The profit race: Nvidia vs Apple
This chart tracks trailing-12-month GAAP net income at Nvidia and Apple — the company selling AI's picks and shovels against the long-standing benchmark for corporate profitability. Each point sums the latest four reported fiscal quarters. Alphabet's headline net income is currently larger but carries unrealized fair-value gains on private AI stakes, so it is deliberately excluded from this operating-profit comparison.
What does it show?
Nvidia's trailing-year profit passed Apple's in 2025 and now exceeds it by roughly $37 billion.
Methodology
Trailing-12-month GAAP net income (us-gaap NetIncomeLoss) for Nvidia and Apple from SEC companyfacts: each observation sums the latest four reported fiscal quarters; fiscal Q4 derives from the 10-K annual less the three filed 10-Qs. The two companies' fiscal calendars differ, so latest points can be one calendar quarter apart. GAAP net income includes one-time items; Alphabet is excluded because its reported net income carries large unrealized fair-value gains on private investments, which would not compare like-for-like with operating profit.