NVDA · 10-K · 2026A · Full report

Geographic Revenue Shift

NVIDIA CORP · 2026-02-25 · Importance 73 · Surprise 66

Revenue attributed to customers headquartered outside the U.S. declined to 31% of total revenue in FY2026 from 41% in FY2025. The filing designates revenue by the headquarters location of direct customers and notes that end customer and shipping locations may differ from headquarters. This geographic shift in reported revenue coincides with export licensing restrictions (H20/H200) that constrained shipments to China and limited addressable demand for affected products. The change implies a relative increase in U.S.-headquartered customer share and potential concentration of the international revenue mix.

Key facts

• Revenue from sales to customers headquartered outside of the United States accounted for 31% of total revenue for fiscal year 2026 and 41% for fiscal year 2025.