NVIDIA CORPORATION (NVDA) — DATA TABLES, FY2026
Source: Form 10-K for the fiscal year ended January 25, 2026, filed February 25, 2026. Where indicated, the 2026 Proxy Statement contained in the same Annual Review volume.
All amounts are in US$ millions unless stated otherwise. FY2026 ended January 25, 2026; FY2025 ended January 26, 2025; FY2024 ended January 28, 2024. All three were 52-week years. Share and per-share figures reflect the ten-for-one stock split of June 2024, as restated by the company. Abbreviations for sources: IS = Consolidated Statements of Income; BS = Consolidated Balance Sheets; CF = Consolidated Statements of Cash Flows; SE = Consolidated Statements of Shareholders' Equity; MD&A = Item 7; Sch. II = Schedule II Valuation and Qualifying Accounts.
Market data supplied for this report (not taken from the document): closing price on January 25, 2026 of $187.67; 24.3 billion shares outstanding as of February 20, 2026.
TABLE A — STATEMENTS
A.1 Income statement
| Item |
FY2026 |
FY2025 |
FY2024 |
Source |
| Revenue |
215,938 |
130,497 |
60,922 |
IS, Revenue |
| Cost of revenue |
62,475 |
32,639 |
16,621 |
IS, Cost of revenue |
| Gross profit |
153,463 |
97,858 |
44,301 |
IS, Gross profit |
| Research and development |
18,497 |
12,914 |
8,675 |
IS |
| Sales, general and administrative |
4,579 |
3,491 |
2,654 |
IS |
| Total operating expenses |
23,076 |
16,405 |
11,329 |
IS |
| Operating income |
130,387 |
81,453 |
32,972 |
IS |
| Interest income |
2,300 |
1,786 |
866 |
IS |
| Interest expense |
(259) |
(247) |
(257) |
IS |
| Other income, net |
9,022 |
1,034 |
237 |
IS |
| Total other income, net |
11,063 |
2,573 |
846 |
IS |
| Income before income tax |
141,450 |
84,026 |
33,818 |
IS |
| Income tax expense |
21,383 |
11,146 |
4,058 |
IS |
| Net income (no minority interests) |
120,067 |
72,880 |
29,760 |
IS |
| EPS basic ($) |
4.93 |
2.97 |
1.21 |
IS |
| EPS diluted ($) |
4.90 |
2.94 |
1.19 |
IS |
| Weighted avg. shares, basic (mn) |
24,359 |
24,555 |
24,690 |
IS; Note 4 |
| Weighted avg. shares, diluted (mn) |
24,514 |
24,804 |
24,940 |
IS; Note 4 |
| Anti-dilutive awards excluded (mn) |
41 |
51 |
150 |
Note 4 |
A.2 Balance sheet
| Item |
Jan 25, 2026 |
Jan 26, 2025 |
Source |
| Cash and cash equivalents |
10,605 |
8,589 |
BS |
| Marketable securities |
51,951 |
34,621 |
BS |
| Cash, equivalents and marketable securities |
62,556 |
43,210 |
MD&A, Liquidity |
| Accounts receivable, net |
38,466 |
23,065 |
BS |
| Inventories |
21,403 |
10,080 |
BS |
| Prepaid expenses and other current assets |
3,180 |
3,771 |
BS |
| Total current assets |
125,605 |
80,126 |
BS |
| Property and equipment, net |
10,383 |
6,283 |
BS |
| Operating lease assets |
2,867 |
1,793 |
BS |
| Goodwill |
20,832 |
5,188 |
BS |
| Intangible assets, net |
3,306 |
807 |
BS |
| Deferred income tax assets |
13,258 |
10,979 |
BS |
| Non-marketable equity securities |
22,251 |
3,387 |
BS (reclassified out of other assets for both years, Note 1) |
| Other assets |
8,301 |
3,038 |
BS |
| Total assets |
206,803 |
111,601 |
BS |
| Accounts payable |
9,812 |
6,310 |
BS |
| Accrued and other current liabilities |
21,352 |
11,737 |
BS |
| Short-term debt |
999 |
— |
BS |
| Total current liabilities |
32,163 |
18,047 |
BS |
| Long-term debt |
7,469 |
8,463 |
BS |
| Long-term operating lease liabilities |
2,572 |
1,519 |
BS |
| Other long-term liabilities |
7,306 |
4,245 |
BS |
| Total liabilities |
49,510 |
32,274 |
BS |
| Common stock |
24 |
24 |
BS |
| Additional paid-in capital |
10,118 |
11,237 |
BS |
| Accumulated other comprehensive income |
178 |
28 |
BS |
| Retained earnings |
146,973 |
68,038 |
BS |
| Total shareholders' equity (no minority interests) |
157,293 |
79,327 |
BS |
| Shares issued and outstanding (mn) |
24,304 |
24,477 |
BS; SE |
| Shares outstanding at cover date |
24.3 billion (Feb 20, 2026) |
— |
Cover page |
| Shareholders' equity, Jan 28, 2024 |
— |
42,978 (FY2024 close) |
SE |
Gross debt:
| Item |
Jan 25, 2026 |
Jan 26, 2025 |
Source |
| Senior notes, net carrying amount |
8,468 |
8,463 |
Note 11 |
| of which short-term |
999 |
— |
Note 11 |
| of which long-term |
7,469 |
8,463 |
Note 11 |
| Operating lease liabilities, present value |
2,944 |
not available (short-term portion not disclosed for FY2025) |
Note 17 |
| of which short-term (in accrued liabilities) |
372 |
not available |
Note 17 |
| Gross debt including leases |
11,412 |
not available |
Note 11 + Note 17 |
| Commercial paper outstanding |
0 |
0 |
Note 11 |
A.3 Cash flow statement
| Item |
FY2026 |
FY2025 |
FY2024 |
Source |
| Net income |
120,067 |
72,880 |
29,760 |
CF |
| Stock-based compensation |
6,386 |
4,737 |
3,549 |
CF |
| Depreciation and amortization |
2,843 |
1,864 |
1,508 |
CF |
| Gains on equity securities, net |
(8,918) |
(1,030) |
(238) |
CF |
| Deferred income taxes |
(1,424) |
(4,477) |
(2,489) |
CF |
| Other |
(287) |
(502) |
(278) |
CF |
| Accounts receivable |
(15,399) |
(13,063) |
(6,172) |
CF |
| Inventories |
(11,324) |
(4,781) |
(98) |
CF |
| Prepaid expenses and other assets |
577 |
(395) |
(1,522) |
CF |
| Accounts payable |
3,096 |
3,357 |
1,531 |
CF |
| Accrued and other current liabilities |
5,257 |
4,278 |
2,025 |
CF |
| Other long-term liabilities |
1,844 |
1,221 |
514 |
CF |
| Change in working capital (sum of the six lines) |
(15,949) |
(9,383) |
(3,722) |
CF, computed |
| Net cash from operating activities |
102,718 |
64,089 |
28,090 |
CF |
| Purchases of property, equipment and intangibles (capex) |
(6,042) |
(3,236) |
(1,069) |
CF |
| Free cash flow (CFO − capex) |
96,676 |
60,853 |
27,021 |
computed |
| Acquisitions, net of cash acquired |
(1,535) |
(1,007) |
(83) |
CF |
| Groq, Inc. |
(13,000) |
— |
— |
CF; Note 2 |
| Purchases of non-marketable equity securities |
(17,502) |
(1,486) |
(862) |
CF |
| Proceeds from sales of non-marketable equity securities |
84 |
171 |
1 |
CF |
| Purchases of marketable securities |
(40,616) |
(26,575) |
(18,211) |
CF |
| Proceeds from sales of marketable securities |
15,157 |
495 |
50 |
CF |
| Proceeds from maturities of marketable securities |
11,226 |
11,195 |
9,732 |
CF |
| Other investing |
— |
22 |
(124) |
CF |
| Net cash used in investing |
(52,228) |
(20,421) |
(10,566) |
CF |
| Proceeds from employee stock plans |
644 |
490 |
403 |
CF |
| Payments for repurchases of common stock (cash basis) |
(40,086) |
(33,706) |
(9,533) |
CF |
| Payments for employee stock plan taxes |
(7,948) |
(6,930) |
(2,783) |
CF |
| Dividends paid |
(974) |
(834) |
(395) |
CF |
| Principal payments on property, equipment and intangibles |
(101) |
(129) |
(74) |
CF |
| Repayment of debt |
— |
(1,250) |
(1,250) |
CF |
| Other financing |
(9) |
— |
(1) |
CF |
| Net cash used in financing |
(48,474) |
(42,359) |
(13,633) |
CF |
| Change in cash and cash equivalents |
2,016 |
1,309 |
3,891 |
CF |
| Cash paid for income taxes, net |
20,288 |
15,118 |
6,549 |
CF, supplemental |
| Debt issued |
0 |
0 |
0 |
CF (no issuance line) |
A.4 Segments, end markets, geography, employees
| Segment |
FY2026 revenue |
% |
FY2025 |
FY2024 |
YoY FY26 |
Source |
| Compute & Networking |
193,479 |
89.60% |
116,193 |
47,405 |
+66.5% |
Note 16 |
| Graphics |
22,459 |
10.40% |
14,304 |
13,517 |
+57.0% |
Note 16 |
| Total |
215,938 |
100.00% |
130,497 |
60,922 |
+65.5% |
Note 16 |
| Segment operating income |
FY2026 |
FY2025 |
FY2024 |
Source |
| Compute & Networking |
130,141 |
82,875 |
32,016 |
Note 16 |
| Graphics |
9,156 |
5,085 |
5,846 |
Note 16 |
| Segment total |
139,297 |
87,960 |
37,862 |
Note 16 |
| Stock-based compensation (unallocated) |
(6,386) |
(4,737) |
(3,549) |
Note 16 |
| Unallocated operating expenses |
(1,997) |
(1,171) |
(728) |
Note 16 |
| Acquisition-related and other costs |
(527) |
(599) |
(613) |
Note 16 |
| Consolidated operating income |
130,387 |
81,453 |
32,972 |
IS |
| End market |
FY2026 |
% |
FY2025 |
% |
FY2024 |
% |
YoY FY26 |
Source |
| Data Center |
193,737 |
89.72% |
115,186 |
88.27% |
47,525 |
78.01% |
+68.2% |
Note 16 |
| — Compute |
162,361 |
75.19% |
102,196 |
78.31% |
38,950 |
63.93% |
+58.9% |
Note 16 |
| — Networking |
31,376 |
14.53% |
12,990 |
9.95% |
8,575 |
14.08% |
+141.5% |
Note 16 |
| Gaming |
16,042 |
7.43% |
11,350 |
8.70% |
10,447 |
17.15% |
+41.3% |
Note 16 |
| Professional Visualization |
3,191 |
1.48% |
1,878 |
1.44% |
1,553 |
2.55% |
+69.9% |
Note 16 |
| Automotive |
2,349 |
1.09% |
1,694 |
1.30% |
1,091 |
1.79% |
+38.7% |
Note 16 |
| OEM and Other |
619 |
0.29% |
389 |
0.30% |
306 |
0.50% |
+59.1% |
Note 16 |
| Total |
215,938 |
100.00% |
130,497 |
100.00% |
60,922 |
100.00% |
+65.5% |
Note 16 |
| Geography (customer headquarters) |
FY2026 |
% |
FY2025 |
% |
FY2024 |
% |
YoY FY26 |
Source |
| United States |
149,617 |
69.29% |
77,482 |
59.37% |
31,533 |
51.76% |
+93.1% |
Note 16 |
| Taiwan |
42,345 |
19.61% |
23,600 |
18.08% |
14,912 |
24.48% |
+79.4% |
Note 16 |
| China (incl. Hong Kong) |
19,677 |
9.11% |
25,048 |
19.19% |
12,330 |
20.24% |
−21.4% |
Note 16 |
| Other |
4,299 |
1.99% |
4,367 |
3.35% |
2,147 |
3.52% |
−1.6% |
Note 16 |
| Total |
215,938 |
100.00% |
130,497 |
100.00% |
60,922 |
100.00% |
+65.5% |
Note 16 |
Geographic basis changed in Q3 FY2026 to customer headquarters location; prior periods recast (Note 16, footnote 1). The company estimates that 76% of FY2026 Data Center revenue from Taiwan-headquartered customers was attributed to end customers in the United States and Europe (Note 16, footnote 2).
| Other |
FY2026 |
Source |
| Employees |
~42,000 in 38 countries (31,000 R&D; 11,000 other) |
Item 1, Human Capital |
| Employee turnover |
3.7% |
Item 1 |
| Employees in Israel region |
~6,000 |
Item 1A |
| Direct customer concentration |
one customer 22%, another 14% of revenue (FY2025: 12%, 11%, 11%; FY2024: 13%) |
Note 16 |
| Accounts receivable concentration |
three customers 25%, 18%, 13% (FY2025: two customers 17%, 16%) |
Note 9 |
| Revenue from sales outside the US |
31% (Item 1A); customer-headquarters basis 30.71% (FY2025 40.63%; FY2024 48.24%), computed from Note 16 |
Item 1A; Note 16 |
| Long-lived assets: US / Taiwan / Israel / Other |
5,125 / 3,219 / 1,471 / 568 (FY2025: 3,626 / 1,481 / 840 / 336) |
Note 16 |
TABLE A-BIS — NOTES, AUDITOR, COMMITMENTS
Taxes (Note 13)
| Item |
FY2026 |
FY2025 |
FY2024 |
| Current tax: federal / state / foreign |
19,039 / 1,218 / 2,550 |
14,032 / 892 / 699 |
5,710 / 335 / 502 |
| Total current |
22,807 |
15,623 |
6,547 |
| Total deferred |
(1,424) |
(4,477) |
(2,489) |
| Income before tax: US / foreign |
123,181 / 18,269 |
77,456 / 6,570 |
29,495 / 4,323 |
| Effective tax rate |
15.1% |
13.3% |
12.0% |
| Cash taxes paid |
20,288 |
15,118 |
6,549 |
FY2026 rate reconciliation (new disaggregated format, adopted prospectively): statutory 21.0% = 29,704; state +258 (0.2%); Israel reduced rate on qualifying income (3,064) (−2.2%); Israel other +1,606 (1.2%); other foreign +741 (0.5%); FDDEI (4,208) (−3.0%); other cross-border (142) (−0.1%); tax credits (1,933) (−1.4%); stock-based compensation (1,475) (−1.0%); other nondeductible +29; other (133) (−0.1%); total 21,383 (15.1%).
FY2025 reconciliation: statutory 17,645; state +554; FDDEI (2,976); SBC (2,097); R&D credit (990); foreign rate differential (984); other (6); total 11,146 (13.3%). FY2024: statutory 7,102; state +120; FDDEI (1,408); SBC (741); R&D credit (431); foreign rate differential (467); other (117); total 4,058 (12.0%).
| Deferred taxes |
Jan 25, 2026 |
Jan 26, 2025 |
| Capitalized R&D |
5,436 |
6,256 |
| Net CFC tested income |
5,389 |
2,820 |
| Accruals and reserves |
3,644 |
2,058 |
| Research and other credit carryforwards |
718 |
759 |
| Operating lease liabilities |
554 |
299 |
| NOL and capital loss carryforwards |
443 |
456 |
| Other |
679 |
566 |
| Gross DTA |
16,863 |
13,214 |
| Valuation allowance |
(768) |
(1,610) |
| DTL: equity investments |
(2,227) |
(264) |
| DTL: unremitted foreign earnings |
(1,813) |
(891) |
| DTL: operating lease assets |
(533) |
(286) |
| DTL: acquired intangibles |
(38) |
(70) |
| Net DTA |
11,484 |
10,093 |
Valuation allowance: 1,610 → 768; additions 31, deductions 873 (Sch. II); release of 711 on certain state DTAs (Note 13). Unrecognized tax benefits: 1,670 (FY24 close) → 2,861 → 4,420; FY2026 movements: +1,959 current year, +57 prior years, (224) statute lapse, (157) prior-year decreases, (76) settlements; 3.7 billion would affect the ETR; accrued interest and penalties 374 (FY2025: 251). UTB including interest recorded in non-current income tax payable: 4.0 billion (MD&A). NOLs: federal 747, state 427, foreign 503; federal capital loss carryforwards 902 (expiring from FY2028); state research credits 1.4 billion. IRS examination of FY2023 and FY2024 in progress. Indefinitely reinvested earnings ~1.4 billion. Cash held outside US without accrued repatriation taxes ~1.7 billion (MD&A).
Debt (Note 11; MD&A)
| Note |
Remaining term (yrs) |
Effective rate |
Jan 25, 2026 |
Jan 26, 2025 |
| 3.20% due 2026 |
0.6 |
3.31% |
1,000 |
1,000 |
| 1.55% due 2028 |
2.4 |
1.64% |
1,250 |
1,250 |
| 2.85% due 2030 |
4.2 |
2.93% |
1,500 |
1,500 |
| 2.00% due 2031 |
5.4 |
2.09% |
1,250 |
1,250 |
| 3.50% due 2040 |
14.2 |
3.54% |
1,000 |
1,000 |
| 3.50% due 2050 |
24.2 |
3.54% |
2,000 |
2,000 |
| 3.70% due 2060 |
34.2 |
3.73% |
500 |
500 |
| Unamortized discount and costs |
|
|
(32) |
(37) |
| Net carrying amount |
|
|
8,468 |
8,463 |
Maturities: within 1 year 1,000; 1–5 years 2,750; 5–10 years 1,250; over 10 years 3,500. All notes fixed rate, unsecured senior; covenants non-financial, complied with; estimated fair value 7.5 billion (FY2025: 7.2 billion), Level 2. Commercial paper program increased from 575 to 25,000 in January 2026; none outstanding. No credit lines disclosed: not available. Convertible or exchangeable instruments: not applicable.
Stock-based compensation (Note 3)
| Item |
FY2026 |
FY2025 |
FY2024 |
| SBC in cost of revenue / R&D / SG&A |
261 / 4,676 / 1,449 |
178 / 3,423 / 1,136 |
141 / 2,532 / 876 |
| Total SBC (IS) |
6,386 |
4,737 |
3,549 |
| SBC in SE statement |
6,387 |
4,757 |
3,568 |
| RSU/PSU awards granted (mn shares) |
70 |
89 |
140 |
| Grant-date fair value of awards granted |
9,389 |
7,834 |
5,316 |
| Weighted avg. grant price ($) |
133.97 |
87.99 |
37.41 |
| ESPP shares purchased (mn) / avg. price ($) |
13 / 49.13 |
30 / 17.74 |
30 / 15.81 |
| Fair value of awards vested |
22.2 billion |
15.1 billion |
8.2 billion |
Cost by instrument type (RSU vs PSU): not available. Unearned SBC: 14.8 billion, weighted average 2.3 years (RSU/PSU) and 0.9 years (ESPP). Awards outstanding: 274 → 189 million (granted 70, vested 146, forfeited 9); 188 million vested and expected to vest. Shares available under the 2007 Plan: 1.3 billion (FY2025: 1.4 billion); 2.2 billion reserved under the ESPP.
Shares and buybacks (SE; Note 14; Item 5)
| Item |
FY2026 |
FY2025 |
FY2024 |
| Shares issued (employee plans, mn) |
160 |
203 |
265 |
| Shares withheld for taxes (mn) / amount |
51 / 7,948 |
59 / 6,930 |
72 / 2,783 |
| Shares repurchased (mn) |
282 |
310 |
211 |
| Repurchase cost (SE, incl. excise tax) |
40,388 |
34,015 |
9,746 |
| Repurchase cash (CF) |
40,086 |
33,706 |
9,533 |
| Dividends declared and paid / per share ($) |
974 / 0.04 |
834 / 0.034 |
395 / 0.016 |
| Shares outstanding at year end (mn) |
24,304 |
24,477 |
24,643 |
Remaining authorization: 58.5 billion (additional 60.0 billion approved August 26, 2025, no expiration). Q4 FY2026 repurchases: 5.6 mn at $198.89; 6.6 mn at $179.41; 7.3 mn at $186.52. After year end (Jan 26–Feb 20, 2026): 8 mn shares for 1.5 billion. December 15, 2025: 174,676 shares (~$31 million) issued in an acquisition to a key employee. Fair value of assumed equity awards: 28 (SE).
Revenue and deferred revenue (Note 9; Note 1)
| Item |
FY2026 |
FY2025 |
| Deferred revenue, opening |
1,813 |
1,337 |
| Additions (of which customer advances) |
11,137 (9.0 billion) |
5,083 (3.6 billion) |
| Recognized (of which customer advances) |
(10,378) (8.9 billion) |
(4,607) (3.7 billion) |
| Deferred revenue, closing (current 1,379 + long-term 1,193) |
2,572 |
1,813 |
| Revenue recognized from opening deferred revenue |
974 |
729 |
| Customer advances in closing balance |
160 |
81 |
RPO from contracts longer than one year: 2.3 billion (1.9 billion deferred, 390 unbilled); ~42% expected within twelve months. Disaggregation: by end market and geography as in A.4. Principal/agent split: not disclosed (not available).
Litigation and contingencies (Note 12; Item 1A)
| Matter |
Accrued |
Reasonably possible loss |
| Securities class action 4:18-cv-07669 (channel inventory and crypto, 2017–2018), remanded to district court Feb 20, 2025 |
0 |
cannot be reasonably estimated |
| Derivative suits (N.D. Cal. 4:19-cv-00341; D. Del. Lipchitz, Nelson; Del. Ch. Horanic) |
0 |
cannot be reasonably estimated |
| China antitrust regulator preliminary finding (Sept 15, 2025) on Mellanox approval terms |
not stated |
not stated |
| Competition information requests (EU, US, UK, China, South Korea; French Competition Authority) |
not stated |
not stated |
Matters closed in the year with payment: none disclosed.
Goodwill and intangibles (Notes 2, 5, 6)
Goodwill: Compute & Networking 20.5 billion, Graphics 370 (FY2025: 4.8 billion and 370); increase 15.6 billion, all to Compute & Networking; Groq 14.4 billion. Annual qualitative impairment test in Q4: no impairment; headroom not disclosed (not available).
| Intangibles |
Gross |
Accum. amort. |
Net (FY26) |
Net (FY25) |
| Acquisition-related |
5,656 |
(2,580) |
3,076 |
636 |
| Patents and licensed technology |
528 |
(298) |
230 |
171 |
| Total |
6,184 |
(2,878) |
3,306 |
807 |
Amortization: 488 (FY26), 593 (FY25), 614 (FY24). Expected: FY27 923; FY28 729; FY29 592; FY30 511; FY31 468; thereafter 83. Groq: developed technology 2.5 billion, five-year life, cost-to-recreate method; consideration 13.0 billion paid at closing plus 4 billion (including imputed interest) payable within one year; goodwill tax deductible; no customer contracts, products or equity acquired; pro forma not presented (effect not material). Accrued purchase consideration in current liabilities: 3,921 (FY2025: 9).
Fair value (Notes 7, 8)
| Jan 25, 2026 |
Level |
Fair value |
| US Treasury |
2 |
21,709 |
| Corporate debt |
2 |
15,499 |
| US agencies |
2 |
2,161 |
| Certificates of deposit |
2 |
110 |
| Foreign government bonds |
2 |
41 |
| Money market funds |
1 |
7,830 |
| Publicly-held equity (12,886 marketable + 4,840 other assets) |
1 |
17,726 |
| Total |
|
65,076 |
Level 1: 25,556; Level 2: 39,520 (FY2025 totals: 42,487, of which public equity 381). Lock-ups: 10.5 billion short-term; 4.8 billion through December 2027. Net unrealized gains on public equity held at year end: 6.6 billion (FY2025 and FY2024: not significant). Non-marketable equity (measurement alternative): opening 3,387; net additions 17,444; unrealized gains 2,369; reclassification to marketable (848); impairments and losses (101); closing 22,251. Cumulative gross unrealized gains 2.7 billion, losses 176. Gains on equity securities in IS (via CF): 8,918 / 1,030 / 238. Level 3 table: not disclosed.
Receivables, inventory, provisions (Notes 9, 12; Sch. II; MD&A)
| Item |
FY2026 |
FY2025 |
FY2024 |
| Allowance for doubtful accounts, closing |
4 |
4 |
4 |
| Sales return allowance: open / additions / deductions / close |
82 / 188 / (100) / 170 |
109 / 151 / (178) / 82 |
26 / 213 / (130) / 109 |
| Inventory: raw / WIP / finished |
3,807 / 8,822 / 8,774 |
3,408 / 3,399 / 3,273 |
not available |
| Inventory provisions in cost of revenue |
4.0 billion |
1.6 billion |
not available |
| Excess purchase obligation expense |
~3.2 billion |
~2.0 billion |
not available |
| Total provisions (incl. H20 4.5 billion in FY26) |
7.2 billion |
3.7 billion |
not available |
| Releases from sales of reserved inventory and settlements |
1.5 billion |
689 |
not available |
| Net unfavorable effect on gross margin |
2.6% |
2.3% |
not available |
| Warranty: open / additions / utilization / close |
1,290 / 2,474 / (957) / 2,807 |
306 / 1,203 / (219) / 1,290 |
82 / 278 / (54) / 306 |
Inventory valued at adjusted standard cost approximating average or FIFO; write-downs not reversed. Insurance reserves: not applicable.
Accrued and other liabilities (Note 9)
| Item |
Jan 25, 2026 |
Jan 26, 2025 |
| Customer program accruals |
5,318 |
4,880 |
| Accrued purchase consideration |
3,921 |
9 |
| Product warranty |
2,807 |
1,290 |
| Excess inventory purchase obligations |
2,739 |
2,095 |
| Taxes payable |
2,669 |
881 |
| Deferred revenue (current) |
1,379 |
837 |
| Accrued payroll |
1,146 |
848 |
| Other |
1,373 |
897 |
| Total accrued and other current |
21,352 |
11,737 |
| Long-term income tax payable |
3,958 |
2,188 |
| Long-term deferred income tax |
1,774 |
886 |
| Long-term deferred revenue |
1,193 |
976 |
| Other long-term |
381 |
195 |
| Total other long-term liabilities |
7,306 |
4,245 |
Leases, commitments, guarantees (Notes 10, 12, 17)
| Item |
Amount |
| Manufacturing, supply and capacity commitments |
95.2 billion, substantially all through FY2027 |
| Multi-year cloud service agreements |
27 billion: FY27 7; FY28 6; FY29 5; FY30 5; FY31 2; thereafter 2 (billions) |
| Investment commitments |
11.4 billion, substantially all through FY2027, subject to contingencies |
| Other commitments |
3.4 billion, majority through FY2027 |
| Leases not yet commenced (FY2027–FY2030) |
22.7 billion, terms 1.8–20 years, mainly data centers |
| Operating lease payments: FY27 / FY28 / FY29 / FY30 / FY31 / after |
493 / 485 / 457 / 381 / 314 / 1,494; total 3,624; imputed interest 680; PV 2,944 |
| Weighted avg. remaining lease term / discount rate |
8.8 years / 4.38% (FY2025: 6.5 / 4.16%) |
| Operating lease cost |
462 / 356 / 269 |
| Facility lease guarantees (in exchange for warrants) |
maximum gross 3.5 billion, 5–7 years; partner escrow 712; fair value not material |
| FX forwards notional: designated / non-designated |
1,765 / 2,332 (FY2025: 1,424 / 1,297) |
| Indemnities |
maximum not estimable; no liability recorded |
| PP&E and intangibles acquired but not paid |
820 / 525 / 170 |
Auditor and controls
| Item |
Detail |
Source |
| Auditor |
PricewaterhouseCoopers LLP, San Jose; auditor since 2004 |
Auditor's report |
| Opinions |
unqualified on financial statements and on internal control |
Auditor's report; Item 9A |
| Critical Audit Matter |
one: valuation of inventories, provisions for excess or obsolete inventory and excess product purchase commitments (inventory 21.4 billion; purchase and supply obligations 95.2 billion) |
Auditor's report |
| Material weaknesses |
none |
Item 9A |
| ERP upgrade |
phased upgrade continuing |
Item 9A |
| Audit fees / total fees |
10.2 million / 13.4 million (FY2025: 8.1 / 10.0 million) |
Proxy statement |
| Related parties |
CEO's daughter and son employed (FY2026 compensation ~1.232 million and ~1.320 million); director's son employed (~265 thousand); Huang Foundation agreement with CoreWeave for GPU compute time donated to research (108.3 million donated to date), with NVIDIA planning free engineering services to grant recipients |
Proxy statement |
| Subsequent events |
Feb 2026 H200 licence for China-based customers, no revenue yet; 8 mn shares repurchased for 1.5 billion Jan 26–Feb 20, 2026; OpenAI investment agreement being finalized, no assurance |
Item 1; Item 5; MD&A |
Ownership and compensation (proxy statement)
| Item |
Detail |
| CEO beneficial ownership (Mar 23, 2026) |
870,604,104 shares, 3.58% |
| Directors and executive officers as a group |
957,313,517 shares, 3.94% |
| Holders above 5% |
BlackRock 7.43%; Vanguard 7.31% (as reported in 13G filings) |
| Shares outstanding (Mar 23, 2026) |
24,312,141,810 |
| Incentive metrics |
Variable cash: revenue (1 year). SY PSUs: non-GAAP operating income (1 year, 4-year vesting). MY PSUs: 3-year TSR relative to S&P 500 |
| FY2026 goals |
Revenue: threshold 100.0 bn, base 130.0 bn, stretch 190.0 bn automatically reduced to 160.0 bn after H20 controls. Non-GAAP OI: 46.0 / 71.0 / 120.0 reduced to 96.0 bn |
| Achieved |
Revenue 215.9 bn; non-GAAP OI 137.3 bn; 3-year relative TSR 100th percentile (1,055%); maximum payouts |
| Non-GAAP OI reconciliation |
GAAP OI 130,387 + SBC 6,386 + acquisition-related 471 + other 56 = 137,300 (FY2025: 81,453 + 4,737 + 602 − 3 = 86,789) |
| CEO total compensation (SCT) |
36,343,830 (FY2025: 49,866,251; FY2024: 34,167,902) |
| Hedging and pledging |
prohibited by insider trading policy |
| 10b5-1 plans adopted in Q4 |
CFO: up to 500,000 shares, expiring 3/23/2027; one director: ~3,984 shares (10-K Item 9B) |
TABLE A-TER — ITEMS FOR DERIVED CALCULATIONS
| Item |
FY2026 |
FY2025 |
FY2024 |
Source |
| Depreciation and amortization (CF) |
2,843 |
1,864 |
1,508 |
CF |
| Depreciation expense |
2.4 billion |
1.3 billion |
894 |
Note 9 |
| Inventories |
21,403 |
10,080 |
not available |
BS |
| Accounts receivable, gross (net + allowance 4) |
38,470 |
23,069 |
not available |
BS; Sch. II |
| Accounts payable |
9,812 |
6,310 |
not available |
BS |
| Other current assets / other current liabilities |
3,180 / 21,352 |
3,771 / 11,737 |
not available |
BS |
| Working capital change (CF) |
(15,949) |
(9,383) |
(3,722) |
CF |
| Acquisitions net of cash, incl. Groq |
14,535 |
1,007 |
83 |
CF |
| PP&E gross / net |
16,970 / 10,383 |
10,684 / 6,283 |
not available |
Note 9 |
| Construction in process |
683 |
529 |
not available |
Note 9 |
| Capitalized software or development costs |
not disclosed |
not disclosed |
not disclosed |
— |
| R&D expense |
18,497 |
12,914 |
8,675 |
IS |
| Shares issued for cash (employee plans) / repurchased (cash) |
644 / 40,086 |
490 / 33,706 |
403 / 9,533 |
CF |
| Debt issued / repaid |
0 / 0 |
0 / 1,250 |
0 / 1,250 |
CF |
| Goodwill / intangibles |
20,832 / 3,306 |
5,188 / 807 |
not available |
BS |
| Dividend per share ($) |
0.04 |
0.034 |
0.016 |
SE |
| Shareholders' equity |
157,293 |
79,327 |
42,978 |
BS; SE |
| Retained earnings |
146,973 |
68,038 |
29,817 |
BS; SE |
| Defined benefit pension plans |
not applicable (defined contribution only; expense 442 / 314 / 255) |
|
|
Note 15 |
ARITHMETIC CHECKS (A.3)
| Check |
FY2026 |
FY2025 |
FY2024 |
Result |
| Gross profit = revenue − cost of revenue |
215,938 − 62,475 = 153,463 |
130,497 − 32,639 = 97,858 |
60,922 − 16,621 = 44,301 |
ties |
| Operating expenses = R&D + SG&A |
18,497 + 4,579 = 23,076 |
12,914 + 3,491 = 16,405 |
8,675 + 2,654 = 11,329 |
ties |
| Operating income = gross profit − opex |
153,463 − 23,076 = 130,387 |
97,858 − 16,405 = 81,453 |
44,301 − 11,329 = 32,972 |
ties |
| Other income = interest income + interest expense + other |
2,300 − 259 + 9,022 = 11,063 |
1,786 − 247 + 1,034 = 2,573 |
866 − 257 + 237 = 846 |
ties |
| Pre-tax = operating income + other income |
130,387 + 11,063 = 141,450 |
81,453 + 2,573 = 84,026 |
32,972 + 846 = 33,818 |
ties |
| Net income = pre-tax − tax |
141,450 − 21,383 = 120,067 |
84,026 − 11,146 = 72,880 |
33,818 − 4,058 = 29,760 |
ties |
| Diluted EPS = NI / diluted shares |
120,067 / 24,514 = 4.898 → 4.90 |
72,880 / 24,804 = 2.938 → 2.94 |
29,760 / 24,940 = 1.193 → 1.19 |
ties |
| Segments = revenue |
193,479 + 22,459 = 215,938 |
116,193 + 14,304 = 130,497 |
47,405 + 13,517 = 60,922 |
ties, no residual |
| End markets = revenue |
193,737 + 16,042 + 3,191 + 2,349 + 619 = 215,938 |
115,186 + 11,350 + 1,878 + 1,694 + 389 = 130,497 |
47,525 + 10,447 + 1,553 + 1,091 + 306 = 60,922 |
ties |
| Data Center = compute + networking |
162,361 + 31,376 = 193,737 |
102,196 + 12,990 = 115,186 |
38,950 + 8,575 = 47,525 |
ties |
| Geography = revenue |
149,617 + 42,345 + 19,677 + 4,299 = 215,938 |
77,482 + 23,600 + 25,048 + 4,367 = 130,497 |
31,533 + 14,912 + 12,330 + 2,147 = 60,922 |
ties |
| Geographic percentages sum to 100% |
69.29 + 19.61 + 9.11 + 1.99 = 100.00 |
59.37 + 18.08 + 19.19 + 3.35 = 99.99 (rounding) |
51.76 + 24.48 + 20.24 + 3.52 = 100.00 |
ties within rounding |
| Segment OI − unallocated = consolidated OI |
139,297 − 6,386 − 1,997 − 527 = 130,387 |
87,960 − 4,737 − 1,171 − 599 = 81,453 |
37,862 − 3,549 − 728 − 613 = 32,972 |
ties |
| Debt = sum of notes − discount |
8,500 − 32 = 8,468 |
8,500 − 37 = 8,463 |
— |
ties |
| Debt maturities |
1,000 + 2,750 + 1,250 + 3,500 − 32 = 8,468 |
— |
— |
ties |
| Free cash flow = CFO − capex |
102,718 − 6,042 = 96,676 |
64,089 − 3,236 = 60,853 |
28,090 − 1,069 = 27,021 |
computed |
| CFO = NI + non-cash items + working capital |
120,067 + 6,386 + 2,843 − 8,918 − 1,424 − 287 − 15,949 = 102,718 |
72,880 + 4,737 + 1,864 − 1,030 − 4,477 − 502 − 9,383 = 64,089 |
29,760 + 3,549 + 1,508 − 238 − 2,489 − 278 − 3,722 = 28,090 |
ties |
| CFO + CFI + CFF = change in cash |
102,718 − 52,228 − 48,474 = 2,016 |
64,089 − 20,421 − 42,359 = 1,309 |
28,090 − 10,566 − 13,633 = 3,891 |
ties |
| Total assets = liabilities + equity |
49,510 + 157,293 = 206,803 |
32,274 + 79,327 = 111,601 |
— |
ties |
| Current assets |
10,605 + 51,951 + 38,466 + 21,403 + 3,180 = 125,605 |
8,589 + 34,621 + 23,065 + 10,080 + 3,771 = 80,126 |
— |
ties |
| Shares outstanding roll-forward |
24,477 + 160 − 51 − 282 = 24,304 |
24,643 + 203 − 59 − 310 = 24,477 |
24,661 + 265 − 72 − 211 = 24,643 |
ties |
| Non-GAAP OI |
130,387 + 6,386 + 471 + 56 = 137,300 |
81,453 + 4,737 + 602 − 3 = 86,789 |
— |
ties (proxy statement) |
| Deferred revenue roll-forward |
1,813 + 11,137 − 10,378 = 2,572 |
1,337 + 5,083 − 4,607 = 1,813 |
— |
ties |
| Warranty roll-forward |
1,290 + 2,474 − 957 = 2,807 |
306 + 1,203 − 219 = 1,290 |
82 + 278 − 54 = 306 |
ties |
| Non-marketable roll-forward |
3,387 + 17,444 + 2,369 − 848 − 101 = 22,251 |
1,321 + 1,309 + 816 − 59 = 3,387 |
— |
ties |
| Tax rate reconciliation (FY26) |
29,704 + 258 − 3,064 + 1,606 + 741 − 4,208 − 142 − 1,933 − 1,475 + 29 − 133 = 21,383 |
— |
— |
ties |
| Lease PV |
3,624 − 680 = 2,944; 2,944 − 372 = 2,572 |
— |
— |
ties |
| Intangible amortization schedule |
923 + 729 + 592 + 511 + 468 + 83 = 3,306 |
— |
— |
ties |
Two differences between bases are recorded rather than errors: SBC is 6,386 in the cash flow statement and 6,387 in the equity statement (FY2025: 4,737 vs 4,757; FY2024: 3,549 vs 3,568); repurchases are 40,388 at cost in the equity statement and 40,086 in cash in the cash flow statement. The document states that the excise tax is included in repurchase cost; it does not reconcile the remainder.
Data tables based on the NVIDIA Corporation Form 10-K for the fiscal year ended January 25, 2026, filed February 25, 2026, and on the 2026 Proxy Statement where indicated. For analysis only; not investment advice.