What changed in this filing

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Item 1. Financial Statements

2025-05-28 compared with 2024-11-20 · 223 added, 277 removed, 451 unchanged (53% of the section changed)

3 unchanged sentences

(In millions, except per share data)

Three Months Ended Nine Months Ended

Oct 27, 2024 Oct 29, 2023 Oct 27, 2024 Oct 29, 2023

Three Months Ended

Apr 27, 2025 Apr 28, 2024

Revenue $ 44,062 $ 26,044

8 unchanged sentences

Interest expense ( 63 ) ( 64 )

Other, net 36 ( 66 ) 301 ( 24 )

Other income (expense), net

447 105 1,390 354

Total other income (expense), net

Income before income tax 21,910 17,279

11 unchanged sentences

(In millions)

Three Months Ended Nine Months Ended

Oct 27, 2024 Oct 29, 2023 Oct 27, 2024 Oct 29, 2023

Three Months Ended

Apr 27, 2025 Apr 28, 2024

Net income $ 18,775 $ 14,881

1 unchanged sentence

Available-for-sale securities:

Net change in unrealized gain 49 — 71 7

Net change in unrealized gain (loss) 139 ( 128 )

Cash flow hedges:

8 unchanged sentences

(In millions)

Oct 27, 2024 Jan 28, 2024

Apr 27, 2025 Jan 26, 2025

Current assets:

16 unchanged sentences

Accrued and other current liabilities 19,211 11,737

Short-term debt — 1,250

Total current liabilities 26,542 18,047

15 unchanged sentences

Condensed Consolidated Statements of Shareholders' Equity

For the Three Months Ended October 27, 2024 and October 29, 2023

Outstanding Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Total Shareholders' Equity

1 unchanged sentence

(In millions, except per share data)

Balances, Jul 28, 2024

Balances as of Jan 26, 2025

24,477 $ 24 $ 11,237 $ 28 $ 68,038 $ 79,327

2 unchanged sentences

Issuance of common stock from stock plans 50 — 370 — — 370

Tax withholding related to vesting of restricted stock units ( 15 ) — ( 1,680 ) — — ( 1,680 )

Tax withholding related to common stock from stock plans ( 13 ) — ( 1,532 ) — — ( 1,532 )

Shares repurchased ( 126 ) — ( 92 ) — ( 14,411 ) ( 14,503 )

1 unchanged sentence

— — — — ( 244 ) ( 244 )

Stock-based compensation — — 1,253 — — 1,253

Balances, Oct 27, 2024

24,508 $ 25 $ 11,821 $ 103 $ 53,950 $ 65,899

Balances, Jul 30, 2023

24,692 $ 25 $ 12,606 $ ( 51 ) $ 14,921 $ 27,501

Net income — — — — 9,243 9,243

Other comprehensive loss — — — ( 37 ) — ( 37 )

Issuance of common stock from stock plans 71 — 157 — — 157

Tax withholding related to vesting of restricted stock units ( 18 ) — ( 764 ) — — ( 764 )

Shares repurchased ( 83 ) — ( 14 ) — ( 3,705 ) ( 3,719 )

Cash dividends declared and paid ($ 0.004 per common share)

Fair value of partially vested equity awards assumed in connection with acquisitions

— — 22 — — 22

Stock-based compensation — — 1,470 — — 1,470

Balances, Oct 29, 2023

24,662 $ 25 $ 12,968 $ ( 88 ) $ 20,360 $ 33,265

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Shareholders' Equity

For the Nine Months Ended October 27, 2024 and October 29, 2023

Outstanding Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Total Shareholders' Equity

Shares Amount

(In millions, except per share data)

Balances, Jan 28, 2024

24,643 $ 25 $ 13,109 $ 27 $ 29,817 $ 42,978

Net income — — — — 50,789 50,789

Other comprehensive income — — — 76 — 76

Issuance of common stock from stock plans 165 — 489 — — 489

Tax withholding related to vesting of restricted stock units ( 46 ) — ( 5,068 ) — — ( 5,068 )

Shares repurchased ( 254 ) — ( 141 ) — ( 26,067 ) ( 26,208 )

Cash dividends declared and paid ($ 0.024 per common share)

Balances as of Apr 27, 2025

24,388 $ 24 $ 11,475 $ 186 $ 72,158 $ 83,843

Stock-based compensation — — 3,432 — — 3,432

Balances, Oct 27, 2024 24,508 $ 25 $ 11,821 $ 103 $ 53,950 $ 65,899

Balances, Jan 29, 2023

Balances as of Jan 28, 2024

24,643 $ 25 $ 13,109 $ 27 $ 29,817 $ 42,978

2 unchanged sentences

Issuance of common stock from stock plans 73 — 285 — — 285

Tax withholding related to vesting of restricted stock units ( 54 ) — ( 1,942 ) — — ( 1,942 )

Tax withholding related to common stock from stock plans ( 19 ) — ( 1,752 ) — — ( 1,752 )

Shares repurchased ( 99 ) — ( 33 ) — ( 8,002 ) ( 8,035 )

2 unchanged sentences

Stock-based compensation — — 1,019 — — 1,019

Balances, Oct 29, 2023 24,662 $ 25 $ 12,968 $ ( 88 ) $ 20,360 $ 33,265

Balances as of Apr 28, 2024

24,598 $ 25 $ 12,628 $ ( 109 ) $ 36,598 $ 49,142

See accompanying Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(In millions)

Nine Months Ended

Oct 27, 2024 Oct 29, 2023

Three Months Ended

Apr 27, 2025 Apr 28, 2024

Cash flows from operating activities:

3 unchanged sentences

Depreciation and amortization 611 410

(Gains) losses on investments in non-affiliated entities and publicly-held equity securities, net ( 302 ) 24

(Gains) losses on non-marketable equity securities and publicly-held equity securities, net 175 ( 69 )

Deferred income taxes ( 2,177 ) ( 1,577 )

11 unchanged sentences

Proceeds from sales of marketable securities 467 149

Proceeds from sales of investments in non-affiliated entities 171 —

Proceeds from sales of non-marketable equity securities — 55

Purchases of marketable securities ( 6,546 ) ( 9,303 )

Purchases related to property and equipment and intangible assets ( 1,227 ) ( 369 )

Purchases of investments in non-affiliated entities ( 1,008 ) ( 897 )

Purchases of non-marketable equity securities ( 649 ) ( 190 )

Acquisitions, net of cash acquired ( 383 ) ( 39 )

3 unchanged sentences

Payments related to repurchases of common stock ( 14,095 ) ( 7,740 )

Payments related to tax on restricted stock units ( 5,068 ) ( 1,942 )

Repayment of debt ( 1,250 ) ( 1,250 )

Payments related to employee stock plan taxes

( 1,532 ) ( 1,752 )

Dividends paid ( 244 ) ( 98 )

Principal payments on property and equipment and intangible assets ( 52 ) ( 40 )

Other — ( 1 )

Net cash used in financing activities ( 15,553 ) ( 9,345 )

Change in cash, cash equivalents, and restricted cash 1,827 2,130

Cash, cash equivalents, and restricted cash at beginning of period 7,280 3,389

Cash, cash equivalents, and restricted cash at end of period $ 9,107 $ 5,519

Supplemental disclosure of cash flow information:

Cash paid for income taxes, net $ 10,989 $ 4,676

Change in cash and cash equivalents 6,645 307

Cash and cash equivalents at beginning of period 8,589 7,280

Cash and cash equivalents at end of period $ 15,234 $ 7,587

See accompanying Notes to Condensed Consolidated Financial Statements.

9 unchanged sentences

The following information should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 26, 2025.

In May 2024, we announced a ten -for-one stock split, or the Stock Split, of our issued common stock, which was effected through the filing of an amendment to the Company's Restated Certificate of Incorporation, or the Amendment, with the Secretary of the State of Delaware.

In June 2024, the Company filed the Amendment to effect the Stock Split and proportionately increased the number of shares of the Company’s authorized common stock from 8.0 billion to 80.0 billion.

Shareholders of record at the close of market on June 6, 2024 received nine additional shares of common stock, distributed after the close of market on June 7, 2024.

Certain balances from the prior fiscal year have been reclassified to conform to the current period presentation.

In June 2024, we executed a ten -for-one stock split of our common stock.

All share, equity award and per share amounts presented herein have been retrospectively adjusted to reflect the stock split.

1 unchanged sentence

There have been no material changes to our significant accounting policies disclosed in Note 1 - Organization and Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 26, 2025.

We operate on a 52- or 53-week year, ending on the last Sunday in January.

Fiscal years 2025 and 2024 are both 52-week years.

The third quarters of fiscal years 2025 and 2024 were both 13-week quarters.

Fiscal years 2026 and 2025 are both 52-week years ending on the last Sunday in January.

The first quarters of fiscal years 2026 and 2025 were both 13-week quarters.

Principles of Consolidation

5 unchanged sentences

Actual results could differ materially from our estimates.

On an on-going basis, we evaluate our estimates, including those related to accounts receivable, cash equivalents and marketable securities, goodwill, income taxes, inventories and product purchase commitments, investigation and settlement costs, litigation, other contingencies, property, plant, and equipment, revenue recognition, and stock-based compensation.

These estimates are based on historical facts and other assumptions that we believe are reasonable.

On an on-going basis, we evaluate our estimates, including those related to accounts receivable, cash equivalents and marketable securities, goodwill, income taxes, inventories and product purchase commitments, investigation and settlement costs, litigation, non-marketable equity securities, other contingencies, property, plant, and equipment, restructuring and other charges, revenue recognition, and stock-based compensation.

These estimates are based on historical facts and various other assumptions that we believe are reasonable.

Recently Issued Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board, or FASB, issued a new accounting standard requiring disclosures of significant expenses in operating segments.

We expect to adopt this standard in our fiscal year 2025 annual report.

We are currently evaluating the impact of this standard on our Consolidated Financial Statements.

In December 2023, the FASB issued a new accounting standard which includes new and updated income tax disclosures, including disaggregation of rate reconciliation and income taxes paid.

We expect to adopt this standard in our fiscal year 2026 annual report.

We are currently evaluating the impact of this standard on our Consolidated Financial Statements.

In December 2023, the FASB issued a new accounting standard which includes new and updated income tax disclosures, including disaggregation of information in the rate reconciliation and income taxes paid.

We will adopt this standard in our fiscal year 2026 annual report.

We are currently assessing the effect of the adoption of this standard on our disclosures that will be included in our Form 10-K for the year ending January 25, 2026.

In November 2024, the FASB issued a new accounting standard requiring disclosures of certain additional expense information on an annual and interim basis, including, among other items, the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable.

We will adopt this standard in our fiscal year 2028 annual report.

We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements other than additional disclosures.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable.

We expect to adopt this standard in our fiscal year 2028 annual report.

We are currently evaluating the impact of this standard on our Consolidated Financial Statements.

Note 2 - Leases

Our lease obligations primarily consist of operating leases for our headquarters' campus and domestic and international offices and data centers, with lease periods expiring between fiscal years 2025 and 2036.

Future minimum lease obligations under our non-cancelable lease agreements as of October 27, 2024 were as follows:

Operating Lease Obligations

(In millions)

2025 (excluding the first nine months of fiscal year 2025)

2030 and thereafter

Less imputed interest 266

Present value of net future minimum lease payments 1,763

Less short-term operating lease liabilities 273

Long-term operating lease liabilities $ 1,490

Between the fourth quarter of fiscal year 2025 and fiscal year 2027, we expect to commence leases with future obligations of $ 4.2 billion primarily of data center and office operating leases, with lease terms of 1.5 to 15.5 years.

Operating lease expenses were $ 92 million and $ 69 million for the third quarter, and $ 258 million and $ 195 million for the first nine months, of fiscal years 2025 and 2024, respectively.

Short-term and variable lease expenses for the third quarter and first nine months of fiscal years 2025 and 2024 were not significant.

Other information related to leases was as follows:

Nine Months Ended

Oct 27, 2024 Oct 29, 2023

(In millions)

Supplemental cash flows information

Operating cash flow used for operating leases $ 227 $ 200

Operating lease assets obtained in exchange for lease obligations $ 679 $ 439

As of October 27, 2024, our operating leases have a weighted average remaining lease term of 6.5 years and a weighted average discount rate of 4.15 %.

As of January 28, 2024, our operating leases had a weighted average remaining lease term of 6.1 years and a weighted average discount rate of 3.76 %.

Note 2 - Stock-Based Compensation

Stock-based compensation expense is associated with restricted stock units, or RSUs, performance stock units, or PSUs, that are based on our corporate financial performance targets, market-based PSUs that are performance stock units based on our performance compared to market performance, and the employee stock purchase plan, or ESPP.

Condensed Consolidated Statements of Income include stock-based compensation expense, net of amounts capitalized into inventory and subsequently recognized to cost of revenue, as follows:

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Three Months Ended Nine Months Ended

Oct 27, 2024 Oct 29, 2023 Oct 27, 2024 Oct 29, 2023

Stock-based compensation expense includes restricted stock units, or RSUs, performance stock units, or PSUs, market-based PSUs, and our employee stock purchase plan, or ESPP.

Condensed Consolidated Statements of Income include stock-based compensation expense, net of amounts capitalized into inventory, as follows:

Three Months Ended

Apr 27, 2025 Apr 28, 2024

(In millions)

12 unchanged sentences

Canceled and forfeited ( 2 ) $ 48.26

Balance as of Oct 27, 2024

As of October 27, 2024, aggregate unearned stock-based compensation expense was $ 12.4 billion, which is expected to be recognized over a weighted average period of 2.3 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP.

Balance as of Apr 27, 2025

As of April 27, 2025, aggregate unearned stock-based compensation expense was $ 15.3 billion, which is expected to be recognized over a weighted average period of 2.3 years for RSUs, PSUs, and market-based PSUs, and 1.1 years for ESPP.

Note 3 - Net Income Per Share

The following is a reconciliation of the denominator of the basic and diluted net income per share computations for the periods presented:

Three Months Ended Nine Months Ended

Oct 27, 2024 Oct 29, 2023 Oct 27, 2024 Oct 29, 2023

The following is the basic and diluted net income per share computations for the periods presented:

Three Months Ended

Apr 27, 2025 Apr 28, 2024

(In millions, except per share data)

10 unchanged sentences

Diluted net income per share was computed using the weighted average number of common and potentially dilutive shares outstanding during the period, using the treasury stock method.

Note 5 - Income Taxes

Income tax expense was $ 3.0 billion and $ 1.3 billion for the third quarter, and $ 8.0 billion and $ 2.2 billion for the first nine months, of fiscal years 2025 and 2024, respectively.

The income tax expense as a percentage of income before income

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

tax was 13.5 % and 12.2 % for the third quarter, and 13.6 % and 11.3 % for the first nine months, of fiscal years 2025 and 2024, respectively.

The effective tax rate increased primarily due to a lower percentage of tax benefits from the foreign-derived intangible income deduction relative to the increase in income before income tax and a discrete benefit in fiscal year 2024 due to an IRS audit resolution.

Effective tax rates for the first nine months of fiscal years 2025 and 2024 were lower than the U.S.

federal statutory rate of 21% due to tax benefits from the foreign-derived intangible income deduction, stock-based compensation, the U.S.

federal research tax credit, and income earned in jurisdictions that are subject to taxes lower than the U.S.

federal statutory tax rate.

Note 4 - Income Taxes

Income tax expense was $ 3.1 billion and $ 2.4 billion for the first quarter of fiscal years 2026 and 2025, respectively.

Income tax as a percentage of income before income tax was an expense of 14.3 % and 13.9 % for the first quarter of fiscal years 2026 and 2025, respectively.

The effective tax rate increased primarily due to a lower tax benefit from stock-based compensation, partially offset by an increase in tax benefit from the foreign-derived intangible income deduction.

Our effective tax rates for the first quarter of fiscal years 2026 and 2025 were lower than the U.S.

federal statutory rate of 21% primarily due to tax benefits from the foreign-derived intangible income deduction, stock-based compensation, income earned in jurisdictions that are subject to taxes at rates lower than the U.S.

federal statutory tax rate, and the U.S.

federal research tax credit.

Given our current and possible future earnings, we believe that we may release the valuation allowance associated with certain state deferred tax assets in the near term, which would decrease our income tax expense for the period the release is recorded.

2 unchanged sentences

Accordingly, our provisions on federal, state and foreign tax related matters to be recorded in the future may change as revised estimates are made or the underlying matters are settled or otherwise resolved with the respective tax authorities.

As of October 27, 2024, we do not believe that our estimates, as otherwise provided for, on such tax positions will significantly increase or decrease within the next 12 months.

Note 5 - Cash Equivalents and Marketable Securities

13 unchanged sentences

Certificates of deposit 126 — — 126 126 —

Foreign government bonds

40 1 — 41 — 41

Total debt securities with fair value adjustments recorded in other comprehensive income 51,933 218 ( 15 ) 52,136 14,930 37,206

1 unchanged sentence

Total $ 51,933 $ 218 $ ( 15 ) $ 53,387 $ 14,930 $ 38,457

(1) Fair value adjustments on publicly-held equity securities are recorded in net income.

Beginning in the second quarter of fiscal year 2025, publicly-held equity securities from investments in non-affiliated entities were classified in marketable securities on our Condensed Consolidated Balance Sheets.

Net unrealized gains on investments in publicly-held equity securities were not significant and $ 195 million for the third quarter and first nine months of fiscal year 2025, respectively.

Net unrealized gains on investments in publicly-held equity securities were not significant for the third quarter and first nine months of fiscal year 2024.

(1) The balance as of the first quarter of fiscal year 2026 includes an investment in CoreWeave, Inc., or CoreWeave, which was reclassified from non-marketable equity securities to marketable securities following public market trading.

The fair value of the investment as of April 27, 2025 was $ 1 billion and is subject to a short-term restriction on the ability to sell.

Net unrealized losses on investments in publicly-held equity securities held at period end were $ 222 million for the first quarter of fiscal year 2026.

Net unrealized gains on investments in publicly-held equity securities held at period end were not significant for the first quarter of fiscal year 2025.

NVIDIA CORPORATION AND SUBSIDIARIES

12 unchanged sentences

government agencies 2,775 7 ( 5 ) 2,777 — 2,777

Certificates of deposit 510 — — 510 294 216

Foreign government bonds 177 — — 177 137 40

Total debt securities with fair value changes recorded in other comprehensive income $ 25,684 $ 56 $ ( 16 ) $ 25,724 $ 7,020 $ 18,704

The following tables provide the breakdown of unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:

Less than 12 Months 12 Months or Greater Total

Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss

(In millions)

Corporate debt securities $ 2,967 $ ( 17 ) $ 105 $ — $ 3,072 $ ( 17 )

Debt securities issued by the U.S.

Treasury 2,562 ( 12 ) 532 — 3,094 ( 12 )

Debt securities issued by U.S.

government agencies 1,134 ( 4 ) 21 — 1,155 ( 4 )

Certificates of deposit 97 — — 97 97 —

Total debt securities with fair value adjustments recorded in other comprehensive income 42,062 100 ( 56 ) 42,106 7,866 34,240

Publicly-held equity securities

Total $ 42,062 $ 100 $ ( 56 ) $ 42,487 $ 7,866 $ 34,621

Less than 12 Months 12 Months or Greater Total

Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss

The following table provides the breakdown of unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:

Apr 27, 2025 Jan 26, 2025

Less than 12 Months Less than 12 Months

Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss

(In millions)

5 unchanged sentences

Total $ 9,950 $ ( 15 ) $ 12,422 $ ( 56 )

Gross unrealized losses related to debt securities in a continuous loss position of twelve months or greater of $ 66 million and $ 213 million as of April 27, 2025 and January 26, 2025, respectively, were not significant.

Gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

The amortized cost and estimated fair value of debt securities included in cash equivalents and marketable securities are shown below by contractual maturity.

Oct 27, 2024 Jan 28, 2024

Apr 27, 2025 Jan 26, 2025

Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value

3 unchanged sentences

Total $ 51,933 $ 52,136 $ 42,062 $ 42,106

Note 7 - Fair Value of Financial Assets and Liabilities and Investments in Non-Affiliated Entities

The fair values of our financial assets and liabilities are determined using quoted market prices of identical assets or market prices of similar assets from active markets.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 6 - Fair Value of Financial Assets and Non-marketable Equity Securities

The fair values of our financial assets are determined using quoted market prices of identical assets or market prices of similar assets from active markets.

We review fair value classification on a quarterly basis.

Pricing Category Fair Value at

Oct 27, 2024 Jan 28, 2024

Apr 27, 2025 Jan 26, 2025

(In millions)

9 unchanged sentences

Foreign government bonds Level 2 $ 41 $ 177

Other assets (Investments in non-affiliated entities):

Publicly-held equity securities Level 1 $ — $ 225

Liabilities (1)

0.584 % Notes Due 2024

Level 2 $ — $ 1,228

3.20 % Notes Due 2026

Level 2 $ 982 $ 970

1.55 % Notes Due 2028

Level 2 $ 1,139 $ 1,115

2.85 % Notes Due 2030

Level 2 $ 1,391 $ 1,367

2.00 % Notes Due 2031

Level 2 $ 1,079 $ 1,057

3.50 % Notes Due 2040

Level 2 $ 847 $ 851

3.50 % Notes Due 2050

Level 2 $ 1,556 $ 1,604

3.70 % Notes Due 2060

Level 2 $ 388 $ 403

(1) Liabilities are carried on our Condensed Consolidated Balance Sheets at their original issuance value, net of unamortized debt discount and issuance costs.

Investments in Non-Affiliated Entities

Our investments in non-affiliated entities include non-marketable equity securities, which are primarily investments in privately held companies.

Non-marketable Equity Securities

Our non-marketable equity securities are recorded in long-term other assets on our Condensed Consolidated Balance Sheets and valued under the measurement alternative.

Gains and losses on these investments, realized and unrealized, are recognized in Other income and expense, net on our Condensed Consolidated Statements of Income.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Adjustments to the carrying value of our non-marketable equity securities during the third quarter and first nine months of fiscal years 2025 and 2024 were as follows:

Three Months Ended Nine Months Ended

Oct 27, 2024 Oct 29, 2023 Oct 27, 2024 Oct 29, 2023

Gains and losses on these investments, realized and unrealized, are recognized in Other income (expense), net on our Condensed Consolidated Statements of Income.

Adjustments to the carrying value of our non-marketable equity securities during the first quarter of fiscal years 2026 and 2025 were as follows:

Three Months Ended

Apr 27, 2025 Apr 28, 2024

(In millions)

3 unchanged sentences

Unrealized gains 63 15

Reclassification (1)

Impairments and unrealized losses ( 16 ) —

Balance at end of period $ 3,240 $ 1,463

Non-marketable equity securities had cumulative gross unrealized gains of $ 374 million and cumulative gross losses and impairments of $ 74 million as of October 27, 2024.

(1) In the first quarter of fiscal year 2026, our investment in CoreWeave was reclassified from non-marketable equity securities to marketable securities following public market trading.

Non-marketable equity securities had cumulative gross unrealized gains of $ 396 million and $ 285 million, and cumulative gross unrealized losses and impairments of $ 110 million and $ 45 million on securities held as of April 27, 2025 and April 28, 2024, respectively.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 7 - Amortizable Intangible Assets and Goodwill

The components of our amortizable intangible assets are as follows:

Oct 27, 2024 Jan 28, 2024

Apr 27, 2025 Jan 26, 2025

Amount Accumulated

6 unchanged sentences

Total intangible assets $ 3,467 $ ( 2,698 ) $ 769 $ 3,349 $ ( 2,542 ) $ 807

Amortization expense associated with intangible assets was $ 149 million and $ 144 million for the third quarter, and $ 438 million and $ 471 million for the first nine months, of fiscal years 2025 and 2024, respectively.

The following table outlines the estimated amortization expense related to the net carrying amount of intangible assets as of October 27, 2024:

Amortization expense associated with intangible assets was $ 159 million and $ 143 million for the first quarter of fiscal years 2026 and 2025, respectively.

The following table outlines the estimated future amortization expense related to the net carrying amount of intangible assets as of April 27, 2025:

Future Amortization Expense

(In millions)

2025 (excluding the first nine months of fiscal year 2025)

2026 (excluding the first quarter of fiscal year 2026)

2031 and thereafter 92

In the first nine months of fiscal year 2025, goodwill increased by $ 294 million from business combinations assigned to our Compute & Networking reporting unit.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

In the first quarter of fiscal year 2026, goodwill increased by $ 310 million from acquisitions and was allocated to our Compute & Networking reporting unit.

Note 8 - Balance Sheet Components

We refer to customers who purchase products directly from NVIDIA as direct customers, such as add-in board manufacturers, distributors, original device manufacturers, or ODMs, original equipment manufacturers, or OEMs, and system integrators.

Four direct customers accounted for 18 %, 13 %, 11 % and 11 % of our accounts receivable balance as of October 27, 2024.

We have certain customers that may purchase products directly from NVIDIA and may use either internal resources or third-party system integrators to complete their build.

Three direct customers accounted for 27 %, 18 % and 12 % of our accounts receivable balance as of April 27, 2025.

Two direct customers accounted for 17 % and 16 % of our accounts receivable balance as of January 26, 2025.

Certain balance sheet components are as follows:

Oct 27, 2024 Jan 28, 2024

Apr 27, 2025 Jan 26, 2025

(In millions)

3 unchanged sentences

Total inventories (1) $ 11,333 $ 10,080

(1) We recorded an inventory provision of $ 322 million and $ 208 million for the third quarter, and $ 876 million and $ 657 million for the first nine months, of fiscal years 2025 and 2024, respectively, in cost of revenue.

Oct 27, 2024 Jan 28, 2024

(1) We recorded an inventory provision of $ 2.3 billion in cost of revenue, including $ 1.9 billion for H20 product inventory for the first quarter of fiscal year 2026.

The $ 1.9 billion inventory provision for H20 product inventory is part of the overall $ 4.5 billion charge associated with H20 product excess inventory and purchase obligations;

the remaining portion is included in excess inventory purchase obligation liabilities.

We recorded an inventory provision of $ 210 million in cost of revenue for the first quarter of fiscal year 2025.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Property and Equipment:

Property, equipment and intangible assets acquired by assuming related liabilities for the first quarter of fiscal years 2026 and 2025 were $ 408 million and $ 147 million, respectively.

Apr 27, 2025 Jan 26, 2025

Other Assets (Long Term):

(In millions)

Investments in non-affiliated entities $ 2,237 $ 1,546

Non-marketable equity securities $ 3,240 $ 3,387

Prepaid supply and capacity agreements (1) 2,079 1,747

3 unchanged sentences

Total other assets $ 6,788 $ 6,425

(1) Prepaid supply and capacity agreements of $ 3.2 billion and $ 2.5 billion were included in Prepaid expenses and other current assets as of October 27, 2024 and January 28, 2024, respectively.

Oct 27, 2024 Jan 28, 2024

(1) Prepaid supply and capacity agreements of $ 2.1 billion and $ 3.3 billion were included in Prepaid expenses and other current assets as of April 27, 2025 and January 26, 2025, respectively.

Apr 27, 2025 Jan 26, 2025

Accrued and Other Current Liabilities:

(In millions)

Customer program accruals $ 4,740 $ 2,081

Excess inventory purchase obligations (1) 1,728 1,655

Taxes payable $ 5,672 $ 881

Excess inventory purchase obligations (1) 4,310 2,095

Customer program accruals 4,261 4,880

Product warranty and return provisions 2,168 1,373

1 unchanged sentence

Accrued payroll and related expenses 748 848

Operating leases 273 228

Unsettled share repurchases 306 132

Operating leases 300 288

Licenses and royalties 144 175

1 unchanged sentence

Total accrued and other current liabilities $ 19,211 $ 11,737

(1) We recorded $ 543 million and $ 473 million for the third quarter, and $ 1.3 billion and $ 734 million for the first nine months, of fiscal years 2025 and 2024, respectively, in cost of revenue.

(1) We recorded excess inventory purchase obligation charges of $ 3.0 billion in cost of revenue, including $ 2.6 billion for H20 product orders for the first quarter of fiscal year 2026.

The $ 2.6 billion excess inventory purchase obligation charge for H20 product orders is part of the overall $ 4.5 billion charge associated with H20 product excess inventory and purchase obligations;

the remaining portion is included in Inventories.

We recorded excess inventory purchase obligation charges of $ 183 million in cost of revenue for the first quarter of fiscal year 2025.

(2) Includes customer advances and unearned revenue related to hardware support, software support, cloud services, and license and development arrangements.

The balance as of October 27, 2024 and January 28, 2024 included $ 101 million and $ 233 million of customer advances, respectively.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Oct 27, 2024 Jan 28, 2024

The balance as of April 27, 2025 and January 26, 2025 included $ 287 million and $ 81 million of customer advances, respectively.

Apr 27, 2025 Jan 26, 2025

Other Long-Term Liabilities:

1 unchanged sentence

Income tax payable (1) $ 2,509 $ 2,188

Deferred revenue (2) 833 573

Deferred income tax 1,082 886

Other 115 145

Deferred revenue (2) 1,004 976

Licenses payable 112 116

Total other long-term liabilities $ 4,884 $ 4,245

(1) Income tax payable is comprised of the long-term portion of the one-time transition tax payable, unrecognized tax benefits, and related interest and penalties.

(1) Income tax payable is comprised of unrecognized tax benefits and related interest and penalties.

(2) Includes unearned revenue related to hardware support, software support and cloud services.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Deferred Revenue

The following table shows the changes in short- and long-term deferred revenue during the first nine months of fiscal years 2025 and 2024:

Nine Months Ended

Oct 27, 2024 Oct 29, 2023

The following table shows the changes in short- and long-term deferred revenue during the first quarter of fiscal years 2026 and 2025:

Three Months Ended

Apr 27, 2025 Apr 28, 2024

(In millions)

3 unchanged sentences

Balance at end of period $ 2,078 $ 1,549

We recognized revenue of $ 585 million and $ 256 million in the first nine months of fiscal years 2025 and 2024, respectively, that were included in the prior year end deferred revenue balances.

As of October 27, 2024, revenue related to remaining performance obligations from contracts greater than one year in length was $ 1.6 billion, which includes $ 1.4 billion from deferred revenue and $ 187 million which has not yet been billed nor recognized as revenue.

(1) Deferred revenue additions includes $ 6.2 billion and $ 157 million of customer advances for the first quarter of fiscal years 2026 and 2025, respectively.

(2) Revenue recognized includes $ 6.0 billion and $ 123 million related to customer advances for the first quarter of fiscal years 2026 and 2025, respectively.

We recognized revenue of $ 265 million and $ 188 million in the first quarter of fiscal years 2026 and 2025, respectively, that were included in the prior year end deferred revenue balance.

As of April 27, 2025, revenue related to remaining performance obligations from contracts greater than one year in length was $ 1.8 billion, which includes $ 1.6 billion from deferred revenue and $ 160 million which has not yet been billed nor recognized as revenue.

Approximately 39 % of revenue from contracts greater than one year in length will be recognized over the next twelve months .

1 unchanged sentence

We utilize foreign currency forward contracts to mitigate the impact of foreign currency exchange rate movements on our operating expenses.

The foreign currency forward contracts for operating expenses are designated as cash flow hedges.

Gains or losses on the contracts are recorded in accumulated other comprehensive income or loss and reclassified to operating expense when the related operating expenses are recognized in earnings or ineffectiveness should occur.

The foreign currency forward contracts for operating expenses are designated as accounting hedges.

Gains or losses on the contracts are recorded in accumulated other comprehensive income or loss and reclassified to operating expense when the related operating expenses are recognized in earnings.

During the first quarter of fiscal years 2026 and 2025, the impact of foreign currency forward contracts designated as accounting hedges on other comprehensive income or loss was not significant and all such instruments were determined to be highly effective.

We also entered into foreign currency forward contracts mitigating the impact of foreign currency movements on monetary assets and liabilities.

1 unchanged sentence

The table below presents the notional value of our foreign currency contracts outstanding:

Oct 27, 2024 Jan 28, 2024

Apr 27, 2025 Jan 26, 2025

(In millions)

Designated as cash flow hedges $ 1,360 $ 1,168

Non-designated hedges $ 728 $ 597

The unrealized gains and losses or fair value of our foreign currency contracts were not significant as of October 27, 2024 and January 28, 2024.

Designated as accounting hedges $ 1,477 $ 1,424

Not designated as accounting hedges $ 988 $ 1,297

The unrealized gains and losses or fair value of our foreign currency contracts were not significant as of April 27, 2025 and January 26, 2025.

As of April 27, 2025, all foreign currency contracts mature within eighteen months .

The expected realized gains and losses deferred into accumulated other comprehensive income or loss related to foreign currency forward contracts within the next twelve months were not significant.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

As of October 27, 2024, all designated foreign currency contracts mature within 18 months and any unrealized gains and losses were not significant.

During the first nine months of fiscal years 2025 and 2024, the impact of derivative financial instruments designated for cash flow hedges was not significant and the instruments were determined to be highly effective.

Note 10 - Debt

2 unchanged sentences

Interest Rate Carrying Value at

Oct 27, 2024 Jan 28, 2024

Apr 27, 2025 Jan 26, 2025

(In millions)

13 unchanged sentences

35.0 3.73 % 500 500

3.70 % Notes Due 2060

35.4 3.73 % 500 500

Unamortized debt discount and issuance costs ( 36 ) ( 37 )

Net carrying amount 8,462 9,709

Less short-term portion — ( 1,250 )

Total long-term portion $ 8,462 $ 8,459

(1) We repaid the 0.584 % Notes Due 2024 in the second quarter of fiscal year 2025.

Net long-term carrying amount

$ 8,464 $ 8,463

As of April 27, 2025 and January 26, 2025, the estimated fair value of debt was $ 7.3 billion and $ 7.2 billion, respectively.

The estimated fair values are based on Level 2 inputs.

Our notes are unsecured senior obligations.

1 unchanged sentence

Our notes pay interest semi-annually.

We may redeem each of our notes prior to maturity, as defined in the applicable form of note.

We may redeem each of our notes prior to maturity, subject to a make-whole premium.

The maturity of the notes is calendar year.

As of October 27, 2024, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.

As of April 27, 2025, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.

Commercial Paper

We have a $ 575 million commercial paper program to support general corporate purposes.

As of October 27, 2024, we had no commercial paper outstanding.

As of April 27, 2025, we had no commercial paper outstanding.

Note 11 - Commitments and Contingencies

1 unchanged sentence

Our purchase obligations reflect our commitment to purchase components used to manufacture our products, including long-term supply and capacity agreements, certain software and technology licenses, other goods and services and long-lived assets.

As of October 27, 2024, we had outstanding inventory purchase and long-term supply and capacity obligations totaling $ 28.9 billion, an increase from the prior year primarily due to commitments for Blackwell capacity and components.

As of April 27, 2025, we had outstanding inventory purchase and long-term supply and capacity obligations totaling $ 29.8 billion, an increase from the prior year led by commitments, capacity and components for our Blackwell architecture.

We enter into agreements with contract manufacturers that allow them to procure inventory based upon our defined criteria, and in certain instances, these agreements are cancellable, able to be rescheduled, or adjustable for our business needs prior to placing firm orders.

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Total future purchase commitments as of October 27, 2024 are as follows:

Total future purchase commitments as of April 27, 2025 are as follows:

Purchase Commitments

(In millions)

2025 (excluding the first nine months of fiscal year 2025)

2026 (excluding the first quarter of fiscal year 2026)

2031 and thereafter

1 unchanged sentence

Accrual for Product Warranty Liabilities

The estimated amount of product warranty liabilities was $ 1.0 billion and $ 306 million as of October 27, 2024 and January 28, 2024, respectively.

The estimated amount of product warranty liabilities was $ 2.1 billion and $ 1.3 billion as of April 27, 2025 and January 26, 2025, respectively.

The estimated product returns and product warranty activity consisted of the following:

Three Months Ended Nine Months Ended

Oct 27, 2024 Oct 29, 2023 Oct 27, 2024 Oct 29, 2023

Three Months Ended

Apr 27, 2025 Apr 28, 2024

(In millions)

16 unchanged sentences

On November 15, 2023, the Ninth Circuit denied NVIDIA’s petition for rehearing en banc of the Ninth Circuit panel’s majority decision to reverse in part the dismissal of the case, which NVIDIA had filed on October 10, 2023.

On November 21, 2023, NVIDIA filed a motion with the Ninth Circuit for a stay of the mandate pending NVIDIA’s petition for a writ of certiorari in the Supreme Court of the United States and the Supreme Court’s resolution of the matter.

On December 5, 2023, the Ninth Circuit granted NVIDIA’s motion to stay the mandate.

On December 5, 2023, the Ninth Circuit granted NVIDIA’s motion to stay the mandate pending NVIDIA’s petition for a writ of certiorari in the Supreme Court of the United States and the Supreme Court’s final disposition of the matter.

NVIDIA filed a petition for a writ of certiorari on March 4, 2024.

On June 17, 2024, the Supreme Court of the United States granted NVIDIA’s petition for a writ of certiorari.

Briefing concluded on October 25, 2024 and the Supreme Court heard oral arguments on November 13, 2024.

After briefing and argument, the Supreme Court dismissed NVIDIA’s writ of certiorari as improvidently granted on December 11, 2024, and issued judgment on January 13, 2025.

On February 20, 2025, the Ninth Circuit’s judgment, entered August 25, 2023 and corrected August 28, 2023, took effect, and the case was remanded to the district court for further proceedings.

NVIDIA CORPORATION AND SUBSIDIARIES

2 unchanged sentences

On February 22, 2022, the court administratively closed the case, but stated that it would reopen the case once the appeal in the In Re NVIDIA Corporation Securities Litigation action is resolved.

The stay remains in place.

The case has not yet been reopened by the court.

The lawsuit asserts claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, waste of corporate assets, and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand.

2 unchanged sentences

Huang, et al.

1:19-cv-01795-UNA) and Nelson v.

1:19-cv-01798- UNA), remain stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action.

1:19-cv-01795-MN) and Nelson v.

1:19-cv-01798-MN), were stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action.

On February 5, 2025, after the Supreme Court issued its judgment dismissing the Company’s petition for writ of certiorari as improvidently granted in the In Re NVIDIA Corporation Securities Litigation action, the district court extended the stay for 30 days while the parties discuss next steps and ordered the parties to file a joint status report by March 7, 2025.

On March 7, 2025, the district court adopted the parties' stipulation to extend the stay until the final and complete resolution of the In Re NVIDIA Corporation Securities Litigation action.

The lawsuits assert claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, insider trading, misappropriation of information, corporate waste and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false, and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand.

7 unchanged sentences

Accounting for Loss Contingencies

As of October 27, 2024, there are no accrued contingent liabilities associated with the legal proceedings described above based on our belief that liabilities, while possible, are not probable.

Further, except as described above, any possible loss or range of loss in these matters cannot be reasonably estimated at this time.

As of April 27, 2025, there are no accrued contingent liabilities associated with the legal proceedings described above based on our belief that liabilities, while reasonably possible, are not probable.

Further, any possible loss or range of loss in these matters cannot be reasonably estimated at this time.

We are engaged in legal actions not described above arising in the ordinary course of business and, while there can be no assurance of favorable outcomes, we believe that the ultimate outcome of these actions will not have a material adverse effect on our operating results, liquidity or financial position.

1 unchanged sentence

Capital Return Program

We repurchased 92 million and 83 million shares of our common stock for $ 11.1 billion and $ 3.7 billion during the third quarter, and 254 million and 159 million shares of our common stock for $ 26.2 billion and $ 7 billion during the first nine months, of fiscal years 2025 and 2024, respectively.

On August 26, 2024, our Board of Directors approved an additional $ 50 billion to our share repurchase authorization, without expiration.

As of October 27, 2024, we were authorized, subject to certain specifications, to repurchase up to $ 46.4 billion of our common stock.

We repurchased 126 million and 99 million shares of our common stock for $ 14.5 billion and $ 8.0 billion during the first quarter of fiscal years 2026 and 2025, respectively.

As of April 27, 2025, we were authorized, subject to certain specifications, to repurchase up to $ 24.3 billion of our common stock.

From April 28, 2025 through May 23, 2025, we repurchased 19 million shares for $ 2.3 billion pursuant to a pre-established trading plan.

Our share repurchase program aims to offset dilution from shares issued to employees while maintaining adequate liquidity to meet our operating requirements.

We may pursue additional share repurchases as we weigh market factors and other investment opportunities.

From October 28, 2024 through November 15, 2024, we repurchased 19 million shares for $ 2.7 billion pursuant to a pre-established trading plan.

We paid cash dividends to our shareholders of $ 245 million and $ 99 million during the third quarter, and $ 589 million and $ 296 million during the first nine months, of fiscal years 2025 and 2024, respectively.

Our cash dividend program and the payment of future cash dividends under that program are subject to our Board of Directors' continuing determination that the dividend program and the declaration of dividends thereunder are in the best interests of our shareholders.

We paid cash dividends to our shareholders of $ 244 million and $ 98 million during the first quarter of fiscal years 2026 and 2025, respectively.

The payment of future cash dividends is subject to our Board of Directors' continuing determination that the declaration of dividends is in the best interests of our shareholders.

Note 13 - Segment Information

Our Chief Executive Officer is our chief operating decision maker, or CODM, and reviews financial information presented on an operating segment basis for purposes of making decisions and assessing financial performance.

Our CODM assesses operating performance of each segment based on regularly provided segment revenue and segment operating income.

Operating results by segment include costs or expenses directly attributable to each segment, and costs or

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

expenses that are leveraged across our unified architecture and therefore allocated between our two segments.

Our CODM reviews expenses on a consolidated basis, and expenses attributable to each segment are not regularly provided to our CODM.

The Compute & Networking segment includes our Data Center accelerated computing platforms and artificial intelligence, or AI, solutions and software;

6 unchanged sentences

automotive platforms for infotainment systems;

and Omniverse Enterprise software for building and operating 3D internet applications.

Operating results by segment include costs or expenses directly attributable to each segment, and costs or expenses that are leveraged across our unified architecture and therefore allocated between our two segments.

The “All Other” category includes the expenses that our CODM does not assign to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance.

and Omniverse Enterprise software for building and operating industrial AI and digital twin applications.

The “All Other” category includes the expenses that are not allocated to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance.

The expenses include stock-based compensation expense, corporate infrastructure and support costs, acquisition-related and other costs, and other non-recurring charges and benefits that our CODM deems to be enterprise in nature.

Our CODM does not review any information regarding total assets on a reportable segment basis.

Depreciation and amortization expenses directly attributable to each reportable segment are included in operating results for each segment.

However, our CODM does not review depreciation and amortization expense by operating segment and, therefore, it is not separately presented.

There are no intersegment transactions.

The accounting policies for segment reporting are the same as for our consolidated financial statements.

2 unchanged sentences

(In millions)

Three Months Ended Oct 27, 2024

Revenue $ 31,036 $ 4,046 $ — $ 35,082

Operating income (loss) $ 22,081 $ 1,502 $ ( 1,714 ) $ 21,869

Three Months Ended Oct 29, 2023

Revenue $ 14,645 $ 3,475 $ — $ 18,120

Operating income (loss) $ 10,262 $ 1,493 $ ( 1,338 ) $ 10,417

Nine Months Ended Oct 27, 2024

Three Months Ended Apr 27, 2025

Revenue $ 39,589 $ 4,473 $ — $ 44,062

Other segment items (1) 17,535 2,833

Operating income (loss) $ 22,054 $ 1,640 $ ( 2,056 ) $ 21,638

Nine Months Ended Oct 29, 2023

Three Months Ended Apr 28, 2024

Revenue $ 22,675 $ 3,369 $ — $ 26,044

Other segment items (1) 5,628 2,128

Operating income (loss) $ 17,047 $ 1,241 $ ( 1,379 ) $ 16,909

Three Months Ended Nine Months Ended

Oct 27, 2024 Oct 29, 2023 Oct 27, 2024 Oct 29, 2023

(1) Other segment items for the Compute & Networking and Graphics reportable segments primarily include product costs and inventory provisions, compensation and benefits excluding stock-based compensation expense, compute and infrastructure expenses, and engineering development costs.

Depreciation and amortization expense attributable to our Compute and Networking segment for the first quarter of fiscal years 2026 and 2025 was $ 296 million and $ 146 million, respectively.

Depreciation and amortization expense attributable to our Graphics segment for the first quarter of fiscal years 2026 and 2025 was $ 109 million and $ 86 million, respectively.

Acquisition-related intangible amortization expense is not allocated to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance and is included in “All Other”.

Three Months Ended

Apr 27, 2025 Apr 28, 2024

(In millions)

9 unchanged sentences

The end customer and shipping location may be different from our customer’s billing location.

For example, most shipments associated with Singapore revenue were to locations other than Singapore and shipments to Singapore were insignificant.

Revenue by geographic area was as follows:

Three Months Ended Nine Months Ended

Oct 27, 2024 Oct 29, 2023 Oct 27, 2024 Oct 29, 2023

Three Months Ended

Apr 27, 2025 Apr 28, 2024

(In millions)

Geographic Revenue based upon Customer Billing Location:

United States $ 20,739 $ 13,496

Singapore (1) 9,017 4,037

China (including Hong Kong) 5,416 4,030 11,574 8,360

Taiwan 7,158 4,373

Other countries 2,016 753 5,652 2,255

China (including Hong Kong) 5,522 2,491

Other 1,626 1,647

Total revenue $ 44,062 $ 26,044

(1) Singapore represented 20 % of the first quarter of fiscal year 2026 total revenue based upon customer billing location.

Customers use Singapore to centralize invoicing while our products are almost always shipped elsewhere.

Over 99 % of controlled Data Center compute revenue billed to Singapore was for orders from U.S.-based customers.

Controlled Data Center compute refers to the following NVIDIA products, and any others we develop that meet the characteristics of Export Control Classification Numbers 3A090.a or 4A090.a, including but not limited to:

A100, A800, H100, H200, H800, B100, B200, GB200, L4, L40S, and RTX 6000 Ada.

Revenue from sales to customers outside of the United States accounted for 53 % and 48 % of total revenue for the first quarter of fiscal years 2026 and 2025, respectively.

We refer to customers who purchase products directly from NVIDIA as direct customers, such as add-in board manufacturers, distributors, ODMs, OEMs, and system integrators.

1 unchanged sentence

We also have indirect customers, who purchase products through our direct customers;

indirect customers include cloud service providers, consumer internet companies, enterprises, and public sector entities.

Sales to direct customers which represented 10% or more of total revenue, all of which were primarily attributable to the Compute & Networking segment, are presented in the following table:

Three Months Ended Nine Months Ended

Oct 27, 2024 Oct 27, 2024

Customer A 12 % *

Customer B 12 % 11 %

Customer C 12 % 11 %

Customer D * 12 %

* Less than 10% of total revenue

The customer references of A-D above may represent different customers than those reported in a previous period.

Sales to one direct customer represented 12 % of total revenue for the third quarter of fiscal year 2024, and sales to a second direct customer represented 11 % of total revenue for the first nine months of fiscal year 2024, both of which were attributable to the Compute & Networking segment.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

indirect customers include cloud service providers, or CSPs, consumer internet companies, enterprises, and public sector entities.

Sales to one direct customer, Customer A, represented 16 % of total revenue and sales to a second direct customer, Customer B, represented 14 % of total revenue for the first quarter of fiscal year 2026, both of which were attributable to the Compute & Networking segment.

Sales to two direct customers represented 11 % and 13 % of total revenue for the first quarter of fiscal year 2025, both of which were attributable to the Compute & Networking segment.

The following table summarizes revenue by specialized markets:

Three Months Ended Nine Months Ended

Oct 27, 2024 Oct 29, 2023 Oct 27, 2024 Oct 29, 2023

Three Months Ended

Apr 27, 2025 Apr 28, 2024

(In millions)

Revenue by End Market:

Data Center $ 39,112 $ 22,563

6 unchanged sentences

Total revenue $ 44,062 $ 26,044

Note 14 - Leases

Future minimum lease obligations under our non-cancelable lease agreements as of April 27, 2025 were as follows:

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Operating Lease Obligations

(In millions)

2026 (excluding the first quarter of fiscal year 2026)

2031 and thereafter

Less imputed interest 300

Present value of net future minimum lease payments 1,821

Less short-term operating lease liabilities 300

Long-term operating lease liabilities $ 1,521

Between the second quarter of fiscal year 2026 and fiscal year 2030, we expect to commence leases with future obligations of $ 7.4 billion primarily of data center and office operating leases, with lease terms of 2 to 15.5 years.

Operating lease expenses were $ 101 million and $ 80 million for the first quarter of fiscal years 2026 and 2025, respectively.

Short-term and variable lease expenses for the first quarter of fiscal years 2026 and 2025 were not significant.

Other information related to leases was as follows:

Three Months Ended

Apr 27, 2025 Apr 28, 2024

(In millions)

Supplemental cash flows information

Operating cash flow used for operating leases $ 96 $ 69

Operating lease assets obtained in exchange for lease obligations $ 98 $ 250

As of April 27, 2025, our operating leases have a weighted average remaining lease term of 6.7 years and a weighted average discount rate of 4.27 %.

As of January 26, 2025, our operating leases had a weighted average remaining lease term of 6.5 years and a weighted average discount rate of 4.16 %.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements