Company file · NVDA
Nvidia
Nine of every ten dollars Nvidia took in came from data centers
Data Center revenue was $193.7B in fiscal 2026, 90% of the total, up from 78% two years earlier. In the quarter ended Jul 26, 2026, total revenue was $96.2B, up 105.9% from a year earlier.
Key facts
Nvidia (Nasdaq: NVDA) closed fiscal 2026 on Jan 25, 2026 with revenue of $215.9B, up 65.5% from a year before; net income came to $120.1B, up 64.7%. Its newest quarterly report covers the three months to Jul 26, 2026: revenue of $96.2B, up 105.9% on the same stretch of the prior year, and net income of $59.7B. Broken down by market platform, Data Center led with 90% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed Feb 25, 2026) and 10-Q for the quarter ended Jul 26, 2026 (filed Aug 26, 2026).
Source: 10-K FY2026, filed Feb 25, 2026
How it makes money
Data Center was 90% of FY2026 revenue ($193.7B), up from 78% in FY2024. Gaming, the company's original business, was 7%.
Source: 10-K FY2026
By customer location (billing), FY2026
Share is of the FY2026 total; the last column is the change from FY2025.
What changed last quarter
Source: 10-Q, quarter ended Jul 26, 2026, filed Aug 26, 2026
The bull case and the bear case
The bull case
- Revenue grew 65.5% in FY2026 to $215.9B, after growing 114.2% the year before. 10-K, FY2026
- Revenue in the quarter ended Jul 26, 2026 was $96.2B, up 105.9%; Edge Computing, the grouping outside data centers, grew 27.5%. 10-Q, quarter ended Jul 26, 2026
- Operating cash flow was $74.4B in the first 6 months of fiscal 2027, up 74.0% on a year earlier. 10-Q, quarter ended Jul 26, 2026
The bear case
- With Data Center at 90% of revenue, results depend on how much a limited set of large customers spends on AI infrastructure; the 10-K lists customer concentration as a risk. 10-K, Item 1A
- Revenue billed to customers in China (including Hong Kong) fell 21.4% in FY2026 to $19.7B, and export controls are among the listed risks. 10-K, FY2026
- Total debt went from $8.5B at Jan 25, 2026 to $33.4B at Jul 26, 2026. 10-Q, quarter ended Jul 26, 2026
- The 10-K warns that it orders supply far in advance and that misjudging demand could leave it with too much or too little inventory. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Nvidia designs chips, systems and software for accelerated computing. Most of its revenue now comes from data-center products used to train and run AI models; it also sells gaming graphics cards, workstation graphics and car computers.
Nvidia designs graphics processing units (GPUs), networking gear, complete systems and software; outside manufacturers build the chips. Customers include cloud providers, consumer internet companies, enterprises, PC makers and carmakers.
Its annual report describes five market platforms: Data Center, Gaming, Professional Visualization, Automotive, and OEM and Other. In its fiscal 2027 quarterly reports it groups revenue into Data Center and Edge Computing instead, so the last-quarter comparison below uses the new grouping.
Its fiscal year ends on the last Sunday in January, so FY2026 means the twelve months to Jan 25, 2026.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Nvidia's latest 10-K. Read the original for the full list.
- Fast-moving marketsIt has to anticipate what customers will need years ahead and keep shipping competitive products; missing a shift could cost it share.
- CompetitionRivals, including some of its own customers designing their own chips, could take business.
- Supply and demandIt commits to supply and capacity long before products ship, so misjudging demand can lead to shortages, excess inventory or write-downs.
- Manufacturing partnersIt depends on outside foundries, memory makers and assemblers, mostly in Asia, and on their capacity.
- Customer concentrationA limited number of customers and partners account for a large share of revenue.
- Export controlsUS export rules, especially on sales to China, and other government actions can restrict what it sells and where.
- Defects and securityProduct defects, security breaches or system failures could be costly and hurt its reputation.
- Taxes, IP and lawsuitsTax changes, intellectual-property disputes and litigation could raise costs.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | $60.9B | $130.5B | $215.9B |
| Net income | $29.8B | $72.9B | $120.1B |
| Operating cash flow | $28.1B | $64.1B | $102.7B |
| Cash & equivalents (year end) | $7.3B | $8.6B | $10.6B |
| Total debt (year end) | $9.7B | $8.5B | $8.5B |
| Diluted shares | 24.94B | 24.80B | 24.51B |
- Revenue: Total revenue.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Current plus non-current portions of long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Data Center includes compute and networking. Those sub-lines are left out of the charts so nothing is counted twice.
- Revenue by location is based on where customers are billed, which can differ from where the products end up.
Recent filings
Latest filings
- Oct 135:09 PM ET
Form 4/A
Amended: Nvidia EVP Nicholas P. Parker reports an award of 160,418 shares
The filing reports 160,418 shares in a grant or award (code A).
- Oct 95:04 PM ET
Form 4
Nvidia director Tench Coxe reports a gift of 500,000 shares
The filing reports 500,000 shares given as a gift (code G).
Common questions about Nvidia
How does Nvidia make money?
Fiscal 2026 revenue: $215.9B. Data Center was 90% of FY2026 revenue ($193.7B), up from 78% in FY2024. Gaming, the company's original business, was 7%. Source: 10-K for fiscal 2026, filed Feb 25, 2026.
What was Nvidia's revenue in fiscal 2026?
$215.9B, up 65.5% from fiscal 2025 ($130.5B). The year ended Jan 25, 2026; for fiscal 2024 the figure was $60.9B. Source: 10-K for fiscal 2026, filed Feb 25, 2026.
Is Nvidia profitable?
Net income was $120.1B in fiscal 2026 (up 64.7%; fiscal 2025 was $72.9B). That counts as a GAAP profit. The latest quarter, ended Jul 26, 2026: net income was $59.7B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Feb 25, 2026.
What did Nvidia report in its latest quarterly filing?
For the three months to Jul 26, 2026: revenue $96.2B (up 105.9% from $46.7B) and net income $59.7B (up 125.9% from $26.4B). Source: 10-Q for the quarter ended Jul 26, 2026, filed Aug 26, 2026.
How much cash and debt does Nvidia have?
As of Jul 26, 2026: $22.4B of cash and cash equivalents, $33.4B of total debt. Total debt here is current plus non-current portions of long-term debt, at carrying value. Source: 10-Q filed Aug 26, 2026.
What are the main risks Nvidia lists?
The risk factors are in Item 1A of the 10-K filed Feb 25, 2026. This page sorts them into 8 groups (Fast-moving markets; competition; supply and demand; manufacturing partners; customer concentration; export controls; defects and security; taxes, IP and lawsuits). The first group in plain English: It has to anticipate what customers will need years ahead and keep shipping competitive products; missing a shift could cost it share. Source: 10-K, Item 1A Risk Factors.
Where do these Nvidia numbers come from?
The 10-K filed Feb 25, 2026 (fiscal 2026) and the 10-Q filed Aug 26, 2026 (quarter ended Jul 26, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in NVDA
- The editor holds no position in Nvidia (NVDA). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell NVDA from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold NVDA, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| NvidiaNVDA | FY2026 | $215.9B | +65.5% | $120.1B |
| AMDAMD | FY2025 | $34.6B | +34.3% | $4.3B |
| BroadcomAVGO | FY2025 | $63.9B | +23.9% | $23.1B |
| IntelINTC | FY2025 | $52.9B | −0.5% | −$267M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.