Leaderboards / L2 Silicon & Memory / #3

NVIDIA

Active product HBM3E / HBM4 stacked memory

Rank in layer

Confirmed customers

Microsoft, Microsoft (Azure / OpenAI deployment)

Recent engine activity · 90 day window

Customer wins

Partnerships

Capital events

Hiring (60d)

Capital events

Funding, earnings filings, and IPO-related signals

earnings
2026-05-20
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0001045810 nvda:ColetteM.KressMember 2026-04-26 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 26, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-23985 NVIDIA CORP ORATION (Exact name of registrant as specified in its charter) Delaware 94-3177549 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2788 San Tomas Expressway , Santa Clara , California 95051 (Address of principal executive offices) (Zip Code) ( 408 ) 486-2000 (Registrant's telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) 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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company 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. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The number of shares of common stock, $0.001 par value, outstanding as of May 15, 2026, was 24.2 billion. NVIDIA Corporation Form 10-Q For the Quarter Ended April 26, 2026 Table of Contents Page Part I : Financial Information Item 1. Financial Statements (Unaudited) a) Condensed Consolidated Statements of Income for the three months ended April 26, 2026 and April 27, 2025 3 b) Condensed Consolidated Statements of Comprehensive Income for the three months ended April 26, 2026 and April 27, 2025 4 c) Condensed Consolidated Balance Sheets as of April 26, 2026 and January 25, 2026 5 d) Condensed Consolidated Statements of Shareholders Equity for the three months ended April 26, 2026 and April 27, 2025 6 e) Condensed Consolidated Statements of Cash Flows for the three months ended April 26, 2026 and April 27, 2025 7 f) Notes to Condensed Consolidated Financial Statements 8 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 30 Item 4. Controls and Procedures 31 Part II : Other Information Item 1. Legal Proceedings 31 Item 1A. Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 39 Item 6. Exhibits 40 Signature 41 Where You Can Find More Information Investors and others should note that we announce material financial information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. We also use the following social media channels as a means of disclosing information about the company, our products, our planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters, and for complying with our disclosure obligations under Regulation FD: NVIDIA Corporate Blog (blogs.nvidia.com/) NVIDIA Technical Blog (developer.nvidia.com/blog/) NVIDIA LinkedIn (linkedin.com/company/nvidia) NVIDIA Facebook (facebook.com/nvidia) NVIDIA Instagram (instagram.com/nvidia) NVIDIA X (x.com/nvidia) NVIDIA Investor Relations (investor.nvidia.com) NVIDIA YouTube (YouTube.com/nvidia) The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this Quarterly Report on Form 10-Q. 2 Part I. Financial Information Item 1. Financial Statements (Unaudited) NVIDIA Corporation and Subsidiaries Condensed Consolidated Statements of Income (In millions, except per share data) (Unaudited) Three Months Ended Apr 26, 2026 Apr 27, 2025 Revenue $ 81,615 $ 44,062 Cost of revenue 20,458 17,394 Gross profit 61,157 26,668 Operating expenses Research and development 6,321 3,989 Sales, general and administrative 1,300 1,041 Total operating expenses 7,621 5,030 Operating income 53,536 21,638 Interest income 540 515 Interest expense ( 102 ) ( 63 ) Other income (expense), net 15,929 ( 180 ) Total other income, net 16,367 272 Income before income tax 69,903 21,910 Income tax expense 11,582 3,135 Net income $ 58,321 $ 18,775 Net income per share: Basic $ 2.40 $ 0.77 Diluted $ 2.39 $ 0.76 Weighted average shares used in per share computation: Basic 24,286 24,441 Diluted 24,391 24,611 See accompanying Notes to Condensed Consolidated Financial Statements. 3 NVIDIA Corporation and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (In millions) (Unaudited) Three Months Ended Apr 26, 2026 Apr 27, 2025 Net income $ 58,321 $ 18,775 Other comprehensive income (loss), net of tax Available-for-sale securities: Net change in unrealized gain (loss) ( 78 ) 139 Cash flow hedges: Net change in unrealized gain 37 19 Other comprehensive income (loss), net of tax ( 41 ) 158 Total comprehensive income $ 58,280 $ 18,933 See accompanying Notes to Condensed Consolidated Financial Statements. 4 NVIDIA Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In millions) (Unaudited) Apr 26, 2026 Jan 25, 2026 Assets Current assets: Cash and cash equivalents $ 13,237 $ 10,605 Marketable debt securities 37,098 39,065 Marketable equity securities 30,237 12,886 Accounts receivable, net 40,710 38,466 Inventories 25,797 21,403 Prepaid expenses and other current assets 3,916 3,180 Total current assets 150,995 125,605 Property and equipment, net 12,403 10,383 Operating lease assets 4,258 2,867 Goodwill 20,894 20,832 Intangible assets, net 3,120 3,306 Deferred income tax assets 11,707 13,258 Non-marketable securities 43,364 22,251 Other assets 12,733 8,301 Total assets $ 259,474 $ 206,803 Liabilities and Shareholders Equity Current liabilities: Accounts payable $ 13,097 $ 9,812 Accrued and other current liabilities 29,787 21,352 Short-term debt 1,000 999 Total current liabilities 43,884 32,163 Long-term debt 7,470 7,469 Long-term operating lease liabilities 3,878 2,572 Other long-term liabilities 8,768 7,306 Total liabilities 64,000 49,510 Commitments and contingencies Shareholders equity: Preferred stock Common stock 24 24 Additional paid-in capital 10,275 10,118 Accumulated other comprehensive income 137 178 Retained earnings 185,038 146,973 Total shareholders equity 195,474 157,293 Total liabilities and shareholders equity $ 259,474 $ 206,803 See accompanying Notes to Condensed Consolidated Financial Statements. 5 NVIDIA Corporation and Subsidiaries Condensed Consolidated Statements of Shareholders Equity (Unaudited) Common Stock Outstanding Additional Paid-in Capital Accumulated Other Comprehensive Income Retained Earnings Total Shareholders Equity Shares Amount (In millions, except per share data) Balances as of Jan 25, 2026 24,304 $ 24 $ 10,118 $ 178 $ 146,973 $ 157,293 Net income 58,321 58,321 Other comprehensive loss ( 41 ) ( 41 ) Issuance of common stock 37 515 515 Tax withholding related to common stock ( 12 ) ( 2,129 ) ( 2,129 ) Shares repurchased ( 108 ) ( 157 ) ( 20,013 ) ( 20,170 ) Cash dividends declared and paid ($ 0.01 per common share) ( 243 ) ( 243 ) Stock-based compensation 1,928 1,928 Balances as of Apr 26, 2026 24,221 $ 24 $ 10,275 $ 137 $ 185,038 $ 195,474 Balances as of Jan 26, 2025 24,477 $ 24 $ 11,237 $ 28 $ 68,038 $ 79,327 Net income 18,775 18,775 Other comprehensive income 158 158 Issuance of common stock 50 370 370 Tax withholding related to common stock ( 13 ) ( 1,532 ) ( 1,532 ) Shares repurchased ( 126 ) ( 92 ) ( 14,411 ) ( 14,503 ) Cash dividends declared and paid ($ 0.01 per common share) ( 244 ) ( 244 ) Fair value of partially vested equity awards assumed in connection with acquisitions 22 22 Stock-based compensation 1,470 1,470 Balances as of Apr 27, 2025 24,388 $ 24 $ 11,475 $ 186 $ 72,158 $ 83,843 See accompanying Notes to Condensed Consolidated Financial Statements. 6 NVIDIA Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited) Three Months Ended Apr 26, 2026 Apr 27, 2025 Cash flows from operating activities: Net income $ 58,321 $ 18,775 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation expense 1,928 1,474 Deferred income taxes 1,584 ( 2,177 ) Depreciation and amortization 997 611 (Gains) losses from equity securities, net ( 15,936 ) 175 Other ( 94 ) ( 98 ) Changes in operating assets and liabilities, net of acquisitions: Accounts receivable ( 2,243 ) 933 Inventories ( 4,420 ) ( 1,258 ) Prepaid expenses and other assets ( 983 ) 560 Accounts payable 2,210 941 Accrued and other current liabilities 7,763 7,128 Other long-term liabilities 1,217 350 Net cash provided by operating activities 50,344 27,414 Cash flows from investing activities: Proceeds from maturities of marketable debt securities 1,946 3,122 Proceeds from sales of non-marketable securities 26 Proceeds from sales of marketable debt securities 25 467 Purchases of non-marketable securities ( 18,582 ) ( 649 ) Purchases of marketable debt and equity securities ( 8,000 ) ( 6,546 ) Purchases related to property and equipment and intangible assets ( 1,757 ) ( 1,227 ) Acquisitions, net of cash acquired ( 87 ) ( 383 ) Net cash used in investing activities ( 26,429 ) ( 5,216 ) Cash flows from financing activities: Proceeds related to employee stock plans 515 370 Payments related to repurchases of common stock ( 19,312 ) ( 14,095 ) Payments related to employee stock plan taxes ( 2,129 ) ( 1,532 ) Dividends paid ( 243 ) ( 244 ) Principal payments on property and equipment and intangible assets ( 33 ) ( 52 ) Other ( 81 ) Net cash used in financing activities ( 21,283 ) ( 15,553 ) Change in cash and cash equivalents 2,632 6,645 Cash and cash equivalents at beginning of period 10,605 8,589 Cash and cash equivalents at end of period $ 13,237 $ 15,234 See accompanying Notes to Condensed Consolidated Financial Statements. 7 NVIDIA Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. The January 25, 2026 consolidated balance sheet was derived from our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026, as filed with the SEC, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026. Certain prior fiscal year balances have been reclassified to conform to the current period presentation. Significant Accounting Policies There have been no material changes to our significant accounting policies disclosed in Note 1 - Organization and Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 25, 2026. Fiscal Year Fiscal year 2027 is a 53-week year and fiscal year 2026 was a 52-week year, both ending on the last Sunday in January. The first quarters of fiscal years 2027 and 2026 were both 13-week quarters. The fourth quarter of fiscal year 2027 will be a 14-week quarter. Principles of Consolidation Our condensed consolidated financial statements include the accounts of NVIDIA Corporation and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from our estimates. Recently Issued Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board, or FASB, issued a new accounting standard requiring disclosures of certain additional expense information on an annual and interim basis, including, among other items, the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We will adopt this standard in the fiscal year 2028 annual report. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements other than additional disclosures. Note 2 - Stock-Based Compensation We recognize stock-based compensation expense from grants of restricted stock units, or RSUs, performance stock units, or PSUs, and market-based PSUs, and issuances under our employee stock purchase plan, or ESPP. 8 NVIDIA Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) Condensed Consolidated Statements of Income include stock-based compensation expense as follows: Three Months Ended Apr 26, 2026 Apr 27, 2025 (In millions) Cost of revenue $ 68 $ 64 Research and development 1,459 1,063 Sales, general and administrative 401 347 Total $ 1,928 $ 1,474 Equity Award Activity The following is a summary of our equity award transactions under our equity incentive plans: RSUs, PSUs and Market-based PSUs Outstanding Number of Shares Weighted Average Grant-Date Fair Value Per Share (In millions, except per share data) Balance as of Jan 25, 2026 189 $ 81.51 Granted 44 $ 181.73 Vested ( 31 ) $ 48.04 Canceled and forfeited ( 2 ) $ 95.82 Balance as of Apr 26, 2026 200 $ 108.92 As of April 26, 2026, aggregate unearned stock-based compensation expense was $ 20.8 billion, which is expected to be recognized over a weighted average period of 2.6 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP. Note 3 - Net Income Per Share The following is the basic and diluted net income per share computations for the periods presented: Three Months Ended Apr 26, 2026 Apr 27, 2025 (In millions, except per share data) Numerator: Net income $ 58,321 $ 18,775 Denominator: Basic weighted average shares 24,286 24,441 Dilutive impact of outstanding equity awards 105 170 Diluted weighted average shares 24,391 24,611 Net income per share: Basic (1) $ 2.40 $ 0.77 Diluted (2) $ 2.39 $ 0.76 Anti-dilutive equity awards excluded from diluted net income per share 47 62 (1) Net income divided by basic weighted average shares. (2) Net income divided by diluted weighted average shares. Diluted net income per share was computed using the weighted average number of common and potentially dilutive shares outstanding during the period, using the treasury stock method. 9 NVIDIA Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) Note 4 - Amortizable Intangible Assets and Goodwill The components of our amortizable intangible assets are as follows: Apr 26, 2026 Jan 25, 2026 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In millions) Acquisition-related intangible assets $ 5,658 $ ( 2,759 ) $ 2,899 $ 5,656 $ ( 2,580 ) $ 3,076 Patents and licensed technology 525 ( 304 ) 221 528 ( 298 ) 230 Total intangible assets $ 6,183 $ ( 3,063 ) $ 3,120 $ 6,184 $ ( 2,878 ) $ 3,306 Amortization expense associated with intangible assets was $ 232 million and $ 159 million for the first quarter of fiscal years 2027 and 2026, respectively. The following table outlines the estimated future amortization expense related to the net carrying amount of intangible assets as of April 26, 2026: Future Amortization Expense (In millions) Fiscal Year: 2027 (excluding the first quarter of fiscal year 2027) $ 689 2028 754 2029 610 2030 516 2031 468 2032 and thereafter 83 Total $ 3,120 In the first quarter of fiscal year 2027, goodwill increased by $ 62 million from acquisitions and was allocated to our Compute Networking reporting unit. 10 NVIDIA Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) Note 5 - Cash Equivalents and Marketable Securities Cash equivalents and marketable securities including debt and equity securities are measured at fair value using quoted prices in active markets for identical assets (Level 1) or for similar assets or use of other observable inputs (Level 2). The following is a summary of cash equivalents and marketable securities: Apr 26, 2026 Pricing Category Cost or Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Reported as Cash Equivalents Marketable Debt Securities Marketable Equity Securities Other Assets (In millions) Debt securities issued by the U.S. Treasury Level 2 $ 21,883 $ 43 $ ( 8 ) $ 21,918 $ 470 $ 21,448 $ $ Corporate debt securities Level 2 15,092 48 ( 8 ) 15,132 1,533 13,599 Debt securities issued by U.S. government agencies Level 2 2,009 2 ( 1 ) 2,010 2,010 Certificates of deposit Level 2 132 132 132 Foreign government bonds Level 2 40 1 41 41 Money market funds Level 1 10,212 10,212 10,212 Publicly-held equity securities (1) (2) Level 1 29,887 21,023 8,864 Publicly-held equity securities (1) (3) Level 2 9,214 9,214 Total $ 49,368 $ 94 $ ( 17 ) $ 88,546 $ 12,347 $ 37,098 $ 30,237 $ 8,864 (1) The balance as of April 26, 2026 included $ 27.4 billion of investments, which are subject to short-term lock-up restrictions on the ability to sell. (2) The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $ 8.9 billion as of April 26, 2026, was included in Other assets. (3) The publicly-held equity securities classified in Level 2 include investments in warrants and preferred stock convertible to common stock in public companies. Publicly-held equity securities are subject to market price volatility. Net unrealized gains on investments in publicly-held equity securities held at period end were $ 13.4 billion for the first quarter of fiscal year 2027. Net unrealized losses on investments in publicly-held equity securities held at period end were $ 222 million for the first quarter of fiscal year 2026. Unrealized gains and losses are recognized in Other income (expense), net, in the Condensed Consolidated Statements of Income. 11 NVIDIA Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) Jan 25, 2026 Pricing Category Cost or Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Reported as Cash Equivalents Marketable Debt Securities Marketable Equity Securities Other Assets (In millions) Debt securities issued by the U.S. Treasury Level 2 $ 21,635 $ 77 $ ( 3 ) $ 21,709 $ $ 21,709 $ $ Corporate debt securities Level 2 15,410 92 ( 3 ) 15,499 345 15,154 Debt securities issued by U.S. government agencies Level 2 2,157 4 2,161 2,161 Certificates of deposit Level 2 110 110 110 Foreign government bonds Level 2 40 1 41 41 Money market funds Level 1 7,830 7,830 7,830 Publicly-held equity securities (1) (2) Level 1 17,726 12,886 4,840 Total $ 47,182 $ 174 $ ( 6 ) $ 65,076 $ 8,285 $ 39,065 $ 12,886 $ 4,840 (1) The balance as of January 25, 2026 included $ 10.5 billion of investments that are subject to short-term lock-up restrictions on the ability to sell. (2) The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $ 4.8 billion as of January 25, 2026, was included in Other assets. The following table provides the breakdown of unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position: Apr 26, 2026 Jan 25, 2026 Less than 12 months Less than 12 months Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss (In millions) Debt securities issued by the U.S. Treasury $ 12,238 $ ( 8 ) $ 10,666 $ ( 3 ) Corporate debt securities 2,658 ( 8 ) 1,332 ( 3 ) Debt securities issued by U.S. government agencies 1,291 ( 1 ) 1,134 Total $ 16,187 $ ( 17 ) $ 13,132 $ ( 6 ) Gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates. The estimated fair values of debt securities included in cash equivalents and marketable debt securities are shown below by contractual maturity. Apr 26, 2026 (In millions) Less than one year $ 24,307 Due in 1 - 5 years 14,926 Total $ 39,233 12 NVIDIA Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) Note 6 - Non-marketable Securities Non-marketable Equity Securities Our non-marketable equity securities are primarily in privately-held companies carried at cost less impairment, and adjusted for observable price changes. We value investments using observable comparable transactions and other inputs including volatility, expected time to liquidity, the risk-free rate, and security-specific rights and obligations. Adjustments to the carrying value of privately-held securities: Three Months Ended Apr 26, 2026 Apr 27, 2025 (In millions) Balance at beginning of period $ 22,251 $ 3,387 Adjustments related to non-marketable equity securities: Net additions 17,899 649 Unrealized gains (1) 2,603 63 Reclassification (2) ( 389 ) ( 843 ) Impairments and unrealized losses ( 28 ) ( 16 ) Balance at end of period $ 42,336 $ 3,240 (1) Unrealized gains are recognized in Other income (expense), net, in the Condensed Consolidated Statements of Income. (2) Includes primarily reclassifications to marketable securities following public market trading. Non-marketable equity securities had cumulative gross unrealized gains of $ 5.3 billion and $ 396 million, and cumulative gross unrealized losses and impairments of $ 199 million and $ 110 million as of April 26, 2026 and April 27, 2025, respectively. Equity Method Investments We have $ 1.0 billion of investments in infrastructure funds accounted for using the equity method as of April 26, 2026. Our maximum loss exposure under these investments, including invested and future committed amounts, was $ 2.3 billion as of April 26, 2026. Investment Commitments Total Investment commitments were $ 27 billion as of April 26, 2026, subject to certain contingencies, which we expect will be made through the remainder of fiscal year 2027. Note 7 - Balance Sheet Components We refer to customers who purchase products directly from NVIDIA as direct customers, such as add-in board manufacturers, or AIBs, distributors, original design manufacturers, or ODMs, original equipment manufacturers, or OEMs, cloud service providers, or CSPs, AI model makers, and system integrators. Certain direct customers may use either internal resources or third-party system integrators to complete their build. Three direct customers accounted for 30 %, 18 %, and 16 % of our accounts receivable balance as of April 26, 2026. Three direct customers accounted for 25 %, 18 %, and 13 % of our accounts receivable balance as of January 25, 2026. Certain balance sheet components were as follows: Apr 26, 2026 Jan 25, 2026 Inventories: (In millions) Raw materials $ 6,647 $ 3,807 Work in process 9,949 8,822 Finished goods 9,201 8,774 Total inventories (1) $ 25,797 $ 21,403 (1) We recorded inventory provisions of $ 0.8 billion and $ 2.3 billion for the first quarter of fiscal years 2027 and 2026, respectively, in Cost of revenue. 13 NVIDIA Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) Property and Equipment: Property, equipment and intangible assets acquired but not paid for the first quarter of fiscal years 2027 and 2026 were $ 1.1 billion and $ 408 million, respectively. Apr 26, 2026 Jan 25, 2026 Accrued and Other Current Liabilities: (In millions) Taxes payable $ 10,638 $ 2,669 Customer program accruals 4,182 5,318 Accrued purchase consideration (1) 3,957 3,921 Excess inventory purchase obligations (2) 3,121 2,739 Product warranty 2,948 2,807 Deferred revenue (3) 1,714 1,379 Accrued payroll and related expenses 1,033 1,146 Other 2,194 1,373 Total accrued and other current liabilities $ 29,787 $ 21,352 (1) Related to the Groq, Inc. non-exclusive license agreement. (2) We recorded $ 0.3 billion and $ 3.0 billion for the first quarter of fiscal years 2027 and 2026, respectively, in Cost of revenue. (3) Includes customer advances and unearned revenue related to hardware and software support, cloud services, and license and development arrangements. The balance as of April 26, 2026 and January 25, 2026 included $ 297 million and $ 160 million of customer advances, respectively. Apr 26, 2026 Jan 25, 2026 Other Long-Term Liabilities: (In millions) Income tax payable (1) $ 4,830 $ 3,958 Deferred income tax 1,798 1,774 Deferred revenue (2) 1,403 1,193 Other 737 381 Total other long-term liabilities $ 8,768 $ 7,306 (1) Primarily comprised of unrecognized tax benefits and related interest and penalties. (2) Includes unearned revenue related to hardware and software support and cloud services. Deferred Revenue The following table shows the changes in short- and long-term deferred revenue during the first quarter of fiscal years 2027 and 2026: Three Months Ended Apr 26, 2026 Apr 27, 2025 (In millions) Balance at beginning of period $ 2,572 $ 1,813 Deferred revenue additions (1) 2,530 6,493 Revenue recognized (2) ( 1,985 ) ( 6,228 ) Balance at end of period $ 3,117 $ 2,078 (1) Includes $ 1.7 billion and $ 6.2 billion of customer advances for the first quarter of fiscal years 2027 and 2026, respectively. (2) Includes $ 1.6 billion and $ 6.0 billion related to customer advances for the first quarter of fiscal years 2027 and 2026, respectively. We recognized revenue of $ 451 million and $ 265 million in the first quarter of fiscal years 2027 and 2026, respectively, that was included in the prior year-end deferred revenue balance. As of April 26, 2026, revenue related to remaining performance obligations from contracts greater than one year in length was $ 2.6 billion, which includes $ 2.3 billion from deferred revenue and $ 304 million, which has not yet been billed or 14 NVIDIA Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) recognized as revenue. Approximately 40 % of revenue from contracts greater than one year in length will be recognized over the next twelve months . Note 8 - Derivative Financial Instruments Foreign Currency Derivatives We primarily utilize foreign currency forward contracts to mitigate the impact of foreign currency exchange rate movements on our operating expenses. These foreign currency forward contracts for operating expenses are designated as accounting hedges. Gains or losses on the contracts are recorded in Accumulated other
↗ sec.gov
earningsFirst Quarter Fiscal 2027
2026-05-20
NVIDIA Corporation announced its financial results for the first quarter fiscal 2027, which ended on April 26, 2026.
↗ sec.gov

Product launches

20 launches in window

HuggingFace dataset: nvidia/simready-catalog
2026-06-05
huggingface-dataset
↗ huggingface.co
HuggingFace dataset: nvidia/Anchor-Lab
2026-06-05
huggingface-dataset
↗ huggingface.co
HuggingFace dataset: nvidia/Nemotron-Personas-Vietnam
2026-06-04
huggingface-dataset
↗ huggingface.co
HuggingFace model: nvidia/ArtiFixer
2026-06-04
huggingface-model
↗ huggingface.co
HuggingFace model: nvidia/NVIDIA-Nemotron-3-Ultra-550B-A55B-Base-BF16
2026-06-03
huggingface-model
↗ huggingface.co
HuggingFace dataset: nvidia/Nemotron-Pretraining-Specialized-v1.2
2026-06-03
huggingface-dataset
↗ huggingface.co
HuggingFace dataset: nvidia/Nemotron-Pretraining-Legal-v1
2026-06-03
huggingface-dataset
↗ huggingface.co
HuggingFace model: nvidia/NVIDIA-Nemotron-3-Ultra-550B-A55B-NVFP4
2026-06-03
huggingface-model
↗ huggingface.co

Active in

Products this company is committing to per engine analysis

HBM3E / HBM4 stacked memoryL2
CoWoS 2.5D advanced packaging (HBM-on-logic)L2
Colossus 100K+ GPU Cluster (Memphis)/spacex-ipo-ai-infra
NVIDIA Hopper-class GPU/spacex-ipo-ai-infra
Colossus 100K+ GPU Training Cluster (Memphis)/spacex-ipo-ai-infra
NVIDIA Hopper-class GPU (H100/H200) — Colossus supply/spacex-ipo-ai-infra

Share provenance

site-estimate — /leaderboards/L2/nvidiaas of 2026-06-08

Notes

Layer L2 product mentions: HBM3E / HBM4 stacked memory, CoWoS 2.5D advanced packaging (HBM-on-logic).

Leaderboard updated 2026-06-08 · Methodology