NVDA · 10-K · 2026A · Full report

Customer Concentration and Distribution Channels

NVIDIA CORP · 2026-02-25 · Importance 63 · Surprise 42

NVIDIA distinguishes direct customers (AIBs, distributors, ODMs, OEMs, CSPs, AI model makers, system integrators) from indirect customers who purchase through those direct customers. In FY2026, one direct customer represented 22% of total revenue and another direct customer represented 14% of total revenue, both primarily in Compute & Networking. Indirect customers include CSPs, NeoCloud builders, AI model makers, enterprises and public sector entities, and the company estimates one AI research and deployment company materially purchased cloud services from NVIDIA customers in FY2026. These concentration dynamics underscore channel and customer‑level dependencies for market access and demand.

Key facts

• Indirect customers include customers that primarily purchase NVIDIA products through system integrators and distributors, and NVIDIA estimates one AI research and deployment company contributed a meaningful amount of revenue by purchasing cloud services from NVIDIA's customers in fiscal year 2026.