Nvidia’s Profits Could Rival a Country’s GDP by 2029

Wall Street's 64% EPS growth forecast puts NVDA on track for $851 billion in annual net income by 2029, shattering Aramco's all-time corporate profit record.

Jensen Huang says the entire supply chain is running flat out, backed by a $2 trillion cloud backlog and $1.3 trillion in projected 2027 hyperscaler capex.

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$851 billion. That is the approximate annual net income NVIDIA ( NASDAQ:NVDA ) would generate three years out if Wall Street's forecast of a 64% compounded EPS growth rate plays through, applied to a trailing-12-month base of roughly $193 billion in net income and $7.91 in TTM diluted EPS. For context, Saudi Aramco holds the record for the largest annual profit any company has ever reported, at $161.1 billion in 2022. This is a projection based on analyst compounding assumptions rather than issued company guidance.

The projected walk is stepwise: Year 1 EPS $13.0 (about $316 billion in net income), Year 2 $21.3 (about $519 billion), and Year 3 $34.9 (about $851 billion). Back into revenue at NVIDIA's current profitability profile and Year 3 sales land near $1.35 trillion, roughly 4 to 4.5 times the current trailing-12-month revenue of about $303 billion.

The base is grounded in reported results. NVIDIA's most recent quarter (Q2 FY2027, reported August 26, 2026) delivered $96.22 billion in revenue, up 105.85% year over year, with net income of $59.688 billion, up 125.9%. Operating margin ran 60.38%, net margin 55.6%, and return on equity 101.5%. Full-year FY2026 net income was $120.067 billion, up from $4.368 billion in fiscal 2023. The compounding runway is what makes a Year 3 number that eclipses Aramco even conceivable.

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What that means is, if Nvidia reported a total annual revenue of $1.35 trillion in 2029, it would rank as the 18th-largest economy in the world when evaluated directly against national GDP figures. It would place the chipmaker just below Saudi Arabia's GDP of $1.45 trillion, but ahead of Switzerland at $1.29 trillion.