What changed in this filing

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Item 1. Financial Statements

2026-08-26 compared with 2026-05-20 · 290 added, 185 removed, 463 unchanged (51% of the section changed)

3 unchanged sentences

(In millions, except per share data)

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Three Months Ended Six Months Ended

Jul 26, 2026 Jul 27, 2025 Jul 26, 2026 Jul 27, 2025

Revenue $ 96,221 $ 46,743 $ 177,837 $ 90,805

6 unchanged sentences

Operating income 63,734 28,440 117,270 50,078

Interest income 540 515

Interest expense ( 102 ) ( 63 )

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

Total other income, net 16,367 272

Other income, net 7,773 2,766 24,140 3,039

Income before income tax 71,507 31,206 141,410 53,117

11 unchanged sentences

(In millions)

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Three Months Ended Six Months Ended

Jul 26, 2026 Jul 27, 2025 Jul 26, 2026 Jul 27, 2025

Net income $ 59,688 $ 26,422 $ 118,010 $ 45,197

3 unchanged sentences

Cash flow hedges:

Net change in unrealized gain 37 19

Net change in unrealized gain (loss) ( 60 ) 36 ( 23 ) 55

Other comprehensive income (loss), net of tax ( 162 ) ( 16 ) ( 203 ) 142

4 unchanged sentences

(In millions)

Apr 26, 2026 Jan 25, 2026

Jul 26, 2026 Jan 25, 2026

Current assets:

29 unchanged sentences

Additional paid-in capital 9,828 10,118

Accumulated other comprehensive income 137 178

Accumulated other comprehensive income (loss) ( 25 ) 178

Retained earnings 219,157 146,973

4 unchanged sentences

Condensed Consolidated Statements of Shareholders ’ Equity

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

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

Shares Amount

(In millions, except per share data)

Balances as of Jan 25, 2026

Balances as of Apr 26, 2026

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

2 unchanged sentences

Issuance of common stock

37 — 515 — — 515

Tax withholding related to common stock

3 unchanged sentences

— — — — ( 6,047 ) ( 6,047 )

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

— — 80 — — 80

Stock-based compensation — — 2,027 — — 2,027

Balances as of Jul 26, 2026

24,147 $ 24 $ 9,828 $ ( 25 ) $ 219,157 $ 228,984

Balances as of Apr 27, 2025

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

Net income — — — — 26,422 26,422

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 )

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

— — — — ( 244 ) ( 244 )

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

Balances as of Jul 27, 2025

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

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 (Loss) Retained Earnings Total Shareholders’ Equity

Shares Amount

(In millions, except per share data)

Balances as of Jan 25, 2026

1 unchanged sentence

Net income — — — — 118,010 118,010

Other comprehensive income — — — 158 — 158

Other comprehensive loss — — — ( 203 ) — ( 203 )

Issuance of common stock

8 unchanged sentences

Stock-based compensation — — 3,955 — — 3,955

Balances as of Apr 27, 2025

Balances as of Jul 26, 2026 24,147 $ 24 $ 9,828 $ ( 25 ) $ 219,157 $ 228,984

Balances as of Jan 26, 2025

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

Net income — — — — 45,197 45,197

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 )

Cash dividends declared and paid ($ 0.02 per common share)

— — — — ( 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 Jul 27, 2025 24,347 $ 24 $ 11,200 $ 170 $ 88,737 $ 100,131

See accompanying Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

(In millions)

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Six Months Ended

Jul 26, 2026 Jul 27, 2025

Cash flows from operating activities:

2 unchanged sentences

Stock-based compensation expense 3,954 3,099

Deferred income taxes 1,584 ( 2,177 )

Depreciation and amortization 2,124 1,280

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

Deferred income taxes 982 ( 2,160 )

Gains from equity securities, net ( 23,707 ) ( 2,073 )

Other 222 ( 196 )

8 unchanged sentences

Cash flows from investing activities:

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 )

Proceeds from sales and maturities of debt securities 26,563 6,739

Proceeds from sales of equity securities 7,241 70

Purchases of equity securities ( 42,404 ) ( 1,245 )

Purchases of debt securities ( 21,777 ) ( 14,108 )

Purchases related to property and equipment and intangible assets ( 4,434 ) ( 3,122 )

Acquisitions, net of cash acquired ( 298 ) ( 677 )

Other ( 15 ) —

Net cash used in investing activities ( 35,124 ) ( 12,343 )

Cash flows from financing activities:

Proceeds related to issuance of debt, net of costs 24,896 —

Proceeds related to employee stock plans 515 370

Payments related to repurchases of common stock ( 39,044 ) ( 23,815 )

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

Dividends paid ( 6,290 ) ( 488 )

Payments related to employee stock plan taxes ( 4,531 ) ( 3,380 )

Principal payments on property and equipment and intangible assets ( 92 ) ( 73 )

Other ( 81 ) —

Net cash used in financing activities ( 27,459 ) ( 27,386 )

17 unchanged sentences

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 second 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.

16 unchanged sentences

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

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Three Months Ended Six Months Ended

Jul 26, 2026 Jul 27, 2025 Jul 26, 2026 Jul 27, 2025

(In millions)

12 unchanged sentences

Canceled and forfeited ( 7 ) $ 102.16

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.

Balance as of Jul 26, 2026

As of July 26, 2026, aggregate unearned stock-based compensation expense was $ 19.4 billion, which is expected to be recognized over a weighted average period of 2.6 years for RSUs, PSUs, and market-based PSUs, and 0.9 years 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 26, 2026 Apr 27, 2025

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

Three Months Ended Six Months Ended

Jul 26, 2026 Jul 27, 2025 Jul 26, 2026 Jul 27, 2025

(In millions, except per share data)

12 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Continued)

Note 4 - Amortizable Intangible Assets and Goodwill

The components of our amortizable intangible assets are as follows:

Apr 26, 2026 Jan 25, 2026

Note 4 - Intangible Assets and Goodwill

The components of our intangible assets are as follows:

Jul 26, 2026 Jan 25, 2026

Amount Accumulated

6 unchanged sentences

Total intangible assets $ 6,294 $ ( 3,296 ) $ 2,998 $ 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:

Amortization expense associated with intangible assets was $ 237 million and $ 84 million for the second quarter, and $ 470 million and $ 243 million for the first half, 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 July 26, 2026:

Future Amortization Expense

(In millions)

2027 (excluding the first quarter of fiscal year 2027)

2027 (the second half of fiscal year 2027)

2032 and thereafter 83

Total $ 2,998

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

In the first half of fiscal year 2027, goodwill increased by $ 293 million, which was allocated to our Compute & Networking reporting unit.

NVIDIA Corporation and Subsidiaries

12 unchanged sentences

Treasury Level 2 $ 45,367 $ 8 $ ( 54 ) $ 45,321 $ 12,318 $ 33,003 $ — $ —

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

Debt securities issued by U.S.

government agencies Level 2 1,541 — ( 2 ) 1,539 399 1,140 — —

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

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

Money market funds Level 1 8,633 — — 8,633 8,633 — — —

2 unchanged sentences

Total $ 55,541 $ 8 $ ( 56 ) $ 103,233 $ 21,350 $ 34,143 $ 42,783 $ 4,957

(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.

(1) Included $ 36.9 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 $ 5.0 billion as of July 26, 2026, was included in Other assets.

(3) Included investments in unregistered 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 $ 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.

Net unrealized gains on investments in publicly-held equity securities held at period end were $ 1.5 billion and $ 12.5 billion for the second quarter and first half of fiscal year 2027, respectively.

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.

NVIDIA Corporation and Subsidiaries

17 unchanged sentences

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.

(1) 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:

Apr 26, 2026 Jan 25, 2026

Less than 12 months Less than 12 months

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

(In millions)

Debt securities issued by the U.S.

Treasury $ 12,238 $ ( 8 ) $ 10,666 $ ( 3 )

Corporate debt securities 2,658 ( 8 ) 1,332 ( 3 )

Debt securities issued by U.S.

government agencies 1,291 ( 1 ) 1,134 —

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

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

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

(In millions)

Less than one year $ 24,307

Due in 1 - 5 years 14,926

Total $ 39,233

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

As of July 26, 2026, and January 25, 2026, debt securities of $ 42.0 billion and $ 13.1 billion, respectively, in a continuous loss position had been so for less than 12 months, and the related unrealized losses were not significant.

As of July 26, 2026, the estimated fair values of debt securities included in cash equivalents and marketable debt securities were $ 46.9 billion, consisting of $ 41.0 billion due in less than one year and $ 5.9 billion due in one to five years.

4Note 6 - Non-marketable Securities

3 unchanged sentences

Adjustments to the carrying value of privately-held securities:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Three Months Ended Six Months Ended

Jul 26, 2026 Jul 27, 2025 Jul 26, 2026 Jul 27, 2025

(In millions)

6 unchanged sentences

Balance at end of period $ 47,898 $ 3,799 $ 47,898 $ 3,799

(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.

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

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

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Non-marketable equity securities had cumulative gross unrealized gains of $ 9.1 billion and $ 661 million, and cumulative gross unrealized losses and impairments of $ 250 million and $ 93 million as of July 26, 2026, and July 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 had $ 3.3 billion of investments in infrastructure financiers accounted for using the equity method as of July 26, 2026.

Those equity method investments deemed to be variable interest entities, or VIEs, had a maximum loss exposure, including carrying values and future committed amounts, of $ 4.7 billion as of July 26, 2026.

We have determined we are not the primary beneficiary of our VIE investments and, therefore, do not consolidate the VIEs in our consolidated financial statements.

Income from equity method investments is recognized in Other income, net, and was not significant for the second quarter and first half of fiscal year 2027.

Note 7 - Supplemental Financial Statement Information

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.

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

Five direct customers accounted for 22 %, 14 %, 13 %, 11 %, and 10 % of our accounts receivable balance as of July 26, 2026.

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

Payment from customers is generally due shortly after delivery of our products.

In certain cases, for investment-grade customer purchases, we have and may in the future provide longer payment terms ranging from 90 days up to one year to assist customers with large data center builds depending on size.

Certain balance sheet components were as follows:

Apr 26, 2026 Jan 25, 2026

Jul 26, 2026 Jan 25, 2026

(In millions)

3 unchanged sentences

Total inventories (1) $ 31,575 $ 21,403

(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)

(1) We recognized inventory provisions of $ 784 million and $ 886 million for the second quarter, and $ 1.6 billion and $ 3.2 billion for the first half, of fiscal years 2027 and 2026, respectively, in Cost of revenue.

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

Property, equipment, and intangible assets acquired but not paid for in the first half of fiscal years 2027 and 2026 were $ 1.2 billion and $ 1.1 billion, respectively.

Jul 26, 2026 Jan 25, 2026

Accrued and Other Current Liabilities:

(In millions)

Taxes payable

$ 10,638 $ 2,669

Customer program accruals $ 7,391 $ 5,318

Accrued purchase consideration (1)

Excess inventory purchase obligations (2)

Product warranty

Taxes payable

Deferred revenue (1) 4,616 1,379

Product warranty

Excess inventory purchase obligations (2)

Accrued payroll and related expenses 1,206 1,146

Accrued purchase consideration (3) 986 3,921

Other 2,479 1,373

Total accrued and other current liabilities $ 26,960 $ 21,352

(1) Included customer advances and unearned revenue primarily related to hardware and software support, and license and development arrangements.

The balance as of July 26, 2026, and January 25, 2026, included $ 2.8 billion and $ 160 million of customer advances, respectively.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(2) We recognized $ 201 million and $ 137 million for the second quarter, and $ 501 million and $ 3.1 billion for the first half, of fiscal years 2027 and 2026, respectively, in Cost of revenue.

(3) 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 April 26, 2026 and January 25, 2026 included $ 297 million and $ 160 million of customer advances, respectively.

Apr 26, 2026 Jan 25, 2026

Jul 26, 2026 Jan 25, 2026

Other Long-Term Liabilities:

1 unchanged sentence

Income tax payable (1) $ 5,602 $ 3,958

Deferred income tax 1,798 1,774

Deferred revenue (2) 1,796 1,193

Deferred income tax 1,619 1,774

Other 1,901 381

1 unchanged sentence

(1) Primarily comprised of unrecognized tax benefits and related interest and penalties.

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

(2) Included unearned revenue related to hardware and software support.

Deferred Revenue

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

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

Six Months Ended

Jul 26, 2026 Jul 27, 2025

(In millions)

3 unchanged sentences

Balance at end of period $ 6,412 $ 2,035

(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

(1) Included $ 15.6 billion and $ 7.5 billion of customer advances for the first half of fiscal years 2027 and 2026, respectively.

(2) Included $ 13.0 billion and $ 7.5 billion related to customer advances for the first half of fiscal years 2027 and 2026, respectively.

We recognized revenue of $ 758 million and $ 479 million in the first half of fiscal years 2027 and 2026, respectively, that was included in the prior year-end deferred revenue balance.

As of July 26, 2026, revenue related to remaining performance obligations from contracts greater than one year in length was $ 3.2 billion, which included $ 3.0 billion from deferred revenue and $ 244 million that has not yet been billed or recognized as revenue.

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

Other Income, Net

Other income, net, consisted of the following:

Three Months Ended Six Months Ended

Jul 26, 2026 Jul 27, 2025 Jul 26, 2026 Jul 27, 2025

(In millions)

Interest income $ 496 $ 592 $ 1,037 $ 1,108

Interest expense ( 227 ) ( 62 ) ( 329 ) ( 124 )

Gains from equity securities, net 7,771 2,247 23,707 2,073

Other ( 267 ) ( 11 ) ( 275 ) ( 18 )

Other income, net $ 7,773 $ 2,766 $ 24,140 $ 3,039

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

2 unchanged sentences

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.

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

During the first half 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:

Apr 26, 2026 Jan 25, 2026

For our foreign currency contracts for assets and liabilities, the change in fair value of these non-designated contracts offsets the change in fair value of the hedged foreign currency-denominated monetary assets and liabilities, and is recognized in Other income, net.

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

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

The gains and losses of our foreign currency contracts were not significant for the second quarter and first half of fiscal years 2027 and 2026.

Land, Power, and Shell Guarantees for AI Clouds

We entered into land, power, and shell guarantees for select AI cloud partners’ data center lease obligations in the event of their default.

The guarantees are classified as credit derivatives, the fair values of which were not significant, with changes in fair values recognized in Other income, net.

Public Company Warrants

In the second quarter of fiscal year 2027, we received warrants to purchase shares of publicly-traded common stock with terms of three to five years .

These warrants are classified as equity derivatives, initially recognized within Other assets, with the corresponding benefit substantially deferred.

Subsequent valuation changes are recognized in Other income, net.

As of July 26, 2026, the fair values of the equity derivatives, a Level 3 measurement, were $ 824 million .

Derivative Financial Instrument Notional Values

The table below presents the notional values of our derivatives outstanding:

Jul 26, 2026 Jan 25, 2026

(In millions)

Designated as accounting hedges $ 2,114 $ 1,765

Foreign currency contracts designated as accounting hedges $ 2,162 $ 1,765

Not designated as accounting hedges:

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 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.

Foreign currency contracts $ 2,252 $ 2,332

Land, power, and shell guarantees for AI clouds (1) $ 3,529 $ 3,530

Public company warrants $ 4,800 $ —

Equity forward contract $ 1,000 $ —

(1) The maximum gross exposure under all agreements is reduced as the partners make payments to the lessors over terms ranging from five to seven years.

The partners have placed $ 712 million in escrow to partially mitigate our potential exposure, which is not reflected in the notional value.

NVIDIA Corporation and Subsidiaries

3 unchanged sentences

Interest Rate

Apr 26, 2026 Jan 25, 2026

Jul 26, 2026 Jan 25, 2026

(In millions)

13 unchanged sentences

4.9 2.09 % 1,250 1,250

4.75 % Notes Due 2033

6.9 4.82 % 3,500 —

4.95 % Notes Due 2036

9.9 5.01 % 4,000 —

3.50 % Notes Due 2040

13.7 3.54 % 1,000 1,000

5.55 % Notes Due 2046

19.9 5.61 % 3,000 —

3.50 % Notes Due 2050

23.7 3.54 % 2,000 2,000

5.625 % Notes Due 2056

29.9 5.66 % 3,500 —

3.70 % Notes Due 2060

33.7 3.73 % 500 500

Unamortized debt discount and issuance costs ( 134 ) ( 32 )

3 unchanged sentences

Total long-term portion $ 32,366 $ 7,469

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

In June 2026, we issued an aggregate of $ 25.0 billion of senior unsecured notes across seven tranches for general corporate purposes.

As of July 26, 2026, and January 25, 2026, the estimated fair value of debt was $ 31.4 billion and $ 7.5 billion, respectively.

The estimated fair values are based on Level 2 inputs.

4 unchanged sentences

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.

As of July 26, 2026, we complied with the required covenants under the outstanding notes.

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

Note 10 - Commitments and Contingencies

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.

We entered into strategic commitments across our supply, infrastructure, and partner ecosystems to capitalize on future growth opportunities and support our business.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Future commitments by fiscal year as of July 26, 2026, were as follows:

Remainder of 2027 2028 2029 2030 2031 2032 and thereafter Total

(In billions)

Supply and capacity $ 92 $ 87 $ 88 $ 6 $ 5 $ 1 $ 279

Cloud service agreements 3 8 7 6 4 1 29

Data center leases not commenced — 1 1 2 1 20 25

Equity investments 18 3 2 2 — — 25

Capital expenditures 7 1 — — — — 8

Total $ 120 $ 100 $ 98 $ 16 $ 10 $ 22 $ 366

Supply and capacity – We have partnered with our extensive network to secure the necessary supply and critical components needed to meet demand for the next several years, increasing supply commitments from $ 119 billion last quarter to $ 279 billion as of July 26, 2026.

These supply commitments are for our data center infrastructure systems, primarily memory and manufacturing facilities, to produce our products for long-term demand across current and future product architectures.

We enter into agreements with our suppliers that allow them to procure inventory based upon our defined criteria, and in certain instances, these agreements may be cancelable, 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.

Cloud service agreements – These commitments provide the cloud infrastructure to support our research and development of our open models, such as NVIDIA Nemotron, Cosmos, and GR00T, and our autonomous vehicle software.

Data center leases not commenced – These leases will be primarily used for engineering, product design, and testing of our compute chips, networking products, and systems.

They are expected to begin between the third quarter of fiscal year 2027 and fiscal year 2033 and have terms up to twenty years .

Many of the expected lease start dates are subject to and dependent on timing of facility construction completion.

Refer to Note 14 of the Notes to Condensed Consolidated Financial Statements for additional information on our leases that have commenced and are recognized in our financial statements.

Equity investments – We committed to make certain equity investments in AI model makers, infrastructure financiers, and other private companies, subject to certain contingencies.

Capital expenditures – Our capital expenditures primarily include obligations for data center equipment and infrastructure used for engineering and manufacturing operations.

Additional Commitments and Guarantees

Securing land, power, and shell for data centers is a critical phase in the AI infrastructure buildout.

We have entered into arrangements to assist select customers with securing the land, power, shell, and data center capacity needed to support their growth.

These strategic commitments and guarantees may impact our financial results and are dependent on the performance of our customers and partners.

Additional Commitments

Future commitments by fiscal year as of July 26, 2026, were as follows:

Remainder of 2027 2028 2029 2030 2031 2032 and thereafter Total

(In billions)

AI cloud agreements $ — $ 6 $ 8 $ 7 $ 6 $ 9 $ 36

Data center leases not commenced for third party — — 1 1 1 17 20

Total $ — $ 6 $ 9 $ 8 $ 7 $ 26 $ 56

AI cloud agreements – We have partnered with leading AI clouds to enable broader access to our AI infrastructure to serve AI startups, model builders, enterprises, research organizations and sovereign customers.

Under these agreements, AI clouds procure our data center infrastructure products and we commit to cloud service agreements, which the AI clouds can unilaterally stop providing to us and sell to third-party customers at more advantageous rates.

Our commitments

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

decrease as capacity is used by third-party customers or by us for our research and development efforts.

If certain criteria are met, we will participate in revenue share generated by the AI clouds from third-party customers.

Data center leases not commenced for third party – We have entered into data center leases with terms of approximately fifteen years that are expected to commence between fiscal year 2028 and fiscal year 2029.

The expected lease start dates are subject to and dependent on timing of construction completion.

We expect to reassign these data center leases to third parties.

Refer to Note 14 of the Notes to Condensed Consolidated Financial Statements for additional information on our leases.

Land, power, and shell guarantees for AI clouds – We entered into land, power, and shell guarantees for select AI cloud partners’ data center lease obligations in the event of their default.

The maximum gross exposure under all agreements is $ 3.5 billion.

Refer to Note 8 of the Notes to Condensed Consolidated Financial Statements for additional information on our derivatives.

SB Energy Corp.

guarantees – In August 2026, we entered into guarantees, capped at a total of $ 105 billion, to provide credit support on a land, power, and shell buildout with affiliates of SB Energy Corp.

(SB Energy) on behalf of a customer, an affiliate of OpenAI Group PBC (OpenAI), related to leases for approximately 4.25 gigawatts of IT load in the aggregate at SB Energy’s PORTS Technology Campus in Pike County, Ohio.

Each guarantee generally becomes effective upon commencement of the applicable lease, with corresponding guarantee amounts increasing, as each of the nine phases of data center construction is completed, the first of which is expected in fiscal year 2029.

Our payment obligations under the guarantees are triggered upon certain tenant defaults and the amount is expected to decrease over the course of each phase’s 20 -year lease term.

Our guarantees are limited to defined portions of lease and power payments and not the full cost of the site or all of the tenant’s obligations.

The guarantees terminate upon certain events, including OpenAI achieving a satisfactory credit rating or after each respective lease term has completed.

In exchange for the guarantees, the site will exclusively host NVIDIA AI infrastructure, subject to limited exceptions.

We also hold an option, exercisable in our sole discretion, to provide additional credit support in phases for approximately 3.8 additional gigawatts as the site scales.

The following table summarizes the maximum gross exposure related to our guarantees, including the SB Energy Corp.

guarantees signed in August 2026 (in billions):

Land, power, and shell guarantees for AI clouds $ 3.5

SB Energy Corp.

Total $ 108.5

Accrual for Product Warranty Liabilities

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

Three Months Ended Six Months Ended

Jul 26, 2026 Jul 27, 2025 Jul 26, 2026 Jul 27, 2025

(In millions)

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Balance at end of period $ 2,938 $ 2,144 $ 2,938 $ 2,144

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

For the second quarter and first half 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.

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Maximum potential future payments cannot be estimated because many of these agreements do not have a maximum stated liability.

We have not recorded any liability in our Condensed Consolidated Financial Statements for such indemnifications.

We have not recognized any liability in our Condensed Consolidated Financial Statements for such indemnifications.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Securities Class Action and Derivative Lawsuits

11 unchanged sentences

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.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Huang, et al.

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

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

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

Accounting for Loss Contingencies

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.

As of July 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.

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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.

Income tax expense was $ 11.8 billion and $ 4.8 billion for the second quarter, and $ 23.4 billion and $ 7.9 billion for the first half, of fiscal years 2027 and 2026, respectively.

Income tax as a percentage of income before income tax was 16.5 % and 15.3 % for the second quarter, and 16.5 % and 14.9 % for the first half, 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, foreign-derived deduction eligible income, and the U.S.

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

Our effective tax rates for the first half 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.

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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.

Accordingly, our provisions on federal, state, and foreign tax-related matters to be recognized 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.

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Capital Return Program

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.

We repurchased 94 million and 67 million shares of our common stock for $ 19.7 billion and $ 9.7 billion during the second quarter of fiscal years 2027 and 2026, respectively, and 203 million and 193 million shares of our common stock for $ 39.8 billion and $ 24.2 billion during the first half of fiscal years 2027 and 2026, respectively.

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.

As of July 26, 2026, we were authorized, subject to certain specifications, to repurchase up to $ 99.3 billion of our common stock.

We paid cash dividends to our shareholders of $ 6.0 billion and $ 244 million during the second quarter, and $ 6.3 billion and $ 488 million during the first half, 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.

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.

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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.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

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

7 unchanged sentences

(In millions)

Three Months Ended Apr 26, 2026

Three Months Ended Jul 26, 2026

Revenue $ 88,299 $ 7,922 $ 96,221

1 unchanged sentence

Operating income $ 62,696 $ 3,899 $ 66,595

Three Months Ended Apr 27, 2025

Three Months Ended Jul 27, 2025

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

1 unchanged sentence

Operating income $ 28,363 $ 2,242 $ 30,605

Six Months Ended Jul 26, 2026

Revenue $ 162,850 $ 14,987 $ 177,837

Other segment items (1) 46,819 8,147 54,966

Operating income $ 116,031 $ 6,840 $ 122,871

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 $ 50,417 $ 3,882 $ 54,299

(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 & 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.

Depreciation and amortization expense attributable to our Compute & Networking segment was $ 642 million and $ 383 million for the second quarter, and $ 1.2 billion and $ 684 million for the first half, of fiscal years 2027 and 2026, respectively.

Depreciation and amortization expense attributable to our Graphics segment was $ 204 million and $ 148 million for the second quarter, and $ 399 million and $ 252 million for the first half, 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.

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Notes to Condensed Consolidated Financial Statements (Continued)

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

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

Three Months Ended Six Months Ended

Jul 26, 2026 Jul 27, 2025 Jul 26, 2026 Jul 27, 2025

(In millions)

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Acquisition-related and other costs ( 222 ) ( 101 ) ( 469 ) ( 263 )

Interest income 540 515

Interest expense ( 102 ) ( 63 )

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

Other income, net 7,773 2,766 24,140 3,039

Consolidated income before income tax

$ 71,507 $ 31,206 $ 141,410 $ 53,117

Revenue by geographic area is based upon the location of the customers’ headquarters.

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

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Revenue by geographic region is designated based on the location of the headquarters of direct customers.

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

Three Months Ended Six Months Ended

Jul 26, 2026 Jul 27, 2025 Jul 26, 2026 Jul 27, 2025

(In millions)

6 unchanged sentences

Total revenue $ 96,221 $ 46,743 $ 177,837 $ 90,805

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 .

Revenue from sales to customers headquartered outside of the United States accounted for 38 % and 30 % of total revenue for the second quarter and first half of fiscal year 2027, respectively, and 30 % and 35 % of total revenue for the second quarter and first half of fiscal year 2026, respectively.

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.

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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.

For the second quarter of fiscal year 2027, one direct customer represented 16 % of total revenue, which was primarily attributable to the Compute & Networking segment.

For the first half of fiscal year 2027, three direct customers represented 16 %, 15 %, and 13 % of total revenue, all of which was primarily attributable to the Compute & Networking segment.

For the second quarter of fiscal year 2026, two direct customers represented 23 % and 16 % of total revenue, all of which was primarily attributable to the Compute & Networking segment.

For the first half of fiscal year 2026, two direct customers represented 20 % and 15 % of total revenue, all of which was primarily attributable to the Compute & Networking segment.

In the first quarter of fiscal year 2027, we changed our presentation of revenue by market platform, and the comparable periods were recast.

During the second quarter of fiscal year 2027, we reclassified a company from AI Clouds, Industrial, & Enterprise (ACIE) to Hyperscale due to a change in their business model and recast the prior period revenue associated with this company.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

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

Three Months Ended Six Months Ended

Jul 26, 2026 Jul 27, 2025 Jul 26, 2026 Jul 27, 2025

(In millions)

7 unchanged sentences

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:

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

Operating Lease Obligations

(In millions)

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

2027 (the second half of fiscal year 2027) $ 354

2032 and thereafter 4,186

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Long-term operating lease liabilities $ 4,985

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.

As of July 26, 2026, our operating leases have a weighted average remaining lease term of 10.9 years and a weighted average discount rate of 4.69 %.

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 %.

Operating lease costs were $ 208 million and $ 109 million for the second quarter, and $ 379 million and $ 210 million for the first half, of fiscal years 2027 and 2026, respectively.

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

Other information related to leases was as follows:

Three Months Ended

Apr 26, 2026 Apr 27, 2025

Six Months Ended

Jul 26, 2026 Jul 27, 2025

(In millions)

2 unchanged sentences

Operating lease assets obtained in exchange for lease obligations $ 2,792 $ 458

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