Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

NVIDIA Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
Federal	5,710)	1,703)	482)	197)	65)	1)
State	335)	46)	42)	1)	4)	—)
Foreign	502)	228)	71)	161)	87)	69)
Current income taxes	6,547)	1,977)	595)	359)	156)	70)
Federal	(2,499)	(2,165)	(420)	(246)	2)	(315)
State	(206)	—)	—)	—)	—)	—)
Foreign	216)	1)	14)	(36)	16)	—)
Deferred income taxes	(2,489)	(2,164)	(406)	(282)	18)	(315)
Income tax expense (benefit)	4,058)	(187)	189)	77)	174)	(245)

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

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Item	Description	The company
Current income taxes	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	NVIDIA Corp. current income taxes increased from 2022 to 2023 and from 2023 to 2024.
Deferred income taxes	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	NVIDIA Corp. deferred income taxes decreased from 2022 to 2023 and from 2023 to 2024.
Income tax expense (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	NVIDIA Corp. income tax expense (benefit) decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

NVIDIA Corp., effective income tax rate (EITR) reconciliation

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
State income taxes, net of federal tax effect	0.40%	1.20%	0.40%	0.20%	0.00%	0.00%
Foreign-derived intangible income	-4.20%	-17.70%	-5.20%	0.00%	0.00%	0.00%
Stock-based compensation	-2.20%	-7.40%	-3.40%	-3.10%	0.00%	0.00%
Foreign tax rate differential	-1.40%	-2.00%	-5.00%	-12.70%	0.00%	0.00%
U.S. federal research and development tax credit	-1.30%	-6.60%	-2.90%	-3.90%	0.00%	0.00%
Acquisition termination cost	0.00%	6.20%	0.00%	0.00%	0.00%	0.00%
IP domestication	0.00%	0.00%	-2.50%	0.00%	0.00%	0.00%
Other	-0.30%	0.80%	-0.50%	0.20%	-15.10%	-27.30%
Annual effective tax rate	12.00%	-4.50%	1.90%	1.70%	5.90%	-6.30%

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

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Item	Description	The company
Annual effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	NVIDIA Corp. annual effective tax rate decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

NVIDIA Corp., components of deferred tax assets and liabilities

US$ in millions

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
Capitalized research and development expenditure	3,376)	1,859)	508)	—)	—)	—)
GILTI deferred tax assets	1,576)	800)	378)	709)	428)	376)
Accruals and reserves, not currently deductible for tax purposes	1,121)	686)	258)	59)	39)	41)
Research and other tax credit carryforwards	936)	951)	798)	650)	605)	626)
Net operating loss and capital loss carryforwards	439)	409)	118)	100)	62)	70)
Operating lease liabilities	263)	193)	125)	120)	114)	—)
Stock-based compensation	106)	99)	86)	36)	28)	25)
Property, equipment and intangible assets	4)	66)	22)	32)	12)	2)
Other deferred tax assets	179)	91)	22)	—)	—)	—)
Gross deferred tax assets	8,000)	5,154)	2,315)	1,706)	1,288)	1,140)
Valuation allowance	(1,552)	(1,484)	(907)	(728)	(621)	(562)
Deferred tax assets	6,448)	3,670)	1,408)	978)	667)	578)
Unremitted earnings of foreign subsidiaries	(502)	(228)	(150)	(111)	(40)	(35)
Operating lease assets	(255)	(179)	(113)	(111)	(107)	—)
Acquired intangibles	(74)	(115)	(169)	(191)	(1)	(2)
Gross deferred tax liabilities	(831)	(522)	(432)	(413)	(148)	(37)
Net deferred tax asset (liability)	5,617)	3,148)	976)	565)	519)	541)

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

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Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	NVIDIA Corp. gross deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	NVIDIA Corp. deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax asset (liability)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	NVIDIA Corp. net deferred tax asset (liability) increased from 2022 to 2023 and from 2023 to 2024.

NVIDIA Corp., deferred tax assets and liabilities, classification

US$ in millions

		Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
	Long-term deferred tax assets	6,081)	3,396)	1,222)	806)	548)	560)
	Long-term deferred tax liabilities (included in Other long-term liabilities)	462)	247)	245)	241)	29)	19)

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

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Item	Description	The company
Long-term deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	NVIDIA Corp. long-term deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Long-term deferred tax liabilities (included in Other long-term liabilities)	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	NVIDIA Corp. long-term deferred tax liabilities (included in Other long-term liabilities) increased from 2022 to 2023 and from 2023 to 2024.

NVIDIA Corp., adjustments to financial statements

US$ in millions

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
Adjustment to Total Assets
Total assets (as reported)	65,728)	41,182)	44,187)	28,791)	17,315)	13,292)
Less: Noncurrent deferred tax assets, net	6,081)	3,396)	1,222)	806)	548)	560)
Total assets (adjusted)	59,647)	37,786)	42,965)	27,985)	16,767)	12,732)
Adjustment to Total Liabilities
Total liabilities (as reported)	22,750)	19,081)	17,575)	11,898)	5,111)	3,950)
Less: Noncurrent deferred tax liabilities, net	462)	247)	245)	241)	29)	19)
Total liabilities (adjusted)	22,288)	18,834)	17,330)	11,657)	5,082)	3,931)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	42,978)	22,101)	26,612)	16,893)	12,204)	9,342)
Less: Net deferred tax assets (liabilities)	5,617)	3,148)	976)	565)	519)	541)
Shareholders’ equity (adjusted)	37,361)	18,953)	25,636)	16,328)	11,685)	8,801)
Adjustment to Net Income
Net income (as reported)	29,760)	4,368)	9,752)	4,332)	2,796)	4,141)
Add: Deferred income tax expense (benefit)	(2,489)	(2,164)	(406)	(282)	18)	(315)
Net income (adjusted)	27,271)	2,204)	9,346)	4,050)	2,814)	3,826)

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

NVIDIA Corp., Financial Data: Reported vs. Adjusted

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NVIDIA Corp., adjusted financial ratios

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
Net Profit Margin
Reported net profit margin	48.85%	16.19%	36.23%	25.98%	25.61%	35.34%
Adjusted net profit margin	44.76%	8.17%	34.73%	24.29%	25.77%	32.66%
Total Asset Turnover
Reported total asset turnover	0.93	0.65	0.61	0.58	0.63	0.88
Adjusted total asset turnover	1.02	0.71	0.63	0.60	0.65	0.92
Financial Leverage
Reported financial leverage	1.53	1.86	1.66	1.70	1.42	1.42
Adjusted financial leverage	1.60	1.99	1.68	1.71	1.43	1.45
Return on Equity (ROE)
Reported ROE	69.24%	19.76%	36.65%	25.64%	22.91%	44.33%
Adjusted ROE	72.99%	11.63%	36.46%	24.80%	24.08%	43.47%
Return on Assets (ROA)
Reported ROA	45.28%	10.61%	22.07%	15.05%	16.15%	31.15%
Adjusted ROA	45.72%	5.83%	21.75%	14.47%	16.78%	30.05%

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	NVIDIA Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	NVIDIA Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	NVIDIA Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	NVIDIA Corp. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	NVIDIA Corp. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

NVIDIA Corp., Financial Ratios: Reported vs. Adjusted

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	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	29,760)	4,368)	9,752)	4,332)	2,796)	4,141)
Revenue	60,922)	26,974)	26,914)	16,675)	10,918)	11,716)
Profitability Ratio
Net profit margin¹	48.85%	16.19%	36.23%	25.98%	25.61%	35.34%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	27,271)	2,204)	9,346)	4,050)	2,814)	3,826)
Revenue	60,922)	26,974)	26,914)	16,675)	10,918)	11,716)
Profitability Ratio
Adjusted net profit margin²	44.76%	8.17%	34.73%	24.29%	25.77%	32.66%

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

2024 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenue
= 100 × 29,760 ÷ 60,922 = 48.85%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 27,271 ÷ 60,922 = 44.76%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	NVIDIA Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenue	60,922)	26,974)	26,914)	16,675)	10,918)	11,716)
Total assets	65,728)	41,182)	44,187)	28,791)	17,315)	13,292)
Activity Ratio
Total asset turnover¹	0.93	0.65	0.61	0.58	0.63	0.88
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenue	60,922)	26,974)	26,914)	16,675)	10,918)	11,716)
Adjusted total assets	59,647)	37,786)	42,965)	27,985)	16,767)	12,732)
Activity Ratio
Adjusted total asset turnover²	1.02	0.71	0.63	0.60	0.65	0.92

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

2024 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= 60,922 ÷ 65,728 = 0.93

² Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 60,922 ÷ 59,647 = 1.02

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	NVIDIA Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	65,728)	41,182)	44,187)	28,791)	17,315)	13,292)
Shareholders’ equity	42,978)	22,101)	26,612)	16,893)	12,204)	9,342)
Solvency Ratio
Financial leverage¹	1.53	1.86	1.66	1.70	1.42	1.42
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	59,647)	37,786)	42,965)	27,985)	16,767)	12,732)
Adjusted shareholders’ equity	37,361)	18,953)	25,636)	16,328)	11,685)	8,801)
Solvency Ratio
Adjusted financial leverage²	1.60	1.99	1.68	1.71	1.43	1.45

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

2024 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 65,728 ÷ 42,978 = 1.53

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 59,647 ÷ 37,361 = 1.60

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	NVIDIA Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	29,760)	4,368)	9,752)	4,332)	2,796)	4,141)
Shareholders’ equity	42,978)	22,101)	26,612)	16,893)	12,204)	9,342)
Profitability Ratio
ROE¹	69.24%	19.76%	36.65%	25.64%	22.91%	44.33%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	27,271)	2,204)	9,346)	4,050)	2,814)	3,826)
Adjusted shareholders’ equity	37,361)	18,953)	25,636)	16,328)	11,685)	8,801)
Profitability Ratio
Adjusted ROE²	72.99%	11.63%	36.46%	24.80%	24.08%	43.47%

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

2024 Calculations

¹ ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 29,760 ÷ 42,978 = 69.24%

² Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 27,271 ÷ 37,361 = 72.99%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	NVIDIA Corp. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	29,760)	4,368)	9,752)	4,332)	2,796)	4,141)
Total assets	65,728)	41,182)	44,187)	28,791)	17,315)	13,292)
Profitability Ratio
ROA¹	45.28%	10.61%	22.07%	15.05%	16.15%	31.15%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	27,271)	2,204)	9,346)	4,050)	2,814)	3,826)
Adjusted total assets	59,647)	37,786)	42,965)	27,985)	16,767)	12,732)
Profitability Ratio
Adjusted ROA²	45.72%	5.83%	21.75%	14.47%	16.78%	30.05%

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

2024 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 29,760 ÷ 65,728 = 45.28%

² Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 27,271 ÷ 59,647 = 45.72%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	NVIDIA Corp. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

NVIDIA Corp. (NASDAQ:NVDA)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

NVIDIA Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

NVIDIA Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)