Gaming market, and this was compounded by the initial boom in cryptocurrency mining (using GPUs).

Volatile Periods (FY 2020 & FY 2023): Earnings experienced a significant drop in FY 2020 and a decline in FY 2023. These downturns were often related to cyclical declines in the gaming and data center markets, and inventory adjustments following periods of high demand.  

Explosive AI-Driven Growth (FY 2024 - FY 2025): The most significant change occurred starting in FY 2024 (and continuing into Q3 of FY 2026), driven almost entirely by the massive demand for its GPUs (like the H100) for Generative AI and large language model training.

FY 2024 saw a staggering 581.32% YOY growth in net income.  

FY 2025 saw another substantial increase of 144.89%.  

The Data Center segment became the dominant revenue stream, accounting for the vast majority of total sales and growth.

Summary of Key Performance:

Growth Years (e.g., 2015, 2017-2019, 2022, 2024-2025): The percentage growth in Net Income generally exceeded that of Revenue, demonstrating strong operating and gross margin leverage.

Downturns (e.g., 2020, 2023): Periods of revenue stagnation or decline led to a disproportionately larger drop in Net Income, a common characteristic of high-operating leverage businesses.

AI Era (2024-2025): This period shows the most extreme margin leverage, with Revenue growing strongly (over 100\%) but Net Income growing explosively (up to 581.3\% in FY 2024), driven by the exceptionally high-margin Data Center products.