A unified experimental-computational study on ductile fracture initiation and propagation during small punch testing is presented. Tests are carried out at room temperature with unnotched disks of different thicknesses where large-scale yielding prevails. In thinner specimens, the fracture occurs with severe necking under membrane tension, whereas for thicker ones a through thickness shearing mode prevails changing the crack orientation relative to the loading direction. Computational studies involve finite element simulations using a shear modified Gurson-Tvergaard-Needleman porous plasticity model with an integral-type nonlocal formulation. The predicted punch load-displacement curves and deformed profiles are in good agreement with the experimental results.