NVDA · 10-K · 2026A

NVIDIA CORP

Filed 2026-02-25 · Technology

Ranked Events

• Datacenter Demand and Networking RampImportance 91 · Surprise 88
  Compute & Networking revenue increased to $193.5 billion in FY2026 (up $77.3 billion year-over-year), driven by platform shifts to accelerated computing and AI. Data Center computing revenue grew 59% year-over-year…
• AI Infrastructure InvestmentImportance 91 · Surprise 88
  Revenue growth in fiscal 2026 was driven by Data Center compute and networking platforms, with Blackwell architectures representing the majority of Data Center revenue. Data Center revenue overall was up 68%…
• Revenue Concentration RiskImportance 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…
• Capital Return ProgramImportance 84 · Surprise 74
  On August 26, 2025, NVIDIA's Board approved an additional $60.0 billion share repurchase authorization without expiration; in FY2026 the company repurchased 282 million shares for $40.4 billion. As of January 25, 2026,…
• Revenue PerformanceImportance 83 · Surprise 82
  Revenue for fiscal year 2026 was $215.9 billion, up 65% versus fiscal 2025, driven primarily by data center compute and networking platforms for accelerated computing and AI solutions. Compute & Networking revenue was…
• Export Controls / Regulatory RiskImportance 78 · Surprise 100
  In April 2025 the U.S. Government informed NVIDIA that a license was required for exports of its H20 product to China, and NVIDIA recorded a $4.5 billion charge in Q1 FY2026 for excess H20 inventory and purchase…
• Operating Expense TrendsImportance 78 · Surprise 74
  Total operating expenses were $23.1 billion in fiscal 2026, up 41% versus $16.4 billion in fiscal 2025, an increase of $6.7 billion. Research and development expense increased to $18.5 billion (from $12.9 billion), and…
• Inventory Provisions and H20 ChargeImportance 77 · Surprise 82
  Provisions for inventory and excess inventory purchase obligations totaled $7.2 billion in fiscal 2026 and $3.7 billion in fiscal 2025, and included a $4.5 billion charge associated with H20 excess inventory and…
• Liquidity and Cash PositionImportance 75 · Surprise 64
  As of January 25, 2026, NVIDIA held $10.6 billion in cash and cash equivalents and $51.9 billion in marketable securities, totaling $62.6 billion in cash, cash equivalents and marketable securities. Net cash provided…
• Geographic Revenue ShiftImportance 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…
• R&D Investment in AIImportance 72 · Surprise 74
  NVIDIA's R&D expense was $18.5 billion in fiscal 2026, up $5.6 billion (43%) year-over-year, reflecting a 29% increase in compensation and benefits and a 79% increase in compute and infrastructure costs. The company…
• Capital Expenditure OutlookImportance 71 · Surprise 82
  NVIDIA spent $6.1 billion and $3.4 billion on capital expenditures in fiscal years 2026 and 2025, respectively, representing a substantial year-over-year increase. The company expects to further increase capital…
• Inventory and Purchase ObligationsImportance 71 · Surprise 82
  Provisions for inventory and excess inventory purchase obligations were $7.2 billion in fiscal year 2026 (versus $3.7 billion in FY2025), which included the $4.5 billion H20-related charge recorded in Q1 FY2026. Sales…
• Capital Expenditure and Manufacturing CapacityImportance 71 · Surprise 82
  NVIDIA spent $6.1 billion on capital expenditures in FY2026 versus $3.4 billion in FY2025, reflecting a ~79% increase year-over-year to support growth. Management expects to further increase capital expenditures in…
• Capital Expenditures ProgramImportance 71 · Surprise 82
  NVIDIA's capital expenditures were $6.1 billion in fiscal 2026 versus $3.4 billion in fiscal 2025, an increase of $2.7 billion (approximately 79% year-over-year). The company indicates it expects to increase capital…
• Headcount and Compensation GrowthImportance 65 · Surprise 82
  NVIDIA disclosed employee growth and compensation increases materially contributed to higher operating expenses in FY2026, including a 29% increase in compensation and benefits within R&D and increases in SG&A…
• Operating and R&D Expense TrendsImportance 64 · Surprise 56
  Total operating expenses increased to $23.1 billion in FY2026, up 41% year-over-year, driven by higher compensation and benefits and compute/infrastructure costs. Research and development expense rose to $18.5 billion…
• Customer Concentration and Distribution ChannelsImportance 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…
• Non-marketable and Public Equity InvestmentsImportance 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…
• Private Investments ExposureImportance 58 · Surprise 42
  In fiscal year 2026 NVIDIA invested $17.5 billion in private companies and infrastructure funds, primarily supporting early-stage startups including AI model makers. The company notes many of these investments are…

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