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Reports › NVDA › 10-Q FY2025

SEC filings, compared

What changed in NVIDIA's 10-Q for the quarter ended October 26, 2025

Compared with the 10-Q for the quarter ended October 27, 2024. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant
NVIDIA CORP · NVDA
This filing
0001045810-25-000230 ↗ · filed Nov 19, 2025
Compared with
0001045810-24-000316 ↗ · filed Nov 20, 2024
Processed
Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

60 material changes among 85 changed paragraphs

17 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

ConceptFY2025FY2024Change (our arithmetic)
Revenueus-gaap:Revenues57,006,000,000USD · Jul 28, 2025 to Oct 26, 202535,082,000,000USD · Jul 29, 2024 to Oct 27, 2024+21,924,000,000+62.5%
Net income or lossus-gaap:NetIncomeLoss31,910,000,000USD · Jul 28, 2025 to Oct 26, 202519,309,000,000USD · Jul 29, 2024 to Oct 27, 2024+12,601,000,000+65.3%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue11,486,000,000USD · at Oct 26, 20259,107,000,000USD · at Oct 27, 2024+2,379,000,000+26.1%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities66,530,000,000USD · Jan 27, 2025 to Oct 26, 202547,460,000,000USD · Jan 29, 2024 to Oct 27, 2024+19,070,000,000+40.2%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0001045810-25-000230 · FY2024: 0001045810-24-000316

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

7 material additions

Part I, Item 2 · MD&A

7 of 7 shown · In filing order, too few to rank

01AddedPart I, Item 2 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

Added a risk disclosure that open-source AI adoption on competitors’ platforms could reduce demand for the company’s products and services.

The new paragraph identifies a competitive dependency and potential demand reduction, changing the disclosed risk profile rather than merely rephrasing existing content.

Filing text · FY2024 10-Q · filed Nov 20, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 19, 2025

[added] The recent rise in high-quality open-source foundation models is making advanced AI capabilities broadly accessible. Open-source AI is dependent on developer adoption and if deployed on our competitors' platforms, it could reduce demand for our products and services.

Cite this change

"Open-source AI is dependent on developer adoption and if deployed on our competitors' platforms, it could reduce demand for our products and services."

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02AddedPart I, Item 2 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

Adds disclosure of increased U.S. manufacturing investment, expected supply-chain benefits, AI infrastructure demand, and dependence on domestic production capacity.

The new paragraph introduces manufacturing investments, expected operational benefits, and a dependency on the domestic manufacturing ecosystem, substantively expanding disclosed objectives and execution risks.

Filing text · FY2024 10-Q · filed Nov 20, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 19, 2025

[added] We are increasing our U.S.-based manufacturing and investing in specialized equipment and processes to support domestic production. This move is expected to strengthen our supply chain, add resiliency and redundancy, and meet the growing demand for AI infrastructure. Our ability to increase manufacturing capabilities will depend on the domestic manufacturing ecosystem's capacity to ramp production supply to the required volume and on a timely basis.

Cite this change

"We are increasing our U.S.-based manufacturing and investing in specialized equipment and processes to support domestic production. This move is expected to strengthen our supply chain, add resiliency and redundancy, and meet the growing demand for AI infrastructure. Our ability to increase manufacturing capabilities will depend on the domestic manufacturing ecosystem's capacity to ramp production supply to the required volume and on a timely basis."

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03AddedPart I, Item 2 › Third Quarter of Fiscal Year 2026 Summary

Summary · quote-checked

Added a third-quarter summary disclosing Data Center revenue, growth drivers, Blackwell architecture demand, and insignificant H20 sales.

The new paragraph adds substantive results, stated drivers, product-demand information, and a sales disclosure, rather than merely updating dates or formatting.

Filing text · FY2024 10-Q · filed Nov 20, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 19, 2025

[added] Data Center revenue was $51.2 billion, up 66% from a year ago and up 25% sequentially, driven by three platform shifts -accelerated computing, powerful AI models, and agentic applications. Blackwell Ultra is now our leading architecture across all customer categories while our prior Blackwell architecture saw continued strong demand. H20 sales were insignificant in the third quarter of fiscal year 2026.

Cite this change

"Data Center revenue was $51.2 billion, up 66% from a year ago and up 25% sequentially, driven by three platform shifts -accelerated computing, powerful AI models, and agentic applications. Blackwell Ultra is now our leading architecture across all customer categories while our prior Blackwell architecture saw continued strong demand. H20 sales were insignificant in the third quarter of fiscal year 2026."

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04AddedPart I, Item 2 › Third Quarter of Fiscal Year 2026 Summary

Summary · quote-checked

Added a paragraph reporting 13% sequential networking revenue growth, its product drivers, and variability in shipment timing and supply availability.

The new paragraph adds substantive MD&A information about reported performance, revenue drivers, and supply and shipment conditions, rather than a recurring presentation or date roll-forward.

Filing text · FY2024 10-Q · filed Nov 20, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 19, 2025

Data Center compute revenue was $43.0 billion, up 56% from a year ago and up 27% sequentially. Networking revenue was $8.2 billion, up 162% from a year ago from the introduction and continued growth of NVLink compute fabric for [added] GB200 and GB300 systems. Networking revenue was up 13% sequentially, driven by the growth of XDR InfiniBand products, NVLink, and Ethernet for AI solutions, while shipment timing and supply availability varied compared to the prior quarter.

Cite this change

"GB200 and GB300 systems. Networking revenue was up 13% sequentially, driven by the growth of XDR InfiniBand products, NVLink, and Ethernet for AI solutions, while shipment timing and supply availability varied compared to the prior quarter."

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05AddedPart I, Item 2 › Income Taxes

Summary · quote-checked

Added disclosure explaining lower effective tax rates and the tax benefits contributing to them.

The new paragraph introduces a substantive income-tax disclosure, including effective tax rates and specific tax benefits and jurisdictions affecting those rates.

Filing text · FY2024 10-Q · filed Nov 20, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 19, 2025

[added] Our effective tax rates for the first nine months of fiscal years 2026 and 2025 were lower than the U.S. federal statutory rate of 21% primarily due to tax benefits from foreign-derived deduction eligible income, stock-based compensation, income earned in jurisdictions that are subject to taxes at rates lower than the U.S. federal statutory tax rate, and the U.S. federal research tax credit.

Cite this change

"Our effective tax rates for the first nine months of fiscal years 2026 and 2025 were lower than the U.S. federal statutory rate of 21% primarily due to tax benefits from foreign-derived deduction eligible income, stock-based compensation, income earned in jurisdictions that are subject to taxes at rates lower than the U.S. federal statutory tax rate, and the U.S. federal research tax credit."

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

06AddedPart I, Item 2 › Income Taxes

Summary · quote-checked

Added disclosure of the OBBBA’s enactment, currently effective tax effects, and continuing evaluation of related legislative changes.

The new paragraph introduces a tax-law change, its recognized effects, and an ongoing evaluation obligation; these are substantive disclosures rather than recurring presentation or date updates.

Filing text · FY2024 10-Q · filed Nov 20, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 19, 2025

[added] In July 2025, the OBBBA was enacted into law and contains several changes to key U.S. federal income tax laws. We have recognized the tax effects of currently effective OBBBA provisions, which are not material and are reflected in our results for the first nine months of fiscal year 2026. We will continue to evaluate the impact of these legislative changes as tax authorities provide additional guidance and interpretation.

Cite this change

"In July 2025, the OBBBA was enacted into law and contains several changes to key U.S. federal income tax laws."

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

07AddedPart I, Item 2 › Material Cash Requirements and Other Obligations

Summary · quote-checked

Added disclosure of planned strategic investments in Intel, OpenAI, and Anthropic, including regulatory and closing conditions and uncertainty of completion.

The new paragraph discloses specific investment commitments, counterparties, conditions, and execution uncertainty, creating substantive information about obligations and dependencies.

Filing text · FY2024 10-Q · filed Nov 20, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 19, 2025

[added] We expect to continue investing in strategic partnerships. In the third quarter of fiscal year 2026, we committed to invest $5 billion in Intel Corporation, subject to regulatory approval, and we entered into a letter of intent with an opportunity to invest in OpenAI. In November 2025, we entered into an agreement, subject to certain closing conditions, to invest up to $10 billion in Anthropic. There is no assurance that any investment will be completed on expected terms, if at all. Refer to Item 1A. Risk Factors for additional information regarding our investments.

Cite this change

"We expect to continue investing in strategic partnerships. In the third quarter of fiscal year 2026, we committed to invest $5 billion in Intel Corporation, subject to regulatory approval, and we entered into a letter of intent with an opportunity to invest in OpenAI. In November 2025, we entered into an agreement, subject to certain closing conditions, to invest up to $10 billion in Anthropic. There is no assurance that any investment will be completed on expected terms, if at all. Refer to Item 1A. Risk Factors for additional information regarding our investments."

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

13 material removals

Part I, Item 2 · MD&A

5 of 13 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Concentration of Revenue

Summary · quote-checked

The customer revenue concentration table was removed from MD&A.

Removing disclosure about named customers’ revenue concentrations changes the stated dependency and exposure information, rather than merely rolling forward recurring figures.

Why the model ranked it here

Clients should read this because removing the customer concentration table obscures the company’s disclosed dependence on particular customers.

Filing text · FY2024 10-Q · filed Nov 20, 2024
[removed] |[removed] Three Months Ended | Nine Months Ended[removed] Oct 27, 2024 | Oct 27, 2024[removed] |[removed] Customer A | 12 | % | *[removed] Customer B | 12 | % | 11 | %[removed] Customer C | 12 | % | 11 | %[removed] Customer D | * | 12 | %
Filing text · FY2025 10-Q · filed Nov 19, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"Customer A | 12 | % | *"

NVIDIA, Form 10-Q for FY2024, Part I, Item 2, accession 0001045810-24-000316, filed 20 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581024000316/nvda-20241027.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02RemovedPart I, Item 2 › Concentration of Revenue

Summary · quote-checked

Removed disclosure stating that less than 10% of total revenue came from a concentration source.

The removed statement concerns revenue concentration and therefore changes disclosure about a potential customer or dependency exposure; no recurring-list context is provided.

Why the model ranked it here

Clients should read this because removing the concentration statement changes the disclosure of potential revenue dependency.

Filing text · FY2024 10-Q · filed Nov 20, 2024

[removed] * Less than 10% of total revenue

Filing text · FY2025 10-Q · filed Nov 19, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"* Less than 10% of total revenue"

NVIDIA, Form 10-Q for FY2024, Part I, Item 2, accession 0001045810-24-000316, filed 20 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581024000316/nvda-20241027.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03RemovedPart I, Item 2 › Global Trade

Summary · quote-checked

Removed disclosure about China Data Center products, revenue levels, export-control licensing requirements, and uncertainty over USG license decisions.

The removed paragraph described export-control exposure, China revenue, licensing obligations, and regulatory uncertainty; its deletion changes disclosed dependencies and risks.

Why the model ranked it here

Clients should read this because removing the China product, revenue, licensing, and regulatory-uncertainty discussion obscures a significant market and export-control dependency.

Filing text · FY2024 10-Q · filed Nov 20, 2024

[removed] We expanded our Data Center product portfolio to offer new solutions, including those for which the USG does not require a license or advance notice before each shipment. We ramped new products designed specifically for China that do not require an export control license. Our Data Center revenue in China grew sequentially in the third quarter of fiscal year 2025. As a percentage of total Data Center revenue, it remains below levels seen prior to the imposition of export controls in October 2023. To the extent that a customer requires products covered by the licensing requirements, we may seek a license for the customer but have no assurance that the USG will grant such a license, or that the USG will act on the license application in a timely manner or at all.

Filing text · FY2025 10-Q · filed Nov 19, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"We expanded our Data Center product portfolio to offer new solutions, including those for which the USG does not require a license or advance notice before each shipment. We ramped new products designed specifically for China that do not require an export control license. Our Data Center revenue in China grew sequentially in the third quarter of fiscal year 2025. As a percentage of total Data Center revenue, it remains below levels seen prior to the imposition of export controls in October 2023. To the extent that a customer requires products covered by the licensing requirements, we may seek a license for the customer but have no assurance that the USG will grant such a license, or that the USG will act on the license application in a timely manner or at all."

NVIDIA, Form 10-Q for FY2024, Part I, Item 2, accession 0001045810-24-000316, filed 20 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581024000316/nvda-20241027.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04RemovedPart I, Item 2 › Global Trade

Summary · quote-checked

A paragraph describing U.S. licensing requirements affecting exports of specified integrated circuits and systems to China and Russia was removed.

The removed paragraph disclosed a government export-control obligation affecting named products and jurisdictions, so its removal changes the substance of the company’s regulatory and trade-risk disclosure.

Why the model ranked it here

Clients should read this because removing the export-control licensing disclosure obscures regulatory restrictions affecting specified products and jurisdictions.

Filing text · FY2024 10-Q · filed Nov 20, 2024

[removed] In August 2022, the U.S. government, or the USG, announced licensing requirements that, with certain exceptions, impact exports to China (including Hong Kong and Macau) and Russia of our A100 and H100 integrated circuits, DGX or any other systems or boards which incorporate A100 or H100 integrated circuits.

Filing text · FY2025 10-Q · filed Nov 19, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"In August 2022, the U.S. government, or the USG, announced licensing requirements that, with certain exceptions, impact exports to China (including Hong Kong and Macau) and Russia of our A100 and H100 integrated circuits, DGX or any other systems or boards which incorporate A100 or H100 integrated circuits."

NVIDIA, Form 10-Q for FY2024, Part I, Item 2, accession 0001045810-24-000316, filed 20 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581024000316/nvda-20241027.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05RemovedPart I, Item 2 › Demand and Supply

Summary · quote-checked

Removed disclosure about expanded supplier commitments, prepaid manufacturing agreements, supply-chain complexity, and potential inventory increases.

The removed paragraph described ongoing and potential obligations, dependencies on suppliers and contract manufacturers, operational complexity, and inventory exposure; its substance is not merely a presentation change.

Why the model ranked it here

Clients should read this because removing the supplier-commitment discussion obscures obligations, supply-chain complexity, and potential inventory exposure.

Filing text · FY2024 10-Q · filed Nov 20, 2024

[removed] We continue to increase our supply and capacity purchases with existing and new suppliers to support our demand projections. With these additions, we have also entered and may continue to enter into prepaid manufacturing and capacity agreements to supply both current and future products. The increased purchase volumes and integration of new suppliers and contract manufacturers into our supply chain may create more complexity in managing multiple suppliers with variations in production planning, execution and logistics. Our expanding product portfolio and varying component compatibility and quality may lead to increased inventory levels. We have incurred and may in the future incur inventory provisions or impairments if our inventory or supply or capacity commitments exceed demand for our products or demand declines.

Filing text · FY2025 10-Q · filed Nov 19, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"We continue to increase our supply and capacity purchases with existing and new suppliers to support our demand projections. With these additions, we have also entered and may continue to enter into prepaid manufacturing and capacity agreements to supply both current and future products. The increased purchase volumes and integration of new suppliers and contract manufacturers into our supply chain may create more complexity in managing multiple suppliers with variations in production planning, execution and logistics. Our expanding product portfolio and varying component compatibility and quality may lead to increased inventory levels. We have incurred and may in the future incur inventory"

NVIDIA, Form 10-Q for FY2024, Part I, Item 2, accession 0001045810-24-000316, filed 20 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581024000316/nvda-20241027.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 13 in Part I, Item 2 (8 more, in filing order)

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

40 material changes

Part I, Item 2 · MD&A

5 of 40 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

Disclosure shifts from licensing for A100 and H100 products to H20 export restrictions, related charges, limited licensed revenue, and a proposed revenue share.

The paragraph adds a new product and market restriction, a $4.5 billion charge, limited revenue under licenses, and a potential government revenue requirement.

Why the model ranked it here

This change introduces a major export restriction, a substantial H20-related charge, limited licensed revenue, and a potential government claim on future sales.

Filing text · FY2024 10-Q · filed Nov 20, 2024

In [removed] July 2023, the USG informed us [removed] of an additional licensing requirement for a subset of A100 and H100 products destined to certain customers and other regions, including some countries in the Middle East.

Filing text · FY2025 10-Q · filed Nov 19, 2025

In [added] April 2025, the U.S. government, or USG, informed us [added] that a license is required for exports of our H20 product into the China market. As a result of these new requirements, we incurred a $4.5 billion charge in the first quarter of fiscal year 2026 associated with H20 for excess inventory and purchase obligations, as the demand for H20 diminished. In August 2025, the USG granted licenses that would allow us to ship certain H20 products to certain China-based customers, but to date, we have generated approximately $50 million in H20 revenue under those licenses. USG officials have expressed an expectation that the USG will receive 15% or more of the revenue generated from licensed sales of our products, but to date, the USG has not published a regulation codifying such requirement.

Cite this change

"In April 2025, the U.S. government, or USG, informed us that a license is required for exports of our H20 product into the China market. As a result of these new requirements, we incurred a $4.5 billion charge in the first quarter of fiscal year 2026 associated with H20 for excess inventory and purchase obligations, as the demand for H20 diminished. In August 2025, the USG granted licenses that would allow us to ship certain H20 products to certain China-based customers, but to date, we have generated approximately $50 million in H20 revenue under those licenses. USG officials have expressed an expectation that the USG will receive 15% or more of the revenue generated from licensed sales of our products, but to date, the USG has not published a regulation codifying such requirement."

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02ChangedPart I, Item 2 › Gross Profit and Gross Margin

Summary · quote-checked

Inventory provisions and releases changed substantially, with a new $4.5 billion H20-related excess inventory and purchase obligation disclosed.

The paragraph adds a specific H20-related obligation and materially changes inventory provisions, releases, and gross-margin effects, altering the disclosed exposure beyond a fiscal-year roll-forward.

Why the model ranked it here

The disclosure identifies a substantial H20 excess-inventory and purchase-obligation exposure that materially changes the company’s inventory and margin risk.

Filing text · FY2024 10-Q · filed Nov 20, 2024

Provisions for inventory and excess inventory purchase obligations totaled [removed] $681 million and [removed] $1.4 billion for the third quarter and first nine months of fiscal year [removed] 2024, respectively. Sales of previously reserved inventory and settlements of excess inventory purchase obligations resulted in a provision release of [removed] $239 million and [removed] $372 million for the third quarter and first nine months of fiscal year [removed] 2024, respectively. The net effect on our gross margin was an unfavorable impact of [removed] 2.4% and 2.6% in the third quarter and first nine months of fiscal year [removed] 2024, respectively.

Filing text · FY2025 10-Q · filed Nov 19, 2025

Provisions for inventory and excess inventory purchase obligations totaled [added] $410 million and [added] $6.7 billion for the third quarter and first nine months of fiscal year [added] 2026, respectively, including $4.5 billion associated with H20 excess inventory and purchase obligations for the first quarter of fiscal year 2026. Sales of previously reserved inventory and settlements of excess inventory purchase obligations resulted in a provision release of [added] $366 million and [added] $1.3 billion for the third quarter and first nine months of fiscal year [added] 2026, respectively. The net effect on our gross margin was an unfavorable impact of [added] 0.1% and 3.7% in the third quarter and first nine months of fiscal year [added] 2026, respectively.

Cite this change

"Provisions for inventory and excess inventory purchase obligations totaled $410 million and $6.7 billion for the third quarter and first nine months of fiscal year 2026, respectively, including $4.5 billion associated with H20 excess inventory and purchase obligations for the first quarter of fiscal year 2026."

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03ChangedPart I, Item 2 › Outstanding Indebtedness and Commercial Paper Program

Summary · quote-checked

Debt maturities changed, including $1,000 due within one year and a separately reported short-term portion.

The updated maturity schedule changes near-term debt obligations and the allocation between short-term and long-term portions, so the reader could draw a different liquidity conclusion.

Why the model ranked it here

The revised maturity schedule introduces debt due within one year, directly changing the near-term liquidity obligation.

Filing text · FY2024 10-Q · filed Nov 20, 2024
|Oct [removed] 27, 2024|(In millions)Due in one year | $ | [removed] -Due in one to five years | [removed] 2,250Due in five to ten years | [removed] 2,750Due in greater than ten years | 3,500Unamortized debt discount and issuance costs | [removed] (38)[removed] Net long-term carrying amount | $ | [removed] 8,462
Filing text · FY2025 10-Q · filed Nov 19, 2025
|Oct [added] 26, 2025|(In millions)Due in one year | $ | [added] 1,000Due in one to five years | [added] $ | 2,750Due in five to ten years | [added] 1,250Due in greater than ten years | 3,500Unamortized debt discount and issuance costs | [added] (33)[added] Net carrying amount | $ | [added] 8,467[added] Less short-term portion | (999)[added] Total long-term portion | $ | 7,468
Cite this change

"Due in one year | $ | 1,000"

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04ChangedPart I, Item 2 › Concentration of Revenue

Summary · quote-checked

Revenue concentration disclosure now identifies indirect and cloud-service purchasers, a 10% threshold, and meaningful third-quarter fiscal year 2026 revenue from one AI research and deployment company.

The disclosure changes from a general historical possibility to specific current concentration, named purchaser categories, a threshold, and an identified AI-related revenue source.

Why the model ranked it here

The disclosure changes a general concentration risk into a current dependency on significant indirect customers and an identified AI-related purchaser.

Filing text · FY2024 10-Q · filed Nov 20, 2024

We [removed] have experienced periods where we receive a significant amount of our revenue [removed] from a limited number of [removed] customers, and this trend may continue.

Filing text · FY2025 10-Q · filed Nov 19, 2025

We [added] generate a significant amount of our revenue from a limited number of indirect customers, some individually representing 10% or more of our revenue. Certain companies purchase cloud and related services through various direct and indirect customers. We estimate that one AI research and deployment company contributed to a meaningful amount of our revenue [added] purchasing cloud services from our customers in the third quarter of fiscal year 2026. Our revenue is concentrated among a limited number of [added] direct, indirect and cloud service purchasers and this trend may continue.

Cite this change

"We generate a significant amount of our revenue from a limited number of indirect customers, some individually representing 10% or more of our revenue."

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05ChangedPart I, Item 2 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

The disclosure shifts from existing China-related export licensing restrictions to new and potentially broader U.S. AI export-control rules and legislative developments.

The paragraph introduces a worldwide licensing proposal, a rescinded rule, uncertain replacement requirements, potential business impacts, and the GAIN AI Act—substantive changes in regulatory exposure.

Why the model ranked it here

The change adds potentially broader worldwide export-control requirements and legislative uncertainty that could affect operations and financial results.

Filing text · FY2024 10-Q · filed Nov 20, 2024

In [removed] October 2023, the USG [removed] announced new and updated licensing requirements that became effective in our fourth quarter of fiscal year 2024 for exports to China and Country Groups D1, D4, and D5 (including but not limited to Saudi Arabia, the United Arab Emirates, and Vietnam, but excluding Israel) of our products exceeding certain performance thresholds, including, but not limited to, the A100, A800, H100, H800, L4, L40, L40S and RTX 4090. The licensing requirements also apply to the export of products exceeding certain performance thresholds to a party headquartered in, or with an ultimate parent headquartered in, Country Group D5, including China. On October 23, 2023, the USG informed us the licensing requirements were effective immediately for shipments of our A100, A800, H100, H800, and L40S products (removing the grace period granted by the official rule). Our upcoming Blackwell systems, such as GB200 NVL 72 and NVL 36 as well as B200 will also be subject to these requirements and therefore require a license for any shipment to certain entities and to China and Country Groups D1, D4 and D5, excluding Israel. To date, we have not received licenses to ship these restricted products to China. Additionally, we understand that partners and customers have also not received a license to ship these restricted products.

Filing text · FY2025 10-Q · filed Nov 19, 2025

In [added] January 2025, the USG [added] published the "AI Diffusion" Interim Final Rule, or IFR, in the Federal Register. The IFR would have imposed a worldwide licensing requirement on our most recent data center products, such as our H200, GB200 and GB300. In May 2025, the USG announced that it would rescind the AI Diffusion IFR and implement a replacement rule. The scope, timing, and requirements of the forthcoming rule remain uncertain. The replacement rule may impose new restrictions on our products or operations and/or add license requirements that could have a material impact on our business, operating results, and financial condition. For example, in October 2025, the Senate passed the "GAIN AI Act" in the National Defense Authorization Act, or the NDAA. The GAIN AI Act would restrict the Trump Administration's ability to adapt the Biden Administration's export control rules and could also allow private U.S. persons to review and overturn licensing and foreign policy decisions made by the Trump Administration.

Cite this change

"The replacement rule may impose new restrictions on our products or operations and/or add license requirements that could have a material impact on our business, operating results, and financial condition."

NVIDIA, Form 10-Q for FY2025, Part I, Item 2, accession 0001045810-25-000230, filed 19 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000230/nvda-20251026.htm

Comparison: https://yearover.com/reports/nvda/0001045810-25-000230?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 40 in Part I, Item 2 (35 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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