NVIDIA Corporation (NVDA) financial model — FocusAlpha
Three-statement model of NVIDIA Corporation (NVDA): income statement, balance sheet, cash flow, segments and valuation, every reported figure linked to its filing. Key numbers: revenue (USD m) FY2025 130,497, FY2026 215,938, FY2027E 410,315, FY2028E 674,413, FY2029E 970,357; Non-GAAP EPS – diluted FY2027E 9.26; target price 217.77 vs share price (close on 2026-10-27) 217.94. Built by FocusAlpha Model Builder; version f506bbd of 2026-10-25.
Income statement (USD m; margins and growth in %, EPS per share; negatives in parentheses; - = zero; E = model forecast)| Line | FY2025 | FY2026 | FY2027E | FY2028E | FY2029E |
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| Revenue | 130,497 | 215,938 | 410,315 | 674,413 | 970,357 |
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| Revenue YoY | 114.2% | 65.5% | 90.0% | 64.4% | 43.9% |
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| Gross margin | 75.0% | 71.1% | 73.7% | 72.5% | 72.5% |
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| Operating income | 81,453 | 130,387 | 266,645 | 439,243 | 639,963 |
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| Operating margin | 62.4% | 60.4% | 65.0% | 65.1% | 66.0% |
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| Net income | 72,880 | 120,067 | 254,893 | 390,378 | 556,975 |
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| EPS – diluted | 2.94 | 4.90 | 10.50 | 16.29 | 23.62 |
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| Non-GAAP EPS – diluted | | | 9.26 | 15.34 | 22.67 |
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Segment revenue (USD m; margins and growth in %, EPS per share; negatives in parentheses; - = zero; E = model forecast)| Line | FY2025 | FY2026 | FY2027E | FY2028E | FY2029E |
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| Reportable segments – revenue | | | | | |
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| Compute & Networking | 116,193 | 193,479 | 378,963 | 634,174 | 921,129 |
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| Graphics | 14,304 | 22,459 | 31,352 | 40,240 | 49,228 |
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| Products / services / platforms – revenue — CURRENT STRUCTURE (from the 10-Q filed 2026-05-20; earlier periods as restated by the company) | | | | | |
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| Data Center | 115,186 | 193,737 | 383,578 | 645,477 | 939,856 |
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| Data Center – Hyperscale | 53,796 | 105,921 | 201,576 | 316,202 | 434,684 |
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| Data Center – AI Clouds, Industrial, & Enterprise | 61,390 | 87,816 | 182,003 | 329,275 | 505,172 |
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| Edge Computing (earlier periods: formula over the previous lines) | 15,311 | 22,201 | 26,737 | 28,936 | 30,501 |
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| Geography – revenue — CURRENT STRUCTURE (from the 10-Q filed 2025-11-19; earlier periods as restated by the company) | | | | | |
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| United States | 77,482 | 149,617 | 268,988 | 421,059 | 605,826 |
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| Taiwan | 23,600 | 42,345 | 104,189 | 189,138 | 272,135 |
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| China (including Hong Kong) | 25,048 | 19,677 | 31,469 | 55,231 | 79,467 |
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| Other | 4,367 | 4,299 | 5,669 | 8,986 | 12,929 |
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Valuation| Line | Value |
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| Non-GAAP EPS, next four quarters (model) — the basis of consensus and the P/E | 12.03 |
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| Q3 FY27E | 2.44 |
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| Q4 FY27E | 2.73 |
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| Q1 FY28E | 3.23 |
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| Q2 FY28E | 3.63 |
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| Forward P/E (assumption) | 18.1x |
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| Revenue per share, next four quarters (model) | 22.26 |
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| Price / sales (assumption) | 9.8x |
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| Target price | 217.77 |
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| Target price on P/E | 217.77 |
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| Target price on price / sales | 218.10 |
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| Share price (close on 2026-10-27) | 217.94 |
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| Upside / (downside) to the target | (0.1%) |
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| P/E at the share price (check) | 18.1x |
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| Price / sales at the share price (check) | 9.8x |
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| Upside on P/E | (0.1%) |
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| Upside on price / sales | 0.1% |
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| Consensus EPS, next four quarters | 12.03 |
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| Model non-GAAP EPS vs consensus | - |
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| GAAP EPS, next four quarters (model) — for reference | 12.99 |
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| Forward P/E today on consensus EPS | 18.1x |
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| Peer average forward P/E | 37.2x |
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| Target price at the peer average P/E | 447.43 |
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| Upside / (downside) at that P/E | 105.3% |
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| P/E | 217.77 |
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| Price / sales | 222.19 |
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| Weight — P/E | 50.0% |
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| Weight — Price / sales | 50.0% |
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| Blended target price | 219.98 |
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| Upside / (downside) to the share price | 0.9% |
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