NVDA · 10-K · 2026A · Full report

Revenue Concentration Risk

NVIDIA CORP · 2026-02-25 · Importance 89 · Surprise 82

For fiscal 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue, with both principally attributable to the Compute & Networking segment. By comparison, in fiscal 2025 one direct customer was 12% and two direct customers were each 11% of revenue, showing increased concentration in FY2026. NVIDIA also reports significant revenue from a limited number of indirect customers, with some indirect customers individually representing 10% or more of revenue. Management flags concentration as an ongoing trend that may continue and that a meaningful portion of revenue is tied to a few large direct and indirect customers.

Key facts

• For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue.
• For fiscal year 2025, sales to one direct customer represented 12% of total revenue and sales to two direct customers each represented 11% of total revenue.