NVIDIA Corporation
NVDApublicSemiconductors
Fabless GPU designer. The primary beneficiary of AI CAPEX. Does not build data centers — TSMC manufactures. R&D ($10B+) is a better AI investment signal than CAPEX.
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2025 CAPEX
$7.5B
YoY 2025 vs 2024
+134.4%
Latest Quarter
$2.2B
Q4'25
CAPEX History — Quarterly
Quarterly Data & Sources
| Quarter | CAPEX | Revenue | % Rev | Source |
|---|---|---|---|---|
| Q4'25 | $2.2B | $39.0B | 5.6% | 10-K FY2026 (calendar Q4 2025, est.) |
| Q3'25 | $2.0B | $35.1B | 5.7% | 10-Q Q3 FY2026 (calendar Q3 2025, est.) |
| Q2'25 | $1.8B | $30.0B | 6.0% | 10-Q Q2 FY2026 (calendar Q2 2025) |
| Q1'25 | $1.5B | $44.1B | 3.4% | 10-Q Q1 FY2026 (calendar Q1 2025) |
| Q4'24 | $0.8B | $39.3B | 2.0% | 10-K FY2025 |
| Q3'24 | $0.9B | $35.1B | 2.6% | 10-Q Q3 FY2025 |
| Q2'24 | $0.8B | $30.0B | 2.7% | 10-Q Q2 FY2025 |
| Q1'24 | $0.7B | $26.0B | 2.7% | 10-Q Q1 FY2025 |
| Q4'23 | $0.7B | $22.1B | 3.2% | 10-K FY2024 |
| Q3'23 | $0.6B | $18.1B | 3.3% | 10-Q Q3 FY2024 |
| Q2'23 | $0.5B | $13.5B | 3.7% | 10-Q Q2 FY2024 |
| Q1'23 | $0.3B | $7.2B | 4.2% | 10-Q Q1 FY2024 |
| Q4'22 | $0.2B | $6.0B | 3.3% | 10-Q Q3 FY2023 (calendar Q4 2022) |
Q4'22 — NVIDIA FY ends Jan 31. Calendar Q4 2022 = FY2023 Q3. Pre-AI revenue explosion.
Q4'24 — Fabless — CAPEX is facilities only. R&D: ~$10B+
Q1'25 — NVIDIA FY ends Jan 31
Q3'25 — Estimated
Q4'25 — Estimated. Blackwell ramp driving infra investment.
Key Quotes
Jensen Huang·CEO·2025-02-26
“The Blackwell demand is extraordinary. Countries and companies all want to build their own AI infrastructure.”
Q4 FY2025 Earnings Call
SEC Filings
semiconductorsGPUH100B200fablessAI-chipsmag7