# NVIDIA CORP (NVDA)

Informational only - not investment advice.

CIK: 0001045810
SIC: 3674 Semiconductors & Related Devices
SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3674 Semiconductors & Related Devices](/industry/3674/)
Latest 10-K filed: 2026-02-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=1045810
Filing source: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

## At a glance

FY2026 · period end 2026-01-25 · filed 2026-02-25 · accession 0001045810-26-000021 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 215,938,000,000 USD | 2026 | verified |
| Net income | 120,067,000,000 USD | 2026 | verified |
| Assets | 206,803,000,000 USD | 2026 | verified |
| Free cash flow | 96,676,000,000 USD | 2026 | computed |
| Net margin | 55.60% | 2026 | computed |
| Operating margin | 60.38% | 2026 | computed |
| Revenue YoY | +65.47% | 2026 | computed |
| ROE | 76.33% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Semiconductors](/compare/semiconductors/) · SIC 3674 Semiconductors & Related Devices

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including NVDA

- Semiconductors: [peer review](/compare/semiconductors/) · [market-risk page](/compare/semiconductors/risk/)

### Peer percentile fingerprint

| Ratio | NVDA | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 55.6% | 4.9% | 98 | 59 |
| Operating margin | 60.4% | 3.7% | 98 | 58 |
| Revenue growth | 65.5% | 15.5% | 90 | 61 |
| FCF margin | 44.8% | 8.9% | 97 | 60 |
| ROE | 76.3% | 3.8% | 100 | 58 |
| ROA | 58.1% | 1.6% | 100 | 61 |
| Liabilities / equity | 0.31 | 0.51 | 34 | 59 |
| Current ratio | 3.91 | 2.70 | 68 | 61 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3674 Semiconductors & Related Devices, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 215938000000 | USD | 2026 | 2026-02-25 |
| Net income | 120067000000 | USD | 2026 | 2026-02-25 |
| Assets | 206803000000 | USD | 2026 | 2026-02-25 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 5,010,000,000 | 6,910,000,000 | 9,714,000,000 |  | 10,918,000,000 | 16,675,000,000 | 26,914,000,000 | 26,974,000,000 | 60,922,000,000 | 130,497,000,000 | 215,938,000,000 |
| Net income |  | 1,666,000,000 | 3,047,000,000 | 4,141,000,000 | 2,796,000,000 | 4,332,000,000 | 9,752,000,000 | 4,368,000,000 | 29,760,000,000 | 72,880,000,000 | 120,067,000,000 |
| Operating income |  | 1,934,000,000 | 3,210,000,000 | 3,804,000,000 | 2,846,000,000 | 4,532,000,000 | 10,041,000,000 | 4,224,000,000 | 32,972,000,000 | 81,453,000,000 | 130,387,000,000 |
| Gross profit |  | 4,063,000,000 | 5,822,000,000 | 7,171,000,000 | 6,768,000,000 | 10,396,000,000 | 17,475,000,000 | 15,356,000,000 | 44,301,000,000 | 97,858,000,000 | 153,463,000,000 |
| Diluted EPS |  | 2.57 | 4.82 | 6.63 | 1.13 | 1.73 | 3.85 | 0.17 | 1.19 | 2.94 | 4.90 |
| Operating cash flow |  | 1,672,000,000 | 3,502,000,000 | 3,743,000,000 | 4,761,000,000 | 5,822,000,000 | 9,108,000,000 | 5,641,000,000 | 28,090,000,000 | 64,089,000,000 | 102,718,000,000 |
| Capital expenditures |  |  |  |  |  |  | 976,000,000 | 1,833,000,000 | 1,069,000,000 | 3,236,000,000 | 6,042,000,000 |
| Dividends paid |  | 261,000,000 | 341,000,000 | 371,000,000 | 390,000,000 | 395,000,000 | 399,000,000 | 398,000,000 | 395,000,000 | 834,000,000 | 974,000,000 |
| Share buybacks |  | 739,000,000 | 909,000,000 | 1,579,000,000 | 0.00 | 0.00 | 0.00 | 10,039,000,000 | 9,533,000,000 | 33,706,000,000 | 40,086,000,000 |
| Assets |  | 9,841,000,000 | 11,241,000,000 | 13,292,000,000 | 17,315,000,000 | 28,791,000,000 | 44,187,000,000 | 41,182,000,000 | 65,728,000,000 | 111,601,000,000 | 206,803,000,000 |
| Liabilities |  | 4,048,000,000 | 3,770,000,000 | 3,950,000,000 | 5,111,000,000 | 11,898,000,000 | 17,575,000,000 | 19,081,000,000 | 22,750,000,000 | 32,274,000,000 | 49,510,000,000 |
| Stockholders' equity |  | 5,762,000,000 | 7,471,000,000 | 9,342,000,000 | 12,204,000,000 | 16,893,000,000 | 26,612,000,000 | 22,101,000,000 | 42,978,000,000 | 79,327,000,000 | 157,293,000,000 |
| Cash and cash equivalents |  | 1,766,000,000 | 4,002,000,000 | 782,000,000 | 10,896,000,000 | 847,000,000 | 1,990,000,000 | 3,389,000,000 | 7,280,000,000 | 8,589,000,000 | 10,605,000,000 |
| Free cash flow |  |  |  |  |  |  | 8,132,000,000 | 3,808,000,000 | 27,021,000,000 | 60,853,000,000 | 96,676,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 24.11% | 31.37% |  | 25.61% | 25.98% | 36.23% | 16.19% | 48.85% | 55.85% | 55.60% |
| Operating margin |  | 27.99% | 33.05% |  | 26.07% | 27.18% | 37.31% | 15.66% | 54.12% | 62.42% | 60.38% |
| Return on equity |  | 28.91% | 40.78% | 44.33% | 22.91% | 25.64% | 36.65% | 19.76% | 69.24% | 91.87% | 76.33% |
| Return on assets |  | 16.93% | 27.11% | 31.15% | 16.15% | 15.05% | 22.07% | 10.61% | 45.28% | 65.30% | 58.06% |
| Liabilities / equity |  | 0.70 | 0.50 | 0.42 | 0.42 | 0.70 | 0.66 | 0.86 | 0.53 | 0.41 | 0.31 |
| Current ratio |  | 4.77 | 8.03 | 7.94 | 7.67 | 4.09 | 6.65 | 3.52 | 4.17 | 4.44 | 3.91 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q2 | 2022-07-31 |  |  | 0.26 | reported discrete quarter |
| 2023-Q3 | 2022-10-30 |  |  | 0.27 | reported discrete quarter |
| 2024-Q1 | 2023-04-30 |  |  | 0.82 | reported discrete quarter |
| 2024-Q2 | 2023-07-30 | 13,507,000,000 | 6,188,000,000 | 2.48 | reported discrete quarter |
| 2024-Q3 | 2023-10-29 | 18,120,000,000 | 9,243,000,000 | 3.71 | reported discrete quarter |
| 2024-Q4 | 2024-01-28 | 22,103,000,000 | 12,285,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-04-28 | 26,044,000,000 | 14,881,000,000 | 5.98 | reported discrete quarter |
| 2025-Q2 | 2024-07-28 | 30,040,000,000 | 16,599,000,000 | 0.67 | reported discrete quarter |
| 2025-Q3 | 2024-10-27 | 35,082,000,000 | 19,309,000,000 | 0.78 | reported discrete quarter |
| 2025-Q4 | 2025-01-26 | 39,331,000,000 | 22,091,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-04-27 | 44,062,000,000 | 18,775,000,000 | 0.76 | reported discrete quarter |
| 2026-Q2 | 2025-07-27 | 46,743,000,000 | 26,422,000,000 | 1.08 | reported discrete quarter |
| 2026-Q3 | 2025-10-26 | 57,006,000,000 | 31,910,000,000 | 1.30 | reported discrete quarter |
| 2026-Q4 | 2026-01-25 | 68,127,000,000 | 42,960,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2027-Q1 | 2026-04-26 | 81,615,000,000 | 58,321,000,000 | 2.39 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from NVDA's latest 10-K: [/company/NVDA/business/](/company/NVDA/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from NVDA's latest 10-K: [/company/NVDA/risk-factors/](/company/NVDA/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000052/nvda-20260426.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-20
Report date: 2026-04-26

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “goal,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “potential” and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. We discuss many of these risks, uncertainties and other factors in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended January 25, 2026 in greater detail under the heading “Risk Factors” of such reports. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date of this filing. You should read this Quarterly Report on Form 10-Q completely and understand that our actual future results may be materially different from what we expect. We hereby qualify our forward-looking statements by these cautionary statements. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

All references to “NVIDIA,” “we,” “us,” “our” or the “Company” mean NVIDIA Corporation and its subsidiaries.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the filing date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

© 2026 NVIDIA Corporation. All rights reserved.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the risk factors set forth in Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended January 25, 2026 and Part II, Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q and our Condensed Consolidated Financial Statements and related Notes thereto, as well as other cautionary statements and risks described elsewhere in this Quarterly Report on Form 10-Q and our other filings with the SEC, before deciding to purchase, hold, or sell shares of our common stock.

Overview

Our Company and Our Businesses

NVIDIA pioneered accelerated computing to help solve the most challenging computational problems. Since our original focus on PC graphics, we have expanded to several other large and important computationally intensive fields. Fueled by the sustained demand for exceptional 3D graphics and the scale of the gaming market, NVIDIA has leveraged its GPU architecture to create platforms for scientific computing, AI, data science, autonomous vehicles, robotics, and digital twin applications. NVIDIA is now a data center-scale AI infrastructure company reshaping all industries.

Our two operating segments are “Compute & Networking” and “Graphics.” Refer to Note 13 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Headquartered in Santa Clara, California, NVIDIA was incorporated in California in April 1993 and reincorporated in Delaware in April 1998.

Recent Developments, Future Objectives and Challenges

Revenue growth in the first quarter was driven by data center products for accelerated computing and AI solutions. Blackwell continued to account for the majority of our system shipments.

The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these or other necessary resources could impact our future revenue and financial performance. Expanding energy capacity to meet demand is a complex, multi-year process that involves significant regulatory, technical, and construction challenges. In addition, access to capital can be particularly constrained for less-capitalized companies, which may face difficulties securing financing for large-scale infrastructure projects. These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption.

23

We expect our Rubin platform to start shipping in the second half of fiscal year 2027. The complexity of bringing up our product architecture and sophisticated system configurations has caused and may in the future cause delays in production and create challenges in managing supply and demand. This could further result in revenue volatility, quality issues, increased inventory provisions, decreases in product yields and higher material costs, and/or increased warranty costs. Customers may postpone purchasing new architectures or may adopt new technologies more gradually than anticipated, affecting our revenue timing and supply chain expenses.

Beginning in February 2026, the U.S. government, or USG, granted licenses that allow us to ship small amounts of H200 products to specific China-based customers. To date, we have not generated any revenue under the H200 licensing program, and do not yet know whether any imports will be allowed into China. The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.

The recent rise in high-quality, open-source foundation models is making advanced AI capabilities broadly accessible. Open-source AI is dependent on developer adoption, and if deployed on our competitors’ platforms, it could reduce demand for our products and services.

We have made, and expect to continue making, investments in our ecosystem to enhance our growth opportunities, cultivate our ecosystem, and strengthen our competitive position. In the first quarter of fiscal year 2027, we made the following investments:

•$18.6 billion in private companies and infrastructure funds. Some of these investments include AI model makers that may indirectly purchase or use our products in the cloud.

•We made investments in publicly-held equity securities where the value may fluctuate significantly and could adversely affect our financial results.

Our global supply chain for our networking products, including our Israel operations of approximately 5,900 employees supporting research and development, operations, and sales and marketing, has not been significantly impacted by the conflict in the Middle East. If the conflict escalates or extends, it could affect future product development, supply chain, and revenue, and create business uncertainty.

Macroeconomic factors, including tariffs, inflation, interest changes, capital market volatility, global supply chain constraints, and global economic and geopolitical developments and conflicts, have direct and indirect impacts on our results of operations, particularly demand for our products. While difficult to isolate and quantify, these macroeconomic factors impact our supply chain and manufacturing costs, employee wages, costs for capital equipment, the value of our investments, revenue, and competitive position. Our product and solution pricing generally does not fluctuate with short-term changes in our costs. Within our supply chain, we continuously manage product availability and costs with our vendors.

Refer to Part II, Item 1A, "Risk Factors" for a discussion of these factors and other risks.

First Quarter of Fiscal Year 2027 Summary

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Quarter-over-Quarter Change","","Year-over-Year Change"],["","Apr 26, 2026","","Jan 25, 2026","","Apr 27, 2025"],["","($ in millions, except per share data)"],["Revenue","$","81,615","","","$","68,127","","","$","44,062","","","20","%","","85","%"],["Gross margin","74.9","%","","75.0","%","","60.5","%","","(0.1)","pts","","14.4","pts"],["Operating expenses","$","7,621","","","$","6,794","","","$","5,030","","","12","%","","52","%"],["Operating income","$","53,536","","","$","44,299","","","$","21,638","","","21","%","","147","%"],["Net income","$","58,321","","","$","42,960","","","$","18,775","","","36","%","","211","%"],["Net income per diluted share","$","2.39","","","$","1.76","","","$","0.76","","","36","%","","214","%"]]
[[/GREPCENT_TABLE]]

We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value.

Following the rapid evolution in our businesses, we are transitioning to a new reporting framework that better reflects our current and future growth drivers.

We will have two market platforms – Data Center and Edge Computing.

Within Data Center, we will report two sub-markets, Hyperscale and ACIE which incorporates AI Clouds, Industrial, and Enterprise. Hyperscale will include revenue from the public clouds and the world’s largest consumer internet companies,

24

while ACIE addresses our growth opportunity in diverse AI purpose-built data centers and AI factories across industries and countries.

Edge Computing highlights devices for agentic and physical AI including PCs, game consoles, workstations, AI-RAN base stations, robotics and automotive.

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Quarter-over-Quarter Change","","Year-over-Year Change"],["","Apr 26, 2026","","Jan 25, 2026","","Apr 27, 2025"],["","($ in millions)"],["Revenue by Market Platform (1)"],["Data Center","$","75,246","","","$","62,314","","","$","39,112","","","21","%","","92","%"],["Hyperscale","37,869","","","33,814","","","17,599","","","12","%","","115","%"],["AI Clouds, Industrial, & Enterprise","37,377","","","28,500","","","21,513","","","31","%","","74","%"],["Edge Computing","6,369","","","5,813","","","4,950","","","10","%","","29","%"],["Total revenue","$","81,615","","","$","68,127","","","$","44,062","","","20","%","","85","%"]]
[[/GREPCENT_TABLE]]

(1)    In the first quarter of fiscal year 2027, we changed our presentation of revenue by market platform and the comparable periods have been recast.

Revenue was $81.6 billion, up 85% from a year ago and up 20% sequentially.

Data Center revenue was $75.2 billion, up 92% from a year ago and up 21% sequentially, driven by the ramp of our Blackwell 300 products and demand for our InfiniBand, Spectrum-X Ethernet, and NVLink solutions. Hyperscaler revenue increased sequentially and remained at approximately 50% of Data Center revenue, while the remaining 50% came from a continued diversification of customers, including AI Clouds,

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm
Complete FY 2026 MD&A: /company/NVDA/mda/fy2026/

Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization.
Confidence: high
Filing date: 2026-02-25
Report date: 2026-01-25

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with “Item 1A. Risk Factors,” our Consolidated Financial Statements and related Notes thereto, as well as other cautionary statements and risks described elsewhere in this Annual Report on Form 10-K, before deciding to purchase, hold, or sell shares of our common stock.

Overview

Our Company and Our Businesses

NVIDIA pioneered accelerated computing to help solve the most challenging computational problems. Since our original focus on PC graphics, we have expanded to several other large and important computationally intensive fields. Fueled by the sustained demand for exceptional 3D graphics and the scale of the gaming market, NVIDIA has leveraged its GPU architecture to create platforms for scientific computing, AI, data science, autonomous vehicles, robotics, and digital twin applications. NVIDIA is now a data center scale AI infrastructure company reshaping all industries.

Our two operating segments are "Compute & Networking" and "Graphics." Refer to Note 16 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K for additional information.

Headquartered in Santa Clara, California, NVIDIA was incorporated in California in April 1993 and reincorporated in Delaware in April 1998.

Recent Developments, Future Objectives and Challenges

Revenue growth in fiscal year 2026 was driven by data center compute and networking platforms for accelerated computing and AI solutions. Our Blackwell architectures represented the majority of our Data Center revenue.

The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these or other necessary resources could impact our future revenue and financial performance. Expanding energy capacity to meet demand is a complex, multi-year process that involves significant regulatory, technical, and construction challenges. In addition, access to capital can be particularly constrained for less-capitalized companies, which may face difficulties securing financing for large-scale infrastructure projects. These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption.

We continue to execute Data Center compute product introductions, bringing new advanced architectures on a one-year product cadence, including our Rubin platform. We began shipping production units of our new Blackwell Ultra platforms including GB300 in the second quarter of fiscal year 2026. The complexity of our product transitions and sophisticated system configurations has and may in the future cause delays in production and create challenges in managing supply and demand. This could further result in revenue volatility, quality issues, increased inventory provisions, decreases in product yields and higher material costs, and/or increased warranty costs. Customers may postpone purchasing new architectures or may adopt new technologies more gradually than anticipated, affecting our revenue timing and supply chain expenses.

In April 2025, the USG informed us that a license is required for exports of our H20 product into the China market. As a result of these requirements, we incurred a $4.5 billion charge in the first quarter of fiscal year 2026 associated with H20 for excess inventory and purchase obligations, as the demand for H20 diminished. In August 2025, the USG granted licenses that would allow us to ship certain H20 products to certain China-based customers. We generated approximately $60 million in H20 revenue under those licenses.

In February 2026, the USG granted a license that would allow us to ship small amounts of H200 products to specific China-based customers. To date, we have not generated any revenue under the H200 licensing program, and do not yet know whether any imports will be allowed into China. The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.

The recent rise in high-quality open-source foundation models is making advanced AI capabilities broadly accessible. Open-source AI is dependent on developer adoption and if deployed on our competitors’ platforms, it could reduce demand for our products and services.

While currently our supply chain is mainly concentrated in Asia, we are expanding into the U.S. and Latin America. These moves are expected to strengthen our supply chain, add resiliency and redundancy, and meet the growing demand for AI infrastructure. Our ability to increase manufacturing capabilities will depend on the local region's manufacturing ecosystem's capacity to ramp production supply to the required volume and on a timely basis.

36

Table of Contents

We have made, and expect to continue making, investments that support our technology roadmap and the broader AI ecosystem. In fiscal year 2026, we made the following investments:

•We invested $17.5 billion in private companies and infrastructure funds, primarily to support early‑stage startups. These investments include AI model makers that purchase our products directly or through CSPs. Many of these investments are illiquid and non‑marketable. The related early-stage startups may not become profitable in the near term, or at all, and there can be no assurance that we will realize a return on our investments.

•We made investments in publicly-held equity securities where the value may fluctuate significantly due to changes in stock prices and could adversely affect our financial results.

•To support the build-out of complex datacenter infrastructures, we enter into commercial arrangements, including guarantees with partners. We provided $3.5 billion in land, power, and shell guarantees to early‑stage companies, generally over multi‑year periods. If the escrow and the partners' operating activities are not sufficient to cover an event of default under these guarantees, we may elect to assume the underlying leases for internal use or sublease them to third parties.

Macroeconomic factors, including tariffs, inflation, interest rate changes, capital market volatility, global supply chain constraints, and global economic and geopolitical developments, have direct and indirect impacts on our results of operations, particularly demand for our products. While difficult to isolate and quantify, these macroeconomic factors impact our supply chain and manufacturing costs, employee wages, costs for capital equipment, the value of our investments, revenue and competitive position. Our product and solution pricing generally does not fluctuate with short-term changes in our costs. Within our supply chain, we continuously manage product availability and costs with our vendors.

Refer to “Item 1A. Risk Factors – Risks Related to Regulatory, Legal, Our Stock and Other Matters” for a further discussion of the potential impact of these factors on our business.

Fiscal Year 2026 Summary

[[GREPCENT_TABLE]]
[["","Year Ended"],["","Jan 25, 2026","","Jan 26, 2025","","Change"],["","($ in millions, except per share data)"],["Revenue","$","215,938","","","$","130,497","","","Up 65%"],["Gross margin","71.1","%","","75.0","%","","-3.9 pts"],["Operating expenses","$","23,076","","","$","16,405","","","Up 41%"],["Operating income","$","130,387","","","$","81,453","","","Up 60%"],["Net income","$","120,067","","","$","72,880","","","Up 65%"],["Net income per diluted share","$","4.90","","","$","2.94","","","Up 67%"]]
[[/GREPCENT_TABLE]]

Revenue for fiscal year 2026 was $215.9 billion, up 65% from a year ago.

Data Center revenue for fiscal year 2026 was up 68% from a year ago. The strong year-on-year growth was driven by the major platform shifts – accelerated computing and AI.

Gaming revenue for fiscal year 2026 was up 41% from a year ago, driven by strong Blackwell demand. We expect supply constraints to be a headwind to Gaming in the first quarter of fiscal 2027 and beyond.

Professional Visualization revenue for fiscal year 2026 was up 70% from a year ago, driven by exceptional demand for Blackwell as well as the launch of our new DGX Spark.

Automotive revenue for fiscal year 2026 was up 39% from a year ago, driven by continued adoption of our self-driving platforms.

Gross margin decreased in fiscal year 2026 as our business model transitioned from offering Hopper HGX systems to Blackwell full-scale datacenter solutions. The gross margin decrease was also impacted by a $4.5 billion charge associated with H20 excess inventory and purchase obligations.

Operating expenses for fiscal year 2026 were up 41% from a year ago, driven by higher compensation and benefits expenses due to employee growth and compute and infrastructure costs.

37

Table of Contents

Critical Accounting Estimates

Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, cost of revenue, expenses and related disclosure of contingencies. Critical accounting estimates are those estimates that involve a significant level of estimation uncertainty and could have a material impact on our financial condition or results of operations. We have critical accounting estimates in the areas of inventories, income taxes, non-marketable equity securities, and revenue recognition. Refer to Note 1 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K for a summary of significant accounting policies.

Inventories

We charge cost of sales for inventory provisions to write-down our inventory to the lower of cost or net realizable value or for obsolete or excess inventory, and for excess product purchase commitments. Most of our inventory provisions relate to excess quantities of products or components, based on our inventory levels and future product purchase commitments compared to assumptions about future demand and market conditions, which requires management judgment.

Situations that may result in excess or obsolete inventory or excess product purchase commitments include changes in business and economic conditions, changes in market conditions, sudden and significant decreases in demand for our products, including potential cancellation or deferral of customer purchase orders, inventory obsolescence because of changing technology and customer requirements, new product introductions resulting in less demand for existing products or inconsistent spikes in demand, failure to estimate customer demand properly, ordering in advance of historical lead-times, government regulations and the impact of changes in future demand, or increase in demand for competitive products, including competitive actions.

The net effect on our gross margin from inventory provisions and sales of items previously written down was an unfavorable impact of 2.6% in fiscal year 2026 and 2.3% in fiscal year 2025. Our inventory and capacity purchase commitments are based on forecasts of future customer demand and consider our third-party manufacturers' lead times and constraints. Our manufacturing lead times can be and have been long, and in some cases, extended beyond twelve months for some products. We may place non-cancellable inventory orders for certain product components in advance of our historical lead times, pay premiums and provide deposits to secure future supply and capacity. We also adjust to other market factors, such as product offer

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/NVDA/mda/fy2026/
All MD&A years: /company/NVDA/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/NVDA/mda/fy2025/): filed 2025-02-26; accession 0001045810-25-000023 (https://www.sec.gov/Archives/edgar/data/1045810/000104581025000023/nvda-20250126.htm)
- [FY 2024 MD&A](/company/NVDA/mda/fy2024/): filed 2024-02-21; accession 0001045810-24-000029 (https://www.sec.gov/Archives/edgar/data/1045810/000104581024000029/nvda-20240128.htm)
- [FY 2023 MD&A](/company/NVDA/mda/fy2023/): filed 2023-02-24; accession 0001045810-23-000017 (https://www.sec.gov/Archives/edgar/data/1045810/000104581023000017/nvda-20230129.htm)
- [FY 2022 MD&A](/company/NVDA/mda/fy2022/): filed 2022-03-18; accession 0001045810-22-000036 (https://www.sec.gov/Archives/edgar/data/1045810/000104581022000036/nvda-20220130.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3674 Semiconductors & Related Devices) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/NVDA.md · JSON record: /company/NVDA.json · verified financials: /company/NVDA/financials.json / /company/NVDA/financials.csv · machine TOC for the whole site: /llms.txt