NVIDIA Corporation operates in the accelerated computing and AI infrastructure industry, having evolved from a PC graphics company into a data center scale AI infrastructure company reshaping all industries. The company's technology stack includes the foundational NVIDIA CUDA development platform running on all NVIDIA GPUs, along with hundreds of domain-specific software libraries, frameworks, SDKs, and APIs. NVIDIA addresses four large markets: Data Center, Gaming, Professional Visualization, and Automotive, with a unified underlying programmable architecture that allows support for several multi-billion-dollar end markets using the same underlying technology.

NVIDIA's primary competitors include suppliers of discrete and integrated GPUs, custom chips, and accelerated computing solutions such as AMD, Huawei, and Intel; large cloud services companies with internal hardware design teams such as Alibaba, Alphabet, Amazon, Baidu, Huawei, and Microsoft; suppliers of Arm-based CPUs; suppliers of SoC products for servers, automobiles, and gaming devices such as Ambarella, AMD, Broadcom, Intel, Qualcomm, Renesas, and Samsung; and networking product suppliers such as AMD, Arista Networks, Broadcom, Cisco, Hewlett Packard Enterprise, Huawei, Intel, Lumentum, and Marvell Technology. NVIDIA's competitive advantages include its platform strategy bringing together hardware, systems, software, algorithms, AI models, and services, its large and growing developer ecosystem with over 7.5 million developers worldwide using CUDA, and its full-stack innovation approach delivering order-of-magnitude performance advantages. NVIDIA powers over 78% of the supercomputers on the global TOP500 list, including 9 of the top 10 systems on the Green500 list.

NVIDIA generates revenue through product sales including hardware and systems, with revenue recognized upon transfer of control of products to customers. The company has a platform strategy bringing together hardware, systems, software, algorithms, AI models, training data sets, and services. Revenue is concentrated among a limited number of direct and indirect customers. Direct customers include AIBs, distributors, ODMs, OEMs, CSPs, AI model makers, and system integrators. Indirect customers include CSPs, Neocloud builders, AI model makers, enterprises, and public sector entities. The company also offers paid licenses to NVIDIA AI Enterprise software and NVIDIA vGPU software, as well as license and development arrangements for its intellectual property.

The Compute & Networking segment includes Data Center accelerated computing and networking platforms and AI solutions and software, and Automotive platforms and autonomous and electric vehicle solutions including software. The Data Center platform consists of compute and networking infrastructure offerings delivered as rack-scale systems, subsystems, or modules, along with software and services, including supercomputing platforms and servers bringing together GPUs, CPUs, interconnects, and AI and HPC software stacks. Networking offerings include NVLink interconnects and switches, end-to-end platforms for InfiniBand and Ethernet consisting of network adapters, cables, DPUs, switch chips and systems, and software. In fiscal year 2026, NVIDIA introduced NVIDIA NVLink Fusion to enable hyperscalers and custom ASIC designers to integrate custom CPUs and XPUs with the platform. The Automotive segment provides platform solutions for automated driving from the cloud to the car under the DRIVE Hyperion platform, consisting of development infrastructure, DRIVE AGX computing hardware running DRIVE OS, a reference sensor set, and an open modular DRIVE software platform.

The Graphics segment includes GeForce GPUs for gaming and PCs, and Quadro/NVIDIA RTX GPUs for enterprise workstation graphics. Gaming products include GeForce RTX GPUs for desktop and laptop PCs, GeForce NOW cloud gaming service, and SoCs and development services for game consoles. NVIDIA RTX features ray tracing technology and deep learning super sampling (DLSS). In fiscal year 2025, NVIDIA announced the Blackwell GeForce RTX 50 Series family of desktop and laptop GPUs, which introduced neural graphics combining AI models with traditional rendering. The Professional Visualization market is served by working with ISVs to optimize their offerings for NVIDIA GPUs, with RTX PRO GPUs supporting generative and agentic AI applications. Many leading 3D design and content creation applications support RTX, allowing professionals to accelerate workflows with NVIDIA RTX PRO GPUs and software.

In fiscal year 2026, NVIDIA launched and scaled the NVIDIA Blackwell Ultra platform optimized for agentic, reasoning, and physical AI, and unveiled the NVIDIA Rubin platform expected to commence production shipments in the second half of fiscal year 2027. The company entered into a non-exclusive license agreement with Groq, Inc. in December 2025 for its language processing unit technology, recording $14.4 billion of goodwill and a $2.5 billion developed technology intangible asset. NVIDIA also invested $17.5 billion in private companies and infrastructure funds primarily to support early-stage startups, and provided $3.5 billion in land, power, and shell guarantees to early-stage companies. The company is finalizing an investment and partnership agreement with OpenAI. In April 2025, the USG required a license for exports of H20 products to China, resulting in a $4.5 billion charge in the first quarter of fiscal year 2026 for excess inventory and purchase obligations.

Revenue for fiscal year 2026 was $215.9 billion ¹, up 65% from $130.5 billion ² in fiscal year 2025. Net income was $120.1 billion ³, up 65% from $72.9 billion ⁴ in the prior year. Diluted EPS was $4.90 ⁵ versus $2.94 ⁶ in fiscal year 2025. Gross margin decreased to 71.1% ⁷ from 75.0% ⁸ as the business model transitioned from Hopper HGX systems to Blackwell full-scale datacenter solutions, and was impacted by the $4.5 billion ⁹ charge associated with H20 excess inventory and purchase obligations. Operating expenses were $23.1 billion ¹⁰, up 41% from $16.4 billion ¹¹. Cash provided by operating activities was $102.7 billion ¹².

The primary growth vector is the Data Center accelerated computing and AI platform. Revenue from Data Center computing grew 59% driven by demand for the Blackwell computing platform, and Data Center networking grew 142% driven by the introduction and ramp of NVLink compute fabric for GB200 and GB300 systems and growth of Ethernet and InfiniBand platforms. The company unveiled the NVIDIA Rubin platform, expected to commence production shipments in the second half of fiscal year 2027, built for agentic AI and reasoning, delivering up to a 10x reduction in cost per token compared to Blackwell. The company continues to execute Data Center compute product introductions on a one-year product cadence. For physical AI, NVIDIA provides an end-to-end platform spanning data center infrastructure, open models, systems, embedded compute modules, and software stacks to train, simulate, and deploy advanced automation and robotics solutions.

Another growth vector is the Gaming market, where revenue was up 41% from a year ago driven by strong Blackwell demand. The company launched and scaled Blackwell architecture for gaming and GeForce NOW in fiscal year 2026. NVIDIA expects supply constraints to be a headwind to Gaming in the first quarter of fiscal year 2027 and beyond. The Professional Visualization market saw revenue up 70% from a year ago driven by exceptional demand for Blackwell and the launch of the new DGX Spark. Automotive revenue was up 39% from a year ago driven by continued adoption of self-driving platforms. The company is expanding its supply chain into the U.S. and Latin America to strengthen supply chain resiliency and meet growing demand for AI infrastructure.

Gross margin decreased in fiscal year 2026 as the business model transitioned from offering Hopper HGX systems to Blackwell full-scale datacenter solutions, and was impacted by a $4.5 billion ¹³ charge associated with H20 excess inventory and purchase obligations. The net effect on gross margin from inventory provisions and sales of items previously written down was an unfavorable impact of 2.6% ¹⁴ in fiscal year 2026. Operating expenses increased 41% driven by higher compensation and benefits expenses due to employee growth and compute and infrastructure costs. Research and development expenses increased 43% ¹⁵ driven by a 29% increase in compensation and benefits expense and a 79% increase in compute and infrastructure costs.

The company expects supply constraints to be a headwind to Gaming in the first quarter of fiscal year 2027 and beyond. NVIDIA is expanding its supply chain into the U.S. and Latin America, and expects to increase capital expenditures in fiscal year 2027 relative to fiscal year 2026 to support future growth. The company has made and expects to continue making investments that support its technology roadmap and the broader AI ecosystem. The company is increasing U.S.-based manufacturing and investing in specialized equipment and processes to support domestic production. As of the end of fiscal year 2026, NVIDIA had approximately 42,000 employees ¹⁶ in 38 countries, with 31,000 ¹⁷ engaged in research and development and 11,000 ¹⁸ in sales, marketing, operations, and administrative positions.

In fiscal year 2026, NVIDIA invested $17.5 billion ¹⁹ in private companies and infrastructure funds. Capital expenditures were $6.1 billion ²⁰ in fiscal year 2026, compared to $3.4 billion ²¹ in fiscal year 2025. On August 26, 2025, the Board of Directors approved an additional $60.0 billion ²² in share repurchase authorization without expiration. In fiscal year 2026, NVIDIA repurchased 282 million shares ²³ of common stock for $40.4 billion ²⁴. As of January 25, 2026, the company was authorized to repurchase up to $58.5 billion ²⁵ of common stock. In fiscal year 2026, NVIDIA paid cash dividends of $974 million ²⁶ to shareholders. R&D spending was $18.5 billion ²⁷ in fiscal year 2026.

The company faces structural headwinds from U.S. export controls. In April 2025, the USG required a license for exports of H20 products to China, resulting in a $4.5 billion ²⁸ charge for excess inventory and purchase obligations. As of the end of fiscal year 2026, NVIDIA was effectively foreclosed from competing in China's data center computing market. The company generated approximately $60 million ²⁹ in H20 revenue under licenses granted in August 2025. In February 2026, the USG granted a license for small amounts of H200 products to specific China-based customers, subject to a 25% tariff ³⁰ upon importation into the United States. The company expects supply constraints to be a headwind to Gaming in the first quarter of fiscal year 2027 and beyond. The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by customers and partners is crucial, and any shortage could impact future revenue and financial performance.

Geographic and regulatory constraints identified by management include the complex and shifting U.S. export control restrictions targeting China's semiconductor and supercomputing industries, which have impacted exports of certain chips, software, hardware, equipment, and technology. The export controls applicable to China address parameters including total processing performance, performance density, interconnect bandwidth, and memory bandwidth. Under current rules, NVIDIA is unable to create and deliver a competitive product for China's data center market that receives approval from both the USG and the Chinese government. The company's effective foreclosure from the China market has helped competitors build larger developer and customer ecosystems to challenge NVIDIA worldwide. The USG has also imposed worldwide export controls and may impose additional controls in the future, including a potential replacement rule for the AI Diffusion IFR that was rescinded in May 2025.

Management's tone emphasizes the company's transformation into a data center scale AI infrastructure company reshaping all industries, with a focus on the major platform shifts of accelerated computing and AI. Key themes include the successful launch and scaling of the Blackwell Ultra platform, the unveiling of the Rubin platform expected to commence production shipments in the second half of fiscal year 2027, and the expansion of the supply chain into the U.S. and Latin America. Management highlighted that revenue growth in fiscal year 2026 was driven by data center compute and networking platforms for accelerated computing and AI solutions, with Blackwell architectures representing the majority of Data Center revenue. The company continues to execute Data Center compute product introductions on a one-year product cadence. Management noted that the company is finalizing an investment and partnership agreement with OpenAI, though there is no assurance that a transaction will be completed. The filing does not contain specific forward-looking guidance ranges for revenue, margins, or EPS.

Total revenue for fiscal year 2026 was $215,938 million ³⁵, compared to $130,497 million ³⁶ in fiscal year 2025 and $60,922 million ³⁷ in fiscal year 2024. Net income was $120,067 million ³⁸ in fiscal year 2026, versus $72,880 million ³⁹ in fiscal year 2025 and $29,760 million ⁴⁰ in fiscal year 2024. Diluted EPS was $4.90 ⁴¹ in fiscal year 2026, compared to $2.94 ⁴² in fiscal year 2025 and $1.19 ⁴³ in fiscal year 2024. Gross profit was $153,463 million ⁴⁴ in fiscal year 2026, versus $97,858 million ⁴⁵ in fiscal year 2025. Gross margin was 71.1% ⁴⁶ in fiscal year 2026, compared to 75.0% ⁴⁷ in fiscal year 2025. Operating income was $130,387 million ⁴⁸ in fiscal year 2026, versus $81,453 million ⁴⁹ in fiscal year 2025. Net cash provided by operating activities was $102,718 million ⁵⁰ in fiscal year 2026, compared to $64,089 million ⁵¹ in fiscal year 2025. Cash, cash equivalents, and marketable securities totaled $62,556 million ⁵² as of January 25, 2026, versus $43,210 million ⁵³ as of January 26, 2025. The $4.5 billion ⁵⁴ charge associated with H20 excess inventory and purchase obligations in the first quarter of fiscal year 2026 negatively impacted gross margin. Compute & Networking segment revenue was $193,479 million ⁵⁵ in fiscal year 2026, up 67% from $116,193 million ⁵⁶ in fiscal year 2025. Graphics segment revenue was $22,459 million ⁵⁷ in fiscal year 2026, up 57% from $14,304 million ⁵⁸ in fiscal year 2025.

The most material risk is the impact of U.S. export controls, which have effectively foreclosed NVIDIA from competing in China's data center computing market as of the end of fiscal year 2026, resulting in a $4.5 billion ³¹ charge for H20 excess inventory and purchase obligations. The company faces significant supply chain concentration risk, with manufacturing lead times that can extend beyond twelve months and inventory purchase obligations of $95.2 billion ³² as of January 25, 2026, substantially all payable through fiscal year 2027. Customer concentration is a key risk, as sales to one direct customer represented 22% ³³ of total revenue and another direct customer represented 14% ³⁴ of total revenue in fiscal year 2026, all primarily attributable to the Compute & Networking segment. The company faces intense competition from companies with greater marketing, financial, distribution, and manufacturing resources, including AMD, Intel, and large cloud services companies with internal hardware design teams. The rapid pace of product transitions and the increased frequency of new architectures on a one-year cadence create risks of mismatches between supply and demand, inventory provisions, and revenue volatility.