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

03ChangedItem 7 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

The disclosure changes from broad export licensing restrictions to a specific H200 license, with shipment limits, inspection requirements, tariffs, and no revenue to date.

The paragraph now describes a specific authorization and new conditions affecting shipments, customers, revenue, imports, inspections, and tariffs, substantively changing the disclosed trade risk.

Why the model ranked it here

A specific export license now imposes shipment, inspection, import, and tariff conditions while producing no revenue to date.

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

In ~~[removed] August 2022,~~ the USG [removed] 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 · FY2026 10-K · filed Feb 25, 2026

In [added] February 2026, the USG [added] granted a license that would allow us to ship small amounts of H200 products to specific China-based customers. To date, we have not generated any revenue under the H200 licensing program, and do not yet know whether any imports will be allowed into China. The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.

Cite this change

"In February 2026, the USG granted a license that would allow us to ship small amounts of H200 products to specific China-based customers. To date, we have not generated any revenue under the H200 licensing program, and do not yet know whether any imports will be allowed into China. The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States."

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

04ChangedItem 7 › Concentration of Revenue

Summary · quote-checked

The disclosure changed from introducing a table for customers representing at least 10% of revenue to identifying two customers and their revenue concentrations.

The current paragraph newly states specific customer concentration levels, changing the disclosed dependency and exposure rather than merely updating presentation or wording.

Why the model ranked it here

The company now discloses substantial revenue dependence on two named direct customers, making customer concentration more concrete.

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

Direct Customers - ~~[removed] Sales to direct customers which represented 10% or more~~ of total revenue, all of which were primarily attributable to the Compute & Networking ~~[removed] segment, are presented in the following table:~~

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

Direct Customers - [added] For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue, all of which were primarily attributable to the Compute & Networking [added] segment.

Cite this change

"Direct Customers - For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue, all of which were primarily attributable to the Compute & Networking segment."

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

05ChangedItem 7 › Concentration of Revenue

Summary · quote-checked

The disclosure expands indirect-customer concentration and adds revenue involving cloud-service purchases by an AI research and deployment company.

The current paragraph adds concentration exposure, intermediary purchasing arrangements, and a newly described AI research and deployment company contribution; these are substantive changes to customer dependency disclosure.

Why the model ranked it here

The disclosure expands dependence on a limited number of indirect customers and identifies meaningful revenue connected to an AI research and deployment company.

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

Indirect Customers - Indirect customer revenue is an estimation based upon multiple factors including customer purchase order information, product specifications, internal sales data, and other sources. [removed] Actual indirect customer revenue may differ from our estimates. For fiscal year 2025, an indirect customer which primarily purchases our products through system integrators and distributors, including through Direct 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

Indirect Customers - Indirect customer revenue is an estimation based upon multiple factors including customer purchase order information, product specifications, internal sales data, and other sources. [added] Indirect customers primarily purchase our products through system integrators and distributors. We 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 purchasing cloud services from our customers in fiscal year 2026.

Cite this change

"Indirect customers primarily purchase our products through system integrators and distributors. We 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 purchasing cloud services from our customers in 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

06ChangedItem 7 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

Replaced a general demand-estimation and revenue risk with risks involving data-center, energy, capital availability, and customer infrastructure deployment.

The disclosure now identifies specific resource shortages, regulatory and construction challenges, financing constraints, and potential delays or reduced AI adoption, materially changing the stated risks and dependencies.

Why the model ranked it here

Customer access to data centers, energy, capital, and infrastructure is now identified as a critical dependency that could delay deployments or reduce adoption.

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

[removed] Demand estimates for our products, applications, and services can be incorrect and create volatility in our revenue or supply levels. We may not be able to generate significant revenue from them. Advancements in accelerated computing and generative AI models, along with the growth in model complexity and scale, have driven increased demand for our Data Center systems.

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

[added] The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these or other necessary resources could impact our future revenue and financial performance. Expanding energy capacity to meet demand is a complex, multi-year process that involves significant regulatory, technical, and construction challenges. In addition, access to capital can be particularly constrained for less-capitalized companies, which may face difficulties securing financing for large-scale infrastructure projects. These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption.

Cite this change

"The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these or other necessary resources could impact our future revenue and financial performance. Expanding energy capacity to meet demand is a complex, multi-year process that involves significant regulatory, technical, and construction challenges. In addition, access to capital can be particularly constrained for less-capitalized companies, which may face difficulties securing financing for large-scale infrastructure projects. These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption."

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

07ChangedItem 7 › Outstanding Indebtedness and Commercial Paper Program

Summary · quote-checked

Debt maturities changed, including $1,000 due within one year, and the table added short-term and total long-term portions.

The maturity profile and stated short-term debt changed, altering the disclosed timing and classification of obligations; the date roll-forward is boilerplate but does not control.

Why the model ranked it here

Debt now includes a stated short-term portion and a changed maturity profile, making near-term obligations more prominent.

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

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

Cite this change

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

08ChangedItem 7 › Liquidity

Summary · quote-checked

Liquidity increased from $43.2 billion to $62.6 billion, while references to supply obligations and share purchases were removed.

The date rollover is boilerplate, but the materially different liquidity figure and removal of specifically identified future obligations change the disclosure’s substance.

Why the model ranked it here

Although liquidity increased, the disclosure removed specific references to future supply obligations and share purchases from the sufficiency statement.

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

Our primary sources of liquidity include cash, cash equivalents, marketable securities, and cash generated by our operations. As of January ~~[removed] 26, 2025,~~ we had ~~[removed] $43.2~~ billion in cash, cash equivalents, and marketable securities. We believe that we have sufficient liquidity to meet our operating requirements for at least the next twelve months and ~~[removed] thereafter~~ for the foreseeable future, including our future ~~[removed] supply obligations and share purchases.~~ We continuously evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance future capital requirements.

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

Our primary sources of liquidity include cash, cash equivalents, marketable securities, and cash generated by our operations. As of January [added] 25, 2026, we had [added] $62.6 billion in cash, cash equivalents, and marketable securities. We believe that we have sufficient liquidity to meet our operating requirements for at least the next twelve months and for the foreseeable future, including our future [added] obligations. We continuously evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance future capital requirements.

Cite this change

"As of January 25, 2026, we had $62.6 billion in cash, cash equivalents, and marketable securities. We believe that we have sufficient liquidity to meet our operating requirements for at least the next twelve months and for the foreseeable future, including our future obligations."

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

09ChangedItem 7 › Material Cash Requirements and Other Obligations

Summary · quote-checked

Unrecognized tax benefits and related interest increased, and the company disclosed an IRS examination for fiscal years 2023 and 2024.

The added IRS examination is a new tax-related event, while the increased balances also change the stated tax exposure.

Why the model ranked it here

The company now reports an active Internal Revenue Service examination, adding a new event to its tax exposure disclosure.

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

Unrecognized tax benefits of ~~[removed] $2.2~~ billion, which includes related interest and penalties of ~~[removed] $251~~ million, were recorded in non-current income tax payable at the end of fiscal year ~~[removed] 2025.~~ We are unable to estimate the timing of any potential tax liability, interest payments, or penalties in individual years due to uncertainties in the underlying income tax positions and the timing of the effective settlement of such tax positions. Refer to Note 13 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K for further information.

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

Unrecognized tax benefits of [added] $4.0 billion, which includes related interest and penalties of [added] $374 million, were recorded in non-current income tax payable at the end of fiscal year [added] 2026. We are unable to estimate the timing of any potential tax liability, interest payments, or penalties in individual years due to uncertainties in the underlying income tax positions and the timing of the effective settlement of such tax positions. [added] We are currently under examination by the Internal Revenue Service for our fiscal years 2023 and 2024. Refer to Note 13 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K for further information.

Cite this change

"We are currently under examination by the Internal Revenue Service for our fiscal years 2023 and 2024."

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

10ChangedItem 7 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

The MD&A paragraph removed disclosure about Asia-Pacific supply-chain concentration and export controls limiting alternative manufacturing locations and harming the business.

A substantive supply-chain dependency and export-control risk was removed, leaving only a cross-reference to the Risk Factors section.

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

[removed] While we work to enhance the resiliency and redundancy of our supply chain, which is currently concentrated in the Asia-Pacific region, new and existing export controls or changes to existing export controls could limit alternative manufacturing locations and negatively impact our business. Refer to "Item 1A. Risk Factors - Risks Related to Regulatory, Legal, Our Stock and Other Matters" for a discussion of ~~[removed] this potential impact.~~

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

Refer to "Item 1A. Risk Factors - Risks Related to Regulatory, Legal, Our Stock and Other Matters" for a [added] further discussion of [added] the potential impact of these factors on our business.

Cite this change

"Refer to "Item 1A. Risk Factors - Risks Related to Regulatory, Legal, Our Stock and Other Matters" for a further discussion of the potential impact of these factors on our business."

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

11ChangedItem 7 › Fiscal Year 2026 Summary

Summary · quote-checked

Gross margin changed from increasing due to Data Center mix to decreasing amid a business-model transition and a $4.5 billion H20-related charge.

The direction of gross-margin movement reverses, and the company adds substantive drivers: a transition to Blackwell solutions and a charge for H20 excess inventory and purchase obligations.

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

Gross margin ~~[removed] increased~~ in fiscal year ~~[removed] 2025 driven~~ by a ~~[removed] higher mix of Data Center revenue.~~

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

Gross margin [added] decreased in fiscal year [added] 2026 as our business model transitioned from offering Hopper HGX systems to Blackwell full-scale datacenter solutions. The gross margin decrease was also impacted by a [added] $4.5 billion charge associated with H20 excess inventory and purchase obligations.

Cite this change

"Gross margin decreased in fiscal year 2026 as our business model transitioned from offering Hopper HGX systems to Blackwell full-scale datacenter solutions. The gross margin decrease was also impacted by a $4.5 billion charge associated with H20 excess inventory and purchase obligations."

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

12ChangedItem 7 › Income Taxes

Summary · quote-checked

The explanation for the increased effective tax rate changed from higher pre-tax income and an audit-related benefit to lower relative tax benefits.

The stated drivers of the tax-rate increase were replaced, changing the substance of the MD&A explanation rather than merely updating periods or wording.

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

The effective tax rate increased primarily due to ~~[removed] higher pre-tax income and a prior year discrete benefit due to an audit resolution.~~

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

The effective tax rate increased primarily due to [added] a lower percentage of tax benefits from stock-based compensation, FDDEI, and U.S. federal research tax credit relative to the increase in income before income tax.

Cite this change

"The effective tax rate increased primarily due to a lower percentage of tax benefits from stock-based compensation, FDDEI, and U.S. federal research tax credit relative to the increase in income before income tax."

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

13ChangedItem 7 › Fiscal Year 2026 Summary

Summary · quote-checked

Gaming revenue growth increased, the stated driver changed, and the company added an outlook about supply constraints affecting Gaming.

The paragraph changes the reported growth, replaces the revenue driver, and adds a forward-looking supply constraint, making the disclosure substantively different.

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

Gaming revenue for fiscal year ~~[removed] 2025~~ was up ~~[removed] 9%~~ from a year ago, driven by ~~[removed] sales of our GeForce RTX 40 Series GPUs.~~

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

Gaming revenue for fiscal year [added] 2026 was up [added] 41% from a year ago, driven by [added] strong Blackwell demand. We expect supply constraints to be a headwind to Gaming in the first quarter of fiscal 2027 and beyond.

Cite this change

"Gaming revenue for fiscal year 2026 was up 41% from a year ago, driven by strong Blackwell demand. We expect supply constraints to be a headwind to Gaming in the first quarter of fiscal 2027 and beyond."

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

14ChangedItem 7 › Income Taxes

Summary · quote-checked

The company changed a possible future valuation allowance release into a concluded release of $711 million based on taxable income and expected earnings.

The disclosure changes from a potential, uncertain release and possible tax-expense reduction to a completed release with a specific amount and realizability conclusion.

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

~~[removed] Given our current and possible future earnings, we believe that we may release the valuation allowance associated with~~ certain state deferred tax assets [removed] in the near term, which would decrease our income tax expense for the period the release is recorded. The timing and amount of the valuation allowance release could vary based on our assessment of all available information.

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

[added] As of January 25, 2026, based on recent jurisdictional taxable income and expected future earnings, we concluded certain state deferred tax assets [added] are more likely than not realizable and released $711 million of valuation allowance.

Cite this change

"As of January 25, 2026, based on recent jurisdictional taxable income and expected future earnings, we concluded certain state deferred tax assets are more likely than not realizable and released $711 million of valuation allowance."

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

15ChangedItem 7 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

The paragraph now reports shipping Blackwell Ultra platforms, names Rubin and GB300, and revises product-transition risks, impacts, and customer adoption expectations.

The disclosure adds named products and an actual shipping event, changes risk modality and stated consequences, and removes or replaces prior supply-chain and development-risk statements.

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

[removed] Product transitions are complex and we often ship both new and prior architecture products simultaneously as our channel partners prepare to ship and support new products. We are generally in various stages of transitioning the architectures of our Data Center, Gaming, Professional Visualization, and Automotive products. The computing industry is experiencing a broader and faster launch cadence of accelerated computing platforms to meet a growing and diverse set of AI opportunities. We have introduced a new product and architecture cadence of our ~~[removed] Data Center solutions where we seek to complete new computing solutions each year and provide a greater variety of Data Center offerings. The increased frequency of these~~ transitions and [removed] the larger number of products and product configurations may magnify the challenges associated with managing our supply and demand which may further create volatility in our revenue. The increased frequency and complexity of newly introduced products could result in ~~[removed] quality or production issues that could increase~~ inventory provisions, ~~[removed] warranty, or other costs or result~~ in product [removed] delays. We incur significant engineering development resources for new products, and changes to our product roadmap may impact our ability to develop other products or adequately manage our supply chain cost. Customers may ~~[removed] delay purchasing existing products as we increase the frequency of new products~~ or may ~~[removed] not be able to adopt our new products as fast as forecasted, both impacting the timing of~~ our revenue and supply chain ~~[removed] cost.~~ While we have managed prior product transitions and have sold multiple product architectures at the same time, these transitions are difficult, may impair our ability to predict demand and impact our supply mix, and may cause us to incur additional costs.

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

[added] We continue to execute Data Center compute product introductions, bringing new advanced architectures on a one-year product cadence, including our Rubin platform. We began shipping production units of our [added] new Blackwell Ultra platforms including GB300 in the second quarter of fiscal year 2026. The complexity of our product transitions and [added] sophisticated system configurations has and may in the future cause delays in production and create challenges in managing supply and demand. This could further result in [added] revenue volatility, quality issues, increased inventory provisions, [added] decreases in product [added] yields and higher material costs, and/or increased warranty costs. Customers may [added] postpone purchasing new architectures or may [added] adopt new technologies more gradually than anticipated, affecting our revenue [added] timing and supply chain [added] expenses.

Cite this change

"We began shipping production units of our new Blackwell Ultra platforms including GB300 in the second 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

16ChangedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure shifts from investment-policy requirements to describing current fixed-income investments and their shorter maturities.

The prior paragraph states mandatory diversification and maturity limits, while the current paragraph describes portfolio characteristics without those policy requirements; the obligation and maturity disclosure changed substantively.

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

Our ~~[removed] investment policy requires the purchase of highly-rated~~ fixed income ~~[removed] securities, the diversification of~~ investment types and credit ~~[removed] exposures, and certain maturity limits on our portfolio.~~

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

Our fixed income [added] security investments include highly rated, diversified investment types and credit [added] exposures with shorter maturities.

Cite this change

"Our fixed income security investments include highly rated, diversified investment types and credit exposures with shorter maturities."

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

17ChangedItem 7 › Operating Income by Reportable Segments

Summary · quote-checked

The stated driver of the year-over-year Graphics revenue increase changed from GeForce RTX 40 Series GPU sales to Blackwell architecture sales.

In MD&A, replacing the reported revenue driver changes the substance of the results narrative, rather than merely updating a recurring product name.

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

Graphics revenue - The year over year increase was driven by sales of our ~~[removed] GeForce RTX 40 Series GPUs.~~

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

Graphics revenue - The year over year increase was driven by sales of our [added] Blackwell architecture.

Cite this change

"Graphics revenue - The year over year increase was driven by sales of our Blackwell architecture."

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

18ChangedItem 7 › Outstanding Indebtedness and Commercial Paper Program

Summary · quote-checked

The commercial paper program increased from $575 million to up to $25.0 billion, with issuance terms and an added liquidity-strategy statement.

The disclosure changes the available borrowing capacity, adds issuance mechanics, and states that commercial paper remains under evaluation as part of liquidity strategy.

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

~~[removed] We have a $575 million~~ commercial paper ~~[removed] program to support general corporate purposes.~~ As of January ~~[removed] 26, 2025, we had~~ no commercial paper ~~[removed] outstanding.~~

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

[added] In January 2026, we increased the amount of our commercial paper [added] program, pursuant to which we may issue unsecured commercial paper notes from time to time or all at once up to $25.0 billion. As of January [added] 25, 2026, no commercial paper [added] was outstanding. We will continue to evaluate issuing commercial paper as a component of our overall liquidity strategy.

Cite this change

"In January 2026, we increased the amount of our commercial paper program, pursuant to which we may issue unsecured commercial paper notes from time to time or all at once up to $25.0 billion."

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

19ChangedItem 7 › Fiscal Year 2026 Summary

Summary · quote-checked

Professional Visualization revenue growth rose from 21% to 70%, with drivers shifting from Ada RTX workstation adoption to Blackwell demand and DGX Spark launch.

The reported growth rate changed materially, and the stated drivers were replaced, including a newly described product launch and exceptional demand.

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

Professional Visualization revenue for fiscal year ~~[removed] 2025~~ was up ~~[removed] 21%~~ from a year ago, driven by ~~[removed] the continued ramp of Ada RTX GPU workstations for use cases such as generative AI-powered design, simulation, and engineering.~~

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

Professional Visualization revenue for fiscal year [added] 2026 was up [added] 70% from a year ago, driven by [added] exceptional demand for Blackwell as well as the launch of our new DGX Spark.

Cite this change

"Professional Visualization revenue for fiscal year 2026 was up 70% from a year ago, driven by exceptional demand for Blackwell as well as the launch of our new DGX Spark."

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

20ChangedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The stated drivers of increased investing cash use changed from marketable securities and property purchases to equity securities and a Groq license agreement.

Although fiscal periods rolled forward, the MD&A replaces the reported drivers and adds a specifically named license agreement, changing the substance of the explanation.

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

Cash used in investing activities increased in fiscal year ~~[removed] 2025~~ compared to fiscal year ~~[removed] 2024,~~ primarily driven by ~~[removed] net~~ purchases of ~~[removed] marketable securities, and purchase of land, property and equipment.~~

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

Cash used in investing activities increased in fiscal year [added] 2026 compared to fiscal year [added] 2025, primarily driven by [added] higher purchases of [added] equity investment securities and the execution of a non-exclusive license agreement with Groq.

Cite this change

"Cash used in investing activities increased in fiscal year 2026 compared to fiscal year 2025, primarily driven by higher purchases of equity investment securities and the execution of a non-exclusive license agreement with Groq."

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

21ChangedItem 7 › Fiscal Year 2026 Summary

Summary · quote-checked

The Data Center growth explanation changed from Hopper-driven demand and Blackwell shipments to accelerated computing and AI platform shifts.

The stated drivers changed substantively, and the prior paragraph’s Blackwell shipping event and application references were removed; this is more than a fiscal-year or figure update.

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

Data Center revenue for fiscal year ~~[removed] 2025~~ was up ~~[removed] 142%~~ from a year ago. The strong year-on-year growth was driven by ~~[removed] demand for our Hopper architecture~~ accelerated computing [removed] platform used for large language models, recommendation engines, and generative AI applications. We began shipping production systems of the Blackwell architecture in the fourth quarter of fiscal year 2025.

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

Data Center revenue for fiscal year [added] 2026 was up [added] 68% from a year ago. The strong year-on-year growth was driven by [added] the major platform shifts - accelerated computing [added] and AI.

Cite this change

"The strong year-on-year growth was driven by the major platform shifts - accelerated computing and AI."

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

22ChangedItem 7 › Total Other Income, Net

Summary · quote-checked

The stated drivers of the change shifted to unrealized gains, including gains from a previously announced investment in Intel's common stock.

The MD&A replaces the prior fair-value increase explanation with different drivers and names a specific investment, substantively changing the results narrative; fiscal-year and cross-reference updates are secondary.

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

~~[removed] Other, net~~ consists of realized or unrealized gains and losses from investments in non-marketable equity securities, publicly-held equity securities, and the impact of changes in foreign currency rates. The change in ~~[removed] Other,~~ net, compared to fiscal year ~~[removed] 2024,~~ was primarily driven by ~~[removed] an increase in fair value of our non-marketable equity securities and publicly-held equity securities.~~ Refer to Note 8 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K for additional information regarding our non-marketable equity securities.

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

[added] Other income, net primarily consists of realized or unrealized gains and losses from investments in non-marketable equity securities, publicly-held equity securities, and the impact of changes in foreign currency rates. The change in [added] Other income, net, compared to fiscal year [added] 2025, was primarily driven by [added] unrealized gains in non-marketable and publicly-held equity securities, including gains from our previously announced investment in Intel's common stock. Refer to Note [added] 7 and 8 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K for additional information regarding our non-marketable equity securities.

Cite this change

"The change in Other income, net, compared to fiscal year 2025, was primarily driven by unrealized gains in non-marketable and publicly-held equity securities, including gains from our previously announced investment in Intel's common stock."

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

23ChangedItem 7 › Capital Return to Shareholders

Summary · quote-checked

Repurchase activity changed substantially, and the disclosure replaced the program’s stated aims with execution methods and suspension discretion.

The repurchased shares and amount changed, while the paragraph added transaction methods and suspension discretion and removed statements about dilution offset and liquidity.

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

From January ~~[removed] 27, 2025~~ through February ~~[removed] 21, 2025,~~ we repurchased ~~[removed] 29~~ million shares for ~~[removed] $3.7~~ billion pursuant to a pre-established trading plan. [removed] Our share repurchase program aims to offset dilution from shares issued to employees while maintaining adequate liquidity to meet our operating requirements. We may pursue additional share repurchases as we weigh market factors and other investment opportunities.

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

From January [added] 26, 2026 through February [added] 20, 2026, we repurchased [added] 8 million shares for [added] $1.5 billion pursuant to a pre-established trading plan. [added] We may execute repurchases from time to time, subject to market conditions, operating requirements, and other investment opportunities, in the open market, in privately negotiated transactions, pursuant to a Rule 10b5-1 trading plan or in structured share repurchase agreements in compliance with Rule 10b-18 of the Exchange Act. Our share repurchase program may be suspended at any time at our discretion.

Cite this change

"We may execute repurchases from time to time, subject to market conditions, operating requirements, and other investment opportunities, in the open market, in privately negotiated transactions, pursuant to a Rule 10b5-1 trading plan or in structured share repurchase agreements in compliance with Rule 10b-18 of the Exchange Act. Our share repurchase program may be suspended at any time at our discretion."

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

24ChangedItem 7 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

The revenue-growth explanation shifted from Hopper-driven growth and initial Blackwell shipments to Blackwell architectures representing most Data Center revenue.

The stated driver and characterization of Blackwell changed substantively; the fiscal-year update alone would be boilerplate, but the replaced business explanation is material.

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

Revenue growth in fiscal year ~~[removed] 2025~~ was driven by data center compute and networking platforms for accelerated computing and AI solutions. [removed] Demand for our Hopper architecture drove our significant growth for the full year. We began shipping production systems of the Blackwell architecture in the fourth quarter of fiscal year 2025.

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

Revenue growth in fiscal year [added] 2026 was driven by data center compute and networking platforms for accelerated computing and AI solutions. [added] Our Blackwell architectures represented the majority of our Data Center revenue.

Cite this change

"Our Blackwell architectures represented the majority of our Data Center revenue."

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

25ChangedItem 7 › Material Cash Requirements and Other Obligations

Summary · quote-checked

Added facility lease guarantees to the listed material obligations and changed purchase obligations to purchase commitments.

The newly referenced facility lease guarantees indicate an additional obligation, while the other wording changes are largely terminology or reference updates.

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

For ~~[removed] a description~~ of our long-term debt, purchase ~~[removed] obligations,~~ and operating lease obligations, refer to Note 11, Note 12, and Note 17 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K, respectively.

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

For [added] descriptions of our [added] facility lease guarantees, long-term debt, purchase [added] commitments, and operating lease obligations, refer to Note [added] 10, Note 11, Note 12, and Note 17 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K, respectively.

Cite this change

"For descriptions of our facility lease guarantees, long-term debt, purchase commitments, and operating lease obligations, refer to Note 10, Note 11, Note 12, and Note 17 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K, respectively."

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

26ChangedItem 7 › Fiscal Year 2026 Summary

Summary · quote-checked

Operating expense growth declined, and the stated cost drivers changed by removing compensation increases, engineering development, and new product introduction costs.

Although the fiscal year and percentage rolled forward, the MD&A explanation dropped stated drivers and therefore substantively changed what management attributed the expense increase to.

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

Operating expenses for fiscal year ~~[removed] 2025~~ were up ~~[removed] 45%~~ from a year ago, driven by higher compensation and benefits expenses due to employee growth and ~~[removed] compensation increases, and engineering development,~~ compute and infrastructure ~~[removed] costs for new product introductions.~~

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

Operating expenses for fiscal year [added] 2026 were up [added] 41% from a year ago, driven by higher compensation and benefits expenses due to employee growth and compute and infrastructure [added] costs.

Cite this change

"Operating expenses for fiscal year 2026 were up 41% from a year ago, driven by higher compensation and benefits expenses due to employee growth and compute and infrastructure costs."

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

27ChangedItem 7 › Concentration of Revenue

Summary · quote-checked

Revenue geography is now based on direct customers’ headquarters rather than billing location, with different international revenue percentages and an added location caveat.

The disclosure changes how geographic revenue is defined and reports materially different concentration percentages, altering the stated customer-geography exposure rather than merely rolling forward periods.

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

Revenue by geographic region is designated based on the ~~[removed] billing location even if the revenue may be attributable to indirect customers in a different~~ location. Revenue from sales to customers outside of the United States accounted for ~~[removed] 53% and 56%~~ of total revenue for fiscal years ~~[removed] 2025 and 2024,~~ respectively.

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

Revenue by geographic region is designated based on the [added] location of the headquarters of direct customers. The end customer and shipping location may be different from our customers' headquarters location. Revenue from sales to customers [added] headquartered outside of the United States accounted for [added] 31% and 41% of total revenue for fiscal years [added] 2026 and 2025, respectively.

Cite this change

"Revenue by geographic region is designated based on the location of the headquarters of direct customers. The end customer and shipping location may be different from our customers' headquarters location."

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

28ChangedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The financing cash-use increase was attributed to higher share repurchases, with the prior reference to higher RSU-related tax payments removed.

Although fiscal-year comparisons rolled forward, the stated driver changed: higher tax payments related to RSUs were removed, substantively changing the explanation of financing cash use.

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

Cash used in financing activities increased in fiscal year ~~[removed] 2025~~ compared to fiscal year ~~[removed] 2024,~~ mainly due to higher share ~~[removed] repurchases and higher tax payments related to RSUs.~~

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

Cash used in financing activities increased in fiscal year [added] 2026 compared to fiscal year [added] 2025, mainly due to higher share [added] repurchases.

Cite this change

"Cash used in financing activities increased in fiscal year 2026 compared to fiscal year 2025, mainly due to higher share repurchases."

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

29ChangedItem 7 › Liquidity

Summary · quote-checked

Added disclosure that estimated federal and state income tax payments generally occur twice in the second quarter rather than the first quarter.

The added sentence provides new liquidity-related timing information about income tax payments; the fiscal-year rollover alone would be boilerplate.

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

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

Except for approximately $1.7 billion of cash, cash equivalents, and marketable securities held outside the U.S. for which we have not accrued any related foreign or state taxes if we repatriate these amounts to the U.S., substantially all of our cash, cash equivalents and marketable securities held outside the U.S. at the end of fiscal year [added] 2026 are available for use in the U.S. without incurring additional U.S. federal income taxes.[added] Our first quarter of any fiscal year (including fiscal year 2027) generally does not include any estimated federal and state income tax payments and our second quarter of any fiscal year (including fiscal year 2027) generally includes two estimated federal and state income tax payments.

Cite this change

"Our first quarter of any fiscal year (including fiscal year 2027) generally does not include any estimated federal and state income tax payments and our second quarter of any fiscal year (including fiscal year 2027) generally includes two estimated federal and state income tax payments."

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

30ChangedItem 7 › Operating Income by Reportable Segments

Summary · quote-checked

Operating income commentary replaces Hopper-driven demand with Blackwell demand and substantially changes networking growth rates and stated platform drivers.

The paragraph changes reported percentages, named computing platforms, and the stated drivers of both computing and networking revenue, altering the substance of the results explanation.

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

Compute & Networking revenue - The year over year increase was ~~[removed] due to strong demand for our~~ accelerated computing and ~~[removed] AI solutions.~~ Revenue from Data Center computing grew ~~[removed] 162% driven primarily~~ by demand for our [removed] Hopper computing platform used for large language models, recommendation engines, and generative AI applications. Revenue from Data Center networking grew 51% driven by Ethernet for AI revenue, which includes Spectrum-X end-to-end ethernet platform.

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

Compute & Networking revenue - The year over year increase was [added] driven by the major platform shifts - accelerated computing and [added] AI. Revenue from Data Center computing grew [added] 59% driven by demand for our [added] Blackwell computing platform. Revenue from Data Center networking grew 142% driven by the introduction and continued ramp of NVLink compute fabric for GB200 and GB300 systems and the growth of Ethernet and InfiniBand platforms.

Cite this change

"Revenue from Data Center computing grew 59% driven by demand for our Blackwell computing platform."

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

31ChangedItem 7 › Total Other Income, Net

Summary · quote-checked

The interest-income explanation changes the securities category from marketable securities to debt securities.

In MD&A, the stated driver changes from marketable securities to debt securities, altering the substance of what management identifies as supporting interest-income growth.

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

The increase in interest income was primarily due to growth in cash, cash equivalents, and ~~[removed] marketable~~ securities.

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

The increase in interest income was primarily due to growth in cash, cash equivalents, and [added] debt securities.

Cite this change

"The increase in interest income was primarily due to growth in cash, cash equivalents, and debt securities."

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

32ChangedItem 7 › Income Taxes

Summary · quote-checked

The disclosure replaces the FDII benefit with FDDEI and removes the prior audit-resolution benefit from the explanation of lower effective tax rates.

Although fiscal-year and rate formatting changes are boilerplate, the named tax benefit changes and the audit-resolution benefit is removed, altering the stated drivers of effective tax rates.

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

Our effective tax rates for fiscal years ~~[removed] 2025 and 2024~~ were lower than the U.S. federal statutory rate of ~~[removed] 21% due primarily~~ to tax benefits from ~~[removed] the FDII deduction,~~ stock-based compensation, ~~[removed] the U.S. federal research tax credit, and~~ income earned in jurisdictions that are subject to taxes at rates lower than the U.S. federal statutory tax ~~[removed] rate. Our effective tax rate for fiscal year 2024 was additionally benefited by the audit resolution.~~

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

Our effective tax rates for fiscal years [added] 2026 and 2025 were lower than the U.S. federal statutory rate of [added] 21.0% primarily due to tax benefits from [added] FDDEI, stock-based compensation, income earned in jurisdictions that are subject to taxes at rates lower than the U.S. federal statutory tax [added] rate, and the U.S. federal research tax credit.

Cite this change

"Our effective tax rates for fiscal years 2026 and 2025 were lower than the U.S. federal statutory rate of 21.0% primarily due to tax benefits from FDDEI, 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-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

33ChangedItem 7 › Operating Income by Reportable Segments

Summary · quote-checked

Segment operating income explanations changed: Compute & Networking included a $4.5 billion H20 charge, while Graphics income increased rather than decreased.

The disclosure adds an inventory and purchase-obligation charge and changes Graphics from an operating-income decrease driven by expenses to an increase driven by revenue.

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

Reportable segment operating income - The year over year increase in Compute & Networking segment operating income was driven by growth in ~~[removed] revenue. The year over year decrease in Graphics segment operating income was driven by an increase of 44% in~~ segment operating ~~[removed] expenses, partially offset by~~ growth in revenue.

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

Reportable segment operating income - The year over year increase in Compute & Networking segment operating income was driven by growth in [added] revenue, partially offset by a $4.5 billion charge associated with H20 excess inventory and purchase obligations in the first quarter of fiscal year 2026. The year over year increase in Graphics segment operating [added] income was driven by the growth in revenue.

Cite this change

"Reportable segment operating income - The year over year increase in Compute & Networking segment operating income was driven by growth in revenue, partially offset by a $4.5 billion charge associated with H20 excess inventory and purchase obligations in the first quarter of fiscal year 2026. The year over year increase in Graphics segment operating income was driven by the growth in revenue."

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

34ChangedItem 7 › Operating Expenses

Summary · quote-checked

Research and development expense increases are attributed to changed percentages and no longer include engineering development costs for new product introductions.

Although the fiscal year rolls forward, the stated drivers change: compensation and infrastructure percentages differ, and engineering development costs are removed from the explanation.

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

The increases in research and development expenses for fiscal year ~~[removed] 2025~~ were driven by a ~~[removed] 32%~~ increase in compensation and ~~[removed] benefits,~~ including stock-based compensation, reflecting employee growth and compensation ~~[removed] increases, a 100%~~ increase in compute and ~~[removed] infrastructure, and a 234% increase in engineering development costs for new product introductions.~~

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

The increases in research and development expenses for fiscal year [added] 2026 were driven by a [added] 29% increase in compensation and [added] benefits expense, including stock-based compensation, reflecting employee growth and compensation [added] increases and a 79% increase in compute and [added] infrastructure.

Cite this change

"The increases in research and development expenses for fiscal year 2026 were driven by a 29% increase in compensation and benefits expense, including stock-based compensation, reflecting employee growth and compensation increases and a 79% increase in compute and infrastructure."

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

35ChangedItem 7 › Concentration of Revenue

Summary · quote-checked

Adds an explicit statement that revenue is concentrated among a limited number of direct and indirect customers and that this may continue.

The added concentration disclosure substantively changes the stated customer-dependency exposure; renamed or reclassified customer categories are secondary wording changes.

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

We refer to customers who purchase products directly from NVIDIA as direct customers, such as AIBs, distributors, ODMs, OEMs, and system integrators. ~~[removed] We have certain customers that may purchase products directly from NVIDIA and~~ may use either internal resources or third-party system integrators to complete their build. We ~~[removed] also have indirect customers,~~ who purchase products through our direct customers; indirect customers include CSPs, ~~[removed] consumer internet companies,~~ enterprises, and public sector entities.

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

We refer to customers who purchase products directly from NVIDIA as direct customers, such as AIBs, distributors, ODMs, OEMs, [added] CSPs, AI model makers, and system integrators. [added] Certain direct customers may use either internal resources or third-party system integrators to complete their build. We [added] refer to indirect customers as those who purchase products through our direct customers; indirect customers include CSPs, [added] Neocloud builders, AI model makers, enterprises, and public sector entities.[added] Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue.

Cite this change

"Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue."

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

36ChangedItem 7 › Our Company and Our Businesses

Summary · quote-checked

NVIDIA expanded “AV” to “autonomous vehicles” and added that it is now a data center scale AI infrastructure company reshaping all industries.

The added company-positioning statement materially changes the business description and stated strategic characterization; expanding AV is otherwise wording.

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

NVIDIA pioneered accelerated computing to help solve the most challenging computational problems. Since our original focus on PC graphics, we have expanded to several other large and important computationally intensive fields. Fueled by the sustained demand for exceptional 3D graphics and the scale of the gaming market, NVIDIA has leveraged its GPU architecture to create platforms for scientific computing, AI, data science, ~~[removed] AV,~~ robotics, and digital twin applications.

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

NVIDIA pioneered accelerated computing to help solve the most challenging computational problems. Since our original focus on PC graphics, we have expanded to several other large and important computationally intensive fields. Fueled by the sustained demand for exceptional 3D graphics and the scale of the gaming market, NVIDIA has leveraged its GPU architecture to create platforms for scientific computing, AI, data science, [added] autonomous vehicles, robotics, and digital twin applications.[added] NVIDIA is now a data center scale AI infrastructure company reshaping all industries.

Cite this change

"NVIDIA is now a data center scale AI infrastructure company reshaping all industries."

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

37ChangedItem 7 › Capital Return to Shareholders

Summary · quote-checked

Share repurchase authorization, fiscal-year repurchases, and remaining authorization changed in amount and share count.

The authorization and remaining capacity figures change the stated scale of capital-return commitments and capacity, beyond a calendar-year roll-forward.

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

On August 26, ~~[removed] 2024,~~ our Board of Directors approved an additional ~~[removed] $50 billion to our~~ share repurchase authorization, without expiration. In fiscal year ~~[removed] 2025,~~ we repurchased ~~[removed] 310~~ million shares of our common stock for ~~[removed] $34.0~~ billion. As of January ~~[removed] 26, 2025,~~ we were authorized, subject to certain specifications, to repurchase up to ~~[removed] $38.7~~ billion of our common stock.

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

On August 26, [added] 2025, our Board of Directors approved an additional [added] $60.0 billion in share repurchase authorization, without expiration. In fiscal year [added] 2026, we repurchased [added] 282 million shares of our common stock for [added] $40.4 billion. As of January [added] 25, 2026, we were authorized, subject to certain specifications, to repurchase up to [added] $58.5 billion of our common stock.

Cite this change

"On August 26, 2025, our Board of Directors approved an additional $60.0 billion in share repurchase authorization, without expiration. In fiscal year 2026, we repurchased 282 million shares of our common stock for $40.4 billion. As of January 25, 2026, we were authorized, subject to certain specifications, to repurchase up to $58.5 billion of our common stock."

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

38ChangedItem 7 › Recent Developments, Future Objectives and Challenges

Summary · quote-checked

Macroeconomic factors are stated as having direct impacts rather than potentially having them, with revenue and competitive position newly identified as affected areas.

The change shifts from potential to realized impacts and expands the stated effects beyond costs and investments to include revenue and competitive position.

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

Macroeconomic factors, including inflation, interest rate changes, capital market volatility, global supply chain constraints, ~~[removed] tariffs,~~ and global economic and geopolitical developments, ~~[removed] may~~ have direct and indirect impacts on our results of operations, particularly demand for our products. While difficult to isolate and quantify, these macroeconomic factors impact our supply chain and manufacturing costs, employee wages, costs for capital ~~[removed] equipment and~~ value of our ~~[removed] investments.~~ Our product and solution pricing generally does not fluctuate with short-term changes in our costs. Within our supply chain, we continuously manage product availability and costs with our vendors.

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

Macroeconomic factors, including [added] tariffs, inflation, interest rate changes, capital market volatility, global supply chain constraints, and global economic and geopolitical developments, have direct and indirect impacts on our results of operations, particularly demand for our products. While difficult to isolate and quantify, these macroeconomic factors impact our supply chain and manufacturing costs, employee wages, costs for capital [added] equipment, the value of our [added] investments, revenue and competitive position. Our product and solution pricing generally does not fluctuate with short-term changes in our costs. Within our supply chain, we continuously manage product availability and costs with our vendors.

Cite this change

"Macroeconomic factors, including tariffs, inflation, interest rate changes, capital market volatility, global supply chain constraints, and global economic and geopolitical developments, have direct and indirect impacts on our results of operations, particularly demand for our products."

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

39ChangedItem 7 › Critical Accounting Estimates

Summary · quote-checked

The critical accounting estimates now include non-marketable equity securities.

A newly identified category of critical accounting estimate changes the disclosed areas involving significant estimation uncertainty and potential impact on financial condition or results.

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

Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, cost of revenue, expenses and related disclosure of contingencies. Critical accounting estimates are those estimates that involve a significant level of estimation uncertainty and could have a material impact on our financial condition or results of operations. We have critical accounting estimates in the areas of inventories, income taxes, and revenue recognition. Refer to Note 1 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K for a summary of significant accounting policies.

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

Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, cost of revenue, expenses and related disclosure of contingencies. Critical accounting estimates are those estimates that involve a significant level of estimation uncertainty and could have a material impact on our financial condition or results of operations. We have critical accounting estimates in the areas of inventories, income taxes, [added] non-marketable equity securities, and revenue recognition. Refer to Note 1 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K for a summary of significant accounting policies.

Cite this change

"We have critical accounting estimates in the areas of inventories, income taxes, non-marketable equity securities, and revenue recognition."

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

40ChangedItem 7 › Gross Profit and Gross Margin

Summary · quote-checked

Removed “primarily,” changing the description from cost of revenue being mainly semiconductor-related to consisting of semiconductor costs.

The deleted qualifier broadens the stated composition of cost of revenue, changing the scope of the company’s accounting description rather than merely rephrasing it.

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

Gross profit consists of total net revenue less cost of revenue. Cost of revenue consists ~~[removed] primarily~~ of the cost of semiconductors, including wafer fabrication, assembly, testing and packaging, board and device costs, manufacturing support costs, including labor and overhead associated with such purchases, final test yield fallout, inventory and warranty provisions, memory and component costs, tariffs, and shipping costs. Cost of revenue also includes acquisition-related intangible amortization expense, costs for license and development and service arrangements, IP-related costs, and stock-based compensation related to personnel associated with manufacturing operations.

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

Gross profit consists of total net revenue less cost of revenue. Cost of revenue consists of the cost of semiconductors, including wafer fabrication, assembly, testing and packaging, board and device costs, manufacturing support costs, including labor and overhead associated with such purchases, final test yield fallout, inventory and warranty provisions, memory and component costs, tariffs, and shipping costs. Cost of revenue also includes acquisition-related intangible amortization expense, costs for license and development and service arrangements, IP-related costs, and stock-based compensation related to personnel associated with manufacturing operations.

Cite this change

"Cost of revenue consists of the cost of semiconductors, including wafer fabrication, assembly, testing and packaging, board and device costs, manufacturing support costs, including labor and overhead associated with such purchases, final test yield fallout, inventory and warranty provisions, memory and component costs, tariffs, and shipping costs."

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

41ChangedItem 7 › Contracts with Multiple Performance Obligations

Summary · quote-checked

The disclosure changes from establishing standalone selling prices in certain cases to doing so in most cases using directly observable prices.

The quantifier changes the stated prevalence of directly observable pricing evidence, altering the accounting-policy disclosure's substantive characterization rather than merely rephrasing it.

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

We allocate the total transaction price to each distinct performance obligation in an arrangement with multiple performance obligations on a relative standalone selling price basis. In ~~[removed] certain~~ cases, we can establish standalone selling price based on directly observable prices of products or services sold separately in comparable circumstances to similar customers. If standalone selling price is not directly observable, such as when we do not sell a product or service separately, we determine standalone selling price based on market data and other observable inputs.

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

We allocate the total transaction price to each distinct performance obligation in an arrangement with multiple performance obligations on a relative standalone selling price basis. In [added] most cases, we can establish standalone selling price based on directly observable prices of products or services sold separately in comparable circumstances to similar customers. If standalone selling price is not directly observable, such as when we do not sell a product or service separately, we determine standalone selling price based on market data and other observable inputs.

Cite this change

"In most cases, we can establish standalone selling price based on directly observable prices of products or services sold separately in comparable circumstances to similar customers."

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

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