NVDA Nvidia FILING REVIEW ONLY
FORM 10-K · FY2026 ENDED 2026-01-25 · FILED 2026-02-25 · 24,514M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The company designs graphics processing units and related accelerated computing hardware, software, and networking products, and provides a software development platform used to run compute-intensive workloads including artificial intelligence training and inference, data analytics, scientific computing, robotics, and graphics rendering. It reports results across two segments, one encompassing data center computing and networking platforms along with automotive and autonomous vehicle solutions, and the other encompassing gaming and professional workstation graphics products. Customers include cloud service providers, artificial intelligence model developers, enterprises across industries such as healthcare, financial services, and transportation, original equipment and device manufacturers, system integrators, distributors, and individual consumers such as gamers and content creators.

S&P 500 · Dow Industrials · INFORMATION TECHNOLOGY · CIK 1045810

S&P 500Dow Industrials

REVENUE$215.9B+65.5% YoY
NET INCOME$120.1B+64.7% YoY
OPERATING CASH FLOW$102.7B+60.3% YoY
85
FILING SCORE / 100
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How the score is computed: 6 management claims are checked against the filed statements and 7 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 10/12 on claims and 12/14 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG13 CHECKS · 1 red · 0 watchNEXT 10-Q ~DEC 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202620252024
Total revenues215,938130,49760,9224
· Compute162,361102,19638,950
· Networking31,37612,9908,575
· Gaming16,04211,35010,447
· Professional Visualization3,1911,8781,553
· Automotive2,3491,6941,091
· OEM and Other619389306
Cost of revenue62,47532,63916,6211
Gross profit153,46397,85844,301
Research and development18,49712,9148,675
Selling, general and administrative4,5793,4912,654
Depreciation, depletion and amortization2,8431,8641,508
Total operating expenses23,07616,40511,329
Operating income130,38781,45332,972
Interest expense——257
Other income (expense), net11,0632,573846
Income before income taxes141,45084,02633,818
Income tax provision21,38311,1464,0582
— of which current22,80715,6236,5471
Net income attributable to common120,06772,88029,7603
Diluted earnings per share$4.90$2.94$1.191
Weighted-average diluted shares24,51424,80424,9402
Cash flow · $ millions202620252024
Net income incl. noncontrolling interests120,06772,88029,760
Depreciation, depletion and amortization2,8431,8641,508
Share-based compensation6,3864,7373,549
Deferred income taxes(1,424)(4,477)(2,489)
Change in receivables15,39913,0636,172
Change in inventories11,3244,78198
Change in payables3,0963,3571,531
Net cash provided by operating activities102,71864,08928,0902
Acquisitions, net of cash1,5351,00783
Net cash used in investing activities(52,228)(20,421)(10,566)
Dividends paid974834395
Repurchases of common stock40,08633,7069,533
Debt repaid01,2501,250
Net cash used in financing activities(48,474)(42,359)(13,633)
Cash and equivalents at end of period10,6058,5897,280
Balance sheet · $ millions20262025
Cash and cash equivalents10,6058,589
Short-term investments—34,621
Receivables, net38,46623,0651
Inventories21,40310,0802
Total current assets125,60580,126
Property, plant and equipment, net10,3836,283
Goodwill20,8325,1881
Intangible assets, net3,306807
Total assets206,803111,6011
Accounts payable9,8126,310
Current debt9990
Total current liabilities32,16318,047
Long-term debt7,4698,463
Total liabilities49,51032,274
Stockholders' equity157,29379,327
Total equity157,29379,327
Segments · as filed in the segment note · $ millionsCompute & NetworkingGraphicsConsolidated
Net sales193,47922,459215,938

Not shown: Operating income, Depreciation & amortization. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.

Revenue by product or service · as filed · $ millionsFY2026Share
Compute162,36175.2%
Networking31,37614.5%
Gaming16,0427.4%
Professional Visualization3,1911.5%
Automotive2,3491.1%
OEM and Other6190.3%
Total revenues, as filed215,938100.0%

Product lines sum to the filed total.

Revenue by geography · as filed · $ millionsFY2026Share
United States149,61769.3%
Taiwan42,34519.6%
China (including Hong Kong)19,6779.1%
Other4,2992.0%
Total revenues, as filed215,938100.0%

Geographic lines sum to the filed total.

Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2026FY2025Δ $Δ %Reading
Total assets · BS206,803111,601+95,202+85.3%◐ outsized
Total revenues · IS215,938130,497+85,441+65.5%◐ outsized
Stockholders' equity · BS157,29379,327+77,966+98.3%◐ outsized
Total equity · BS157,29379,327+77,966+98.3%◐ outsized
· Compute · IS162,361102,196+60,165+58.9%◐ outsized
Income before income taxes · IS141,45084,026+57,424+68.3%◐ outsized
Gross profit · IS153,46397,858+55,605+56.8%◐ outsized
Operating income · IS130,38781,453+48,934+60.1%◐ outsized
Net income attributable to common · IS120,06772,880+47,187+64.7%◐ outsized
Net income incl. noncontrolling interests · CF120,06772,880+47,187+64.7%◐ outsized
Total current assets · BS125,60580,126+45,479+56.8%◐ outsized
Net cash provided by operating activities · CF102,71864,089+38,629+60.3%◐ outsized
Net cash used in investing activities · CF(52,228)(20,421)−31,807-155.8%◐ outsized
Cost of revenue · IS62,47532,639+29,836+91.4%◐ outsized
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
101.5%
sector median 17.4%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
-0.7%
sector median -0.7%
shrinking
Debt to equity
(current debt + long-term debt) ÷ year-end equity
0.05
sector median 0.41
low
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 65.5%
sector median 19.9%
volatile
Quarterly · as filed in 10-Q/10-K · $ millionsAPR 25JUL 25OCT 25APR 26JUL 26
Total revenues44,06246,74357,00681,61596,221
Cost of revenue17,39412,89015,15720,45824,079
Gross profit26,66833,85341,84961,15772,142
Research and development3,9894,2914,7056,3217,054
Selling, general and administrative1,0411,1221,1341,3001,354
Depreciation, depletion and amortization611——997—
Total operating expenses5,0305,4135,8397,6218,408
Operating income21,63828,44036,01053,53663,734
Interest expense636261102227
Other income (expense), net2722,7661,92616,3677,773
Income before income taxes21,91031,20637,93669,90371,507
Income tax provision3,1354,7846,02611,58211,819
Net income attributable to common18,77526,42231,91058,32159,688
Diluted earnings per share$0.76$1.08$1.30$2.39$2.46
Weighted-average diluted shares24,61124,53224,48324,39124,285
Net cash provided by operating activities27,414——50,344—
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Net cash provided by operating activities27,41450,344+22,930+83.6%
Total revenues81,61596,221+14,606+17.9%
Gross profit61,15772,142+10,985+18.0%
Operating income53,53663,734+10,198+19.0%
Other income (expense), net16,3677,773−8,594-52.5%
Cost of revenue20,45824,079+3,621+17.7%
Income before income taxes69,90371,507+1,604+2.3%
Net income attributable to common58,32159,688+1,367+2.3%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$4,000,000M10-K cover · as of 2025-07-25
Insider Form 4s, 90d25 filings · 0 buys / 25 sellsnet selling · −$967,599,313
· Stevens Mark ASELL $297,942,896Form 4 filed 2026-09-22 · open market
· Stevens Mark ASELL $98,470,906Form 4 filed 2026-09-02 · open market
· Stevens Mark ASELL $67,881,120Form 4 filed 2026-09-02 · open market
· Stevens Mark ASELL $67,221,450Form 4 filed 2026-09-02 · open market
· Stevens Mark ASELL $66,876,120Form 4 filed 2026-09-02 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
· 10b5-1 adoptedJohn O. Dabiri, Director12/10/2025 · 3,984 shares · 10-K insider trading arrangements
· 10b5-1 adoptedColette M. Kress, Executive Vice President and Chief Financial Officer12/18/2025 · 500,000 shares · 10-K insider trading arrangements
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Nvidia's Form 10-K for FY2026 (accession 0001045810-26-000021), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. NVDA is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.