[8-K] NVIDIA CORP Reports Material Event

Rhea-AI Filing Summary

NVIDIA Corporation reported exceptionally strong results for the fourth quarter and fiscal 2026, driven by surging AI and data center demand. Quarterly revenue reached $68.1 billion, up 20% sequentially and 73% year over year, with GAAP diluted EPS of $1.76 and non-GAAP EPS of $1.62.

For fiscal 2026, revenue grew to $215.9 billion, up 65% from the prior year, while GAAP diluted EPS rose to $4.90 and non-GAAP EPS to $4.77. Data Center was the main growth engine, delivering fourth-quarter revenue of $62.3 billion, up 75% year over year and 22% sequentially, and full-year Data Center revenue of $193.7 billion, up 68%.

GAAP gross margin for the quarter was 75.0% (non-GAAP 75.2%), and for the year 71.1% (non-GAAP 71.3%). NVIDIA generated $102.7 billion in operating cash flow and $96.6 billion in free cash flow for fiscal 2026, and returned $41.1 billion to shareholders through share repurchases and dividends.

For the first quarter of fiscal 2027, NVIDIA expects revenue of about $78.0 billion, plus or minus 2%, with anticipated GAAP gross margin of 74.9% and non-GAAP gross margin of 75.0%. The company also plans to include stock-based compensation expense in non-GAAP measures starting in fiscal 2027.

Insights

Equity research analyst

NVIDIA posts explosive AI-driven growth with very strong margins, cash flow and bullish revenue outlook.

NVIDIA delivered record quarterly revenue of $68.1 billion, up 73% year over year, and fiscal 2026 revenue of $215.9 billion, up 65%. Data Center revenue of $62.3 billion in Q4, up 75% year over year, shows AI infrastructure demand is the core growth engine.

Profitability was notable, with Q4 GAAP gross margin at 75.0% and non-GAAP at 75.2%, and fiscal 2026 GAAP operating income of $130.4 billion. Free cash flow for the year reached $96.6 billion, supporting substantial shareholder returns and balance sheet strength, including $62.6 billion in cash, cash equivalents and marketable securities.

The company guided Q1 fiscal 2027 revenue to $78.0 billion, plus or minus 2%, while explicitly not assuming Data Center compute revenue from China. GAAP and non-GAAP gross margins are expected around mid-70%. Beginning in Q1 fiscal 2027, stock-based compensation will be included in non-GAAP results, which will slightly narrow the GAAP/non-GAAP gap but improve comparability over time.

0001045810false00010458102026-02-252026-02-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 25, 2026

NVIDIA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware			0-23985			94-3177549
(State or other jurisdiction			(Commission			(IRS Employer
of incorporation)			File Number)			Identification No.)

2788 San Tomas Expressway, Santa Clara, CA 95051

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (408) 486-2000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.001 par value per share			NVDA			The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

     Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 25, 2026, NVIDIA Corporation, or the Company, issued a press release announcing its results for the quarter ended January 25, 2026. The press release is attached as Exhibit 99.1 and is incorporated herein by reference.

Attached hereto as Exhibit 99.2 and incorporated by reference herein is financial information and commentary by Colette M. Kress, Executive Vice President and Chief Financial Officer of the Company, regarding results for the quarter ended January 25, 2026, or the CFO Commentary. The CFO Commentary will be posted to https://investor.nvidia.com immediately after the filing of this Current Report.

The press release and CFO Commentary are furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information in this Current Report shall not be incorporated by reference in any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit						Description
99.1						Press Release, dated February 25, 2026, entitled "NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026"
99.2						CFO Commentary on Fourth Quarter and Fiscal 2026 Results
104						The cover page of this Current Report on Form 8-K, formatted in inline XBRL (included as Exhibit 101)

SIGNATURE 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

						NVIDIA Corporation
Date: February 25, 2026						By: /s/ Colette M. Kress
						Colette M. Kress
						Executive Vice President and Chief Financial Officer

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026

•Record quarterly revenue of $68.1 billion, up 20% from Q3 and up 73% from a year ago

•Record quarterly Data Center revenue of $62.3 billion, up 22% from Q3 and up 75% from a year ago

•Record full-year revenue of $215.9 billion, up 65%

SANTA CLARA, Calif.—Feb. 25, 2026―NVIDIA (NASDAQ: NVDA) today reported record revenue for the fourth quarter ended January 25, 2026, of $68.1 billion, up 20% from the previous quarter and up 73% from a year ago. For fiscal 2026, revenue was $215.9 billion, up 65% from a year ago.

For the quarter, GAAP and non-GAAP gross margins were 75.0% and 75.2%, respectively. For fiscal 2026, GAAP and non-GAAP gross margins were 71.1% and 71.3%, respectively.

For the quarter, GAAP and non-GAAP earnings per diluted share were $1.76 and $1.62, respectively. For fiscal 2026, GAAP and non-GAAP earnings per diluted share were $4.90 and $4.77, respectively.

“Computing demand is growing exponentially — the agentic AI inflection point has arrived. Grace Blackwell with NVLink is the king of inference today — delivering an order-of-magnitude lower cost per token — and Vera Rubin will extend that leadership even further,” said Jensen Huang, founder and CEO of NVIDIA. “Enterprise adoption of agents is skyrocketing. Our customers are racing to invest in AI compute — the factories powering the AI industrial revolution and their future growth.”

During fiscal 2026, NVIDIA returned $41.1 billion to shareholders in the form of shares repurchased and cash dividends. As of the end of the fourth quarter, the company had $58.5 billion remaining under its share repurchase authorization.

NVIDIA will pay its next quarterly cash dividend of $0.01 per share on April 1, 2026, to all shareholders of record on March 11, 2026.

Q4 Fiscal 2026 Summary

GAAP
($ in millions, except earnings per share)			Q4 FY26			Q3 FY26			Q4 FY25			Q/Q			Y/Y
Revenue			$68,127			$57,006			$39,331			20		%	73		%
Gross margin			75.0		%	73.4		%	73.0		%	1.6 pts			2.0 pts
Operating expenses			$6,794			$5,839			$4,689			16		%	45		%
Operating income			$44,299			$36,010			$24,034			23		%	84		%
Net income			$42,960			$31,910			$22,091			35		%	94		%
Diluted earnings per share			$1.76			$1.30			$0.89			35		%	98		%

Non-GAAP
($ in millions, except earnings per share)			Q4 FY26			Q3 FY26			Q4 FY25			Q/Q			Y/Y
Revenue			$68,127			$57,006			$39,331			20		%	73		%
Gross margin			75.2		%	73.6		%	73.5		%	1.6 pts			1.7 pts
Operating expenses			$5,102			$4,215			$3,378			21		%	51		%
Operating income			$46,107			$37,752			$25,516			22		%	81		%
Net income			$39,552			$31,767			$22,066			25		%	79		%
Diluted earnings per share			$1.62			$1.30			$0.89			25		%	82		%

Fiscal 2026 Summary

GAAP
($ in millions, except earnings per share)									FY26			FY25			Y/Y
Revenue									$215,938			$130,497			65		%
Gross margin									71.1		%	75.0		%	(3.9) pts
Operating expenses									$23,076			$16,405			41		%
Operating income									$130,387			$81,453			60		%
Net income									$120,067			$72,880			65		%
Diluted earnings per share									$4.90			$2.94			67		%

Non-GAAP
($ in millions, except earnings per share)									FY26			FY25			Y/Y
Revenue									$215,938			$130,497			65		%
Gross margin									71.3		%	75.5		%	(4.2) pts
Operating expenses									$16,694			$11,716			42		%
Operating income									$137,300			$86,789			58		%
Net income									$116,997			$74,265			58		%
Diluted earnings per share									$4.77			$2.99			60		%

Outlook

Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in non-GAAP financial measures. Stock-based compensation is a foundational component of NVIDIA’s compensation program to attract and retain world-class talent.

NVIDIA’s outlook for the first quarter of fiscal 2027 is as follows:

•Revenue is expected to be $78.0 billion, plus or minus 2%. NVIDIA is not assuming any Data Center compute revenue from China in its outlook.

•GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points, inclusive of a 0.1% impact from stock-based compensation expense.

•GAAP and non-GAAP operating expenses are expected to be approximately $7.7 billion and $7.5 billion, respectively, inclusive of $1.9 billion of stock-based compensation expense.

For the full year fiscal 2027, GAAP and non-GAAP tax rates are expected to be between 17.0% and 19.0%, excluding any discrete items and material changes to NVIDIA’s tax environment.

Highlights

Data Center

•Fourth-quarter revenue was a record $62.3 billion, up 22% from the previous quarter and up 75% from a year ago, driven by the major platform shifts — accelerated computing and AI. Full-year revenue rose 68% to a record $193.7 billion.

•Unveiled the NVIDIA Rubin platform, comprising six new chips to deliver up to a 10x reduction in inference token cost, compared with the NVIDIA Blackwell platform; cloud providers Amazon Web Services (AWS), Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure will be among the first to deploy Vera Rubin-based instances.

•Announced that the NVIDIA BlueField®-4 data processor powers the NVIDIA Inference Context Memory Storage Platform, a new class of AI-native storage infrastructure for the next frontier of AI.

•Announced a multiyear, multigenerational strategic partnership with Meta spanning on-premises, cloud and AI infrastructure, including the large-scale deployment of NVIDIA CPUs, networking and millions of NVIDIA Blackwell and Rubin GPUs.

•Revealed that NVIDIA Blackwell Ultra delivers up to 50x better performance and 35x lower cost for agentic AI compared with the NVIDIA Hopper platform, according to new SemiAnalysis InferenceX benchmark results.

•Expanded AWS partnership with new technology integrations across interconnect technology, cloud infrastructure, open models and physical AI.

•Revealed that leading inference providers, including Baseten, DeepInfra, Fireworks AI and Together AI, cut AI costs by up to 10x with open source models on NVIDIA Blackwell.

•Debuted the NVIDIA Nemotron™ 3 family of open models, data and libraries designed to power transparent, efficient and specialized agentic AI development across industries; released new open models, data and tools for agentic AI, physical AI and autonomous vehicle development.

•Announced an investment and deep technology partnership with Anthropic, which is scaling its Claude model on Microsoft Azure, powered by NVIDIA systems.

•Entered into a non-exclusive licensing agreement with Groq to accelerate AI inference at global scale.

•Strengthened a collaboration with CoreWeave to accelerate the buildout of more than 5 gigawatts of AI factories by 2030.

•Announced an expanded strategic partnership with Synopsys to revolutionize engineering and design across industries.

•Announced a co-innovation AI lab with Lilly to reinvent drug discovery in the age of AI.

•Announced a major expansion of NVIDIA BioNeMo™, an open development platform that enables lab-in-the-loop workflows to develop breakthroughs in AI-driven biology and drug discovery.

•Joined the U.S. Department of Energy’s Genesis Mission as a private industry partner to support U.S. AI leadership in key areas including energy, scientific research and national security.

•Launched the NVIDIA Earth-2 family of open models — the world’s first fully open, accelerated set of models and tools for AI weather.

•Revealed that India’s global systems integrators Infosys, Persistent, Tech Mahindra and Wipro are building the next wave of enterprise agents with NVIDIA AI.

•Partnered with global industrial software leaders Cadence, Siemens and Synopsys and India’s largest manufacturers to drive India’s AI boom using applications accelerated by NVIDIA CUDA-X™ and NVIDIA Omniverse™ libraries.

Gaming and AI PC

•Fourth-quarter Gaming revenue was $3.7 billion, up 47% from a year ago, driven by strong Blackwell demand, and down 13% from the previous quarter as channel inventory naturally moderated following a season of strong holiday demand. Full-year revenue rose 41% to a record $16.0 billion.

•Announced NVIDIA DLSS 4.5, delivering major AI-powered advances in graphics quality.

•Launched NVIDIA G-SYNC® Pulsar, extending the ultimate gaming display platform with new levels of motion clarity in esports.

•Advanced NVIDIA RTX™ AI performance and adoption, delivering up to 35% faster large language model inference in leading AI PC frameworks and up to 3x performance in AI-generated visuals.

Professional Visualization

•Fourth-quarter revenue was $1.3 billion, up 74% from the previous quarter and up 159% from a year ago, driven by exceptional demand for Blackwell. Full-year revenue rose 70% to a record $3.2 billion.

•Launched the NVIDIA RTX PRO™ 5000 72GB Blackwell GPU to power larger models and agentic workflows.

•Expanded global availability of NVIDIA DGX Spark™ for the latest open models and delivered updates for improved performance.

Automotive and Robotics

•Fourth-quarter Automotive revenue was $604 million, up 2% from the previous quarter and up 6% from a year ago, driven by continued adoption of NVIDIA’s self-driving platforms. Full-year revenue rose 39% to a record $2.3 billion.

•Unveiled the NVIDIA Alpamayo family of open AI models, simulation tools and datasets designed to accelerate the next era of safe, reasoning‑based autonomous vehicle (AV) development.

•Partnered with Mercedes-Benz on the all-new Mercedes-Benz CLA, which introduces enhanced level 2 driver assistance powered by NVIDIA DRIVE AV software, AI infrastructure and accelerated compute.

•Announced that the NVIDIA DRIVE Hyperion™ ecosystem is expanding to include tier 1 suppliers, automotive integrators and sensor partners including Aeva, AUMOVIO, Astemo, Arbe, Bosch, Hesai, Magna, Omnivision, Quanta, Sony and ZF Group.

•Announced new NVIDIA Cosmos™ and NVIDIA Isaac™ GR00T open models, frameworks and AI infrastructure for physical AI; global industry leaders including Boston Dynamics, Caterpillar, Franka Robotics, Humanoid, LG Electronics and NEURA Robotics are using the NVIDIA robotics stack.

•Expanded a strategic partnership with Siemens to build the industrial AI operating system.

•Announced a strategic partnership with Dassault Systèmes to build an industrial AI platform powering virtual twins.

CFO Commentary

Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

Conference Call and Webcast Information

NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2026 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2027.

Non-GAAP Measures

To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. The reconciliations for fiscal years 2025 and 2026 adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Beginning in the first quarter of fiscal 2027, NVIDIA’s non-GAAP financial measures will no longer exclude stock-based compensation expense. Free cash flow is calculated as GAAP net cash provided by operating activities less both

purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

About NVIDIA

NVIDIA (NASDAQ: NVDA) is the world leader in AI and accelerated computing.

###

For further information, contact:

Toshiya Hari						Mylene Mangalindan
Investor Relations						Corporate Communications
NVIDIA Corporation						NVIDIA Corporation
toshiyah@nvidia.com						mmangalindan@nvidia.com

Certain statements in this press release including, but not limited to, statements as to: computing demand growing exponentially; Grace Blackwell with NVLink being the king of inference today — delivering an order-of-magnitude lower cost per token — and Vera Rubin extending that leadership even further; enterprise adoption of agents skyrocketing; NVIDIA’s customers racing to invest in AI compute — the factories powering the AI industrial revolution and their future growth; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, including Vera Rubin, and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the first quarter of fiscal 2027 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing products and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; NVIDIA’s ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, DGX Spark, BlueField, NVIDIA DRIVE Hyperion, NVIDIA RTX, NVIDIA RTX PRO, NVIDIA Cosmos, NVIDIA Isaac, Nemotron, BioNeMo, CUDA-X, Omniverse and G-SYNC are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

NVIDIA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

(Unaudited)

									Three Months Ended												Twelve Months Ended
									January 25,						January 26,						January 25,						January 26,
									2026						2025						2026						2025
Revenue									$	68,127					$	39,331					$	215,938					$	130,497
Cost of revenue									17,034						10,608						62,475						32,639
Gross profit									51,093						28,723						153,463						97,858
Operating expenses
			Research and development						5,512						3,714						18,497						12,914
			Sales, general and administrative						1,282						975						4,579						3,491
						Total operating expenses			6,794						4,689						23,076						16,405
Operating income									44,299						24,034						130,387						81,453
			Interest income						568						511						2,300						1,786
			Interest expense						(74)						(61)						(259)						(247)
			Other income, net						5,604						733						9,022						1,034
						Total other income, net			6,098						1,183						11,063						2,573
Income before income tax									50,397						25,217						141,450						84,026
Income tax expense									7,437						3,126						21,383						11,146
Net income									$	42,960					$	22,091					$	120,067					$	72,880
Net income per share:
			Basic						$	1.77					$	0.90					$	4.93					$	2.97
			Diluted						$	1.76					$	0.89					$	4.90					$	2.94
Weighted average shares used in per share computation:
			Basic						24,304						24,489						24,359						24,555
			Diluted						24,432						24,706						24,514						24,804

NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
												January 25,						January 26,
												2026						2025
ASSETS
Current assets:
			Cash, cash equivalents and marketable securities									$	62,556					$	43,210
			Accounts receivable, net									38,466						23,065
			Inventories									21,403						10,080
			Prepaid expenses and other current assets									3,180						3,771
						Total current assets						125,605						80,126
Property and equipment, net												10,383						6,283
Operating lease assets												2,867						1,793
Goodwill												20,832						5,188
Intangible assets, net												3,306						807
Deferred income tax assets												13,258						10,979
Non-marketable equity securities												22,251						3,387
Other assets												8,301						3,038
						Total assets						$	206,803					$	111,601
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
			Accounts payable									$	9,812					$	6,310
			Accrued and other current liabilities									21,352						11,737
			Short-term debt									999						—
						Total current liabilities						32,163						18,047
Long-term debt												7,469						8,463
Long-term operating lease liabilities												2,572						1,519
Other long-term liabilities												7,306						4,245
						Total liabilities						49,510						32,274
Shareholders' equity												157,293						79,327
						Total liabilities and shareholders' equity						$	206,803					$	111,601

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
			Three Months Ended												Twelve Months Ended
			January 25,						January 26,						January 25,						January 26,
			2026						2025						2026						2025
Cash flows from operating activities:
Net income			$	42,960					$	22,091					$	120,067					$	72,880
Adjustments to reconcile net income to net cash
provided by operating activities:
Stock-based compensation expense			1,633						1,321						6,386						4,737
Depreciation and amortization			811						543						2,843						1,864
Gains on non-marketable equity securities and publicly-held equity securities, net			(5,491)						(727)						(8,918)						(1,030)
Deferred income taxes			611						(598)						(1,424)						(4,477)
Other			(9)						(138)						(287)						(502)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable			(5,073)						(5,370)						(15,399)						(13,063)
Inventories			(1,621)						(2,424)						(11,324)						(4,781)
Prepaid expenses and other assets			(281)						331						577						(395)
Accounts payable			1,064						867						3,096						3,357
Accrued and other current liabilities			1,053						360						5,257						4,278
Other long-term liabilities			533						372						1,844						1,221
Net cash provided by operating activities			36,190						16,628						102,718						64,089
Cash flows from investing activities:
Proceeds from sales of marketable securities			14,670						177						15,157						495
Proceeds from maturities of marketable securities			2,246						1,710						11,226						11,195
Proceeds from sales of non-marketable equity securities			12						—						84						171
Purchases of marketable securities			(20,540)						(7,010)						(40,616)						(26,575)
Purchases of non-marketable equity securities			(12,800)						(478)						(17,502)						(1,486)
Groq, Inc.			(13,000)						—						(13,000)						—
Purchases related to property and equipment and intangible assets			(1,284)						(1,077)						(6,042)						(3,236)
Acquisitions, net of cash acquired			(165)						(542)						(1,535)						(1,007)
Other			—						22						—						22
Net cash used in investing activities			(30,861)						(7,198)						(52,228)						(20,421)

Cash flows from financing activities:
Proceeds related to employee stock plans			—						—						644						490
Payments related to repurchases of common stock			(3,815)						(7,810)						(40,086)						(33,706)
Payments related to employee stock plan taxes			(2,139)						(1,861)						(7,948)						(6,930)
Dividends paid			(243)						(245)						(974)						(834)
Principal payments on property and equipment and intangible assets			(4)						(32)						(101)						(129)
Repayment of debt			—						—						—						(1,250)
Other			(9)						—						(9)						—
Net cash used in financing activities			(6,210)						(9,948)						(48,474)						(42,359)
Change in cash and cash equivalents			(881)						(518)						2,016						1,309
Cash and cash equivalents at beginning of period			11,486						9,107						8,589						7,280
Cash and cash equivalents at end of period			$	10,605					$	8,589					$	10,605					$	8,589
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net			$	6,979					$	4,129					$	20,288					$	15,118

			NVIDIA CORPORATION
			RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
			(In millions, except per share data)
			(Unaudited)
									Three Months Ended																		Twelve Months Ended
									January 25,						October 26,						January 26,						January 25,						January 26,
									2026						2025						2025						2026						2025
GAAP cost of revenue									$	17,034					$	15,157					$	10,608					$	62,475					$	32,639
GAAP gross profit									$	51,093					$	41,849					$	28,723					$	153,463					$	97,858
GAAP gross margin									75.0		%				73.4		%				73.0		%				71.1		%				75.0		%
			Acquisition-related and other costs (A)						48						48						118						267						472
			Stock-based compensation expense (B)						69						70						53						261						178
			Other						(1)						—						—						3						(3)
Non-GAAP cost of revenue									$	16,918					$	15,039					$	10,437					$	61,944					$	31,992
Non-GAAP gross profit									$	51,209					$	41,967					$	28,894					$	153,994					$	98,505
Non-GAAP gross margin**									75.2		%				73.6		%				73.5		%				71.3		%				75.5		%
GAAP operating expenses									$	6,794					$	5,839					$	4,689					$	23,076					$	16,405
			Stock-based compensation expense (B)						(1,564)						(1,585)						(1,268)						(6,125)						(4,559)
			Acquisition-related and other costs (A)						(90)						(39)						(43)						(204)						(130)
			Other						(38)						—						—						(53)						—
Non-GAAP operating expenses									$	5,102					$	4,215					$	3,378					$	16,694					$	11,716
GAAP operating income									$	44,299					$	36,010					$	24,034					$	130,387					$	81,453
			Total impact of non-GAAP adjustments to operating income						1,808						1,742						1,482						6,913						5,336
Non-GAAP operating income									$	46,107					$	37,752					$	25,516					$	137,300					$	86,789
GAAP total other income, net									$	6,098					$	1,926					$	1,183					$	11,063					$	2,573
			Gains from non-marketable equity securities and publicly-held equity securities, net						(5,491)						(1,354)						(727)						(8,918)						(1,030)
			Other (C)						13						1						1						16						4
Non-GAAP total other income, net									$	620					$	573					$	457					$	2,161					$	1,547
GAAP net income									$	42,960					$	31,910					$	22,091					$	120,067					$	72,880
			Total pre-tax impact of non-GAAP adjustments						(3,670)						389						756						(1,989)						4,310
			Income tax impact of non-GAAP adjustments (D)						262						(532)						(781)						(1,129)						(2,925)
			Tax expense from OBBBA*						—						—						—						48						—
Non-GAAP net income**									$	39,552					$	31,767					$	22,066					$	116,997					$	74,265

Diluted net income per share
			GAAP						$	1.76					$	1.30					$	0.89					$	4.90					$	2.94
			Non-GAAP**						$	1.62					$	1.30					$	0.89					$	4.77					$	2.99
Weighted average shares used in diluted net income per share computation									24,432						24,483						24,706						24,514						24,804
GAAP net cash provided by operating activities									$	36,190					$	23,750					$	16,628					$	102,718					$	64,089
			Purchases related to property and equipment and intangible assets						(1,284)						(1,637)						(1,077)						(6,042)						(3,236)
			Principal payments on property and equipment and intangible assets						(4)						(24)						(32)						(101)						(129)
Free cash flow									$	34,902					$	22,089					$	15,519					$	96,575					$	60,724
*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).
**Includes H20 charges/(releases), net, which were $4.5 billion and ($180 million) for the first and second quarter of fiscal 2026, respectively, and insignificant for both the third and fourth quarter of fiscal 2026.

(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
									Three Months Ended																		Twelve Months Ended
									January 25,						October 26,						January 26,						January 25,						January 26,
									2026						2025						2025						2026						2025
			Cost of revenue						$	48					$	48					$	118					$	267					$	472
			Research and development						$	83					$	35					$	27					$	176					$	79
			Sales, general and administrative						$	7					$	4					$	16					$	28					$	51
(B) Stock-based compensation consists of the following:
									Three Months Ended																		Twelve Months Ended
									January 25,						October 26,						January 26,						January 25,						January 26,
									2026						2025						2025						2026						2025
			Cost of revenue						$	69					$	70					$	53					$	261					$	178
			Research and development						$	1,217					$	1,206					$	955					$	4,676					$	3,423
			Sales, general and administrative						$	347					$	379					$	313					$	1,449					$	1,136
(C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount.
(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
									Q1 FY2027 Outlook
									($ in millions)
GAAP gross margin									74.9		%
			Impact of acquisition-related costs and other costs						0.1		%
Non-GAAP gross margin*									75.0		%
GAAP operating expenses									$	7,700
			Acquisition-related costs and other costs						(200)
Non-GAAP operating expenses*									$	7,500
*Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in its non-GAAP financial measures. Stock-based compensation expense for the first quarter of fiscal 2027 is expected to have a 0.1% impact on non-GAAP gross margin and $1.9 billion in non-GAAP operating expenses.

CFO Commentary on Fourth Quarter and Fiscal 2026 Results

Q4 Fiscal 2026 Summary

GAAP
($ in millions, except earnings per share)			Q4 FY26			Q3 FY26			Q4 FY25			Q/Q			Y/Y
Revenue			$68,127			$57,006			$39,331			20		%	73		%
Gross margin			75.0		%	73.4		%	73.0		%	1.6 pts			2.0 pts
Operating expenses			$6,794			$5,839			$4,689			16		%	45		%
Operating income			$44,299			$36,010			$24,034			23		%	84		%
Net income			$42,960			$31,910			$22,091			35		%	94		%
Diluted earnings per share			$1.76			$1.30			$0.89			35		%	98		%

Non-GAAP
($ in millions, except earnings per share)			Q4 FY26			Q3 FY26			Q4 FY25			Q/Q			Y/Y
Revenue			$68,127			$57,006			$39,331			20		%	73		%
Gross margin			75.2		%	73.6		%	73.5		%	1.6 pts			1.7 pts
Operating expenses			$5,102			$4,215			$3,378			21		%	51		%
Operating income			$46,107			$37,752			$25,516			22		%	81		%
Net income			$39,552			$31,767			$22,066			25		%	79		%
Diluted earnings per share			$1.62			$1.30			$0.89			25		%	82		%

Revenue by Reportable Segments
($ in millions)			Q4 FY26			Q3 FY26			Q4 FY25			Q/Q			Y/Y
Compute & Networking			$61,651			$50,908			$36,036			21		%	71		%
Graphics			6,476			6,098			3,295			6		%	97		%
Total			$68,127			$57,006			$39,331			20		%	73		%

Revenue by Market Platform
($ in millions)			Q4 FY26			Q3 FY26			Q4 FY25			Q/Q			Y/Y
Data Center			$62,314			$51,215			$35,580			22		%	75		%
Compute			51,334			43,028			32,556			19		%	58		%
Networking			10,980			8,187			3,024			34		%	263		%
Gaming			3,727			4,265			2,544			(13)		%	47		%
Professional Visualization			1,321			760			511			74		%	159		%
Automotive			604			592			570			2		%	6		%
OEM and Other			161			174			126			(7)		%	28		%
Total			$68,127			$57,006			$39,331			20		%	73		%

Fiscal 2026 Summary

GAAP
($ in millions, except earnings per share)			FY26			FY25			Y/Y
Revenue			$215,938			$130,497			65		%
Gross margin			71.1		%	75.0		%	(3.9) pts
Operating expenses			$23,076			$16,405			41		%
Operating income			$130,387			$81,453			60		%
Net income			$120,067			$72,880			65		%
Diluted earnings per share			$4.90			$2.94			67		%

Non-GAAP
($ in millions, except earnings per share)									FY26			FY25			Y/Y
Revenue									$215,938			$130,497			65		%
Gross margin									71.3		%	75.5		%	(4.2) pts
Operating expenses									$16,694			$11,716			42		%
Operating income									$137,300			$86,789			58		%
Net income									$116,997			$74,265			58		%
Diluted earnings per share									$4.77			$2.99			60		%

Revenue by Reportable Segments
($ in millions)									FY26			FY25			Y/Y
Compute & Networking									$193,479			$116,193			67		%
Graphics									22,459			14,304			57		%
Total									$215,938			$130,497			65		%

Revenue by Market Platform
($ in millions)									FY26			FY25			Y/Y
Data Center									$193,737			$115,186			68		%
Compute									162,361			102,196			59		%
Networking									31,376			12,990			142		%
Gaming									16,042			11,350			41		%
Professional Visualization									3,191			1,878			70		%
Automotive									2,349			1,694			39		%
OEM and Other									619			389			59		%
Total									$215,938			$130,497			65		%

We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive.

Revenue

Revenue for the fourth quarter was a record $68.1 billion, up 73% from a year ago and up 20% sequentially. Fiscal year revenue was a record $215.9 billion, up 65% from a year ago.

Data Center revenue for the fourth quarter was a record $62.3 billion, up 75% from a year ago and up 22% sequentially, driven by the major platform shifts – accelerated computing and AI. For the fourth quarter, hyperscaler revenue increased and remained our largest customer category at slightly over 50% of Data Center revenue, while growth was led by the rest of our Data Center customers as revenue diversified.

Data Center compute revenue was a record $51.3 billion, up 58% from a year ago and up 19% sequentially. Networking revenue was a record $11.0 billion, up 263% from a year ago and up 34% sequentially from the introduction and continued ramp of NVLink™ compute fabric for GB200 and GB300 systems and the growth of Ethernet and InfiniBand platforms.

Gaming revenue for the fourth quarter was up 47% from a year ago, driven by strong Blackwell demand. Gaming revenue was down 13% sequentially as channel inventory naturally moderated following a season of strong holiday demand. We expect supply constraints to be a headwind to Gaming in the first quarter of fiscal 2027 and beyond.

Professional Visualization revenue for the fourth quarter was up 159% from a year ago and up 74% sequentially, driven by exceptional demand for Blackwell.

Automotive revenue for the fourth quarter was up 6% from a year ago and up 2% sequentially, driven by continued adoption of our self-driving platforms.

Gross Margin

GAAP and non-GAAP gross margins for the fourth quarter increased from a year ago on lower inventory provisions. GAAP and non-GAAP gross margins increased sequentially as Blackwell continued to ramp with an improved mix and cost structure.

Expenses

GAAP operating expenses for the fourth quarter were up 45% from a year ago and up 16% sequentially, and non-GAAP operating expenses were up 51% from a year ago and up 21%

sequentially. The fourth quarter GAAP increases from a year ago were driven by higher compensation and benefits expense due to employee growth, and compute and infrastructure costs. The non-GAAP increases were driven by compute and infrastructure costs and compensation and benefits. The fourth quarter GAAP and non-GAAP sequential increase was driven by engineering development materials for new product introductions and compute and infrastructure costs.

Other Income & Expense and Income Tax

GAAP other income and expense (OI&E) includes interest income, interest expense, and unrealized non-marketable and publicly-held equity securities gains or losses. Non-GAAP OI&E excludes unrealized non-marketable and publicly-held equity securities gains or losses.

Interest income for the fourth quarter was $568 million, up from a year ago and down sequentially, driven by changes in cash, cash equivalents, and debt securities. Net other income for the fourth quarter was $5.6 billion, driven by unrealized gains in non-marketable and publicly-held equity securities, including gains from our previously announced investment in Intel’s common stock.

GAAP effective tax rate for the fourth quarter and fiscal year was 14.8% and 15.1%, respectively, an increase from a year ago primarily due to a lower impact from stock-based compensation tax benefits. Non-GAAP effective tax rate for the fourth quarter and fiscal year was 15.4% and 16.1%, respectively.

Balance Sheet and Cash Flow

Cash, cash equivalents and marketable securities were $62.6 billion, up from $43.2 billion a year ago and $60.6 billion a quarter ago. The increases primarily reflect higher revenue, partially offset by outlays for an intellectual property license, strategic investments and stock repurchases.

Accounts receivable was $38.5 billion with 51 days sales outstanding (DSO), down from 53 days sequentially, driven by timing of cash collections.

Inventory was $21.4 billion, up from $19.8 billion sequentially, and total supply-related commitments were $95.2 billion. We have strategically secured inventory and capacity to meet demand beyond the next several quarters.

Multi-year cloud service agreements were $27.0 billion, up from $26.0 billion sequentially, to support the growing needs of our research and development efforts.

Cash flow from operating activities was $36.2 billion, up from $16.6 billion a year ago and up from $23.8 billion a quarter ago. The year-on-year and sequential increases reflect growth in revenue.

We returned $4.1 billion to shareholders in the fourth quarter through $3.8 billion of share repurchases and $243 million of cash dividends. In fiscal 2026, we returned $41.1 billion to shareholders through $40.1 billion of share repurchases and $974 million of cash dividends.

Outlook

Beginning in the first quarter of fiscal 2027, we will include stock-based compensation expense in our non-GAAP financial measures. Stock-based compensation is a foundational component of our compensation program to attract and retain world-class talent.

Outlook for the first quarter of fiscal 2027 is as follows:

•Revenue is expected to be $78.0 billion, plus or minus 2%. We are not assuming any Data Center compute revenue from China in our outlook.

•GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points, inclusive of a 0.1% impact from stock-based compensation expense.

•GAAP and non-GAAP operating expenses are expected to be approximately $7.7 billion and $7.5 billion, respectively, inclusive of $1.9 billion of stock-based compensation expense.

For the full year fiscal 2027, we expect GAAP and non-GAAP tax rates to be between 17.0% and 19.0%, excluding any discrete items and material changes to our tax environment.

______________

For further information, contact:

Toshiya Hari						Mylene Mangalindan
Investor Relations						Corporate Communications
NVIDIA Corporation						NVIDIA Corporation
toshiyah@nvidia.com						mmangalindan@nvidia.com

Non-GAAP Measures

To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. The reconciliations for fiscal years 2025 and 2026 adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Beginning in the first quarter of fiscal 2027, NVIDIA’s non-GAAP financial measures will no longer exclude stock-based compensation expense. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user's overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

Certain statements in this CFO Commentary including, but not limited to, statements as to: expectations with respect to growth, performance and benefits of our products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for our products, services, and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to our third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, including Vera Rubin, and related trends and drivers; our future cash dividends or other returns to stockholders, our financial and business outlook for the first quarter of fiscal 2027 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing products and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; our ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most

recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

###

© 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, and NVLink are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.

			NVIDIA CORPORATION
			RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
			(In millions, except per share data)
			(Unaudited)
									Three Months Ended																		Twelve Months Ended
									January 25,						October 26,						January 26,						January 25,						January 26,
									2026						2025						2025						2026						2025
GAAP cost of revenue									$	17,034					$	15,157					$	10,608					$	62,475					$	32,639
GAAP gross profit									$	51,093					$	41,849					$	28,723					$	153,463					$	97,858
GAAP gross margin									75.0		%				73.4		%				73.0		%				71.1		%				75.0		%
			Acquisition-related and other costs (A)						48						48						118						267						472
			Stock-based compensation expense (B)						69						70						53						261						178
			Other						(1)						—						—						3						(3)
Non-GAAP cost of revenue									$	16,918					$	15,039					$	10,437					$	61,944					$	31,992
Non-GAAP gross profit									$	51,209					$	41,967					$	28,894					$	153,994					$	98,505
Non-GAAP gross margin**									75.2		%				73.6		%				73.5		%				71.3		%				75.5		%
GAAP operating expenses									$	6,794					$	5,839					$	4,689					$	23,076					$	16,405
			Stock-based compensation expense (B)						(1,564)						(1,585)						(1,268)						(6,125)						(4,559)
			Acquisition-related and other costs (A)						(90)						(39)						(43)						(204)						(130)
			Other						(38)						—						—						(53)						—
Non-GAAP operating expenses									$	5,102					$	4,215					$	3,378					$	16,694					$	11,716
GAAP operating income									$	44,299					$	36,010					$	24,034					$	130,387					$	81,453
			Total impact of non-GAAP adjustments to operating income						1,808						1,742						1,482						6,913						5,336
Non-GAAP operating income									$	46,107					$	37,752					$	25,516					$	137,300					$	86,789
GAAP total other income, net									$	6,098					$	1,926					$	1,183					$	11,063					$	2,573
			Gains from non-marketable equity securities and publicly-held equity securities, net						(5,491)						(1,354)						(727)						(8,918)						(1,030)
			Other (C)						13						1						1						16						4
Non-GAAP total other income, net									$	620					$	573					$	457					$	2,161					$	1,547
GAAP net income									$	42,960					$	31,910					$	22,091					$	120,067					$	72,880
			Total pre-tax impact of non-GAAP adjustments						(3,670)						389						756						(1,989)						4,310
			Income tax impact of non-GAAP adjustments (D)						262						(532)						(781)						(1,129)						(2,925)
			Tax expense from OBBBA*						—						—						—						48						—
Non-GAAP net income**									$	39,552					$	31,767					$	22,066					$	116,997					$	74,265

Diluted net income per share
			GAAP						$	1.76					$	1.30					$	0.89					$	4.90					$	2.94
			Non-GAAP**						$	1.62					$	1.30					$	0.89					$	4.77					$	2.99
Weighted average shares used in diluted net income per share computation									24,432						24,483						24,706						24,514						24,804
GAAP net cash provided by operating activities									$	36,190					$	23,750					$	16,628					$	102,718					$	64,089
			Purchases related to property and equipment and intangible assets						(1,284)						(1,637)						(1,077)						(6,042)						(3,236)
			Principal payments on property and equipment and intangible assets						(4)						(24)						(32)						(101)						(129)
Free cash flow									$	34,902					$	22,089					$	15,519					$	96,575					$	60,724
*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).
**Includes H20 charges/(releases), net, which were $4.5 billion and ($180 million) for the first and second quarter of fiscal 2026, respectively, and insignificant for both the third and fourth quarter of fiscal 2026.

(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
									Three Months Ended																		Twelve Months Ended
									January 25,						October 26,						January 26,						January 25,						January 26,
									2026						2025						2025						2026						2025
			Cost of revenue						$	48					$	48					$	118					$	267					$	472
			Research and development						$	83					$	35					$	27					$	176					$	79
			Sales, general and administrative						$	7					$	4					$	16					$	28					$	51
(B) Stock-based compensation consists of the following:
									Three Months Ended																		Twelve Months Ended
									January 25,						October 26,						January 26,						January 25,						January 26,
									2026						2025						2025						2026						2025
			Cost of revenue						$	69					$	70					$	53					$	261					$	178
			Research and development						$	1,217					$	1,206					$	955					$	4,676					$	3,423
			Sales, general and administrative						$	347					$	379					$	313					$	1,449					$	1,136
(C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount.
(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
									Q1 FY2027 Outlook
									($ in millions)
GAAP gross margin									74.9		%
			Impact of acquisition-related costs and other costs						0.1		%
Non-GAAP gross margin*									75.0		%
GAAP operating expenses									$	7,700
			Acquisition-related costs and other costs						(200)
Non-GAAP operating expenses*									$	7,500
*Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in its non-GAAP financial measures. Stock-based compensation expense for the first quarter of fiscal 2027 is expected to have a 0.1% impact on non-GAAP gross margin and $1.9 billion in non-GAAP operating expenses.

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 EX-99.1 384.7 KB
• EX-99.2 EX-99.2 254.3 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.9 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 13.0 KB