# EDGAR Filing Document

**Accession Number:** 0001045810
**File Stem:** 0001045810-26-000019
**Filing Date:** 2026-2
**Character Count:** 72012
**Document Hash:** 5666f56ab43e6a1d95619a133a3d85c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001045810-26-000019.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001045810-26-000019

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260225

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NVIDIA CORP
- **CENTRAL INDEX KEY:** 0001045810
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 943177549
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0125

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-23985
- **FILM NUMBER:** 26679278

**BUSINESS ADDRESS:**
- **STREET 1:** 2788 SAN TOMAS EXPRESSWAY
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95051
- **BUSINESS PHONE:** 408-486-2000

**MAIL ADDRESS:**
- **STREET 1:** 2788 SAN TOMAS EXPRESSWAY
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95051

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NVIDIA CORP/DE
- **DATE OF NAME CHANGE:** 20020612

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NVIDIA CORP/CA
- **DATE OF NAME CHANGE:** 19980303

?xml version='1.0' encoding='ASCII'? nvda-20260225

**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).

&nbsp;&nbsp;&nbsp;&nbsp; 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 | <u>[Press Release, dated February 25, 2026, entitled "NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026"](q4fy26pr.htm)</u> |
| 99.2 | <u>[CFO Commentary on](q4fy26cfocommentary.htm)[Fourth](q4fy26cfocommentary.htm)[Quarter](q4fy26cfocommentary.htm)[and](q4fy26cfocommentary.htm)[Fiscal 2026 Results](q4fy26cfocommentary.htm)</u> |
| 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 | <u>By: /s/ Colette M. Kress</u> |
|  | Colette M. Kress |
|  | *Executive Vice President and Chief Financial Officer* |

---

## Exhibit 99.1

**NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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** | **GAAP** | **GAAP** | **GAAP** | **GAAP** | **GAAP** |
| *($ in millions, except earnings per share)* | **Q4 FY26** | **Q3 FY26** | **Q4 FY25** | **Q/Q** | **Y/Y** |
| Revenue | $68127 | $57006 | $39331 | 20% | 73% |
| Gross margin | 75.0% | 73.4% | 73.0% | 1.6 pts | 2.0 pts |
| Operating expenses | $6794 | $5839 | $4689 | 16% | 45% |
| Operating income | $44299 | $36010 | $24034 | 23% | 84% |
| Net income | $42960 | $31910 | $22091 | 35% | 94% |
| Diluted earnings per share | $1.76 | $1.30 | $0.89 | 35% | 98% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Non-GAAP** | **Non-GAAP** | **Non-GAAP** | **Non-GAAP** | **Non-GAAP** | **Non-GAAP** |
| *($ in millions, except earnings per share)* | **Q4 FY26** | **Q3 FY26** | **Q4 FY25** | **Q/Q** | **Y/Y** |
| Revenue | $68127 | $57006 | $39331 | 20% | 73% |
| Gross margin | 75.2% | 73.6% | 73.5% | 1.6 pts | 1.7 pts |
| Operating expenses | $5102 | $4215 | $3378 | 21% | 51% |
| Operating income | $46107 | $37752 | $25516 | 22% | 81% |
| Net income | $39552 | $31767 | $22066 | 25% | 79% |
| Diluted earnings per share | $1.62 | $1.30 | $0.89 | 25% | 82% |

---

**Fiscal 2026 Summary**

---

| | | | |
|:---|:---|:---|:---|
| **GAAP** | **GAAP** | **GAAP** | **GAAP** |
| *($ in millions, except earnings per share)* | **FY26** | **FY25** | **Y/Y** |
| Revenue | $215938 | $130497 | 65% |
| Gross margin | 71.1% | 75.0% | (3.9) pts |
| Operating expenses | $23076 | $16405 | 41% |
| Operating income | $130387 | $81453 | 60% |
| Net income | $120067 | $72880 | 65% |
| Diluted earnings per share | $4.90 | $2.94 | 67% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Non-GAAP** | **Non-GAAP** | **Non-GAAP** | **Non-GAAP** |
| *($ in millions, except earnings per share)* | **FY26** | **FY25** | **Y/Y** |
| Revenue | $215938 | $130497 | 65% |
| Gross margin | 71.3% | 75.5% | (4.2) pts |
| Operating expenses | $16694 | $11716 | 42% |
| Operating income | $137300 | $86789 | 58% |
| Net income | $116997 | $74265 | 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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

------

**Automotive and Robotics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 |

---

© 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** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **January 25,**<br>**2026** | **January 26,**<br>**2025** | **January 25,**<br>**2026** | **January 26,**<br>**2025** |
| Revenue | $68127 | $39331 | $215938 | $130497 |
| Cost of revenue | 17034 | 10608 | 62475 | 32639 |
| **Gross profit** | **51093** | **28723** | **153463** | **97858** |
| Operating expenses |  |  |  |  |
| Research and development | 5512 | 3714 | 18497 | 12914 |
| Sales, general and administrative | 1282 | 975 | 4579 | 3491 |
| **Total operating expenses** | **6794** | **4689** | **23076** | **16405** |
| Operating income | 44299 | 24034 | 130387 | 81453 |
| Interest income | 568 | 511 | 2300 | 1786 |
| Interest expense | (74) | (61) | (259) | (247) |
| Other income, net | 5604 | 733 | 9022 | 1034 |
| **Total other income, net** | **6098** | **1183** | **11063** | **2573** |
| Income before income tax | 50397 | 25217 | 141450 | 84026 |
| Income tax expense | 7437 | 3126 | 21383 | 11146 |
| **Net income** | $**42960** | $**22091** | $**120067** | $**72880** |
| 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: | Weighted average shares used in per share computation: | Weighted average shares used in per share computation: | Weighted average shares used in per share computation: | Weighted average shares used in per share computation: |
| Basic | 24304 | 24489 | 24359 | 24555 |
| Diluted | 24432 | 24706 | 24514 | 24804 |

---

------

---

| | | |
|:---|:---|:---|
| **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** |
| **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** |
| (In millions) | (In millions) | (In millions) |
| (Unaudited) | (Unaudited) | (Unaudited) |
|  | **January 25,** | **January 26,** |
|  | **2026** | **2025** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| Cash, cash equivalents and marketable securities | $62556 | $43210 |
| Accounts receivable, net | 38466 | 23065 |
| Inventories | 21403 | 10080 |
| Prepaid expenses and other current assets | 3180 | 3771 |
| **Total current assets** | **125605** | **80126** |
| Property and equipment, net | 10383 | 6283 |
| Operating lease assets | 2867 | 1793 |
| Goodwill | 20832 | 5188 |
| Intangible assets, net | 3306 | 807 |
| Deferred income tax assets | 13258 | 10979 |
| Non-marketable equity securities | 22251 | 3387 |
| Other assets | 8301 | 3038 |
| **Total assets** | $**206803** | $**111601** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** |
| Current liabilities: |  |  |
| Accounts payable | $9812 | $6310 |
| Accrued and other current liabilities | 21352 | 11737 |
| Short-term debt | 999 |  |
| **Total current liabilities** | **32163** | **18047** |
| Long-term debt | 7469 | 8463 |
| Long-term operating lease liabilities | 2572 | 1519 |
| Other long-term liabilities | 7306 | 4245 |
| **Total liabilities** | **49510** | **32274** |
| Shareholders' equity | 157293 | 79327 |
| **Total liabilities and shareholders' equity** | $**206803** | $**111601** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** |
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| (In millions) | (In millions) | (In millions) | (In millions) | (In millions) |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **January 25,** | **January 26,** | **January 25,** | **January 26,** |
|  | **2026** | **2025** | **2026** | **2025** |
| Cash flows from operating activities: |  |  |  |  |
| Net income | $42960 | $22091 | $120067 | $72880 |
| Adjustments to reconcile net income to net cash |  |  |  |  |
| provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 1633 | 1321 | 6386 | 4737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 811 | 543 | 2843 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on non-marketable equity securities and publicly-held equity securities, net | (5491) | (727) | (8918) | (1030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 611 | (598) | (1424) | (4477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (9) | (138) | (287) | (502) |
| Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (5073) | (5370) | (15399) | (13063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (1621) | (2424) | (11324) | (4781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (281) | 331 | 577 | (395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 1064 | 867 | 3096 | 3357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other current liabilities | 1053 | 360 | 5257 | 4278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 533 | 372 | 1844 | 1221 |
| **Net cash provided by operating activities** | **36190** | **16628** | **102718** | **64089** |
| Cash flows from investing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of marketable securities | 14670 | 177 | 15157 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities of marketable securities | 2246 | 1710 | 11226 | 11195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of non-marketable equity securities | 12 |  | 84 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (20540) | (7010) | (40616) | (26575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of non-marketable equity securities | (12800) | (478) | (17502) | (1486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Groq, Inc. | (13000) |  | (13000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases related to property and equipment and intangible assets | (1284) | (1077) | (6042) | (3236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired | (165) | (542) | (1535) | (1007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 22 |  | 22 |
| **Net cash used in investing activities** | **(30861)** | **(7198)** | **(52228)** | **(20421)** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cash flows from financing activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds related to employee stock plans |  |  | 644 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments related to repurchases of common stock | (3815) | (7810) | (40086) | (33706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments related to employee stock plan taxes | (2139) | (1861) | (7948) | (6930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (243) | (245) | (974) | (834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on property and equipment and intangible assets | (4) | (32) | (101) | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of debt |  |  |  | (1250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (9) |  | (9) |  |
| **Net cash used in financing activities** | **(6210)** | **(9948)** | **(48474)** | **(42359)** |
| Change in cash and cash equivalents | (881) | (518) | 2016 | 1309 |
| Cash and cash equivalents at beginning of period | 11486 | 9107 | 8589 | 7280 |
| **Cash and cash equivalents at end of period** | $**10605** | $**8589** | $**10605** | $**8589** |
| **Supplemental disclosures of cash flow information:** |  |  |  |  |
| Cash paid for income taxes, net | $6979 | $4129 | $20288 | $15118 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** |
| **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** |
| (In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **January 25,** | **October 26,** | **January 26,** | **January 25,** | **January 26,** |
| | **2026** | **2025** | **2025** | **2026** | **2025** |
| GAAP cost of revenue | $17034 | $15157 | $10608 | $62475 | $32639 |
| GAAP gross profit | $51093 | $41849 | $28723 | $153463 | $97858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*GAAP gross margin* | *75.0 %* | *73.4 %* | *73.0 %* | *71.1 %* | *75.0 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related and other costs (A) | 48 | 48 | 118 | 267 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense (B) | 69 | 70 | 53 | 261 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1) |  |  | 3 | (3) |
| **Non-GAAP cost of revenue** | $**16918** | $**15039** | $**10437** | $**61944** | $**31992** |
| **Non-GAAP gross profit** | $**51209** | $**41967** | $**28894** | $**153994** | $**98505** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Non-GAAP gross margin\*\**** | ***75.2*** *%*** | ***73.6*** *%*** | ***73.5*** *%*** | ***71.3*** *%*** | ***75.5*** *%*** |
| GAAP operating expenses | $6794 | $5839 | $4689 | $23076 | $16405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense (B) | (1564) | (1585) | (1268) | (6125) | (4559) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related and other costs (A) | (90) | (39) | (43) | (204) | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (38) |  |  | (53) |  |
| **Non-GAAP operating expenses** | $**5102** | $**4215** | $**3378** | $**16694** | $**11716** |
| GAAP operating income | $44299 | $36010 | $24034 | $130387 | $81453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total impact of non-GAAP adjustments to operating income | 1808 | 1742 | 1482 | 6913 | 5336 |
| **Non-GAAP operating income** | $**46107** | $**37752** | $**25516** | $**137300** | $**86789** |
| GAAP total other income, net | $6098 | $1926 | $1183 | $11063 | $2573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains from non-marketable equity securities and publicly-held equity securities, net | (5491) | (1354) | (727) | (8918) | (1030) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (C) | 13 | 1 | 1 | 16 | 4 |
| **Non-GAAP total other income, net** | $**620** | $**573** | $**457** | $**2161** | $**1547** |
| GAAP net income | $42960 | $31910 | $22091 | $120067 | $72880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total pre-tax impact of non-GAAP adjustments | (3670) | 389 | 756 | (1989) | 4310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax impact of non-GAAP adjustments (D) | 262 | (532) | (781) | (1129) | (2925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense from OBBBA\* |  |  |  | 48 |  |
| **Non-GAAP net income\*\***  | $**39552** | $**31767** | $**22066** | $**116997** | $**74265** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Diluted net income per share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP | $1.76 | $1.30 | $0.89 | $4.90 | $2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP\*\*  | $1.62 | $1.30 | $0.89 | $4.77 | $2.99 |
| Weighted average shares used in diluted net income per share computation | 24432 | 24483 | 24706 | 24514 | 24804 |
| GAAP net cash provided by operating activities | $36190 | $23750 | $16628 | $102718 | $64089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases related to property and equipment and intangible assets | (1284) | (1637) | (1077) | (6042) | (3236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on property and equipment and intangible assets | (4) | (24) | (32) | (101) | (129) |
| **Free cash flow** | $**34902** | $**22089** | $**15519** | $**96575** | $**60724** |
| *\*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).* | *\*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).* | *\*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).* | *\*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).* | *\*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).* | *\*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.* | *\*\*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.* | *\*\*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.* | *\*\*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.* | *\*\*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.* | *\*\*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: | (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: | (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: | (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: | (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: | (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** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **January 25,** | **October 26,** | **January 26,** | **January 25,** | **January 26,** |
|  | **2026** | **2025** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $48 | $48 | $118 | $267 | $472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | $83 | $35 | $27 | $176 | $79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, general and administrative | $7 | $4 | $16 | $28 | $51 |
| (B) Stock-based compensation consists of the following: | (B) Stock-based compensation consists of the following: | (B) Stock-based compensation consists of the following: | (B) Stock-based compensation consists of the following: | (B) Stock-based compensation consists of the following: | (B) Stock-based compensation consists of the following: |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **January 25,** | **October 26,** | **January 26,** | **January 25,** | **January 26,** |
|  | **2026** | **2025** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $69 | $70 | $53 | $261 | $178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | $1217 | $1206 | $955 | $4676 | $3423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, general and administrative | $347 | $379 | $313 | $1449 | $1136 |
| (C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount. | (C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount. | (C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount. | (C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount. | (C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount. | (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). | (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). | (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). | (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). | (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). | (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** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** |
| **RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK** | **RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK** | **RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK** |
| | **Q1 FY2027 Outlook** | **Q1 FY2027 Outlook** |
|  | ($ in millions) | ($ in millions) |
| GAAP gross margin | 74.9 | 74.9% |
| Impact of acquisition-related costs and other costs | 0.1 | 0.1% |
| **Non-GAAP gross margin\*** | **75.0** | **75.0%** |
| GAAP operating expenses | $| 7700 |
| Acquisition-related costs and other costs | (200) | (200) |
| **Non-GAAP operating expenses\*** | **$** | **7500** |
| \*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. | \*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. | \*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. |
| \*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. | \*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. | \*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. |

---

## Exhibit 99.2

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** ![nvdalogoa19.jpg](nvdalogoa19.jpg)

**CFO Commentary on Fourth Quarter and Fiscal 2026 Results**

**<u>Q4 Fiscal 2026 Summary</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **GAAP** | **GAAP** | **GAAP** | **GAAP** | **GAAP** | **GAAP** |
| *($ in millions, except earnings per share)* | **Q4 FY26** | **Q3 FY26** | **Q4 FY25** | **Q/Q** | **Y/Y** |
| Revenue | $68127 | $57006 | $39331 | 20% | 73% |
| Gross margin | 75.0% | 73.4% | 73.0% | 1.6 pts | 2.0 pts |
| Operating expenses | $6794 | $5839 | $4689 | 16% | 45% |
| Operating income | $44299 | $36010 | $24034 | 23% | 84% |
| Net income | $42960 | $31910 | $22091 | 35% | 94% |
| Diluted earnings per share | $1.76 | $1.30 | $0.89 | 35% | 98% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Non-GAAP** | **Non-GAAP** | **Non-GAAP** | **Non-GAAP** | **Non-GAAP** | **Non-GAAP** |
| *($ in millions, except earnings per share)* | **Q4 FY26** | **Q3 FY26** | **Q4 FY25** | **Q/Q** | **Y/Y** |
| Revenue | $68127 | $57006 | $39331 | 20% | 73% |
| Gross margin | 75.2% | 73.6% | 73.5% | 1.6 pts | 1.7 pts |
| Operating expenses | $5102 | $4215 | $3378 | 21% | 51% |
| Operating income | $46107 | $37752 | $25516 | 22% | 81% |
| Net income | $39552 | $31767 | $22066 | 25% | 79% |
| Diluted earnings per share | $1.62 | $1.30 | $0.89 | 25% | 82% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revenue by Reportable Segments** | **Revenue by Reportable Segments** | **Revenue by Reportable Segments** | **Revenue by Reportable Segments** | **Revenue by Reportable Segments** | **Revenue by Reportable Segments** |
| *($ in millions)* | **Q4 FY26** | **Q3 FY26** | **Q4 FY25** | **Q/Q** | **Y/Y** |
| Compute & Networking | $61651 | $50908 | $36036 | 21% | 71% |
| Graphics | 6476 | 6098 | 3295 | 6% | 97% |
| Total | $68127 | $57006 | $39331 | 20% | 73% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revenue by Market Platform** | **Revenue by Market Platform** | **Revenue by Market Platform** | **Revenue by Market Platform** | **Revenue by Market Platform** | **Revenue by Market Platform** |
| *($ in millions)* | **Q4 FY26** | **Q3 FY26** | **Q4 FY25** | **Q/Q** | **Y/Y** |
| Data Center | $62314 | $51215 | $35580 | 22% | 75% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Compute* | *51334* | *43028* | *32556* | *19 %* | *58 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Networking* | *10980* | *8187* | *3024* | *34 %* | *263 %* |
| Gaming | 3727 | 4265 | 2544 | (13)% | 47% |
| Professional Visualization | 1321 | 760 | 511 | 74% | 159% |
| Automotive | 604 | 592 | 570 | 2% | 6% |
| OEM and Other | 161 | 174 | 126 | (7)% | 28% |
| Total | $68127 | $57006 | $39331 | 20% | 73% |

---

**Fiscal 2026 Summary**

---

| | | | |
|:---|:---|:---|:---|
| **GAAP** | **GAAP** | **GAAP** | **GAAP** |
| *($ in millions, except earnings per share)* | **FY26** | **FY25** | **Y/Y** |
| Revenue | $215938 | $130497 | 65% |
| Gross margin | 71.1% | 75.0% | (3.9) pts |
| Operating expenses | $23076 | $16405 | 41% |
| Operating income | $130387 | $81453 | 60% |
| Net income | $120067 | $72880 | 65% |
| Diluted earnings per share | $4.90 | $2.94 | 67% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Non-GAAP** | **Non-GAAP** | **Non-GAAP** | **Non-GAAP** |
| *($ in millions, except earnings per share)* | **FY26** | **FY25** | **Y/Y** |
| Revenue | $215938 | $130497 | 65% |
| Gross margin | 71.3% | 75.5% | (4.2) pts |
| Operating expenses | $16694 | $11716 | 42% |
| Operating income | $137300 | $86789 | 58% |
| Net income | $116997 | $74265 | 58% |
| Diluted earnings per share | $4.77 | $2.99 | 60% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Revenue by Reportable Segments** | **Revenue by Reportable Segments** | **Revenue by Reportable Segments** | **Revenue by Reportable Segments** |
| *($ in millions)* | **FY26** | **FY25** | **Y/Y** |
| Compute & Networking | $193479 | $116193 | 67% |
| Graphics | 22459 | 14304 | 57% |
| Total | $215938 | $130497 | 65% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Revenue by Market Platform** | **Revenue by Market Platform** | **Revenue by Market Platform** | **Revenue by Market Platform** |
| *($ in millions)* | **FY26** | **FY25** | **Y/Y** |
| Data Center | $193737 | $115186 | 68% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Compute* | *162361* | *102196* | *59 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Networking* | *31376* | *12990* | *142 %* |
| Gaming | 16042 | 11350 | 41% |
| Professional Visualization | 3191 | 1878 | 70% |
| Automotive | 2349 | 1694 | 39% |
| OEM and Other | 619 | 389 | 59% |
| Total | $215938 | $130497 | 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.

**<u>Revenue</u>**

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.

**<u>Gross Margin</u>**

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.

**<u>Expenses</u>**

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.

**<u>Other Income & Expense and Income Tax</u>**

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.

**<u>Balance Sheet and Cash Flow</u>**

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.

**<u>Outlook</u>**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

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

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**<u>Non-GAAP Measures</u>**

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.

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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.

###

<br>© 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** |
| **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** |
| (In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) | (In millions, except per share data) |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **January 25,** | **October 26,** | **January 26,** | **January 25,** | **January 26,** |
| | **2026** | **2025** | **2025** | **2026** | **2025** |
| GAAP cost of revenue | $17034 | $15157 | $10608 | $62475 | $32639 |
| GAAP gross profit | $51093 | $41849 | $28723 | $153463 | $97858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*GAAP gross margin* | *75.0 %* | *73.4 %* | *73.0 %* | *71.1 %* | *75.0 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related and other costs (A) | 48 | 48 | 118 | 267 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense (B) | 69 | 70 | 53 | 261 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1) |  |  | 3 | (3) |
| **Non-GAAP cost of revenue** | $**16918** | $**15039** | $**10437** | $**61944** | $**31992** |
| **Non-GAAP gross profit** | $**51209** | $**41967** | $**28894** | $**153994** | $**98505** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Non-GAAP gross margin\*\**** | ***75.2*** *%*** | ***73.6*** *%*** | ***73.5*** *%*** | ***71.3*** *%*** | ***75.5*** *%*** |
| GAAP operating expenses | $6794 | $5839 | $4689 | $23076 | $16405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense (B) | (1564) | (1585) | (1268) | (6125) | (4559) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related and other costs (A) | (90) | (39) | (43) | (204) | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (38) |  |  | (53) |  |
| **Non-GAAP operating expenses** | $**5102** | $**4215** | $**3378** | $**16694** | $**11716** |
| GAAP operating income | $44299 | $36010 | $24034 | $130387 | $81453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total impact of non-GAAP adjustments to operating income | 1808 | 1742 | 1482 | 6913 | 5336 |
| **Non-GAAP operating income** | $**46107** | $**37752** | $**25516** | $**137300** | $**86789** |
| GAAP total other income, net | $6098 | $1926 | $1183 | $11063 | $2573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains from non-marketable equity securities and publicly-held equity securities, net | (5491) | (1354) | (727) | (8918) | (1030) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (C) | 13 | 1 | 1 | 16 | 4 |
| **Non-GAAP total other income, net** | $**620** | $**573** | $**457** | $**2161** | $**1547** |
| GAAP net income | $42960 | $31910 | $22091 | $120067 | $72880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total pre-tax impact of non-GAAP adjustments | (3670) | 389 | 756 | (1989) | 4310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax impact of non-GAAP adjustments (D) | 262 | (532) | (781) | (1129) | (2925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense from OBBBA\* |  |  |  | 48 |  |
| **Non-GAAP net income\*\***  | $**39552** | $**31767** | $**22066** | $**116997** | $**74265** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Diluted net income per share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP | $1.76 | $1.30 | $0.89 | $4.90 | $2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP\*\*  | $1.62 | $1.30 | $0.89 | $4.77 | $2.99 |
| Weighted average shares used in diluted net income per share computation | 24432 | 24483 | 24706 | 24514 | 24804 |
| GAAP net cash provided by operating activities | $36190 | $23750 | $16628 | $102718 | $64089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases related to property and equipment and intangible assets | (1284) | (1637) | (1077) | (6042) | (3236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on property and equipment and intangible assets | (4) | (24) | (32) | (101) | (129) |
| **Free cash flow** | $**34902** | $**22089** | $**15519** | $**96575** | $**60724** |
| *\*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).* | *\*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).* | *\*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).* | *\*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).* | *\*Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act).* | *\*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.* | *\*\*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.* | *\*\*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.* | *\*\*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.* | *\*\*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.* | *\*\*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.* |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (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: | (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: | (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: | (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: | (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: | (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** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **January 25,** | **October 26,** | **January 26,** | **January 25,** | **January 26,** |
|  | **2026** | **2025** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $48 | $48 | $118 | $267 | $472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | $83 | $35 | $27 | $176 | $79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, general and administrative | $7 | $4 | $16 | $28 | $51 |
| (B) Stock-based compensation consists of the following: | (B) Stock-based compensation consists of the following: | (B) Stock-based compensation consists of the following: | (B) Stock-based compensation consists of the following: | (B) Stock-based compensation consists of the following: | (B) Stock-based compensation consists of the following: |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **January 25,** | **October 26,** | **January 26,** | **January 25,** | **January 26,** |
|  | **2026** | **2025** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $69 | $70 | $53 | $261 | $178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | $1217 | $1206 | $955 | $4676 | $3423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, general and administrative | $347 | $379 | $313 | $1449 | $1136 |
| (C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount. | (C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount. | (C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount. | (C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount. | (C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount. | (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). | (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). | (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). | (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). | (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). | (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). |

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| | | |
|:---|:---|:---|
| **NVIDIA CORPORATION** | **NVIDIA CORPORATION** | **NVIDIA CORPORATION** |
| **RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK** | **RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK** | **RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK** |
| | **Q1 FY2027 Outlook** | **Q1 FY2027 Outlook** |
|  | ($ in millions) | ($ in millions) |
| GAAP gross margin | 74.9 | 74.9% |
| Impact of acquisition-related costs and other costs | 0.1 | 0.1% |
| **Non-GAAP gross margin\*** | **75.0** | **75.0%** |
| GAAP operating expenses | $| 7700 |
| Acquisition-related costs and other costs | (200) | (200) |
| **Non-GAAP operating expenses\*** | **$** | **7500** |
| \*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. | \*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. | \*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. |
| \*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. | \*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. | \*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. |

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