What changed in this filing

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Item 1. Financial Statements

2025-08-27 compared with 2025-05-28 · 232 added, 196 removed, 478 unchanged (47% of the section changed)

3 unchanged sentences

(In millions, except per share data)

Three Months Ended

Apr 27, 2025 Apr 28, 2024

Three Months Ended Six Months Ended

Jul 27, 2025 Jul 28, 2024 Jul 27, 2025 Jul 28, 2024

Revenue $ 46,743 $ 30,040 $ 90,805 $ 56,084

9 unchanged sentences

Other income (expense), net

2,236 189 2,055 264

Total other income (expense), net

2,766 572 3,039 942

Income before income tax 31,206 19,214 53,117 36,493

11 unchanged sentences

(In millions)

Three Months Ended

Apr 27, 2025 Apr 28, 2024

Three Months Ended Six Months Ended

Jul 27, 2025 Jul 28, 2024 Jul 27, 2025 Jul 28, 2024

Net income $ 26,422 $ 16,599 $ 45,197 $ 31,480

3 unchanged sentences

Cash flow hedges:

Net change in unrealized gain (loss) 23 ( 4 )

Reclassification adjustments for net realized loss included in net income ( 4 ) ( 4 )

Net change in unrealized gain (loss) 19 ( 8 )

Change in unrealized gain 31 23 54 20

Reclassification adjustments for net realized gain (loss) included in net income 5 ( 8 ) 1 ( 13 )

Net change in unrealized gain 36 15 55 7

Other comprehensive income (loss), net of tax ( 16 ) 165 142 29

4 unchanged sentences

(In millions)

Apr 27, 2025 Jan 26, 2025

Jul 27, 2025 Jan 26, 2025

Current assets:

36 unchanged sentences

(In millions, except per share data)

Balances as of Jan 26, 2025

Balances as of Apr 27, 2025

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

Net income — — — — 26,422 26,422

Other comprehensive income — — — 158 — 158

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

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

Other comprehensive loss — — — ( 16 ) — ( 16 )

Issuance of common stock

Tax withholding related to common stock

( 13 ) — ( 1,848 ) — — ( 1,848 )

Shares repurchased ( 67 ) — ( 59 ) — ( 9,599 ) ( 9,658 )

1 unchanged sentence

— — — — ( 244 ) ( 244 )

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

— — 22 — — 22

Stock-based compensation — — 1,632 — — 1,632

Balances as of Jul 27, 2025

24,347 $ 24 $ 11,200 $ 170 $ 88,737 $ 100,131

Balances as of Apr 28, 2024

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

Balances as of Jan 28, 2024

Net income — — — — 16,599 16,599

Other comprehensive income — — — 165 — 165

Issuance of common stock

Tax withholding related to common stock

( 11 ) — ( 1,637 ) — — ( 1,637 )

Shares repurchased ( 63 ) — ( 38 ) — ( 6,990 ) ( 7,028 )

Cash dividends declared and paid ($ 0.01 per common share)

— — — — ( 246 ) ( 246 )

Stock-based compensation — — 1,162 — — 1,162

Balances as of Jul 28, 2024

24,562 $ 25 $ 12,115 $ 56 $ 45,961 $ 58,157

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Shareholders' Equity

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

Shares Amount

(In millions, except per share data)

Balances, Jan 26, 2025

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

Net income — — — — 45,197 45,197

Other comprehensive loss — — — ( 136 ) — ( 136 )

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

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

Other comprehensive income — — — 142 — 142

Issuance of common stock

89 — 370 — — 370

Tax withholding related to common stock

( 26 ) — ( 3,380 ) — — ( 3,380 )

Shares repurchased ( 193 ) — ( 151 ) — ( 24,010 ) ( 24,161 )

1 unchanged sentence

— — — — ( 488 ) ( 488 )

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

— — 22 — — 22

Stock-based compensation — — 3,102 — — 3,102

Balances as of Apr 28, 2024

Balances as of Jul 27, 2025 24,347 $ 24 $ 11,200 $ 170 $ 88,737 $ 100,131

Balances, Jan 28, 2024

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

Net income — — — — 31,480 31,480

Other comprehensive income — — — 29 — 29

Issuance of common stock

113 — 285 — — 285

Tax withholding related to common stock

( 32 ) — ( 3,389 ) — — ( 3,389 )

Shares repurchased ( 162 ) — ( 71 ) — ( 14,992 ) ( 15,063 )

Cash dividends declared and paid ($ 0.014 per common share)

— — — — ( 344 ) ( 344 )

Stock-based compensation — — 2,181 — — 2,181

Balances as of Jul 28, 2024 24,562 $ 25 $ 12,115 $ 56 $ 45,961 $ 58,157

See accompanying Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(In millions)

Three Months Ended

Apr 27, 2025 Apr 28, 2024

Six Months Ended

Jul 27, 2025 Jul 28, 2024

Cash flows from operating activities:

3 unchanged sentences

Depreciation and amortization 1,280 843

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

Deferred income taxes ( 2,160 ) ( 3,276 )

Gains on non-marketable equity securities and publicly-held equity securities, net ( 2,073 ) ( 264 )

Other ( 196 ) ( 288 )

23 unchanged sentences

Principal payments on property and equipment and intangible assets ( 73 ) ( 69 )

Repayment of debt

Net cash used in financing activities ( 27,386 ) ( 19,665 )

2 unchanged sentences

Cash and cash equivalents at end of period $ 11,639 $ 8,571

Supplemental disclosure of cash flow information:

Cash paid for income taxes, net $ 8,451 $ 7,449

See accompanying Notes to Condensed Consolidated Financial Statements.

10 unchanged sentences

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.

Significant Accounting Policies

1 unchanged sentence

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.

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

Principles of Consolidation

11 unchanged sentences

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.

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 fiscal 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.

1 unchanged sentence

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)

Note 2 - Stock-Based Compensation

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.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

Three Months Ended Six Months Ended

Jul 27, 2025 Jul 28, 2024 Jul 27, 2025 Jul 28, 2024

(In millions)

12 unchanged sentences

Canceled and forfeited ( 5 ) $ 52.34

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.

Balance as of Jul 27, 2025

As of July 27, 2025, aggregate unearned stock-based compensation expense was $ 14.0 billion, which is expected to be recognized over a weighted average period of 2.2 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP.

Note 3 - Net Income Per Share

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

Three Months Ended Six Months Ended

Jul 27, 2025 Jul 28, 2024 Jul 27, 2025 Jul 28, 2024

(In millions, except per share data)

13 unchanged sentences

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.

Income tax expense was $ 4.8 billion and $ 2.6 billion for the second quarter, and $ 7.9 billion and $ 5.0 billion for the first half, of fiscal years 2026 and 2025, respectively.

Income tax as a percentage of income before income tax was an expense of 15.3 % and 13.6 % for the second quarter, and 14.9 % and 13.7 % for the first half, 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 foreign-derived deduction eligible income.

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

federal statutory rate of 21% primarily due to tax benefits from foreign-derived deduction eligible income, 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.

In July 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law and contains several changes to key U.S.

federal income tax laws.

As of July 27, 2025, we have recognized the tax effects of certain OBBBA provisions, which did not have a material impact on our second quarter.

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.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 5 - Cash Equivalents and Marketable 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.

The following is a summary of cash equivalents and marketable securities:

Pricing Category Amortized

Cost Unrealized

5 unchanged sentences

Debt securities issued by the U.S.

Treasury $ 23,135 $ 120 $ ( 4 ) $ 23,251 $ 5,414 $ 17,837

Corporate debt securities 19,976 85 ( 10 ) 20,051 2,868 17,183

Money market funds 6,522 — — 6,522 6,522 —

Treasury Level 2 $ 23,967 $ 76 $ ( 11 ) $ 24,032 $ 3,784 $ 20,248

Corporate debt securities Level 2 21,564 81 ( 9 ) 21,636 2,214 19,422

Money market funds Level 1 5,245 — — 5,245 5,245 —

Debt securities issued by U.S.

government agencies 2,134 12 ( 1 ) 2,145 — 2,145

Certificates of deposit 126 — — 126 126 —

government agencies Level 2 2,238 7 ( 2 ) 2,243 — 2,243

Certificates of deposit Level 2 108 — — 108 108 —

Foreign government bonds

40 1 — 41 — 41

Level 2 40 — — 40 — 40

Total debt securities with fair value adjustments recorded in other comprehensive income 53,162 164 ( 22 ) 53,304 11,351 41,953

Publicly-held equity securities (1)

Level 1 3,199 — 3,199

Total $ 53,162 $ 164 $ ( 22 ) $ 56,503 $ 11,351 $ 45,152

(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.

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

The fair value of the investment as of July 27, 2025 was $ 2.8 billion and was subject to a short-term restriction on the ability to sell.

Publicly-held equity securities are subject to market price volatility.

Net unrealized gains on investments in publicly-held equity securities held at period end were $ 1.9 billion and $ 1.7 billion for the second quarter and first half of fiscal year 2026, respectively.

Net unrealized gains on investments in publicly-held equity securities held at period end were $ 132 million and $ 181 million for the second quarter and first half of fiscal year 2025, respectively.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Pricing Category Amortized

Cost Unrealized

4 unchanged sentences

(In millions)

Corporate debt securities $ 18,504 $ 51 $ ( 29 ) $ 18,526 $ 2,071 $ 16,455

Corporate debt securities Level 2 $ 18,504 $ 51 $ ( 29 ) $ 18,526 $ 2,071 $ 16,455

Debt securities issued by the U.S.

Treasury 16,749 42 ( 22 ) 16,769 1,801 14,968

Money market funds 3,760 — — 3,760 3,760 —

Treasury Level 2 16,749 42 ( 22 ) 16,769 1,801 14,968

Money market funds Level 1 3,760 — — 3,760 3,760 —

Debt securities issued by U.S.

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

Foreign government bonds 177 — — 177 137 40

Certificates of deposit 97 — — 97 97 —

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

Foreign government bonds Level 2 177 — — 177 137 40

Certificates of deposit Level 2 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

Level 1 381 — 381

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

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

Jul 27, 2025 Jan 26, 2025

Less than 12 Months Less than 12 Months

7 unchanged sentences

Total $ 11,626 $ ( 22 ) $ 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 related to debt securities in a continuous loss position of twelve months or greater, with balances of $ 15 million and $ 213 million as of July 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.

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

Apr 27, 2025 Jan 26, 2025

Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

(In millions)

2 unchanged sentences

Total $ 53,304

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

Apr 27, 2025 Jan 26, 2025

(In millions)

Cash equivalents and marketable securities:

Money market funds Level 1 $ 6,522 $ 3,760

Publicly-held equity securities Level 1 $ 1,251 $ 381

Debt securities issued by the U.S.

Treasury Level 2 $ 23,251 $ 16,769

Corporate debt securities Level 2 $ 20,051 $ 18,526

Debt securities issued by U.S.

government agencies Level 2 $ 2,145 $ 2,777

Certificates of deposit Level 2 $ 126 $ 97

Foreign government bonds Level 2 $ 41 $ 177

Non-marketable Equity Securities

Note 6 - Fair Value of 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 (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

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

Three Months Ended Six Months Ended

Jul 27, 2025 Jul 28, 2024 Jul 27, 2025 Jul 28, 2024

(In millions)

4 unchanged sentences

Reclassification (1)

( 5 ) — ( 848 ) —

Impairments and unrealized losses ( 2 ) ( 15 ) ( 18 ) ( 15 )

Balance at end of period $ 3,799 $ 1,819 $ 3,799 $ 1,819

(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)

(1) Represents reclassifications from non-marketable equity securities to marketable securities following public market trading.

Non-marketable equity securities had cumulative gross unrealized gains of $ 661 million and $ 362 million, and cumulative gross unrealized losses and impairments of $ 93 million and $ 60 million on securities held as of July 27, 2025 and July 28, 2024, respectively.

Note 7 - Amortizable Intangible Assets and Goodwill

The components of our amortizable intangible assets are as follows:

Apr 27, 2025 Jan 26, 2025

Jul 27, 2025 Jan 26, 2025

Amount Accumulated

6 unchanged sentences

Total intangible assets $ 3,527 $ ( 2,772 ) $ 755 $ 3,349 $ ( 2,542 ) $ 807

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:

Amortization expense associated with intangible assets was $ 84 million and $ 146 million for the second quarter, and $ 243 million and $ 289 million for the first half, of fiscal years 2026 and 2025, respectively.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

Future Amortization Expense

(In millions)

2026 (excluding the first quarter of fiscal year 2026)

2026 (excluding the first half of fiscal year 2026)

2031 and thereafter 93

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

In the first half of fiscal year 2026, goodwill increased by $ 567 million from acquisitions and was allocated to our Compute & Networking reporting unit.

Note 8 - Balance Sheet Components

1 unchanged sentence

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.

Three direct customers accounted for 23 %, 19 % and 14 % of our accounts receivable balance as of July 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:

Apr 27, 2025 Jan 26, 2025

Jul 27, 2025 Jan 26, 2025

(In millions)

3 unchanged sentences

Total inventories (1) $ 14,962 $ 10,080

(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)

(1) We recorded an inventory provision of $ 886 million and $ 345 million for the second quarter of fiscal years 2026 and 2025, respectively, and $ 3.2 billion and $ 555 million for the first half of fiscal years 2026 and 2025, respectively, in cost of revenue.

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

Property, equipment and intangible assets acquired but not paid for the first half of fiscal years 2026 and 2025 were $ 1.1 billion and not significant, respectively.

Jul 27, 2025 Jan 26, 2025

Other Assets (Long Term):

6 unchanged sentences

Total other assets $ 7,216 $ 6,425

(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

(1) $ 1.8 billion and $ 3.3 billion were included in short-term Prepaid expenses and other current assets as of July 27, 2025 and January 26, 2025, respectively.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Jul 27, 2025 Jan 26, 2025

Accrued and Other Current Liabilities:

(In millions)

Taxes payable $ 5,672 $ 881

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

Customer program accruals $ 4,705 $ 4,880

Excess inventory purchase obligations (1) 3,154 2,095

Product warranty and return provisions 2,245 1,373

Deferred revenue (2) 1,074 837

Taxes payable

Accrued payroll and related expenses 1,227 848

Unsettled share repurchases 306 132

Deferred revenue (2) 980 837

Operating leases 301 288

Licenses and royalties 284 175

Unsettled share repurchases 185 132

Other 202 228

Total accrued and other current liabilities $ 15,193 $ 11,737

(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.

(1) We recorded $ 137 million and $ 563 million for the second quarter of fiscal years 2026 and 2025, respectively, and $ 3.1 billion and $ 746 million for the first half of fiscal years 2026 and 2025, respectively, in cost of revenue

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

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

The balance as of July 27, 2025 and January 26, 2025 included $ 80 million and $ 81 million of customer advances, respectively.

Jul 27, 2025 Jan 26, 2025

Other Long-Term Liabilities:

5 unchanged sentences

Total other long-term liabilities $ 6,055 $ 4,245

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

(1) Primarily 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 quarter of fiscal years 2026 and 2025:

Three Months Ended

Apr 27, 2025 Apr 28, 2024

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

Six Months Ended

Jul 27, 2025 Jul 28, 2024

(In millions)

3 unchanged sentences

Balance at end of period $ 2,035 $ 1,721

(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.

(1) Includes $ 7.5 billion and $ 770 million of customer advances for the first half of fiscal years 2026 and 2025, respectively.

(2) Includes $ 7.5 billion and $ 664 million related to customer advances for the first half of fiscal years 2026 and 2025, respectively.

We recognized revenue of $ 479 million and $ 323 million in the first half of fiscal years 2026 and 2025, respectively, that were included in the prior year end deferred revenue balance.

As of July 27, 2025, revenue related to remaining performance obligations from contracts greater than one year in length was $ 1.9 billion, which includes $ 1.8 billion from deferred revenue and $ 118 million which has not yet been billed nor recognized as revenue.

Approximately 40 % of revenue from contracts greater than one year in length will be recognized over the next twelve months .

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 9 - Derivative Financial Instruments

2 unchanged sentences

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.

During the first half 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:

Apr 27, 2025 Jan 26, 2025

Jul 27, 2025 Jan 26, 2025

(In millions)

1 unchanged sentence

Not designated as accounting hedges $ 939 $ 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 unrealized gains and losses or fair value of our foreign currency contracts were not significant as of July 27, 2025 and January 26, 2025.

As of July 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)

Note 10 - Debt

2 unchanged sentences

Interest Rate Carrying Value at

Apr 27, 2025 Jan 26, 2025

Jul 27, 2025 Jan 26, 2025

(In millions)

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$ 8,466 $ 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.

As of July 27, 2025 and January 26, 2025, the estimated fair value of debt was $ 7.4 billion and $ 7.2 billion, respectively.

The estimated fair values are based on Level 2 inputs.

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The maturity of the notes is calendar year.

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

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

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Commercial Paper

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

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

As of July 27, 2025 and January 26, 2025, we had no commercial paper outstanding.

Note 11 - Commitments and Contingencies

Purchase Obligations

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 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.

Our commitments include obligations to purchase components used to manufacture our products, including certain software and technology licenses, investments, long-lived assets, long-term supply and capacity agreements, multi-year cloud service agreements, and other goods and services.

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.

Though, changes to these agreements may result in additional costs.

Other non-inventory purchase obligations were $ 13.7 billion, including $ 10.6 billion of multi-year cloud service agreements.

We expect our cloud service agreements to primarily be used to support our research and development efforts, as well as our DGX Cloud offerings.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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

Purchase Commitments

Total future commitments as of July 27, 2025 are as follows:

(In millions)

2026 (excluding the first quarter of fiscal year 2026)

2026 (excluding the first half of fiscal year 2026)

2031 and thereafter

1 unchanged sentence

Accrual for Product Warranty Liabilities

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

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

Three Months Ended

Apr 27, 2025 Apr 28, 2024

Three Months Ended Six Months Ended

Jul 27, 2025 Jul 28, 2024 Jul 27, 2025 Jul 28, 2024

(In millions)

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The amended complaint asserted that NVIDIA and certain NVIDIA executives violated Section 10(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and SEC Rule 10b-5, by making materially false or misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand between May 10, 2017 and November 14, 2018.

Plaintiffs also alleged that the NVIDIA executives who they named as defendants violated Section 20(a) of the Exchange Act.

Plaintiffs also alleged that the

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NVIDIA executives who they named as defendants violated Section 20(a) of the Exchange Act.

Plaintiffs sought class certification, an award of unspecified compensatory damages, an award of reasonable costs and expenses, including attorneys’ fees and expert fees, and further relief as the Court may deem just and proper.

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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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The putative derivative lawsuit pending in the United States District Court for the Northern District of California, captioned 4:19-cv-00341-HSG, initially filed January 18, 2019 and titled In re NVIDIA Corporation Consolidated Derivative Litigation, was stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action.

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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.

On March 7, 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 Securities Litigation action, 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.

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The plaintiffs seek unspecified damages and other relief, including disgorgement of profits from the sale of NVIDIA stock and reform of unspecified corporate governance measures.

On August 11, 2025, the court granted the parties’ stipulation to voluntarily dismiss with prejudice plaintiff City of Westland Police and Fire Retirement System.

This derivative matter is stayed pending the final resolution of In Re NVIDIA Corporation Securities Litigation action.

Accounting for Loss Contingencies

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.

As of July 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.

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Capital Return Program

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.

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

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

We repurchased 67 million and 63 million shares of our common stock for $ 9.7 billion and $ 7.0 billion during the second quarter of fiscal years 2026 and 2025, respectively, and 193 million and 162 million shares of our common stock for $ 24.2 billion and $ 15.1 billion during the first half of fiscal years 2026 and 2025, respectively.

As of July 27, 2025, we were authorized, subject to certain specifications, to repurchase up to $ 14.7 billion of our common stock.

From July 28, 2025 through August 26, 2025, we repurchased 20 million shares for $ 3.5 billion pursuant to a pre-established trading plan.

On August 26, 2025, our Board of Directors approved an additional $ 60.0 billion in share repurchase authorization, without expiration.

As of August 26, 2025, a total of $ 71.2 billion was available for repurchase.

We paid cash dividends to our shareholders of $ 244 million and $ 246 million during the second quarter, and $ 488 million and $ 344 million during the first half, 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.

2 unchanged sentences

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.

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.

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

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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.

Certain expenses 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.

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

The table below presents details of our reportable segments and the “All Other” category.

Compute & Networking Graphics All Other Consolidated

The table below presents details of our reportable segments.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Compute & Networking Graphics Total

(In millions)

Three Months Ended Apr 27, 2025

Three Months Ended Jul 27, 2025

Revenue $ 41,331 $ 5,412 $ 46,743

1 unchanged sentence

Operating income (loss) $ 28,363 $ 2,242 $ 30,605

Three Months Ended Apr 28, 2024

Three Months Ended Jul 28, 2024

Revenue $ 26,446 $ 3,594 $ 30,040

1 unchanged sentence

Operating income (loss) $ 18,848 $ 1,369 $ 20,217

Six Months Ended Jul 27, 2025

Revenue $ 80,920 $ 9,885 $ 90,805

Other segment items (1) 30,503 6,003 36,506

Operating income (loss) $ 50,417 $ 3,882 $ 54,299

Six Months Ended Jul 28, 2024

Revenue $ 49,121 $ 6,963 $ 56,084

Other segment items (1) 13,225 4,354 17,579

Operating income (loss) $ 35,896 $ 2,609 $ 38,505

(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

Depreciation and amortization expense attributable to our Compute and Networking segment was $ 383 million and $ 161 million for the second quarter, and $ 684 million and $ 307 million for the first half, of fiscal years 2026 and 2025, respectively.

Depreciation and amortization expense attributable to our Graphics segment was $ 148 million and $ 86 million for the second quarter, and $ 252 million and $ 171 million for the first half, of fiscal years 2026 and 2025, 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.

A reconciliation of segment operating income to consolidated income before income tax for the second quarter and first half of fiscal years 2026 and 2025 were as follows:

Three Months Ended Six Months Ended

Jul 27, 2025 Jul 28, 2024 Jul 27, 2025 Jul 28, 2024

(In millions)

Reconciling items included in "All Other" category:

Segment operating income

$ 30,605 $ 20,217 $ 54,299 $ 38,505

Stock-based compensation expense ( 1,624 ) ( 1,154 ) ( 3,099 ) ( 2,164 )

1 unchanged sentence

Acquisition-related and other costs ( 101 ) ( 141 ) ( 263 ) ( 282 )

Other ( 3 ) 1

Total $ ( 2,056 ) $ ( 1,379 )

Interest income 592 444 1,108 803

Interest expense ( 62 ) ( 61 ) ( 124 ) ( 125 )

Other income (expense), net 2,236 189 2,055 264

Consolidated income before income tax

$ 31,206 $ 19,214 $ 53,117 $ 36,493

NVIDIA CORPORATION AND SUBSIDIARIES

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

Three Months Ended

Apr 27, 2025 Apr 28, 2024

Three Months Ended Six Months Ended

Jul 27, 2025 Jul 28, 2024 Jul 27, 2025 Jul 28, 2024

(In millions)

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Total revenue $ 46,743 $ 30,040 $ 90,805 $ 56,084

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

(1) Singapore represented 22 %, and 21 % of the second quarter and first half of fiscal year 2026 total revenue based upon customer billing location, respectively.

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.

Over 99 % of controlled Data Center compute revenue billed to Singapore was for orders from U.S.-based customers for the second quarter and first half of fiscal year 2026.

Controlled Data Center compute refers to products that meet the characteristics of Export Control Classification Numbers 3A090.a or 4A090.a.

Revenue from sales to customers outside of the United States accounted for 50 % and 51 % of total revenue for the second quarter and first half of fiscal year 2026, respectively, and 57 % and 53 % of total revenue for the second quarter and first half of fiscal year 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.

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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.

For the second quarter of fiscal year 2026, sales to one direct customer, Customer A, represented 23 % of total revenue;

and sales to a second direct customer, Customer B, represented 16 % of total revenue, respectively, both of which were attributable to the Compute & Networking segment.

For the first half of fiscal year 2026, sales to one direct customer, Customer A, represented 20 % of total revenue;

and sales to a second direct customer, Customer B, represented 15 % of total revenue, respectively, both of which were attributable to the Compute & Networking segment.

Sales to four direct customers represented 14 %, 11 %, 11 %, and 10 % of revenue for the second quarter, and sales to three direct customers represented 14 %, 10 %, and 10 % of revenue for the first half, of fiscal year 2025, all of which were attributable to the Compute & Networking segment.

The following table summarizes revenue by specialized markets:

Three Months Ended

Apr 27, 2025 Apr 28, 2024

Three Months Ended Six Months Ended

Jul 27, 2025 Jul 28, 2024 Jul 27, 2025 Jul 28, 2024

(In millions)

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Total revenue $ 46,743 $ 30,040 $ 90,805 $ 56,084

Note 14 - 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 2026 and 2041.

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)

Note 14 - Leases

Our lease obligations primarily consist of operating leases for our offices and data centers, with lease periods expiring between fiscal years 2026 and 2041.

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

Operating Lease Obligations

(In millions)

2026 (excluding the first quarter of fiscal year 2026)

2026 (excluding the first half of fiscal year 2026)

2031 and thereafter

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Long-term operating lease liabilities $ 1,831

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.

Between the third quarter of fiscal year 2026 and fiscal year 2030, we expect to commence leases with future obligations of $ 7.1 billion primarily of data center leases, with lease terms of 2 to 15 years.

Operating lease expenses were $ 109 million and $ 84 million for the second quarter, and $ 210 million and $ 164 million for the first half, of fiscal years 2026 and 2025, respectively.

Short-term and variable lease expenses for the second quarter and first half 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

Six Months Ended

Jul 27, 2025 Jul 28, 2024

(In millions)

2 unchanged sentences

Operating lease assets obtained in exchange for lease obligations $ 458 $ 405

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 July 27, 2025, our operating leases have a weighted average remaining lease term of 7.5 years and a weighted average discount rate of 4.35 %.

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