What changed in this filing

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Item 1. Financial Statements

2026-05-20 compared with 2025-11-19 · 223 added, 300 removed, 425 unchanged (55% of the section changed)

3 unchanged sentences

(In millions, except per share data)

Three Months Ended Nine Months Ended

Oct 26, 2025 Oct 27, 2024 Oct 26, 2025 Oct 27, 2024

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Revenue $ 81,615 $ 44,062

8 unchanged sentences

Interest expense ( 102 ) ( 63 )

Other income, net 1,363 36 3,418 301

Other income (expense), net 15,929 ( 180 )

Total other income, net 16,367 272

12 unchanged sentences

(In millions)

Three Months Ended Nine Months Ended

Oct 26, 2025 Oct 27, 2024 Oct 26, 2025 Oct 27, 2024

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Net income $ 58,321 $ 18,775

Other comprehensive income, net of tax

Other comprehensive income (loss), net of tax

Available-for-sale securities:

Net change in unrealized gain 184 49 270 71

Cash flow hedges:

Change in unrealized gain (loss) ( 28 ) — 27 20

Reclassification adjustments for net realized gain (loss) included in net income 13 ( 2 ) 14 ( 15 )

Net change in unrealized gain (loss) ( 78 ) 139

Other comprehensive income, net of tax 169 47 311 76

Cash flow hedges:

Net change in unrealized gain 37 19

Other comprehensive income (loss), net of tax ( 41 ) 158

Total comprehensive income $ 58,280 $ 18,933

3 unchanged sentences

(In millions)

Oct 26, 2025 Jan 26, 2025

Apr 26, 2026 Jan 25, 2026

Current assets:

Cash and cash equivalents $ 13,237 $ 10,605

Marketable securities 49,122 34,621

Marketable debt securities 37,098 39,065

Marketable equity securities 30,237 12,886

Accounts receivable, net 40,710 38,466

7 unchanged sentences

Deferred income tax assets 11,707 13,258

Non-marketable securities 43,364 22,251

Other assets 12,733 8,301

10 unchanged sentences

Total liabilities 64,000 49,510

Commitments and contingencies - see Note 11

Commitments and contingencies

Shareholders’ equity:

12 unchanged sentences

(In millions, except per share data)

Balances as of Jul 27, 2025

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

Net income — — — — 31,910 31,910

Other comprehensive income — — — 169 — 169

Issuance of common stock

42 — 275 — — 275

Tax withholding related to common stock

( 14 ) — ( 2,429 ) — — ( 2,429 )

Shares repurchased ( 70 ) — ( 78 ) — ( 12,496 ) ( 12,574 )

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

— — — — ( 243 ) ( 243 )

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

Stock-based compensation — — 1,653 — — 1,653

Balances as of Oct 26, 2025

24,305 $ 24 $ 10,626 $ 339 $ 107,908 $ 118,897

Balances as of Jul 28, 2024

Balances as of Jan 25, 2026

24,304 $ 24 $ 10,118 $ 178 $ 146,973 $ 157,293

Net income — — — — 58,321 58,321

Other comprehensive income — — — 47 — 47

Other comprehensive loss — — — ( 41 ) — ( 41 )

Issuance of common stock

6 unchanged sentences

Stock-based compensation — — 1,928 — — 1,928

Balances as of Oct 27, 2024

Balances as of Apr 26, 2026

24,221 $ 24 $ 10,275 $ 137 $ 185,038 $ 195,474

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

Balances as of Jan 26, 2025

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

11 unchanged sentences

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

Balances as of Oct 26, 2025 24,305 $ 24 $ 10,626 $ 339 $ 107,908 $ 118,897

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

165 — 489 — — 489

Tax withholding related to common stock

( 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 as of Oct 27, 2024 24,508 $ 25 $ 11,821 $ 103 $ 53,950 $ 65,899

See accompanying Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(In millions)

Nine Months Ended

Oct 26, 2025 Oct 27, 2024

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Cash flows from operating activities:

2 unchanged sentences

Stock-based compensation expense 1,928 1,474

Depreciation and amortization 2,031 1,321

Deferred income taxes 1,584 ( 2,177 )

Gains on non-marketable equity securities and publicly-held equity securities, net ( 3,426 ) ( 302 )

Depreciation and amortization 997 611

(Gains) losses from equity securities, net ( 15,936 ) 175

Other ( 94 ) ( 98 )

8 unchanged sentences

Cash flows from investing activities:

Proceeds from maturities of marketable securities 8,980 9,485

Proceeds from sales of marketable securities 487 318

Proceeds from sales of non-marketable equity securities 72 171

Purchases of marketable securities ( 20,076 ) ( 19,565 )

Proceeds from maturities of marketable debt securities 1,946 3,122

Proceeds from sales of non-marketable securities 26 —

Proceeds from sales of marketable debt securities 25 467

Purchases of non-marketable securities ( 18,582 ) ( 649 )

Purchases of marketable debt and equity securities ( 8,000 ) ( 6,546 )

Purchases related to property and equipment and intangible assets ( 1,757 ) ( 1,227 )

Purchases of non-marketable equity securities ( 4,702 ) ( 1,008 )

Acquisitions, net of cash acquired ( 87 ) ( 383 )

4 unchanged sentences

Payments related to employee stock plan taxes ( 2,129 ) ( 1,532 )

( 5,809 ) ( 5,068 )

Dividends paid ( 243 ) ( 244 )

Principal payments on property and equipment and intangible assets ( 33 ) ( 52 )

Repayment of debt

Other ( 81 ) —

Net cash used in financing activities ( 21,283 ) ( 15,553 )

2 unchanged sentences

Cash and cash equivalents at end of period $ 13,237 $ 15,234

Supplemental disclosure of cash flow information:

Cash paid for income taxes, net $ 13,309 $ 10,989

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 25, 2026.

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

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

Significant Accounting Policies

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 25, 2026.

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

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

Fiscal year 2027 is a 53-week year and fiscal year 2026 was a 52-week year, both ending on the last Sunday in January.

The first quarters of fiscal years 2027 and 2026 were both 13-week quarters.

The fourth quarter of fiscal year 2027 will be a 14-week quarter.

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, 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 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 are currently assessing the effect of the adoption of this standard on our disclosures that will be included in the fiscal year 2026 annual report.

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.

In November 2024, the Financial Accounting Standards Board, or 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 the fiscal year 2028 annual report.

1 unchanged sentence

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.

We recognize stock-based compensation expense from grants of restricted stock units, or RSUs, performance stock units, or PSUs, and market-based PSUs, and issuances under 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 Nine Months Ended

Oct 26, 2025 Oct 27, 2024 Oct 26, 2025 Oct 27, 2024

Condensed Consolidated Statements of Income include stock-based compensation expense as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

12 unchanged sentences

Canceled and forfeited ( 2 ) $ 95.82

Balance as of Oct 26, 2025

As of October 26, 2025, aggregate unearned stock-based compensation expense was $ 13.1 billion, which is expected to be recognized over a weighted average period of 2.1 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP.

Balance as of Apr 26, 2026

As of April 26, 2026, aggregate unearned stock-based compensation expense was $ 20.8 billion, which is expected to be recognized over a weighted average period of 2.6 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 Nine Months Ended

Oct 26, 2025 Oct 27, 2024 Oct 26, 2025 Oct 27, 2024

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions, except per share data)

12 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Continued)

Note 4 - Income Taxes

Income tax expense was $ 6.0 billion and $ 3.0 billion for the third quarter, and $ 13.9 billion and $ 8.0 billion for the first nine months, of fiscal years 2026 and 2025, respectively.

Income tax as a percentage of income before income tax was an expense of 15.9 % and 13.5 % for the third quarter, and 15.3 % and 13.6 % for the first nine months, of fiscal years 2026 and 2025, respectively.

The effective tax rate increased primarily due to a lower percentage of tax benefits from stock-based compensation and U.S.

federal research tax credit relative to the increase in income before income tax.

Our effective tax rates for the first nine months 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.

We have recognized the tax effects of currently effective OBBBA provisions, which are not material and are reflected in our results for the first nine months of fiscal year 2026.

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.

The timing and amount of the valuation allowance release could vary based on our assessment of all available information.

While we believe that we have adequately provided for all uncertain tax positions, or tax positions where we believe it is not more-likely-than-not that the position will be sustained upon review, amounts asserted by tax authorities could be greater or less than our accrued position.

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.

We are currently under examination by the Internal Revenue Service for our fiscal years 2023 and 2024.

Note 4 - Amortizable Intangible Assets and Goodwill

The components of our amortizable intangible assets are as follows:

Apr 26, 2026 Jan 25, 2026

Amount Accumulated

Amortization Net Carrying

Amount Accumulated

Amortization Net Carrying

(In millions)

Acquisition-related intangible assets $ 5,658 $ ( 2,759 ) $ 2,899 $ 5,656 $ ( 2,580 ) $ 3,076

Patents and licensed technology 525 ( 304 ) 221 528 ( 298 ) 230

Total intangible assets $ 6,183 $ ( 3,063 ) $ 3,120 $ 6,184 $ ( 2,878 ) $ 3,306

Amortization expense associated with intangible assets was $ 232 million and $ 159 million for the first quarter of fiscal years 2027 and 2026, respectively.

The following table outlines the estimated future amortization expense related to the net carrying amount of intangible assets as of April 26, 2026:

Future Amortization Expense

(In millions)

2027 (excluding the first quarter of fiscal year 2027)

2032 and thereafter 83

Total $ 3,120

In the first quarter of fiscal year 2027, goodwill increased by $ 62 million from acquisitions and was allocated to our Compute & Networking reporting unit.

NVIDIA Corporation and Subsidiaries

1 unchanged sentence

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.

Cash equivalents and marketable securities including debt and equity securities are measured at fair value using quoted prices in active markets for identical assets (Level 1) or for similar assets or use of other observable inputs (Level 2).

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

Pricing Category Amortized

Pricing Category Cost or Amortized

Cost Unrealized

2 unchanged sentences

Fair Value Reported as

Cash Equivalents Marketable Securities

Cash Equivalents Marketable Debt Securities Marketable Equity Securities Other Assets

(In millions)

2 unchanged sentences

Corporate debt securities Level 2 15,092 48 ( 8 ) 15,132 1,533 13,599 — —

Money market funds Level 1 8,610 — — 8,610 8,610 —

Debt securities issued by U.S.

1 unchanged sentence

Certificates of deposit Level 2 132 — — 132 132 — — —

Foreign government bonds

Level 2 40 1 — 41 — 41

Total debt securities with fair value adjustments recorded in other comprehensive income 54,580 373 ( 1 ) 54,952 9,699 45,253

Publicly-held equity securities (1)

Level 1 3,869 — 3,869

Foreign government bonds Level 2 40 1 — 41 — 41 — —

Money market funds Level 1 10,212 — — 10,212 10,212 — — —

Publicly-held equity securities (1) (2) Level 1 29,887 — — 21,023 8,864

Publicly-held equity securities (1) (3) Level 2 9,214 — — 9,214 —

Total $ 49,368 $ 94 $ ( 17 ) $ 88,546 $ 12,347 $ 37,098 $ 30,237 $ 8,864

(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.

(1) The balance as of April 26, 2026 included $ 27.4 billion of investments, which are subject to short-term lock-up restrictions on the ability to sell.

(2) The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $ 8.9 billion as of April 26, 2026, was included in Other assets.

(3) The publicly-held equity securities classified in Level 2 include investments in warrants and preferred stock convertible to common stock in public companies.

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 $ 670 million and $ 2.4 billion for the third quarter and first nine months of fiscal year 2026, respectively.

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

Net unrealized gains on investments in publicly-held equity securities held at period end were $ 13.4 billion for the first quarter of fiscal year 2027.

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.

Unrealized gains and losses are recognized in Other income (expense), net, in the Condensed Consolidated Statements of Income.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Pricing Category Amortized

Pricing Category Cost or Amortized

Cost Unrealized

2 unchanged sentences

Fair Value Reported as

Cash Equivalents Marketable Securities

Cash Equivalents Marketable Debt Securities Marketable Equity Securities Other Assets

(In millions)

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

Debt securities issued by the U.S.

Treasury Level 2 $ 21,635 $ 77 $ ( 3 ) $ 21,709 $ — $ 21,709 $ — $ —

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

Corporate debt securities Level 2 15,410 92 ( 3 ) 15,499 345 15,154 — —

Debt securities issued by U.S.

government agencies Level 2 2,157 4 — 2,161 — 2,161 — —

Foreign government bonds Level 2 177 — — 177 137 40

Certificates of deposit Level 2 110 — — 110 110 — — —

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

Foreign government bonds Level 2 40 1 — 41 — 41 — —

Money market funds Level 1 7,830 — — 7,830 7,830 — — —

Publicly-held equity securities (1) (2) Level 1 17,726 — — 12,886 4,840

Total $ 47,182 $ 174 $ ( 6 ) $ 65,076 $ 8,285 $ 39,065 $ 12,886 $ 4,840

(1) The balance as of January 25, 2026 included $ 10.5 billion of investments that are subject to short-term lock-up restrictions on the ability to sell.

(2) The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $ 4.8 billion as of January 25, 2026, was included in Other assets.

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:

Oct 26, 2025 Jan 26, 2025

Apr 26, 2026 Jan 25, 2026

Less than 12 months Less than 12 months

7 unchanged sentences

Total $ 16,187 $ ( 17 ) $ 13,132 $ ( 6 )

Gross unrealized losses related to debt securities in a continuous loss position of twelve months or greater, with balances of $ 337 million and $ 213 million as of October 26, 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 estimated fair value of debt securities included in cash equivalents and marketable securities are shown below by contractual maturity.

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

(In millions)

2 unchanged sentences

Total $ 39,233

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, net on our Condensed Consolidated Statements of Income.

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

Three Months Ended Nine Months Ended

Oct 26, 2025 Oct 27, 2024 Oct 26, 2025 Oct 27, 2024

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Note 6 - Non-marketable Securities

Non-marketable Equity Securities

Our non-marketable equity securities are primarily in privately-held companies carried at cost less impairment, and adjusted for observable price changes.

We value investments using observable comparable transactions and other inputs including volatility, expected time to liquidity, the risk-free rate, and security-specific rights and obligations.

Adjustments to the carrying value of privately-held securities:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

4 unchanged sentences

Reclassification (2) ( 389 ) ( 843 )

— — ( 848 ) —

Impairments and unrealized losses ( 28 ) ( 16 )

Balance at end of period $ 42,336 $ 3,240

(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 $ 1.4 billion and $ 374 million, and cumulative gross unrealized losses and impairments of $ 167 million and $ 74 million on securities held as of October 26, 2025 and October 27, 2024, respectively.

Note 7 - Amortizable Intangible Assets and Goodwill

The components of our amortizable intangible assets are as follows:

Oct 26, 2025 Jan 26, 2025

Amount Accumulated

Amortization Net Carrying

Amount Accumulated

Amortization Net Carrying

(In millions)

Acquisition-related intangible assets $ 3,146 $ ( 2,456 ) $ 690 $ 2,900 $ ( 2,264 ) $ 636

Patents and licensed technology 541 ( 295 ) 246 449 ( 278 ) 171

Total intangible assets $ 3,687 $ ( 2,751 ) $ 936 $ 3,349 $ ( 2,542 ) $ 807

Amortization expense associated with intangible assets was $ 96 million and $ 149 million for the third quarter, and $ 338 million and $ 438 million for the first nine months, 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 October 26, 2025:

Future Amortization Expense

(In millions)

2026 (excluding the first nine months, of fiscal year 2026)

2031 and thereafter 93

In the first nine months of fiscal year 2026, goodwill increased by $ 1.1 billion from acquisitions and was allocated to our Compute & Networking reporting unit.

(1) Unrealized gains are recognized in Other income (expense), net, in the Condensed Consolidated Statements of Income.

(2) Includes primarily reclassifications to marketable securities following public market trading.

Non-marketable equity securities had cumulative gross unrealized gains of $ 5.3 billion and $ 396 million, and cumulative gross unrealized losses and impairments of $ 199 million and $ 110 million as of April 26, 2026 and April 27, 2025, respectively.

Equity Method Investments

We have $ 1.0 billion of investments in infrastructure funds accounted for using the equity method as of April 26, 2026.

Our maximum loss exposure under these investments, including invested and future committed amounts, was $ 2.3 billion as of April 26, 2026.

Investment Commitments

Total Investment commitments were $ 27 billion as of April 26, 2026, subject to certain contingencies, which we expect will be made through the remainder of fiscal year 2027.

Note 7 - 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, cloud service providers, or CSPs, hyperscale companies, and system integrators.

We refer to customers who purchase products directly from NVIDIA as direct customers, such as add-in board manufacturers, or AIBs, distributors, original design manufacturers, or ODMs, original equipment manufacturers, or OEMs, cloud service providers, or CSPs, AI model makers, and system integrators.

Certain direct customers may use either internal resources or third-party system integrators to complete their build.

Four direct customers accounted for 22 %, 17 %, 14 % and 12 % of our accounts receivable balance as of October 26, 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 26, 2025 Jan 26, 2025

Three direct customers accounted for 30 %, 18 %, and 16 % of our accounts receivable balance as of April 26, 2026.

Three direct customers accounted for 25 %, 18 %, and 13 % of our accounts receivable balance as of January 25, 2026.

Certain balance sheet components were as follows:

Apr 26, 2026 Jan 25, 2026

(In millions)

3 unchanged sentences

Total inventories (1) $ 25,797 $ 21,403

(1) We recorded inventory provisions of $ 378 million and $ 322 million for the third quarter of fiscal years 2026 and 2025, respectively, and $ 3.6 billion and $ 876 million for the first nine months of fiscal years 2026 and 2025, respectively, in cost of revenue.

Property and Equipment:

Property, equipment and intangible assets acquired but not paid for the first nine months of fiscal years 2026 and 2025 were $ 790 million and not significant, respectively.

Oct 26, 2025 Jan 26, 2025

Other Assets (Long Term):

(In millions)

Non-marketable equity securities $ 8,187 $ 3,387

Prepaid supply and capacity agreements (1) 1,536 1,747

Income tax receivable 1,369 750

Other 632 541

Total other assets $ 11,724 $ 6,425

(1) $ 2.0 billion and $ 3.3 billion were included in short-term Prepaid expenses and other current assets as of October 26, 2025 and January 26, 2025, respectively.

(1) We recorded inventory provisions of $ 0.8 billion and $ 2.3 billion for the first quarter of fiscal years 2027 and 2026, respectively, in Cost of revenue.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Oct 26, 2025 Jan 26, 2025

Property and Equipment:

Property, equipment and intangible assets acquired but not paid for the first quarter of fiscal years 2027 and 2026 were $ 1.1 billion and $ 408 million, respectively.

Apr 26, 2026 Jan 25, 2026

Accrued and Other Current Liabilities:

(In millions)

Taxes payable

$ 10,638 $ 2,669

Customer program accruals 4,182 5,318

Accrued purchase consideration (1)

Excess inventory purchase obligations (2)

Product warranty

Taxes payable

Deferred revenue (3)

2 unchanged sentences

Total accrued and other current liabilities $ 29,787 $ 21,352

(1) We recorded $ 32 million and $ 543 million for the third quarter of fiscal years 2026 and 2025, respectively, and $ 3.1 billion and $ 1.3 billion for the first nine months of fiscal years 2026 and 2025, respectively, in cost of revenue.

(1) Related to the Groq, Inc.

non-exclusive license agreement.

(2) We recorded $ 0.3 billion and $ 3.0 billion for the first quarter of fiscal years 2027 and 2026, respectively, in Cost of revenue.

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

The balance as of October 26, 2025 and January 26, 2025 included $ 127 million and $ 81 million of customer advances, respectively.

Oct 26, 2025 Jan 26, 2025

The balance as of April 26, 2026 and January 25, 2026 included $ 297 million and $ 160 million of customer advances, respectively.

Apr 26, 2026 Jan 25, 2026

Other Long-Term Liabilities:

8 unchanged sentences

Deferred Revenue

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

Nine Months Ended

Oct 26, 2025 Oct 27, 2024

The following table shows the changes in short- and long-term deferred revenue during the first quarter of fiscal years 2027 and 2026:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

3 unchanged sentences

Balance at end of period $ 3,117 $ 2,078

(1) Includes $ 8.4 billion and $ 1.1 billion of customer advances for the first nine months of fiscal years 2026 and 2025, respectively.

(2) Includes $ 8.3 billion and $ 1.2 billion related to customer advances for the first nine months of fiscal years 2026 and 2025, respectively.

We recognized revenue of $ 650 million and $ 585 million in the first nine months of fiscal years 2026 and 2025, respectively, that were included in the prior year end deferred revenue balance.

As of October 26, 2025, revenue related to remaining performance obligations from contracts greater than one year in length was $ 2.5 billion, which includes $ 2.0 billion from deferred revenue and $ 449 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 .

(1) Includes $ 1.7 billion and $ 6.2 billion of customer advances for the first quarter of fiscal years 2027 and 2026, respectively.

(2) Includes $ 1.6 billion and $ 6.0 billion related to customer advances for the first quarter of fiscal years 2027 and 2026, respectively.

We recognized revenue of $ 451 million and $ 265 million in the first quarter of fiscal years 2027 and 2026, respectively, that was included in the prior year-end deferred revenue balance.

As of April 26, 2026, revenue related to remaining performance obligations from contracts greater than one year in length was $ 2.6 billion, which includes $ 2.3 billion from deferred revenue and $ 304 million, which has not yet been billed or

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

recognized as revenue.

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

Note 8 - Derivative Financial Instruments

Foreign Currency Derivatives

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 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 nine months 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.

For our foreign currency contracts for assets and liabilities, the change in fair value of these non-designated contracts was recorded in other income or expense and offsets the change in fair value of the hedged foreign currency denominated monetary assets and liabilities, which was also recorded in other income or expense.

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

These 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 expenses when the related operating expenses are recognized in earnings.

During the first quarter of fiscal years 2027 and 2026, 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 to mitigate the impact of foreign currency movements on monetary assets and liabilities.

For our foreign currency contracts for assets and liabilities, the change in fair value of these non-designated contracts was recorded in Other income or expense and offsets the change in fair value of the hedged foreign currency denominated monetary assets and liabilities, which was also recorded in Other income (expense), net.

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

Oct 26, 2025 Jan 26, 2025

Apr 26, 2026 Jan 25, 2026

(In millions)

1 unchanged sentence

Not designated as accounting hedges $ 1,850 $ 2,332

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

As of October 26, 2025, all foreign currency contracts mature within eighteen months .

The fair values of our foreign currency contracts were not significant as of April 26, 2026 and January 25, 2026.

As of April 26, 2026, all foreign currency contracts mature within 18 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.

Facility Lease Guarantee

In the third quarter of fiscal year 2026, we entered into an agreement to guarantee a partner's facility lease obligations in the event of their default.

The agreement allows our partner to secure a limited-availability facility lease backed by our credit profile, in exchange for issuing us warrants.

The maximum gross exposure is $ 860 million, which is reduced as the partner makes payments to the lessor over five years .

The partner has placed $ 470 million in escrow and executed an agreement to sell the data center cloud capacity, mitigating our default risk.

If the escrow and cloud capacity agreement are not sufficient to cover an event of default, we have the option to assume the lease for internal use or sublease.

The guarantee, classified as a credit derivative with changes in fair value recognized in Other income and expense, has an insignificant fair value.

In fiscal year 2026, we entered into agreements to guarantee partners’ facility lease obligations in the event of their default in exchange for warrants.

The maximum gross exposure under all agreements is $ 3.5 billion, which is reduced as the partners make payments to the lessors over terms ranging from 5 to 7 years.

The partners have placed $ 712 million in escrow to mitigate our potential exposure.

The guarantees, classified as credit derivatives with changes in fair value recognized in Other income (expense), net, were not material.

NVIDIA Corporation and Subsidiaries

2 unchanged sentences

Remaining Term (years) Effective

Interest Rate Carrying Value at

Oct 26, 2025 Jan 26, 2025

Interest Rate

Apr 26, 2026 Jan 25, 2026

(In millions)

18 unchanged sentences

Total long-term portion $ 7,470 $ 7,469

As of October 26, 2025 and January 26, 2025, the estimated fair value of debt was $ 7.6 billion and $ 7.2 billion, respectively.

As of April 26, 2026 and January 25, 2026, the estimated fair value of debt was $ 7.4 billion and $ 7.5 billion, respectively.

The estimated fair values are based on Level 2 inputs.

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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 26, 2025, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.

Short-term Debt

As of October 26, 2025, short-term debt was $ 999 million.

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

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

The maturity dates of the notes are stated by calendar year.

As of April 26, 2026, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.

As of April 26, 2026, our commercial paper program had a capacity of $ 25.0 billion, with no amounts outstanding.

Note 10 - Commitments and Contingencies

Manufacturing production, long-term supply and capacity, and other related commitments reflect long lead and cycle times for our current and future product architectures.

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.

As of October 26, 2025, these commitments were $ 50.3 billion, of which substantially all will be paid through fiscal year 2027.

Multi-year cloud service agreement commitments as of October 26, 2025, were $ 26 billion for which $ 1 billion, $ 6 billion, $ 6 billion, $ 5 billion, $ 4 billion, and $ 4 billion will be paid in fiscal years 2026 (fourth quarter), 2027, 2028, 2029, 2030, and 2031 & thereafter, respectively.

Some cloud service capacity may be reduced, terminated or sold to others by the CSPs, in which case our commitments will be reduced.

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

I nvestment commitments are $ 6.5 billion as of October 26, 2025, including $ 5 billion in Intel Corporation which is subject to regulatory approval.

In the third quarter of fiscal year 2026, we entered into a letter of intent with an opportunity to invest in OpenAI.

In November 2025, we entered into an agreement, subject to certain closing conditions, to invest up to $ 10 billion in Anthropic.

Other commitments were $ 2.1 billion as of October 26, 2025, of which the majority will be paid through fiscal year 2027.

Manufacturing, supply, and capacity commitments reflect data center-scale production and longer future ordering horizons across current and future product architectures.

We enter into agreements with our supply vendors 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.

Changes to these agreements may result in additional costs.

As of April 26, 2026, these commitments were $ 119 billion for which $ 95 billion will be paid in the remainder of fiscal year 2027 and the remaining balance will be paid in fiscal years 2028 through 2031.

Multi-year cloud service agreement commitments as of April 26, 2026, were $ 30 billion for which $ 6 billion, $ 7 billion, $ 7 billion, $ 5 billion, $ 3 billion, and $ 2 billion will be paid in the remainder of fiscal year 2027, each fiscal year from 2028 through 2031, and fiscal year 2032 and thereafter, respectively.

Cloud service capacity may be reduced or terminated.

Cloud service agreements will be primarily used to support our research and development efforts.

Other vendor commitments were $ 6 billion as of April 26, 2026, of which the majority will be paid through fiscal year 2027.

NVIDIA Corporation and Subsidiaries

1 unchanged sentence

Accrual for Product Warranty Liabilities

The estimated product warranty activity consisted of the following:

Three Months Ended Nine Months Ended

Oct 26, 2025 Oct 27, 2024 Oct 26, 2025 Oct 27, 2024

The estimated amount of product warranty liabilities was $ 2.9 billion and $ 2.8 billion as of April 26, 2026 and January 25, 2026, respectively.

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

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

3 unchanged sentences

Balance at end of period $ 2,948 $ 2,080

For the first quarter of fiscal years 2027 and 2026, the additions in product warranty liabilities primarily related to our Compute & Networking segment.

We have provided indemnities for matters such as tax, product, and employee liabilities.

10 unchanged sentences

On August 25, 2023, a majority of a three-judge Ninth Circuit panel affirmed in part and reversed in part the district court’s dismissal of the case, with a third judge dissenting on the basis that the district court did not err in dismissing the case.

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 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.

2 unchanged sentences

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.

On March 25, 2026, the district court granted plaintiffs’ motion for class certification and certified a class of investors consisting of all persons or entities who purchased or otherwise acquired NVIDIA common stock between August 10, 2017, and November 15, 2018, inclusive, excluding certain persons and entities, such as NVIDIA’s officers and directors, and members of their immediate families, among others.

On April 8, 2026, NVIDIA filed a petition with the Ninth Circuit for permission to appeal the district court’s order pursuant to Federal Rule of Civil Procedure 23(f).

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.

6 unchanged sentences

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 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

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

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.

cv-01798-MN), were stayed pending resolution of the plaintiffs’ appeal in 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.

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

7 unchanged sentences

Accounting for Loss Contingencies

As of October 26, 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 April 26, 2026, 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.

1 unchanged sentence

These matters are subject to inherent uncertainties and if the ultimate outcome is unfavorable, there exists the possibility of a material adverse impact on our operating results, liquidity or financial position in the period the outcome becomes estimable and probable.

Note 11 - Income Taxes

Income tax expense was $ 11.6 billion and $ 3.1 billion for the first quarter of fiscal years 2027 and 2026, respectively.

Income tax as a percentage of income before income tax was 16.6 % and 14.3 % for the first quarter of fiscal years 2027 and 2026, respectively.

The effective tax rate increased primarily due to a lower percentage of tax benefits from stock-based compensation relative to the increase in income before income tax.

Our effective tax rates for the first quarter of fiscal years 2027 and 2026 were lower than the U.S.

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

federal statutory tax rate, stock-based compensation, and the U.S.

federal research tax credit.

We are currently under examination by the Internal Revenue Service for our fiscal years 2023 and 2024.

Note 12 - Shareholders’ Equity

Capital Return Program

We repurchased 70 million and 92 million shares of our common stock for $ 12.6 billion and $ 11.1 billion during the third quarter of fiscal years 2026 and 2025, respectively, and 262 million and 254 million shares of our common stock for $ 36.7 billion and $ 26.2 billion during the first nine months of fiscal years 2026 and 2025, respectively.

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

As of October 26, 2025, we were authorized, subject to certain specifications, to repurchase up to $ 62.2 billion of our common stock.

From October 27, 2025 through November 14, 2025, we repurchased 6 million shares for $ 1.1 billion pursuant to a pre-established trading plan.

We paid cash dividends to our shareholders of $ 243 million and $ 245 million during the third quarter, and $ 732 million and $ 589 million during the first nine months, of fiscal years 2026 and 2025, respectively.

We repurchased 108 million and 126 million shares of our common stock for $ 20.2 billion and $ 14.5 billion during the first quarter of fiscal years 2027 and 2026, respectively.

As of April 26, 2026, we were authorized, subject to certain specifications, to repurchase up to $ 38.5 billion of our common stock.

On May 18, 2026, our Board of Directors approved an additional $ 80.0 billion in share repurchase authorization, without expiration.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

We paid cash dividends to our shareholders of $ 243 million and $ 244 million during the first quarter of fiscal years 2027 and 2026, respectively.

On May 18, 2026, we increased our quarterly cash dividend from $ 0.01 per share to $ 0.25 per share to all shareholders of record on June 4, 2026.

Our quarterly cash dividend will be paid on June 26, 2026.

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.

4 unchanged sentences

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;

automotive platforms and autonomous and electric vehicle solutions including software;

Jetson for robotics and other embedded platforms;

and DGX Cloud computing services.

The Graphics segment includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms;

Quadro/NVIDIA RTX GPUs for enterprise workstation graphics;

virtual GPU software for cloud-based visual and virtual computing;

automotive platforms for infotainment systems;

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

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Compute & Networking segment includes our Data Center accelerated computing and networking platforms and AI solutions and software, and automotive platforms and autonomous and electric vehicle solutions including software.

The Graphics segment includes GeForce GPUs for gaming and PCs, and Quadro/NVIDIA RTX GPUs for enterprise workstation graphics.

Certain expenses are not allocated to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance.

6 unchanged sentences

(In millions)

Three Months Ended Oct 26, 2025

Revenue $ 50,908 $ 6,098 $ 57,006

Other segment items (1) 15,187 3,552 18,739

Operating income (loss) $ 35,721 $ 2,546 $ 38,267

Three Months Ended Oct 27, 2024

Revenue $ 31,036 $ 4,046 $ 35,082

Other segment items (1) 8,955 2,544 11,499

Operating income (loss) $ 22,081 $ 1,502 $ 23,583

Nine Months Ended Oct 26, 2025

Three Months Ended Apr 26, 2026

Revenue $ 74,550 $ 7,065 $ 81,615

Other segment items (1) 21,215 4,124 25,339

Operating income (loss) $ 86,139 $ 6,428 $ 92,567

Nine Months Ended Oct 27, 2024

Operating income $ 53,335 $ 2,941 $ 56,276

Three Months Ended Apr 27, 2025

Revenue $ 39,589 $ 4,473 $ 44,062

Other segment items (1) 17,535 2,833 20,368

Operating income (loss) $ 57,977 $ 4,111 $ 62,088

Operating income $ 22,054 $ 1,640 $ 23,694

(1) Other segment items primarily include product costs and inventory provisions, compensation and benefits excluding stock-based compensation expense, computing infrastructure expenses, and engineering development costs.

Depreciation and amortization expense attributable to our Compute and Networking segment was $ 439 million and $ 187 million for the third quarter, and $ 1.1 billion and $ 495 million for the first nine months, of fiscal years 2026 and 2025, respectively.

Depreciation and amortization expense attributable to our Graphics segment was $ 175 million and $ 97 million for the third quarter, and $ 426 million and $ 268 million for the first nine months, of fiscal years 2026 and 2025, respectively.

Depreciation and amortization expense attributable to our Compute & Networking segment was $ 526 million and $ 296 million for the first quarter of fiscal years 2027 and 2026, respectively.

Depreciation and amortization expense attributable to our Graphics segment was $ 194 million and $ 109 million for the first quarter of fiscal years 2027 and 2026, 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 third quarter and first nine months of fiscal years 2026 and 2025 were as follows:

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Three Months Ended Nine Months Ended

Oct 26, 2025 Oct 27, 2024 Oct 26, 2025 Oct 27, 2024

Reconciliation of segment operating income to consolidated income before income tax for the first quarter of fiscal years 2027 and 2026 was as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

7 unchanged sentences

Interest expense ( 102 ) ( 63 )

Other income, net

1,363 36 3,418 301

Other income (expense), net 15,929 ( 180 )

Consolidated income before income tax

2 unchanged sentences

The end customer and shipping location may be different from our customers’ headquarters location.

Three Months Ended Nine Months Ended

Oct 26, 2025 Oct 27, 2024 Oct 26, 2025 Oct 27, 2024

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

2 unchanged sentences

$ 63,769 $ 25,685

13,751 6,188 30,301 17,364

Taiwan 12,006 7,648

China (including Hong Kong) 4,550 9,659

1 unchanged sentence

Total revenue $ 81,615 $ 44,062

(1) Previously, revenue by geographic area was reported based on the billing location of our customers, which often reflected a customer’s centralized invoicing location, even though our products were almost always shipped elsewhere.

We believe changing to revenue based upon the location of our customers’ headquarters provides a better representation of the geographic profile of our revenue.

Prior period information has been recast to reflect this change.

(2) In the third quarter of fiscal year 2026, we estimate 86 % of Data Center revenue from Taiwan-headquartered customers is attributed to end customers based in the United States and Europe.

Revenue from sales to customers headquartered outside of the United States accounted for 31 % and 34 % of total revenue for the third quarter and first nine months of fiscal year 2026, respectively, and 44 % and 41 % of total revenue for the third quarter and first nine months 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, CSPs, hyperscale companies, and system integrators.

Revenue from sales to customers headquartered outside of the United States accounted for 22 % of total revenue for the first quarter of fiscal year 2027 and 42 % of total revenue for the first quarter of fiscal year 2026 .

We refer to customers who purchase products directly from NVIDIA as direct customers, such as AIBs, distributors, ODMs, OEMs, CSPs, AI model makers, and system integrators.

Certain direct customers may use either internal resources or third-party system integrators to complete their build.

We refer to indirect customers as those who purchase products through our direct customers;

indirect customers include CSPs, Neocloud builders, hyperscale, consumer internet companies, enterprises, and public sector entities.

For the third quarter of fiscal year 2026, four direct customers with sales greater than 10% of total revenue included:

Customer A at 22 %, Customer B at 15 %, Customer C at 13 %, and Customer D at 11 %, which were attributable to the Compute & Networking segment.

For the first nine months of fiscal year 2026, sales to two direct customers represented 21 % and 13 % of total revenue, respectively, both of which were attributable to the Compute & Networking segment.

The customers referenced above may represent different customers than those reported in a previous period.

For the third quarter of fiscal year 2025, sales to three direct customers each represented 12 % of total revenue, which were attributable to the Compute & Networking segment.

For the first nine months of fiscal year 2025, sales to three direct customers represented 12 %, 11 %, and 11 % of total revenue, which were attributable to the Compute & Networking segment.

indirect customers include CSPs, AI Clouds, AI model makers, enterprises, and public sector entities.

Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue.

For the first quarter of fiscal year 2027, three direct customers represented 21 %, 17 %, and 16 % of total revenue, all of which was primarily attributable to the Compute & Networking segment.

For the first quarter of fiscal year 2026, sales to two direct customers represented 16 % and 14 % of total revenue, which were attributable to the Compute & Networking segment.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

The following table summarizes revenue by specialized markets:

Three Months Ended Nine Months Ended

Oct 26, 2025 Oct 27, 2024 Oct 26, 2025 Oct 27, 2024

In the first quarter of fiscal year 2027, we changed our presentation of revenue by market platform, and the comparable period has been recast as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

Revenue by End Market:

Revenue by Market Platform

Data Center $ 75,246 $ 39,112

Compute 43,028 27,644 111,027 69,640

Networking 8,187 3,127 20,396 9,966

Gaming 4,265 3,279 12,315 8,806

Professional Visualization 760 486 1,870 1,367

Automotive 592 449 1,745 1,124

OEM and Other 174 97 458 263

Hyperscale 37,869 17,599

AI Clouds, Industrial, & Enterprise 37,377 21,513

Edge Computing 6,369 4,950

Total revenue $ 81,615 $ 44,062

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 October 26, 2025 were as follows:

Our lease obligations primarily consist of operating leases for our data centers and offices, with lease periods expiring between fiscal years 2027 and 2075.

Future minimum lease obligations under our non-cancelable lease agreements as of April 26, 2026 were as follows:

Operating Lease Obligations

(In millions)

2026 (excluding the first nine months of fiscal year 2026)

2027 (excluding the first quarter of fiscal 2027) $ 460

2032 and thereafter 2,924

3 unchanged sentences

Long-term operating lease liabilities $ 3,878

Between the fourth quarter of fiscal year 2026 and fiscal year 2030, we expect to commence leases with future obligations of $ 7.5 billion, primarily for data center leases with lease terms of 1.5 to 15 years.

Operating lease expenses were $ 122 million and $ 92 million for the third quarter, and $ 332 million and $ 258 million for the first nine months, of fiscal years 2026 and 2025, respectively.

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

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Between the second quarter of fiscal year 2027 and fiscal year 2033, we expect to commence leases with future obligations of $ 32.4 billion, primarily for data center leases to support our research and development efforts, with lease terms of 3 to 20 years.

Operating lease costs were $ 171 million and $ 101 million for the first quarter of fiscal years 2027 and 2026, respectively.

Short-term, variable, and finance lease costs for the first quarter of fiscal years 2027 and 2026 were not significant.

Other information related to leases was as follows:

Nine Months Ended

Oct 26, 2025 Oct 27, 2024

Three Months Ended

Apr 26, 2026 Apr 27, 2025

(In millions)

2 unchanged sentences

Operating lease assets obtained in exchange for lease obligations $ 1,516 $ 98

As of October 26, 2025, our operating leases have a weighted average remaining lease term of 8.0 years and a weighted average discount rate of 4.43 %.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

As of April 26, 2026, our operating leases have a weighted average remaining lease term of 10.4 years and a weighted average discount rate of 4.61 %.

As of January 25, 2026, our operating leases had a weighted average remaining lease term of 8.8 years and a weighted average discount rate of 4.38 %.

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