Nvidia's annual net income could reach $851 billion by 2029 if Wall Street's compounded EPS growth forecast holds, a figure that would exceed Saudi Aramco's all-time corporate profit record. The projection rests on the chipmaker's current earnings trajectory, a cloud industry backlog above $2 trillion, and hyperscaler capital spending set to climb through 2027.
An $851 billion profit path
Wall Street's forecast of a 64% compounded EPS growth rate, applied to Nvidia's trailing 12-month base of roughly $193 billion in net income and $7.91 in diluted EPS, would put the company's annual net income near $851 billion within three years. For context, Saudi Aramco holds the record for the largest annual profit any company has reported, at $161.1 billion in 2022.
The walk there is stepwise: Year 1 EPS of $13.00 for about $316 billion in net income, Year 2 at $21.30 for about $519 billion, then Year 3 at $34.90 for the projected $851 billion. That earnings path implies Year 3 revenue near $1.35 trillion, roughly four to four-and-a-half times Nvidia's current trailing 12-month revenue of about $303 billion. At that scale, Nvidia's annual sales would rank as the 18th-largest economy in the world measured against national GDP — just below Saudi Arabia's $1.45 trillion and ahead of Switzerland's $1.29 trillion.
The current base
The projection builds on results already reported. Nvidia's second quarter of fiscal 2027, 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% and net margin 55.6%, while full-year fiscal 2026 net income reached $120.067 billion, up from $4.368 billion in fiscal 2023.
Shares closed at $230.36 on September 4, 2026, up 23.67% year to date and 911.71% over five years, giving the stock a P/E of 46 and a market capitalization of $5.5625 trillion.
Demand behind the ramp
Data-center revenue reached $89.023 billion in the quarter, up 117% year over year, and management said the cloud industry backlog now exceeds $2 trillion, with top-five hyperscaler capex projected near $800 billion in 2026 and $1.3 trillion in 2027. Nvidia's revenue opportunity per gigawatt has stepped from about $18 billion on Hopper to $25 billion on Blackwell and $40 billion on Vera Rubin.
Customer commitments back the build-out. AWS is deploying an additional 2 million GPUs through the second quarter of fiscal 2029. OpenAI, meanwhile, has committed to about 12 gigawatts of Nvidia compute through 2030. Management guided fiscal 2028 revenue growth to about 70% year over year and called the outlook supply constrained. According to 24/7 Wall St.: "Our entire supply chain is challenged. And everybody is really running flat out", Jensen Huang said.
Analyst sentiment backs the compounding thesis, with fiscal 2028 EPS estimates rising from $12.6011 to $15.4043 over ninety days across 52 analysts and zero downward revisions in the trailing 30 days. The next test comes in the third quarter, where management has guided revenue to $108.0 billion, ahead of a dividend payment on October 1, 2026.
Source: 24/7 Wall St.
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