Practice · graded on a filing

EBITDA bridge — NVDA

Build it from NVDA’s latest annual filing. Every line you enter is checked by code against the filing.

What this drill asks

Walk net income back up to EBITDA — add interest expense, then income tax expense, then depreciation and amortisation — and then reconcile the same figure the other way, from operating income. The two routes rarely land on the same number, and the last cell is the gap between them, which is where the non-operating items sit. Nothing is assumed: every figure in it is filed. Every figure you are given comes from NVDA’s latest annual filing and is cited below; the assumptions are handed to you and are never graded. Nothing here is a view on the company.

Match the AI

You–/5

AI model5/5

An AI model worked this exact drill and got 5 of 5 lines right. Match it.

Claude Sonnet 5, given the same filed figures and stated assumptions you see, scored by the same grader. One run, on 2026-09-28, not retried. It does arithmetic on this filing only and never forms a view on the company.

Reconcile NVDA's model from the filed figures below (as of 2026-01-25). Derive each linked line to the dollar — the model must reconcile end to end.

Given (filed figures)

Net income (FY2026, filed): $120,067,000,000
Interest expense (FY2026, filed): $259,000,000
Income tax expense (FY2026, filed): $21,383,000,000
Depreciation & amortisation (FY2026, filed): $2,843,000,000
Operating income (FY2026, filed): $130,387,000,000

Derive the linked lines

Net income plus interest expense — the first add-back, in dollars…plus income tax expense — earnings before interest and taxes, in dollars…plus depreciation & amortisation — EBITDA by the net-income route, in dollarsEBITDA the other way — filed operating income plus depreciation & amortisation, in dollarsThe gap between the two routes — the net-income route less the operating route, in dollars (non-operating items live here)

NVIDIA CORP 10-K (FY2026, period ended 2026-01-25), accession 0001045810-26-000021, via SEC EDGAR

Educational use only — not investment advice.

In the interview

“How do you get from net income to EBITDA?”

The 30-second answer

Start at net income, add back interest expense, add back income tax expense, and you are at EBIT. Add depreciation and amortization and you are at EBITDA. Then check it from the other side: operating income plus D&A. Any gap between the two routes is non-operating items, like investment income or one-off gains.

Why it works: EBITDA strips out financing, tax and non-cash charges so companies with different capital structures and asset bases can be compared. Walking both ways shows what sits between the operating line and the bottom line.
The common trap: Assuming the two routes must agree. Net income includes non-operating income and expense that operating income does not, so the gap is information, not an error, and it has a sign.

The full mechanics · 5 steps

01Net income + interest expense.
02+ income tax expense = EBIT (by the net-income route).
03+ depreciation and amortization = EBITDA.
04Operating income + depreciation and amortization = EBITDA by the operating route.
05Gap = net-income route − operating route: the non-operating items.

Comes up inIB first-round technicalsModeling testCorporate finance interview

How this is graded

Net income, interest expense, income tax expense, depreciation and amortisation, and operating income, as filed. Each cell is checked against the value the same pipeline derives from that filing, inside a small tolerance band, and the model has to reconcile end to end. There is no language model in the grade — it is arithmetic over filed figures, so it returns the same verdict every time. The correct values are not in this page: they are recomputed on the server when you submit, and your entries are read as a submission, never as the answer.

Every attempt ends in a review. Each line is marked Best, Inaccuracy, Mistake or Blunder by how far it is off, and the first line that went wrong is flagged, so an error carried through the rest of the model is fixed once, where it started.

Signed out, nothing is recorded: work it as many times as you like. Signed in, each graded attempt is saved to your account so your dashboard can track it.

The same model, other filers

Each one is built from that company's own annual filing and graded the same way.

MSFT · ebitda bridge AMZN · ebitda bridge

Other models on NVDA

NVDA · accretion / dilution NVDA · comps (fundamentals)NVDA · dcf sensitivity grid NVDA · single-stage dcf NVDA · basic lbo NVDA · three-statement linkage NVDA · wacc build-up

Terms this model is built from

EBITDA

Educational use only — not investment advice. Figures come from public SEC filings; Echelon teaches you to analyze data, it never recommends buying or selling any security.

“How do you get from net income to EBITDA?”

The 30-second answer

Why it works

EBITDA strips out financing, tax and non-cash charges so companies with different capital structures and asset bases can be compared. Walking both ways shows what sits between the operating line and the bottom line.

The common trap

Assuming the two routes must agree. Net income includes non-operating income and expense that operating income does not, so the gap is information, not an error, and it has a sign.

The full mechanics · 5 steps

01Net income + interest expense.
02+ income tax expense = EBIT (by the net-income route).
03+ depreciation and amortization = EBITDA.
04Operating income + depreciation and amortization = EBITDA by the operating route.
05Gap = net-income route − operating route: the non-operating items.

Comes up inIB first-round technicalsModeling testCorporate finance interview

How this is graded

Signed out, nothing is recorded: work it as many times as you like. Signed in, each graded attempt is saved to your account so your dashboard can track it.