NASDAQ: NVDA · Semiconductors
Nvidia
NVIDIA, based in Santa Clara, California, pioneered GPU-accelerated computing and now describes itself as a data center scale AI infrastructure company: GPUs, CPUs, networking, systems and the CUDA software stack used for AI training and inference, plus gaming, professional visualization and automotive chips. Fiscal 2026 (year ended January 25, 2026) revenue rose 65% to $215,938 million — Data Center $193,737 million (compute $162,361 million, networking $31,376 million) and Gaming $16,042 million — and net income was $120,067 million. Two direct customers accounted for 22% and 14% of revenue. It designs chips and outsources manufacturing to foundries such as TSMC and Samsung. In the first half of fiscal 2027 revenue reached $177,837 million (net income $118,010 million); it raised the quarterly dividend to $0.25, agreed in September 2026 to acquire Hugging Face for about $11.9 billion, and in August 2026 agreed to guarantee up to $105 billion of data-center lease values in Ohio where an OpenAI affiliate is the tenant.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 30, 2026 15:11 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2026 · filed 2026-02-2510-Q (quarter ended 2026-07-26) · filed 2026-08-26Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 66.9%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 60.4%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +74.1 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -0.0x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.86x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 2 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 25.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.72
Higher than 99% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 98% of 311 non-financial companies
Latest fiscal year (FY2026)
Higher than 99% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 21% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 5% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-07-26
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$205.71close on 2026-11-04
Market cap$4,999.58B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 25.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 31.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 37.5x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.0%
At FY2026 year-end: 38.3x
Earnings: trailing 12 months to 2026-07-26
At FY2026 year-end: 29.0x
Book value at FY2026 year-end
At FY2026 year-end: 34.2x
EBITDA for FY2026
At FY2026 year-end: 2.1%
Free cash flow for FY2026
Dividends per share for FY2026
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jul 26, 2026.
- Revenue$46.74B → $96.22B (vs. a year earlier)↑ +105.9%$46.74B → $96.22B (vs. a year earlier)
- Operating margin60.8% → 66.2% (vs. a year earlier)↑ +5.4 pts60.8% → 66.2% (vs. a year earlier)
- Net income$26.42B → $59.69B (vs. a year earlier)↑ +125.9%$26.42B → $59.69B (vs. a year earlier)
- Diluted EPS$1.08 → $2.46 (vs. a year earlier)↑ +127.8%$1.08 → $2.46 (vs. a year earlier)
- Cash$13.24B → $22.44B (vs. previous quarter-end)↑ +69.5%$13.24B → $22.44B (vs. previous quarter-end)
- Long-term debt$8.47B → $33.37B (vs. previous quarter-end)↑ +293.9%$8.47B → $33.37B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- NVIDIA CORP
- Headquarters
- SANTA CLARA, CA
- Incorporated in
- Delaware
- Fiscal year end
- 01/31
- Exchange & ticker
- NASDAQ: NVDA
- Industry
- Semiconductors
- CIK
- 1045810
- Website
- https://www.nvidia.com/ ↗
Workforce (as of FY2026 year-end)
Employees
42,000
Source: Form 10-K (FY2026) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2027
Quarter end: October 2026. In past years, Q3 results were released 23–24 days after quarter end (Nov 19, 2025; Nov 20, 2024; Nov 21, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around January 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 23–31 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2027 | Jul 26, 2026 | Aug 26, 2026 (+31 days) | Aug 26, 2026 10-Q (+31 days) |
| Q1 FY2027 | Apr 26, 2026 | May 20, 2026 (+24 days) | May 20, 2026 10-Q (+24 days) |
| Q4 FY2026 | Jan 25, 2026 | Feb 25, 2026 (+31 days) | Feb 25, 2026 10-K (+31 days) |
| Q3 FY2026 | Oct 26, 2025 | Nov 19, 2025 (+24 days) | Nov 19, 2025 10-Q (+24 days) |
| Q2 FY2026 | Jul 27, 2025 | Aug 27, 2025 (+31 days) | Aug 27, 2025 10-Q (+31 days) |
| Q1 FY2026 | Apr 27, 2025 | May 28, 2025 (+31 days) | May 28, 2025 10-Q (+31 days) |
| Q4 FY2025 | Jan 26, 2025 | Feb 26, 2025 (+31 days) | Feb 26, 2025 10-K (+31 days) |
| Q3 FY2025 | Oct 27, 2024 | Nov 20, 2024 (+24 days) | Nov 20, 2024 10-Q (+24 days) |
| Q2 FY2025 | Jul 28, 2024 | Aug 28, 2024 (+31 days) | Aug 28, 2024 10-Q (+31 days) |
| Q1 FY2025 | Apr 28, 2024 | May 22, 2024 (+24 days) | May 29, 2024 10-Q (+31 days) |
| Q4 FY2024 | Jan 28, 2024 | Feb 21, 2024 (+24 days) | Feb 21, 2024 10-K (+24 days) |
| Q3 FY2024 | Oct 29, 2023 | Nov 21, 2023 (+23 days) | Nov 21, 2023 10-Q (+23 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Compute & Networking
Data Center compute
Blackwell and other GPU platforms, Grace CPUs and full rack-scale AI systems for training and inference ($162,361M in FY2026).
Compute & Networking
Networking
Switches, network adapters, DPUs and cables/optics for data-center-scale computing ($31,376M).
Graphics
Gaming
GeForce RTX GPUs for PC gaming ($16,042M).
Graphics
Professional Visualization
RTX workstation graphics and Omniverse ($3,191M).
Compute & Networking
Automotive and robotics
DRIVE autonomous-vehicle platforms and Jetson robotics ($2,349M automotive).
From the Form 10-K, FY2026, year ended 2026-01-25.
U.S. and worldwide share of flagship products/services
NVIDIA gives no market-share figures; it says it is “the leader in accelerating and releasing open AI models.”
Reviewed: Form 10-K (FY2026, year ended 2026-01-25) · Form 10-Q (quarter ended 2026-07-26)
07
Recent strategic focusSite analysis
Recent developments.
First half FY2027
Revenue $177,837M versus $90,805M; net income $118,010M versus $45,197M; Data Center $164,269M.
Source: Form 10-Q (quarter ended 2026-07-26)
Capital returns
Repurchased 203M shares for $39.8B in the first half of FY2027; added $80.0B authorization on May 18, 2026; quarterly dividend raised to $0.25 from $0.01.
Source: Form 10-Q (quarter ended 2026-07-26)
Hugging Face deal
Agreed to acquire Hugging Face for about $11.9B on September 2, 2026.
Source: Form 8-K (2026-09-03) — Item 8.01 agreement to acquire Hugging Face
Debt issuance
Issued senior notes in June 2026, including $3.5B of 4.250% notes due 2028 and $4.0B of 4.500% notes due 2031.
Source: Form 8-K (2026-06-18) — Item 8.01 senior notes offering
Capex ÷ D&A (FY2026)
2.13x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$6,042M ÷ $2,843M = 2.13x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2026)
8.6%
formularesearch & development expense ÷ revenue × 100
e.g.$18,497M ÷ $215,938M × 100 = 8.6%
M&A spend (6-year total)
$11.46B
Latest year: $1.54B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.13B in FY2021 to $6.04B in FY2026
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2021–FY2026, 6 years.
Revenue (FY2026)
$215.94B
As reported in the 10-K
Revenue CAGR (5 years)
+66.9%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($215,938M ÷ $16,675M) ^ (1÷5) − 1 = 66.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
60.4%▲favorable
+33.2pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$130,387M ÷ $215,938M × 100 = 60.4%
ROE (FY2026)
101.5%▲favorable
6-year average: 66.8%
As reported in the 10-K
P/B (FY2026 end)
29.00x
formulafiscal year-end closing price ÷ book value per share
e.g.$187.67 ÷ $6.47 = 29.00x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
34.2x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($4,561,132M + $8,468M − $10,605M) ÷ ($130,387M + $2,843M) = 34.2x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +66.9% a year over 5 years (strong growth)
From $16.68B in FY2021 to $215.94B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 27.2% → 60.4%
How much operating profit is left per $100 of revenue. It moved +33.2 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 76.1% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 66.8% over 6 years (latest: 101.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Hugging Face
- SB Energy / OpenAI (PORTS Technology Campus)
- Groq, Inc.
07 · what it does
Key activities
- Compute & Networking: data center platforms, networking, automotive, Jetson robotics
- Graphics: GeForce gaming GPUs, RTX workstation graphics, Omniverse
06 · what it draws on
Key resources
- About 42,000 employees, 31,000 in R&D
- Foundries (TSMC, Samsung), memory (SK Hynix, Micron, Samsung), CoWoS packaging
- CUDA software ecosystem
02 · why customers buy
Value propositions
- Accelerated computing: GPUs, CPUs, networking, systems and software (CUDA); competes on performance and breadth of offerings.
04 · how it keeps them
Customer relationships
- Deep design support for partners; a large developer ecosystem around CUDA.
03 · how it reaches them
Channels
- Cloud providers, OEMs, ODMs, system integrators and distributors in its partner network.
01 · who it serves
Customer segments
- Hyperscale cloud providers, AI clouds, enterprises
- OEMs, system integrators and distributors
- Gamers and creators
09 · where money goes
Cost structure
FY2026, share of revenue ($215.94B)
- Cost of revenue28.9%
- Research & development8.6%
- Selling, general & administrative2.1%
Operating profit left: 60.4% of revenue. Depreciation & amortization (inside the costs above): $2.84B. Capital spending: $6.04B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Data Center $193,737M (FY2026)
- Gaming $16,042M
- Professional Visualization $3,191M; Automotive $2,349M; OEM and other $619M
Value propositions, channels and customer relationships: Form 10-K (FY2026)
Designs GPUs, CPUs, networking and full data-center systems plus software (CUDA, libraries, AI frameworks), has them manufactured by foundries and contract manufacturers, and sells to cloud providers, OEMs, system integrators and distributors.
01 what it draws on
Inputs & resources
- About 42,000 employees, 31,000 in R&D
- Foundries (TSMC, Samsung), memory (SK Hynix, Micron, Samsung), CoWoS packaging
- CUDA software ecosystem
02 what it does
Activities
- Compute & Networking: data center platforms, networking, automotive, Jetson robotics
- Graphics: GeForce gaming GPUs, RTX workstation graphics, Omniverse
03 who it serves
Customers
- Hyperscale cloud providers, AI clouds, enterprises
- OEMs, system integrators and distributors
- Gamers and creators
04 how money comes in
How it earns
- Data Center $193,737M (FY2026)
- Gaming $16,042M
- Professional Visualization $3,191M; Automotive $2,349M; OEM and other $619M
How the business makes money
- Two direct customers represented 22% and 14% of FY2026 revenue.
- Revenue by customer headquarters: U.S. $149.6B, Taiwan $42.3B, China incl. Hong Kong $19.7B.
- A $4.5B H20 charge was taken in Q1 FY2026 after U.S. export licensing requirements for China.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
U.S. export controls decide which of NVIDIA’s data-center products can be sold to China, and on what terms.
Trade & export rules
China export licensing
Export rules required licenses for H20; NVIDIA took a $4.5B charge in Q1 FY2026 for excess H20 inventory and purchase obligations, later received some licenses, and in February 2026 a license to ship small amounts of H200 to specific Chinese customers.
Constrains the businessTouches: Customers · How it earnsSource: Form 10-K (FY2026)
Regulated prices & reimbursement
Revenue share expected by the U.S. government
U.S. government officials said they expect 15% or more of revenue from licensed sales of its products to China, though no regulation codified the requirement.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2026)
Revenue by segment (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Compute & Networking
193,479 (90%)Graphics
22,459 (10%)
Source: Form 10-K (FY2026, year ended 2026-01-25) Reportable segment revenue for fiscal 2026 (year ended January 25, 2026); total $215,938M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2026)
United States — 69% of revenue
Revenue by country / region (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
149,617 (69%)Taiwan
42,345 (20%)China (incl. Hong Kong)
19,677 (9%)Other
4,299 (2%)
Source: Form 10-K (FY2026, year ended 2026-01-25) Revenue by customer headquarters location (changed in Q3 FY2026); NVIDIA estimates 76% of Data Center revenue from Taiwan-headquartered customers was attributed to end customers in the U.S. and Europe.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Hugging Face
Definitive agreement signed September 2, 2026: about $11.9B purchase price plus up to about $1.0B equity retention program; expected to close in the first half of 2027, with a commitment to keep the platform open.
Source: Form 8-K (2026-09-03) — Item 8.01 agreement to acquire Hugging Face
Business partnership
SB Energy / OpenAI (PORTS Technology Campus)
Multi-year partnership for an Ohio AI data-center campus; NVIDIA guarantees residual values of leases (about 4.25 GW) with an OpenAI affiliate as tenant, capped at $105B for the initial commitment.
Source: Form 8-K (2026-08-17) — Item 1.01 SB Energy partnership and residual value guaranties
Licensing agreement
Groq, Inc.
Intellectual property license arrangement requiring significant, nonrefundable payments.
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Cloud service providers, AI clouds, enterprises, OEMs, system integrators and distributors.
Named by the company
Two direct customers represented 22% and 14% of FY2026 revenue; NVIDIA estimates one AI research and deployment company contributed a meaningful amount of revenue by buying cloud services from its customers.
Suppliers
TSMC and Samsung (wafers), SK Hynix, Micron and Samsung (memory), CoWoS packaging and contract manufacturers.
Named by the company
Named in Item 1 of the 10-K.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names competitors by product area.
Competitors named in the 10-K
GPUs, custom chips and AI accelerators
Cloud providers with in-house AI chips
SoCs for servers, autos and devices
Networking
Peer group the company chose
Fiscal 2026 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Peers sized at about 1/3–3.5x NVIDIA’s revenue or market cap; Adobe, AMD and SAP removed and Alphabet, Amazon, Apple and Microsoft added.
- Alphabet (Google)site ↗
- Meta Platformssite ↗
- Amazonsite ↗
- Microsoftsite ↗
- Applesite ↗
- Netflixsite ↗
- Broadcomsite ↗
- Oraclesite ↗
- Cisco Systemssite ↗
- Qualcommsite ↗
- IBMsite ↗
- Salesforcesite ↗
- Intelsite ↗
- Visasite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 16,675 | 26,914 | 26,974 | 60,922 | 130,497 | 215,938 |
| Operating income | 4,532 | 10,041 | 4,224 | 32,972 | 81,453 | 130,387 |
| Pretax income | 4,409 | 9,941 | 4,181 | 33,818 | 84,026 | 141,450 |
| Net income (attributable) | 4,332 | 9,752 | 4,368 | 29,760 | 72,880 | 120,067 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 61.4% | 0.2% | 125.9% | 114.2% | 65.5% |
| Operating margincalcoperating income ÷ revenue × 100 | 27.2% | 37.3% | 15.7% | 54.1% | 62.4% | 60.4% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 26.0% | 36.2% | 16.2% | 48.8% | 55.8% | 55.6% |
| Balance sheet ($M) | ||||||
| Total assets | 28,791 | 44,187 | 41,182 | 65,728 | 111,601 | 206,803 |
| Total equity | 16,893 | 26,612 | 22,101 | 42,978 | 79,327 | 157,293 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 6,963 | 10,946 | 10,953 | 9,709 | 8,463 | 8,468 |
| Equity ratio | 58.7% | 60.2% | 53.7% | 65.4% | 71.1% | 76.1% |
| ROE | 25.6% | 44.8% | 17.9% | 91.5% | 119.2% | 101.5% |
| Cash flow ($M) | ||||||
| Operating CF | 5,822 | 9,108 | 5,641 | 28,090 | 64,089 | 102,718 |
| Investing CF | -19,675 | -9,830 | 7,375 | -10,566 | -20,421 | -52,228 |
| Financing CF | 3,804 | 1,865 | -11,617 | -13,633 | -42,359 | -48,474 |
| Free cash flowcalccash flow from operations − capital expenditures | 4,694 | 8,132 | 3,808 | 27,021 | 60,853 | 96,676 |
| Cash and equivalents | 847 | 1,990 | 3,389 | 7,280 | 8,589 | 10,605 |
| Per share & other | ||||||
| EPS ($) | 0.17 | 0.39 | 0.17 | 1.19 | 2.94 | 4.90 |
| BVPS ($) | 0.68 | 1.06 | 0.90 | 1.74 | 3.24 | 6.47 |
| Dividend per share ($) | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.04 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 9.2% | 4.2% | 9.4% | 1.3% | 1.2% | 0.8% |
| P/E (x) | 75.1 | 59.3 | 119.8 | 51.3 | 48.5 | 38.3 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 58.3 | 51.8 | 88.4 | 43.7 | 41.9 | 34.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 19.06 | 21.51 | 22.72 | 34.99 | 44.01 | 29.00 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-07-26 | $96.22B+105.9% | $63.73B+124.1% | $59.69B+125.9% | $2.46 |
| 2026-04-26 | $81.62B+85.2% | $53.54B+147.4% | $58.32B+210.6% | $2.39 |
| 2026-01-25 † | $68.13B+73.2% | $44.3B+84.3% | $42.96B+94.5% | — |
| 2025-10-26 | $57.01B+62.5% | $36.01B+64.7% | $31.91B+65.3% | $1.30 |
| 2025-07-27 | $46.74B | $28.44B | $26.42B | $1.08 |
| 2025-04-27 | $44.06B | $21.64B | $18.78B | $0.76 |
| 2025-01-26 † | $39.33B | $24.03B | $22.09B | — |
| 2024-10-27 | $35.08B | $21.87B | $19.31B | $0.78 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2026)
88.4%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$130,387M × (1 − 14%) ÷ $126,776M × 100 = 88.4%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
14.39%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $4,561.13B ÷ ($4,561.13B + $8.47B) = 99.8%
e.g.Debt weight: $8.47B ÷ ($4,561.13B + $8.47B) = 0.2%
e.g.WACC: 14.4% × 99.8% + 3.1% × (1 − 14%) × 0.2% = 14.39%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 11.8%–17.4% and ROIC − WACC runs +71.0 to +76.7 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 14.39% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.72 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 14.41%
- Cost of debt
- 3.06%
- Tax rate
- 14% (effective rate, FY2024–FY2026)
- Capital structure (equity : debt)
- 100% : 0%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 14.39%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.72 (price-derived adjusted beta. Raw β 2.08, R² 0.48, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 2.080 + 0.33 = 1.723
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.72 × 5.5% = 14.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
12.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 14.4% − 1.9%
Past FCF growth (FY2021–FY2026)
+83.1%
Compound annual rate, 5 years
Past revenue growth (FY2021–FY2026)
+66.9%
Compound annual rate, 5 years
Inputs (FY2026): free cash flow $96.68B (operating CF − capex); enterprise value $4,997.44B = market cap $4,999.58B (latest close, 2026-11-04) + debt $8.47B − cash and short-term investments $10.61B; r = WACC of 14.4% using this page’s default assumptions (β 1.72, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$4,028.17B
FCF $96.68B ÷ (14.4% − 12.0%)
Theoretical ÷ actual enterprise value
0.81x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 12.4% | 13.4% | 14.4% | 15.4% | 16.4% |
|---|---|---|---|---|---|
| 0% | 0.16x | 0.14x | 0.13x | 0.13x | 0.12x |
| 2% | 0.19x | 0.17x | 0.16x | 0.14x | 0.13x |
| 4% | 0.23x | 0.21x | 0.19x | 0.17x | 0.16x |
| 6% | 0.30x | 0.26x | 0.23x | 0.21x | 0.19x |
| 8% | 0.44x | 0.36x | 0.30x | 0.26x | 0.23x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.04x
Profit is backed by cash coming in.
- !
Accrual ratio (latest): 10.9%
A larger share of profit is non-cash accruals, which research associates with profit that tends to fade in later periods.
- ✓
Core-earnings share (operating income ÷ pretax income): 92%
Most profit comes from core operations.
- ✓
Days sales outstanding: 53 → 52 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit bridge (FY2026)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$102,718M ÷ $120,067M = 0.86x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$130,387M ÷ $141,450M × 100 = 92%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($23,065M + $38,466M) ÷ 2 ÷ $215,938M × 365 = 52 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($10,080M + $21,403M) ÷ 2 ÷ $62,475M × 365 = 92 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 69.4%
- Directors & officers (shares)
- 3.9%
- Everyone else (est.)
- 26.7%
- Directors & officers (voting power)
- 3.9%
- Institutional-ownership rank
- 380 of 416
- Beta (adjusted)
- 1.72
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 91% of covered companies have more
above 1 = swings more than the market
- 16,793.3M shares reported by 5,960 13F filers ÷ 24,200.0M shares outstanding on 2026-05-15. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-05-12 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-05-15)
20
Strengths & weaknessesSite analysis
Strengths
1. Explosive growth
Revenue rose from $16,675M (FY2021) to $215,938M (FY2026); net income from $4,332M to $120,067M.
Evidence: Form 10-K (FY2026, year ended 2026-01-25)
2. Very high margins
Operating income of $130,387M on $215,938M revenue in FY2026.
Evidence: Form 10-K (FY2026, year ended 2026-01-25)
3. Full-stack platform
CUDA and hundreds of domain-specific libraries run on all NVIDIA GPUs, with data-center-scale systems co-designed from chips to software.
Evidence: Form 10-K (FY2026, year ended 2026-01-25)
Weaknesses
1. Customer concentration
Two direct customers were 22% and 14% of FY2026 revenue; three were 16%, 15% and 13% in the first half of FY2027.
Evidence: Form 10-Q (quarter ended 2026-07-26)
2. Outsourced manufacturing
Depends on TSMC and Samsung for wafers and on a few memory suppliers.
Evidence: Form 10-K (FY2026, year ended 2026-01-25)
3. Export controls
Took a $4.5B H20 charge in Q1 FY2026 after U.S. licensing requirements for China.
Evidence: Form 10-K (FY2026, year ended 2026-01-25)
4. Export-control exposure
A $4.5B H20 charge in Q1 FY2026 followed new U.S. licensing requirements for China.
Evidence: Form 10-K (FY2026)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
38.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
0.02%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
1%
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
2.1%
(Operating CF − capex) ÷ market cap
1. AI infrastructure leader
Data Center revenue grew from $47,525M (FY2024) to $193,737M (FY2026).
- What has to hold
- AI capital spending keeps rising.
- The other side
- Customers design their own chips; demand cycles.
Evidence: Form 10-K (FY2026, year ended 2026-01-25)
2. Massive cash generation and returns
Operating cash flow of $102,718M in FY2026; buybacks of $40.4B and a much higher dividend.
- What has to hold
- Margins stay high.
- The other side
- Large commitments and investments.
Evidence: Form 10-K (FY2026, year ended 2026-01-25)
Fiscal years end in late January. FY2021–FY2023 EPS, dividends, shares and book value per share restated by this site for the June 2024 10-for-1 split.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
10.6x
$10.61B vs. $999M
Interest coverage (operating income ÷ interest expense)
503.4x
$130.39B vs. $259M
Free cash flow ÷ dividends paid
99.3x
$96.68B vs. $974M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -57.9% in FY2023 ($10.04B → $4.22B) | Yes, by FY2024 |
Covers only the 6 fiscal years on record (FY2021–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income stayed positive every year FY2021–FY2026, with a low of $4,332M (FY2021).
Source: Form 10-K (FY2026, year ended 2026-01-25)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
NVIDIA has no accrued liabilities for its legal proceedings. The main matter is a 2018 securities class action over crypto-mining-related GPU demand, revived by the Ninth Circuit; related derivative suits are stayed.
2 open matters (1 flagged as major)
In re NVIDIA Corporation Securities Litigation
PendingClass actionMajorShareholder plaintiffs v. NVIDIA and certain executives (N.D. Cal. 4:18-cv-07669)
Shareholders allege false or misleading statements about channel inventory and the impact of cryptocurrency mining on GPU demand (May 2017–November 2018). The district court dismissed the case in 2021; the Ninth Circuit partly reversed in 2023, and the Supreme Court dismissed NVIDIA’s certiorari petition as improvidently granted, returning the case to district court.
- Amounts
- Unspecified compensatory damages
Source: Form 10-Q (quarter ended 2026-07-26) — Note on Commitments and Contingencies (Litigation)
Derivative lawsuits over the crypto-mining disclosures
PendingLawsuitShareholders on behalf of NVIDIA v. directors and officers
Derivative suits in federal court (N.D. Cal. and Delaware) and state court are stayed pending final resolution of the securities class action.
Source: Form 10-Q (quarter ended 2026-07-26) — Note on Commitments and Contingencies (Litigation)
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-07-26) — Note on Commitments and Contingencies (Litigation), reviewed 2026-10-31. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Geopolitics & supply chain
Export controls and China
- Company disclosure (summarized from the 10-K)
- U.S. licensing rules on advanced chips to China; H200 shipments under a new license program are subject to a 25% tariff on U.S. import.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Customer/supplier concentration
Few large customers
- Company disclosure (summarized from the 10-K)
- A limited number of direct and indirect customers each exceed 10% of revenue.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Competition & technology shift
Custom chips and rivals
- Company disclosure (summarized from the 10-K)
- Competes with AMD, Intel, Huawei and with cloud providers’ in-house AI chips (Alphabet, Amazon, Microsoft and others).
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 4Geopolitics & supply chain
Foundry dependence
- Company disclosure (summarized from the 10-K)
- Wafers from TSMC and Samsung; capacity and Taiwan-related disruptions could limit supply.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 5Funding & liquidity
Large commitments
- Company disclosure (summarized from the 10-K)
- Residual value guaranties of up to $105B for OpenAI-tenant data-center leases and large investment commitments.
- Company’s stated mitigation
- In January 2026, we increased the size of our commercial paper program from $ 575 million to $ 25.0 billion.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
We have entered into an intellectual property license arrangement with Groq, Inc., or Groq, that required significant, nonrefundable payments. Read more
Successfully incorporating the licensed technology into our architectures and product roadmaps requires significant engineering effort and may not occur on expected timelines or at all. The licensed technology may not achieve the desired results as designed or achieve customer or ecosystem adoption. The economic outcomes of this arrangement depend on our ability to translate the licensed technology into commercially viable products and services over time, and we may be unable to recover the associated costs or realize an adequate return on this spend. If our efforts to use the licensed technology are delayed or unsuccessful, our business, operating results, and financial condition could be negatively impacted.
The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these and other necessary resources could impact our future revenue and financial performance. Expanding energy capacity to meet demand is a complex, multi-year process involving significant regulatory, technical, and construction challenges. In addition, access to capital can be particularly constrained for less-capitalized companies, which may face difficulties securing financing for large-scale infrastructure projects. These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption.
We are increasing our U.S.-based manufacturing and investing in specialized equipment and processes to support domestic production. Read more
We may experience delays or difficulties in scaling production as planned. Our ability to increase manufacturing capabilities will depend on the domestic manufacturing ecosystem's capacity to ramp production supply to the required volume timely. Delays or shortfalls could impact our ability to meet demand.
We are finalizing an investment and partnership agreement with OpenAI. Read more
There is no assurance that we will enter into an investment and partnership agreement with OpenAI or that a transaction will be completed.
We have entered and may in the future enter into commercial arrangements, including long-term capacity purchase obligations and financial guarantees, and have been asked to offer financing arrangements to support our customers’ and partners’ buildout of datacenter infrastructure. We have not entered into any financing arrangements. Commercial arrangements expose us to counterparty risk, including customers' or partners' inability to fulfill their financial commitments and secure necessary financing or infrastructure, the occurrence of significant project delays, and counterparty financial distress or insolvency, all of which may negatively impact our business, financial condition, or results of operations. Financing arrangements, if undertaken, may in some circumstances result in lower upfront cash flows associated with extended payment terms or payment terms made over a multi-year term…
In April 2025, the USG informed us that it requires a license for export to China (including Hong Kong and Macau) and D:5 countries, or to companies headquartered or with an ultimate parent therein, of our H20 integrated circuits and any other circuits achieving the H20’s memory bandwidth, interconnect bandwidth, or combination thereof. As a result of these requirements, we incurred a $4.5 billion charge in the first quarter of fiscal year 2026 associated with H20 for excess inventory and purchase obligations, as the demand for H20 products diminished.
In August 2025, the USG granted licenses that would allow us to ship certain H20 products to certain China-based customers. Read more
We generated approximately $60 million in H20 revenue under those licenses. USG officials expressed an expectation that the USG will receive 15% or more of the revenue generated from licensed sales of our products, but the USG did not publish a regulation codifying such requirement.
In February 2026, the USG granted a license that would allow us to ship small amounts of H200 products to specific China-based customers. Read more
To date, we have not generated any revenue under the H200 licensing program, and do not yet know whether any imports will be allowed into China. The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.
No longer in the text (4)
On October 23, 2023, the USG informed us that the licensing requirements were effective immediately for shipments of our A100, A800, H100, H800, and L40S products (removing the grace period granted by the official rule). Read more
Blackwell systems, such as GB200 NVL 72 and NVL 36 as well as B200 are also subject to these requirements and therefore require a license for any shipment to certain entities and to China and Country Groups D1, D4, and D5, excluding Israel. To date, we have not received licenses to ship these restricted products to China.
On January 15, 2025, the USG published the “AI Diffusion” IFR in the Federal Register. Read more
After a 120-day delayed compliance period, the IFR will, unless modified, impose a worldwide licensing requirement on all products classified under Export Control Classification Numbers, or ECCNs, 3A090.a, 4A090.a, or corresponding .z ECCNs, including all related software and technology. Any system that incorporates one or more of the covered integrated circuits, or ICs, (including but not limited to NVIDIA DGX, HGX, and MGX systems) will be covered by the new licensing requirement. The licensing requirement will include future NVIDIA ICs, boards, or systems classified with ECCN 3A090.a or 4A090.a, or corresponding .z ECCNs, achieving certain total processing performance and/or performance density.
Unless a license exception is available, the worldwide licensing requirements will apply to the following NVIDIA products, and any others we develop that meet the characteristics of 3A090.a or 4A090.a, including but not limited to: Read more
A100, A800, H100, H200, H800, B100, B200, GB200, L4, L40S, and RTX 6000 Ada.
The AI Diffusion IFR would divide the world into three tiers, relegating most countries to “Tier 2” status. Read more
The AI Diffusion IFR would confer special benefits on select “Universal Verified End Users”, or UVEU, and lesser benefits on “National Verified End Users”, or NVEU. The AI Diffusion IFR would have numerous effects that may negatively impact our long-term financial results and competitive position, including but not limited to the following.
13 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 26, 2025 ↗.
26
What to watch going forwardSite analysis
- Data Center growth and customer concentration.
- China export licensing and tariffs.
- Closing of the Hugging Face acquisition (expected first half of 2027).
- Lease guarantees at the Ohio PORTS campus (first phase expected in 2028).
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
- Form 10-K (FY2026, year ended 2026-01-25)
- Form 10-Q (quarter ended 2026-07-26)
- Proxy statement (2026)
- Form 10-K (FY2021, year ended January 31, 2021)
- Form 8-K (2026-09-03) — Item 8.01 agreement to acquire Hugging Face
- Form 8-K (2026-08-17) — Item 1.01 SB Energy partnership and residual value guaranties
- Form 8-K (2026-06-18) — Item 8.01 senior notes offering
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 30, 2026 15:11 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2026 · filed 2026-02-25Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
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