NVDA · 10-K · 2026A · Full report

Non-marketable and Public Equity Investments

NVIDIA CORP · 2026-02-25 · Importance 60 · Surprise 74

Other income, net was $9.0 billion in FY2026 (total other income, net $11.1 billion), a material increase driven primarily by realized and unrealized gains on investments in non-marketable equity securities and publicly-held equity securities. The FY2026 increase in other income was primarily driven by unrealized gains, including gains from an investment in Intel common stock. Interest income also grew to $2.3 billion in FY2026 due to higher cash, cash equivalents and debt securities balances. The mix and valuation volatility of non-marketable equity securities creates potential earnings volatility given their significant contribution to other income in FY2026.

Key facts

• NVIDIA invested $17.5 billion in private companies and infrastructure funds in fiscal year 2026, primarily to support early-stage startups.
• Total other income, net was $11,063 million in fiscal year 2026 compared to $2,573 million in fiscal year 2025.
• Other income, net was $9,022 million in fiscal year 2026 compared to $1,034 million in fiscal year 2025.
• The change in other income, net was primarily driven by unrealized gains in non-marketable and publicly-held equity securities, including gains from NVIDIA's previously announced investment in Intel common stock.
• Cash used in investing activities increased in fiscal year 2026 compared to fiscal year 2025 primarily driven by higher purchases of equity investment securities and the execution of a non-exclusive license agreement with Groq.
• NVIDIA made investments in publicly‑held equity securities in fiscal year 2026 which may fluctuate significantly due to changes in stock prices.
• Other income, net primarily consists of realized or unrealized gains and losses from investments in non-marketable equity securities, publicly-held equity securities, and the impact of changes in foreign currency rates.

Impact estimates