Reports › NVDA › 10-K FY2026

SEC filings, compared

What changed in NVIDIA's 10-K for the fiscal year ended January 25, 2026

Compared with the 10-K for the fiscal year ended January 26, 2025. Items 1A and 7 analysed; every summary checked against the quoted filing text.

Registrant: NVIDIA CORP · NVDA
This filing: 0001045810-26-000021 ↗ · filed Feb 25, 2026
Compared with: 0001045810-25-000023 ↗ · filed Feb 26, 2025
Processed: Sep 14, 2026 UTC · parser-v4 · 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

140 material changes among 187 changed paragraphs

18 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.

Concept	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:Revenues	215,938,000,000USD · Jan 27, 2025 to Jan 25, 2026	130,497,000,000USD · Jan 29, 2024 to Jan 26, 2025	+85,441,000,000+65.5%
Net income or lossus-gaap:NetIncomeLoss	120,067,000,000USD · Jan 27, 2025 to Jan 25, 2026	72,880,000,000USD · Jan 29, 2024 to Jan 26, 2025	+47,187,000,000+64.7%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	10,605,000,000USD · at Jan 25, 2026	8,589,000,000USD · at Jan 26, 2025	+2,016,000,000+23.5%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	102,718,000,000USD · Jan 27, 2025 to Jan 25, 2026	64,089,000,000USD · Jan 29, 2024 to Jan 26, 2025	+38,629,000,000+60.3%

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. FY2026: 0001045810-26-000021 · FY2025: 0001045810-25-000023

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

30 material additions

Item 1A · Risk Factors

5 of 18 shown · Ordered by the model, quote-checked

01AddedItem 1A › Risks Related to Regulatory, Legal, Our Stock and Other Matters › We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.

Summary · quote-checked

Added disclosure of China and D:5 export-license requirements, a $4.5 billion H20-related charge, and diminished H20 demand.

The paragraph introduces a new export restriction, associated obligation and charge, and an adverse demand event, materially changing disclosed regulatory and financial exposure.

Why the model ranked it here

This discloses a realized export restriction, a substantial inventory and purchase-obligation charge, and diminished demand for affected products.

Filing text · FY2025 10-K · filed Feb 26, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Feb 25, 2026

[added] In April 2025, the USG informed us that it requires a license for export to China (including Hong Kong and Macau) and D:5 countries, or to companies headquartered or with an ultimate parent therein, of our H20 integrated circuits and any other circuits achieving the H20's memory bandwidth, interconnect bandwidth, or combination thereof. As a result of these 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 products diminished.

Cite this change

"In April 2025, the USG informed us that it requires a license for export to China (including Hong Kong and Macau) and D:5 countries, or to companies headquartered or with an ultimate parent therein, of our H20 integrated circuits and any other circuits achieving the H20's memory bandwidth, interconnect bandwidth, or combination thereof. As a result of these 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 products diminished."

NVIDIA, Form 10-K for FY2026, Item 1A, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

02AddedItem 1A › Risks Related to Regulatory, Legal, Our Stock and Other Matters › We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.

Summary · quote-checked

Added disclosure of USG licenses for H20 shipments to China-based customers, related revenue, and an expressed expectation of sharing licensed-sale revenue.

The paragraph introduces a new regulatory arrangement, customer-related shipments, revenue, and a potential obligation involving 15% or more of licensed-sale revenue.

Why the model ranked it here

This introduces licensed sales to China-based customers alongside an expressed government expectation of sharing related revenue.

Filing text · FY2025 10-K · filed Feb 26, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Feb 25, 2026

[added] In August 2025, the USG granted licenses that would allow us to ship certain H20 products to certain China-based customers. We generated approximately $60 million in H20 revenue under those licenses. USG officials expressed an expectation that the USG will receive 15% or more of the revenue generated from licensed sales of our products, but the USG did not publish a regulation codifying such requirement.

Cite this change

"In August 2025, the USG granted licenses that would allow us to ship certain H20 products to certain China-based customers. We generated approximately $60 million in H20 revenue under those licenses. USG officials expressed an expectation that the USG will receive 15% or more of the revenue generated from licensed sales of our products, but the USG did not publish a regulation codifying such requirement."

NVIDIA, Form 10-K for FY2026, Item 1A, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

03AddedItem 1A › Risks Related to Our Industry and Markets › Failure to meet the evolving needs of our industry and markets may adversely impact our financial results.

Summary · quote-checked

Added a risk disclosure concerning the Groq intellectual property license, significant nonrefundable payments, implementation uncertainty, adoption, cost recovery and potential financial effects.

The new paragraph discloses a specific counterparty arrangement, payment obligation, technology-integration dependency and associated risks to business, results and financial condition.

Why the model ranked it here

This identifies a specific technology dependency involving significant nonrefundable payments and uncertainty over implementation, adoption, and cost recovery.

Filing text · FY2025 10-K · filed Feb 26, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Feb 25, 2026

[added] We have entered into an intellectual property license arrangement with Groq, Inc., or Groq, that required significant, nonrefundable payments. Successfully incorporating the licensed technology into our architectures and product roadmaps requires significant engineering effort and may not occur on expected timelines or at all. The licensed technology may not achieve the desired results as designed or achieve customer or ecosystem adoption. The economic outcomes of this arrangement depend on our ability to translate the licensed technology into commercially viable products and services over time, and we may be unable to recover the associated costs or realize an adequate return on this spend. If our efforts to use the licensed technology are delayed or unsuccessful, our business, operating results, and financial condition could be negatively impacted.

Cite this change

"We have entered into an intellectual property license arrangement with Groq, Inc., or Groq, that required significant, nonrefundable payments."

NVIDIA, Form 10-K for FY2026, Item 1A, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

04AddedItem 1A › Risks Related to Our Global Operating Business › Commercial arrangements expose us to counterparty risks.

Summary · quote-checked

Added disclosure of counterparty risks from commercial arrangements, capacity obligations, guarantees, potential financing, project delays, and insolvency.

The new paragraph introduces commercial obligations and financing exposure, identifies counterparty failure scenarios, and describes potential effects on cash flows, credit risk, business, and results.

Why the model ranked it here

This adds potential long-term capacity obligations, guarantees, customer financing exposure, and counterparty failure risks that could affect cash flows and credit risk.

Filing text · FY2025 10-K · filed Feb 26, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Feb 25, 2026

[added] We have entered and may in the future enter into commercial arrangements, including long-term capacity purchase obligations and financial guarantees, and have been asked to offer financing arrangements to support our customers' and partners' buildout of datacenter infrastructure. We have not entered into any financing arrangements. Commercial arrangements expose us to counterparty risk, including customers' or partners' inability to fulfill their financial commitments and secure necessary financing or infrastructure, the occurrence of significant project delays, and counterparty financial distress or insolvency, all of which may negatively impact our business, financial condition, or results of operations. Financing arrangements, if undertaken, may in some circumstances result in lower upfront cash flows associated with extended payment terms or payment terms made over a multi-year term and may increase credit risk.

Cite this change

"We have entered and may in the future enter into commercial arrangements, including long-term capacity purchase obligations and financial guarantees, and have been asked to offer financing arrangements to support our customers' and partners' buildout of datacenter infrastructure. We have not entered into any financing arrangements. Commercial arrangements expose us to counterparty risk, including customers' or partners' inability to fulfill their financial commitments and secure necessary financing or infrastructure, the occurrence of significant project delays, and counterparty financial distress or insolvency, all of which may negatively impact our business, financial condition, or results of operations. Financing arrangements, if undertaken, may in some circumstances result in lower upfront cash flows associated with extended payment terms or payment terms made over a multi-year term and may increase credit risk."

NVIDIA, Form 10-K for FY2026, Item 1A, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

05AddedItem 1A › Risks Related to Regulatory, Legal, Our Stock and Other Matters › We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.

Summary · quote-checked

Added disclosure that potential findings involving the Mellanox acquisition or Chinese law could lead to penalties, business restrictions, or operational impacts in China.

The new paragraph introduces specific legal and regulatory exposure, potential penalties, restrictions, and consequences for operations in China; the paragraph's substance is new.

Why the model ranked it here

This introduces specific legal and regulatory exposure that could restrict the business and impair operations in China.

Filing text · FY2025 10-K · filed Feb 26, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Feb 25, 2026

Increasing use of economic sanctions and export controls has impacted and may in the future impact demand for our products or services, negatively impacting our business and financial results. Reduced demand due to export controls has and could in the future lead to excess inventory or cause us to incur related supply charges. Additional unilateral or multilateral controls are also likely to include deemed export control limitations that negatively impact the ability of our research and development teams to execute our roadmap or other objectives in a timely manner. Additional export restrictions may not only impact our ability to serve overseas markets, but also provoke responses from foreign governments, including China, that negatively impact our supply chain or our ability to provide our products and services to customers in all markets worldwide, which could also substantially reduce our revenue. Regulators in China have inquired about our sales and efforts to supply the China market and our fulfillment of the commitments we entered at the close of our Mellanox acquisition. On September 15, 2025, China's antitrust regulators published their preliminary finding that our compliance with applicable U.S. export controls, which required us to offer degraded products to the Chinese market, discriminated unfairly against customers in the China market and therefore violated the terms of China's approval of our Mellanox acquisition. [added] If regulators conclude that we have failed to fulfill the terms of our Mellanox acquisition or we have violated any applicable law in China, we could be subject to financial penalties, restrictions on our ability to conduct our business, restrictions or other orders regarding our networking business, products, and services, or otherwise impact our operations in China, any of which could have a material and adverse impact on our business, operating results and financial condition.

Cite this change

"If regulators conclude that we have failed to fulfill the terms of our Mellanox acquisition or we have violated any applicable law in China, we could be subject to financial penalties, restrictions on our ability to conduct our business, restrictions or other orders regarding our networking business, products, and services, or otherwise impact our operations in China, any of which could have a material and adverse impact on our business, operating results and financial condition."

NVIDIA, Form 10-K for FY2026, Item 1A, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

Show all 18 in Item 1A (13 more, in filing order)

Item 7 · MD&A

3 of 12 shown · Ordered by the model, quote-checked

01AddedItem 7 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

Added disclosure of H20 export licensing, a $4.5 billion charge, diminished demand, and approximately $60 million in licensed China revenue.

The new paragraph discloses export restrictions, a substantial inventory and purchase-obligation charge, reduced demand, subsequent licenses, and related revenue—new events and obligations.

Why the model ranked it here

This reveals export restrictions, sharply reduced demand, a substantial charge, and only limited subsequent licensed sales for a key product.

Filing text · FY2025 10-K · filed Feb 26, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Feb 25, 2026

[added] In April 2025, the USG informed us that a license is required for exports of our H20 product into the China market. As a result of these 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. We generated approximately $60 million in H20 revenue under those licenses.

Cite this change

"In April 2025, the USG informed us that a license is required for exports of our H20 product into the China market. As a result of these 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. We generated approximately $60 million in H20 revenue under those licenses."

NVIDIA, Form 10-K for FY2026, Item 7, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

02AddedItem 7 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

Added disclosure of $17.5 billion in investments in private companies and infrastructure funds, including AI model makers and associated liquidity and return risks.

The new paragraph introduces investments, counterparties, illiquidity, and risks of delayed or absent profitability and returns—substantive disclosures about exposures and dependencies.

Why the model ranked it here

This introduces a large, illiquid investment exposure to early-stage companies whose profitability and returns are uncertain.

Filing text · FY2025 10-K · filed Feb 26, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Feb 25, 2026

[added] • We invested $17.5 billion in private companies and infrastructure funds, primarily to support early-stage startups. These investments include AI model makers that purchase our products directly or through CSPs. Many of these investments are illiquid and non-marketable. The related early-stage startups may not become profitable in the near term, or at all, and there can be no assurance that we will realize a return on our investments.

Cite this change

"• We invested $17.5 billion in private companies and infrastructure funds, primarily to support early-stage startups. These investments include AI model makers that purchase our products directly or through CSPs. Many of these investments are illiquid and non-marketable. The related early-stage startups may not become profitable in the near term, or at all, and there can be no assurance that we will realize a return on our investments."

NVIDIA, Form 10-K for FY2026, Item 7, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

03AddedItem 7 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

New disclosure describes $3.5 billion in guarantees to early-stage companies and potential lease obligations if partners default.

The paragraph adds a significant guarantee exposure and possible obligation to assume or sublease underlying leases, changing disclosed commitments and dependencies.

Why the model ranked it here

This adds significant guarantees and a potential obligation to assume or sublease infrastructure leases if partners default.

Filing text · FY2025 10-K · filed Feb 26, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Feb 25, 2026

[added] • To support the build-out of complex datacenter infrastructures, we enter into commercial arrangements, including guarantees with partners. We provided $3.5 billion in land, power, and shell guarantees to early-stage companies, generally over multi-year periods. If the escrow and the partners' operating activities are not sufficient to cover an event of default under these guarantees, we may elect to assume the underlying leases for internal use or sublease them to third parties.

Cite this change

"• To support the build-out of complex datacenter infrastructures, we enter into commercial arrangements, including guarantees with partners. We provided $3.5 billion in land, power, and shell guarantees to early-stage companies, generally over multi-year periods. If the escrow and the partners' operating activities are not sufficient to cover an event of default under these guarantees, we may elect to assume the underlying leases for internal use or sublease them to third parties."

NVIDIA, Form 10-K for FY2026, Item 7, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

Show all 12 in Item 7 (9 more, in filing order)

What the company no longer says

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

23 material removals

Item 1A · Risk Factors

2 of 8 shown · Ordered by the model, quote-checked

01RemovedItem 1A › Risks Related to Our Global Operating Business › We receive a significant amount of our revenue from a limited number of partners and distributors and we have a concentration of sales to customers who purchase directly or indirectly from us, and our revenue could be adversely affected if we lose or are prevented from selling to any of these customers.

Summary · quote-checked

Removed disclosure that revenue was concentrated among a limited number of customers, including fiscal year 2025 percentages for Customers A, B and C.

The removed paragraph disclosed customer concentration and potential revenue dependence, a substantive exposure under the materiality rubric.

Why the model ranked it here

The removal changes the disclosed level of dependence on a limited number of customers, a key consideration in assessing revenue concentration.

Filing text · FY2025 10-K · filed Feb 26, 2025

[removed] We have experienced periods where we receive a significant amount of our revenue from a limited number of customers, and this trend may continue. Sales to direct Customers A, B and C represented 12%, 11% and 11% of total revenue, respectively, for fiscal year 2025, all of which were primarily attributable to the Compute & Networking segment. With several of these partners, we are selling multiple products and systems in our portfolio through their channels. Our operating results depend on sales to our partner network, as well as the ability of these partners to sell products that incorporate our technologies. We have a small number of partners that are involved in system integration with our key customers. As our system design becomes increasingly complex, system integrators may be unable to meet specifications of our key customers. Changes in our partners' or customers' business models or their ownership can reduce the number of partners available to us and harm our ability to sell our advanced data center systems to customers. In the future, these partners may decide to purchase fewer products, not to incorporate our products into their ecosystem, or to alter their purchasing patterns in some other way. Because most of our sales are made on a purchase order basis, our customers can generally cancel, change, or delay product purchase commitments with little notice to us and without penalty. Our partners or customers may develop their own solutions; our customers may purchase products from our competitors; and our partners may discontinue sales or lose market share in the markets for which they purchase our products, all of which may alter partners' or customers' purchasing patterns. Many of our indirect customers often do not purchase directly from us but through multiple OEMs, ODMs, system integrators, distributors, and other channel partners. For fiscal year 2025, an indirect customer which primarily purchases our products through system integrators and distributors, including through Customer B, is estimated to represent 10% or more of total revenue, attributable to the Compute & Networking segment.

Filing text · FY2026 10-K · filed Feb 25, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"We have experienced periods where we receive a significant amount of our revenue from a limited number of customers, and this trend may continue. Sales to direct Customers A, B and C represented 12%, 11% and 11% of total revenue, respectively, for fiscal year 2025, all of which were primarily attributable to the Compute & Networking segment. With"

NVIDIA, Form 10-K for FY2025, Item 1A, accession 0001045810-25-000023, filed 26 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000023/nvda-20250126.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

02RemovedItem 1A › Risks Related to Regulatory, Legal, Our Stock and Other Matters › We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.

Summary · quote-checked

A paragraph describing the AI Diffusion IFR’s tiered country framework and potential effects on financial results and competitive position was removed.

The removed paragraph disclosed a specific regulatory framework and its potentially adverse business and competitive effects, so the substance of the risk disclosure changed.

Why the model ranked it here

The removal eliminates disclosure of a broad regulatory framework that could affect financial results and competitive position.

Filing text · FY2025 10-K · filed Feb 26, 2025

[removed] The AI Diffusion IFR would divide the world into three tiers, relegating most countries to "Tier 2" status. The AI Diffusion IFR would confer special benefits on select "Universal Verified End Users", or UVEU, and lesser benefits on "National Verified End Users", or NVEU. The AI Diffusion IFR would have numerous effects that may negatively impact our long-term financial results and competitive position, including but not limited to the following.

Filing text · FY2026 10-K · filed Feb 25, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"The AI Diffusion IFR would have numerous effects that may negatively impact our long-term financial results and competitive position, including but not limited to the following."

NVIDIA, Form 10-K for FY2025, Item 1A, accession 0001045810-25-000023, filed 26 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000023/nvda-20250126.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

Show all 8 in Item 1A (6 more, in filing order)

Item 7 · MD&A

3 of 15 shown · Ordered by the model, quote-checked

01RemovedItem 7 › Global Trade

Summary · quote-checked

Removed disclosure that export controls and potential restrictions on China-linked technologies could harm sales, market access, and automotive customer solutions.

The removed paragraph described existing and potential export controls, licensing requirements, market exclusion, and possible restrictions on automotive products—substantive regulatory and business risks.

Why the model ranked it here

The removed disclosure described how changing export controls could restrict market access, sales, inventory, and automotive solutions across several regions.

Filing text · FY2025 10-K · filed Feb 26, 2025

[removed] Our competitive position has been harmed by the existing export controls, and our competitive position and future results may be further harmed, over the long term, if there are further changes in the USG's export controls. Given the increasing strategic importance of AI and rising geopolitical tensions, the USG has changed and may again change the export control rules at any time and further subject a wider range of our products to export restrictions and licensing requirements, negatively impacting our business and financial results. In the event of such change, we may be unable to sell our inventory of such products and may be unable to develop replacement products not subject to the licensing requirements, effectively excluding us from all or part of the China market, as well as other impacted markets, including the Middle East and countries designated "Tier 2" by the AI Diffusion IFR. In addition to export controls, the USG may impose restrictions on the import and sale of products that incorporate technologies developed or manufactured in whole or in part in China. For example, the USG is considering restrictions on the import and sale of certain automotive products in the United States, which if adopted and interpreted broadly, could impact our ability to develop and supply solutions for our automotive customers.

Filing text · FY2026 10-K · filed Feb 25, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"Our competitive position has been harmed by the existing export controls, and our competitive position and future results may be further harmed, over the long term, if there are further changes in the USG's export controls. Given the increasing strategic importance of AI and rising geopolitical tensions, the USG has changed and may again change the export control rules at any time and further subject a wider range of our products to export restrictions and licensing requirements, negatively impacting our business and financial results. In the event of such change, we may be unable to sell our inventory of such products and may be unable to develop replacement products not subject to the licensing requirements, effectively excluding us from all or part of the China market, as well as other impacted markets, including the Middle East and countries designated "Tier 2" by the AI Diffusion IFR. In addition to export controls, the USG may impose restrictions on the import and sale of products that incorporate technologies developed or manufactured in whole or in part in China. For example, the USG is considering restrictions on the import and sale of certain automotive products in the United States, which if adopted and interpreted broadly, could impact our ability to develop and supply solutions for our automotive customers."

NVIDIA, Form 10-K for FY2025, Item 7, accession 0001045810-25-000023, filed 26 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000023/nvda-20250126.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

02RemovedItem 7 › Global Trade

Summary · quote-checked

The filing removed a paragraph describing USG export licensing requirements and the absence of licenses for restricted products shipped to China.

The removed paragraph disclosed export restrictions, covered products and jurisdictions, licensing requirements, and unavailable licenses, changing the stated trade and shipment dependency.

Why the model ranked it here

The removed disclosure stated that major products faced export licensing requirements and that licenses had not been obtained for restricted shipments to China.

Filing text · FY2025 10-K · filed Feb 26, 2025

[removed] In October 2023, the USG 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 that 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). Blackwell systems, such as GB200 NVL 72 and NVL 36 as well as B200 are also 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 · FY2026 10-K · filed Feb 25, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"In October 2023, the USG 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 that 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). Blackwell systems, such as GB200 NVL 72 and NVL 36 as well as B200 are also 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."

NVIDIA, Form 10-K for FY2025, Item 7, accession 0001045810-25-000023, filed 26 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000023/nvda-20250126.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

03RemovedItem 7 › Global Trade

Summary · quote-checked

Removed MD&A discussion of China Data Center revenue, export-control compliance, product offerings, and licensing uncertainty.

The deleted paragraph disclosed export-control constraints, China-specific products and revenue, customer licensing dependencies, and uncertainty about USG approvals; its removal changes disclosed substance.

Why the model ranked it here

The removed discussion linked China Data Center revenue and product offerings to export-control compliance and uncertain customer licensing.

Filing text · FY2025 10-K · filed Feb 26, 2025

[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 in fiscal year 2025. As a percentage of total Data Center revenue, it remains well below levels seen prior to the onset of export controls in October 2023. The market in China for datacenter solutions remains competitive. We will continue to comply with export controls while serving our customers. 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 · FY2026 10-K · filed Feb 25, 2026

No corresponding language in the FY2026 10-K.

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 in fiscal year 2025. As a percentage of total Data Center revenue, it remains well below levels seen prior to the onset of export controls in October 2023. The market in China for datacenter solutions remains competitive. We will continue to comply with export controls while serving our customers. 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-K for FY2025, Item 7, accession 0001045810-25-000023, filed 26 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581025000023/nvda-20250126.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

Show all 15 in Item 7 (12 more, in filing order)

What the company says differently

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

87 material changes

Item 1A · Risk Factors

3 of 46 shown · Ordered by the model, quote-checked

01ChangedItem 1A › Risks Related to Regulatory, Legal, Our Stock and Other Matters › We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.

Summary · quote-checked

The disclosure shifts from licensing and transition difficulties to effective foreclosure from China’s data center market and resulting competitive and financial impacts.

The current paragraph states an effective market foreclosure, competitor ecosystem effects, and a material adverse impact, changing the disclosed condition and outlook beyond wording or restructuring.

Why the model ranked it here

The filing now describes effective foreclosure from a major market and a resulting competitive ecosystem disadvantage with worldwide implications.

Filing text · FY2025 10-K · filed Feb 26, 2025

[removed] Following these 2022 export controls, we transitioned some operations, including certain testing, validation, and supply and distribution operations out of China and Hong Kong. Any future transitions could be costly and time consuming, and adversely affect our research and development and supply and distribution operations, as well as our revenue, during any such transition period. 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. To the extent that a customer requires products covered by the licensing requirements, we may seek a license for the customer. However, the licensing process is time-consuming. We 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. Even if a license is approved, it may impose burdensome conditions that we or our customer or end users cannot or decide not to accept. The USG evaluates license requests in a closed process that does not have clear standards or an opportunity for review. For example, the Notified Advanced Computing, or "NAC," process has not resulted in approvals for exports of products to customers in China. The license process for exports to D1 and D4 countries has been time-consuming and resulted in license conditions that are onerous, even for small-sized systems that are not able to ~~[removed] train frontier AI models. The requirements have a disproportionate impact on NVIDIA and already have disadvantaged and may in the future disadvantage NVIDIA against certain of~~ our competitors ~~[removed] who sell products that are not subject to the new restrictions or may be able to acquire licenses for their products.~~

Filing text · FY2026 10-K · filed Feb 25, 2026

[added] The export controls applicable to China are complex and address a variety of parameters, including the total processing performance of a chip, the "performance density" of a chip, the interconnect bandwidth of a chip, and the memory bandwidth of a chip. Under the current rules and geopolitical landscape, we are 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. As of the end of fiscal year 2026, we were effectively foreclosed from competing in China's data center computing/compute market, and our effective foreclosure from the China market helped our competitors build larger developer and customer ecosystems to challenge us worldwide. Unless we are able to [added] return with a product that meets the approval of both the USG and the Chinese government, our lost opportunity and the benefit to our competitors [added] will have a material and adverse impact on our business, operating results, and financial condition.

Cite this change

"As of the end of fiscal year 2026, we were effectively foreclosed from competing in China's data center computing/compute market, and our effective foreclosure from the China market helped our competitors build larger developer and customer ecosystems to challenge us worldwide."

NVIDIA, Form 10-K for FY2026, Item 1A, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

02ChangedItem 1A › Risks Related to Regulatory, Legal, Our Stock and Other Matters › We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.

Summary · quote-checked

The disclosure changes from potential Chinese government actions to actions already taken, adds product-use restrictions, and states the China market is effectively foreclosed by U.S. export controls.

The risk’s modality and scope changed substantively: encouragement became a stated action, restrictions on purchasing and use were added, and effective market foreclosure was disclosed.

Why the model ranked it here

The disclosure changes Chinese government pressure from a possibility to actions discouraging purchases, imports, and use of the company’s data center products.

Filing text · FY2025 10-K · filed Feb 26, 2025

Additionally, restrictions imposed by the Chinese government on the duration of gaming activities and access to games may adversely affect our Gaming revenue, and increased oversight of digital platform companies may adversely affect our Data Center revenue. The Chinese government ~~[removed] may also encourage~~ customers to purchase from our China-based [removed] competitors, or impose restrictions on the sale to certain customers of our products, or any products containing components made by our partners and suppliers. For example, the Chinese government announced restrictions relating to certain sales of products containing certain products made by Micron, a supplier of ours. As another example, an agency of the Chinese government announced an Action Plan that endorses new standards regarding the compute performance per watt and per memory bandwidth of accelerators used in new and renovated data centers in China. ~~[removed] If~~ the Chinese government ~~[removed] modifies or implements~~ the Action Plan in a way that effectively prevents us from being able to design products to meet the new standard, ~~[removed] this~~ may restrict the ability of customers to use some of our data center products and may have a material and adverse impact on our business, operating results and financial condition. Further restrictions on our products or the products of our suppliers could negatively impact our business and financial results.

Filing text · FY2026 10-K · filed Feb 25, 2026

Additionally, restrictions imposed by the Chinese government on the duration of gaming activities and access to games may adversely affect our Gaming revenue, and [added] even if we are able to participate in the China data center compute market, increased oversight of digital platform companies may adversely affect our Data Center revenue. The Chinese government [added] has encouraged customers to purchase from our China-based [added] competitors and discouraged customers from purchasing, importing, or using our data center products, including any China-specific product designed to comply with U.S. export controls. As another example, an agency of the Chinese government announced an Action Plan that endorses new standards regarding the compute performance per watt and per memory bandwidth of accelerators used in new and renovated data centers in China. [added] Although we are already effectively foreclosed from the China market by U.S. export controls, if those controls changed to allow us to return to the market, the Chinese government [added] could modify or implement the Action Plan in a way that effectively prevents us from being able to design products to meet the new standard, [added] which may restrict the ability of customers to use some of our data center products and may have a material and adverse impact on our business, operating results and financial condition. Further restrictions on our products or the products of our suppliers could negatively impact our business and financial results.

Cite this change

"The Chinese government has encouraged customers to purchase from our China-based competitors and discouraged customers from purchasing, importing, or using our data center products, including any China-specific product designed to comply with U.S. export controls."

NVIDIA, Form 10-K for FY2026, Item 1A, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

03ChangedItem 1A › Risks Related to Regulatory, Legal, Our Stock and Other Matters › We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.

Summary · quote-checked

The disclosure reports a preliminary Chinese antitrust finding and changes excess-inventory risk from hypothetical to previously experienced and potential.

The paragraph now states that regulators found export-control compliance discriminatory and violating acquisition approval terms, replacing a hypothetical investigation outcome with a reported event and changed modality.

Why the model ranked it here

The filing reports a preliminary antitrust finding that export-control compliance violated terms of the acquisition approval, creating a specific regulatory exposure.

Filing text · FY2025 10-K · filed Feb 26, 2025

Increasing use of economic sanctions and export controls has impacted and may in the future impact demand for our products or services, negatively impacting our business and financial results. Reduced demand due to export controls ~~[removed] could also~~ lead to excess inventory or cause us to incur related supply charges. Additional unilateral or multilateral controls are also likely to include deemed export control limitations that negatively impact the ability of our research and development teams to execute our roadmap or other objectives in a timely manner. Additional export restrictions may not only impact our ability to serve overseas markets, but also provoke responses from foreign governments, including China, that negatively impact our supply chain or our ability to provide our products and services to customers in all markets worldwide, which could also substantially reduce our revenue. Regulators in China have inquired about our sales and efforts to supply the China market and our fulfillment of the commitments we entered at the close of our Mellanox acquisition. [removed] For example, regulators in China are investigating whether complying with applicable U.S. export controls discriminates unfairly against customers in the China market. If regulators conclude that we have failed to fulfill such commitments or we have violated any applicable law in China, we could be subject to financial penalties, restrictions on our ability to conduct our business, restrictions regarding our networking products and services, or otherwise impact our operations in China, any of which could have a material and adverse impact on our business, operating results and financial condition.

Filing text · FY2026 10-K · filed Feb 25, 2026

Increasing use of economic sanctions and export controls has impacted and may in the future impact demand for our products or services, negatively impacting our business and financial results. Reduced demand due to export controls [added] has and could in the future lead to excess inventory or cause us to incur related supply charges. Additional unilateral or multilateral controls are also likely to include deemed export control limitations that negatively impact the ability of our research and development teams to execute our roadmap or other objectives in a timely manner. Additional export restrictions may not only impact our ability to serve overseas markets, but also provoke responses from foreign governments, including China, that negatively impact our supply chain or our ability to provide our products and services to customers in all markets worldwide, which could also substantially reduce our revenue. Regulators in China have inquired about our sales and efforts to supply the China market and our fulfillment of the commitments we entered at the close of our Mellanox acquisition. [added] On September 15, 2025, China's antitrust regulators published their preliminary finding that our compliance with applicable U.S. export controls, which required us to offer degraded products to the Chinese market, discriminated unfairly against customers in the China market and therefore violated the terms of China's approval of our Mellanox acquisition. If regulators conclude that we have failed to fulfill the terms of our Mellanox acquisition or we have violated any applicable law in China, we could be subject to financial penalties, restrictions on our ability to conduct our business, restrictions or other orders regarding our networking business, products, and services, or otherwise impact our operations in China, any of which could have a material and adverse impact on our business, operating results and financial condition.

Cite this change

"On September 15, 2025, China's antitrust regulators published their preliminary finding that our compliance with applicable U.S. export controls, which required us to offer degraded products to the Chinese market, discriminated unfairly against customers in the China market and therefore violated the terms of China's approval of our Mellanox acquisition."

NVIDIA, Form 10-K for FY2026, Item 1A, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

Show all 46 in Item 1A (43 more, in filing order)

Item 7 · MD&A

2 of 41 shown · Ordered by the model, quote-checked

01ChangedItem 7 › Gross Profit and Gross Margin

Summary · quote-checked

Gross margin shifted from an increase driven by Data Center revenue mix to a decrease attributed to business-model transition and a $4.5 billion charge.

The statement changes direction and replaces the prior driver with a business-model transition and a charge associated with excess inventory and purchase obligations.

Why the model ranked it here

Gross margin reversed direction and now reflects a business-model transition and a substantial charge tied to excess inventory and purchase obligations.

Filing text · FY2025 10-K · filed Feb 26, 2025

Gross margins ~~[removed] increased to 75.0%~~ in fiscal year ~~[removed] 2025 from 72.7%~~ in fiscal year ~~[removed] 2024. The year over year increase was primarily driven by a higher mix of Data Center revenue.~~

Filing text · FY2026 10-K · filed Feb 25, 2026

Gross margins [added] decreased to 71.1% in fiscal year [added] 2026 from 75.0% in fiscal year [added] 2025 as our business model transitioned from offering Hopper HGX systems to Blackwell full-scale datacenter solutions and a $4.5 billion charge associated with H20 excess inventory and purchase obligations in the first quarter of fiscal year 2026.

Cite this change

"Gross margins decreased to 71.1% in fiscal year 2026 from 75.0% in fiscal year 2025 as our business model transitioned from offering Hopper HGX systems to Blackwell full-scale datacenter solutions and a $4.5 billion charge associated with H20 excess inventory and purchase obligations in the first quarter of fiscal year 2026."

NVIDIA, Form 10-K for FY2026, Item 7, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

02ChangedItem 7 › Gross Profit and Gross Margin

Summary · quote-checked

Updated inventory provisions and releases, including a newly disclosed $4.5 billion associated with H20 excess inventory and purchase obligations.

The paragraph adds a specific excess-inventory and purchase-obligation disclosure and changes the stated provision amounts and gross-margin impact, altering the described exposure beyond a routine annual roll-forward.

Why the model ranked it here

The company newly identifies a substantial H20-related inventory and purchase-obligation exposure, materially changing its reported inventory risk.

Filing text · FY2025 10-K · filed Feb 26, 2025

Provisions for inventory and excess inventory purchase obligations totaled ~~[removed] $3.7~~ billion and ~~[removed] $2.2~~ billion for fiscal years ~~[removed] 2025 and 2024, respectively.~~ Sales of previously reserved inventory and settlements of excess inventory purchase obligations resulted in a provision release of ~~[removed] $689 million and $540~~ million for fiscal years ~~[removed] 2025 and 2024,~~ respectively. The net effect on our gross margin was an unfavorable impact of ~~[removed] 2.3% and 2.7%~~ in fiscal years ~~[removed] 2025 and 2024,~~ respectively.

Filing text · FY2026 10-K · filed Feb 25, 2026

Provisions for inventory and excess inventory purchase obligations totaled [added] $7.2 billion and [added] $3.7 billion for fiscal years [added] 2026 and 2025, 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] $1.5 billion and $689 million for fiscal years [added] 2026 and 2025, respectively. The net effect on our gross margin was an unfavorable impact of [added] 2.6% and 2.3% in fiscal years [added] 2026 and 2025, respectively.

Cite this change

"Provisions for inventory and excess inventory purchase obligations totaled $7.2 billion and $3.7 billion for fiscal years 2026 and 2025, respectively, including $4.5 billion associated with H20 excess inventory and purchase obligations for the first quarter of fiscal year 2026."

NVIDIA, Form 10-K for FY2026, Item 7, accession 0001045810-26-000021, filed 25 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm

Comparison: https://yearover.com/reports/nvda/0001045810-26-000021?ref=quote

Show all 41 in Item 7 (39 more, in filing order)

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