diff --git a/megatron/utils.py b/megatron/utils.py
index cbb7aa6426..15160b1644 100644
--- a/megatron/utils.py
+++ b/megatron/utils.py
@@ -275,22 +275,38 @@ def throughput_calculator(model, args, iteration_time, total_iterations):
 
     #flops calculator
     hidden_size = args.hidden_size
+    num_attention_heads = args.num_attention_heads
+    head_dim = hidden_size // num_attention_heads
+    ffn_hidden_size = args.ffn_hidden_size
     num_layers = args.num_layers
     vocab_size = args.padded_vocab_size
+    gqa = args.num_attention_heads // args.num_key_value_heads
+    ffn_multiplier = 3 if args.swiglu else 2
+    macs_per_flops = 2
 
     # General TFLOPs formula (borrowed from Equation 3 in Section 5.1 of
     # https://arxiv.org/pdf/2104.04473.pdf).
-    # The factor of 4 is when used with activation check-pointing,
-    # otherwise it will be 3.
-    checkpoint_activations_factor = 3
-    if hasattr(args, 'checkpoint_activations') and args.checkpoint_activations:
-        checkpoint_activations_factor = 4
-    if hasattr(args, 'recompute_granularity') and (args.recompute_granularity == 'selective' or args.recompute_granularity == 'full'):
-        checkpoint_activations_factor = 4
+    # correction has been made to TFLOPs formula due to incorrect behavior
+    # observed with selective recompute when GQA not used and for all with GQA
     seq_len = args.seq_length
     if hasattr(args, 'actual_seq_length'):
         seq_len = args.actual_seq_length
-    flops_per_iteration = (24 * checkpoint_activations_factor * batch_size * seq_len * num_layers * (hidden_size**2)) * (1. + (seq_len / (6. * hidden_size)) + (vocab_size / (16. * num_layers * hidden_size)))
+
+    pre_and_post_mha_gemm_macs = batch_size * num_layers * (1 + (2 // gqa) + 1) * (hidden_size**2) * seq_len
+    mha_bgemm_macs = batch_size * num_layers * 2 * head_dim * num_attention_heads * (seq_len**2)
+    ffn_gemm_macs = batch_size * num_layers * ffn_multiplier * ffn_hidden_size * hidden_size * seq_len
+    logit_lmhead_gemm_macs = batch_size * vocab_size * hidden_size * seq_len
+
+    fwd_macs = pre_and_post_mha_gemm_macs + mha_bgemm_macs + ffn_gemm_macs + logit_lmhead_gemm_macs
+    bwd_macs = 2 * fwd_macs
+    fwd_bwd_macs = fwd_macs + bwd_macs
+
+    if (hasattr(args, 'checkpoint_activations') and args.checkpoint_activations) or (hasattr(args, 'recompute_granularity') and args.recompute_granularity == 'full'):
+        fwd_bwd_macs += fwd_macs
+    if hasattr(args, 'recompute_granularity') and args.recompute_granularity == 'selective':
+        fwd_bwd_macs += mha_bgemm_macs
+
+    flops_per_iteration = fwd_bwd_macs * macs_per_flops
     tflops = flops_per_iteration / (elapsed_time_per_iter * args.world_size * (10**12))
     return samples_per_second, tflops, approx_parameters_in_billions