Item 1. Financial Statements (Unaudited)

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Income

(In millions, except per share data)

(Unaudited)

			Three Months Ended												Six Months Ended
			Jul 27, 2025						Jul 28, 2024						Jul 27, 2025						Jul 28, 2024
Revenue			$	46,743					$	30,040					$	90,805					$	56,084
Cost of revenue			12,890						7,466						30,284						13,105
Gross profit			33,853						22,574						60,521						42,979
Operating expenses
Research and development			4,291						3,090						8,280						5,810
Sales, general and administrative			1,122						842						2,163						1,618
Total operating expenses			5,413						3,932						10,443						7,428
Operating income			28,440						18,642						50,078						35,551
Interest income			592						444						1,108						803
Interest expense			(62)						(61)						(124)						(125)
Other income (expense), net			2,236						189						2,055						264
Total other income (expense), net			2,766						572						3,039						942
Income before income tax			31,206						19,214						53,117						36,493
Income tax expense			4,784						2,615						7,920						5,013
Net income			$	26,422					$	16,599					$	45,197					$	31,480
Net income per share:
Basic			$	1.08					$	0.68					$	1.85					$	1.28
Diluted			$	1.08					$	0.67					$	1.84					$	1.27
Weighted average shares used in per share computation:
Basic			24,366						24,578						24,404						24,599
Diluted			24,532						24,848						24,571						24,869

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(In millions)

(Unaudited)

			Three Months Ended												Six Months Ended
			Jul 27, 2025						Jul 28, 2024						Jul 27, 2025						Jul 28, 2024
Net income			$	26,422					$	16,599					$	45,197					$	31,480
Other comprehensive income (loss), net of tax
Available-for-sale securities:
Net change in unrealized gain (loss)			(52)						150						87						22
Cash flow hedges:
Change in unrealized gain			31						23						54						20
Reclassification adjustments for net realized gain (loss) included in net income			5						(8)						1						(13)
Net change in unrealized gain			36						15						55						7
Other comprehensive income (loss), net of tax			(16)						165						142						29
Total comprehensive income			$	26,406					$	16,764					$	45,339					$	31,509

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

			Jul 27, 2025						Jan 26, 2025
Assets
Current assets:
Cash and cash equivalents			$	11,639					$	8,589
Marketable securities			45,152						34,621
Accounts receivable, net			27,808						23,065
Inventories			14,962						10,080
Prepaid expenses and other current assets			2,658						3,771
Total current assets			102,219						80,126
Property and equipment, net			9,141						6,283
Operating lease assets			2,084						1,793
Goodwill			5,755						5,188
Intangible assets, net			755						807
Deferred income tax assets			13,570						10,979
Other assets			7,216						6,425
Total assets			$	140,740					$	111,601
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable			$	9,064					$	6,310
Accrued and other current liabilities			15,193						11,737
Total current liabilities			24,257						18,047
Long-term debt			8,466						8,463
Long-term operating lease liabilities			1,831						1,519
Other long-term liabilities			6,055						4,245
Total liabilities			40,609						32,274
Commitments and contingencies - see Note 11
Shareholders’ equity:
Preferred stock			—						—
Common stock			24						24
Additional paid-in capital			11,200						11,237
Accumulated other comprehensive income			170						28
Retained earnings			88,737						68,038
Total shareholders' equity			100,131						79,327
Total liabilities and shareholders' equity			$	140,740					$	111,601

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

			Common Stock Outstanding												Additional Paid-in Capital						Accumulated Other Comprehensive Income (Loss)						Retained Earnings						Total Shareholders' Equity
			Shares						Amount
(In millions, except per share data)
Balances as of Apr 27, 2025			24,388						$	24					$	11,475					$	186					$	72,158					$	83,843
Net income			—						—						—						—						26,422						26,422
Other comprehensive loss			—						—						—						(16)						—						(16)
Issuance of common stock			39						—						—						—						—						—
Tax withholding related to common stock			(13)						—						(1,848)						—						—						(1,848)
Shares repurchased			(67)						—						(59)						—						(9,599)						(9,658)
Cash dividends declared and paid ($0.01 per common share)			—						—						—						—						(244)						(244)
Stock-based compensation			—						—						1,632						—						—						1,632
Balances as of Jul 27, 2025			24,347						$	24					$	11,200					$	170					$	88,737					$	100,131
Balances as of Apr 28, 2024			24,598						$	25					$	12,628					$	(109)					$	36,598					$	49,142
Net income			—						—						—						—						16,599						16,599
Other comprehensive income			—						—						—						165						—						165
Issuance of common stock			38						—						—						—						—						—
Tax withholding related to common stock			(11)						—						(1,637)						—						—						(1,637)
Shares repurchased			(63)						—						(38)						—						(6,990)						(7,028)
Cash dividends declared and paid ($0.01 per common share)			—						—						—						—						(246)						(246)
Stock-based compensation			—						—						1,162						—						—						1,162
Balances as of Jul 28, 2024			24,562						$	25					$	12,115					$	56					$	45,961					$	58,157

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

			Common Stock Outstanding												Additional Paid-in Capital						Accumulated Other Comprehensive Income						Retained Earnings						Total Shareholders' Equity
			Shares						Amount
(In millions, except per share data)
Balances, Jan 26, 2025			24,477						$	24					$	11,237					$	28					$	68,038					$	79,327
Net income			—						—						—						—						45,197						45,197
Other comprehensive income			—						—						—						142						—						142
Issuance of common stock			89						—						370						—						—						370
Tax withholding related to common stock			(26)						—						(3,380)						—						—						(3,380)
Shares repurchased			(193)						—						(151)						—						(24,010)						(24,161)
Cash dividends declared and paid ($0.02 per common share)			—						—						—						—						(488)						(488)
Fair value of partially vested equity awards assumed in connection with acquisitions			—						—						22						—						—						22
Stock-based compensation			—						—						3,102						—						—						3,102
Balances as of Jul 27, 2025			24,347						$	24					$	11,200					$	170					$	88,737					$	100,131
Balances, Jan 28, 2024			24,643						$	25					$	13,109					$	27					$	29,817					$	42,978
Net income			—						—						—						—						31,480						31,480
Other comprehensive income			—						—						—						29						—						29
Issuance of common stock			113						—						285						—						—						285
Tax withholding related to common stock			(32)						—						(3,389)						—						—						(3,389)
Shares repurchased			(162)						—						(71)						—						(14,992)						(15,063)
Cash dividends declared and paid ($0.014 per common share)			—						—						—						—						(344)						(344)
Stock-based compensation			—						—						2,181						—						—						2,181
Balances as of Jul 28, 2024			24,562						$	25					$	12,115					$	56					$	45,961					$	58,157

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In millions)

(Unaudited)

			Six Months Ended
			Jul 27, 2025						Jul 28, 2024
Cash flows from operating activities:
Net income			$	45,197					$	31,480
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense			3,099						2,164
Depreciation and amortization			1,280						843
Deferred income taxes			(2,160)						(3,276)
Gains on non-marketable equity securities and publicly-held equity securities, net			(2,073)						(264)
Other			(196)						(288)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable			(4,743)						(4,133)
Inventories			(4,880)						(1,380)
Prepaid expenses and other assets			946						(12)
Accounts payable			2,255						801
Accrued and other current liabilities			3,075						3,314
Other long-term liabilities			979						584
Net cash provided by operating activities			42,779						29,833
Cash flows from investing activities:
Proceeds from maturities of marketable securities			6,252						8,098
Proceeds from sales of marketable securities			487						164
Proceeds from sales of non-marketable equity securities			70						105
Purchases of marketable securities			(14,358)						(15,047)
Purchases related to property and equipment and intangible assets			(3,122)						(1,346)
Purchases of non-marketable equity securities			(995)						(534)
Acquisitions, net of cash acquired			(677)						(317)
Net cash used in investing activities			(12,343)						(8,877)
Cash flows from financing activities:
Proceeds related to employee stock plans			370						285
Payments related to repurchases of common stock			(23,815)						(14,898)
Payments related to employee stock plan taxes			(3,380)						(3,389)
Dividends paid			(488)						(344)
Principal payments on property and equipment and intangible assets			(73)						(69)
Repayment of debt			—						(1,250)
Net cash used in financing activities			(27,386)						(19,665)
Change in cash and cash equivalents			3,050						1,291
Cash and cash equivalents at beginning of period			8,589						7,280
Cash and cash equivalents at end of period			$	11,639					$	8,571
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net			$	8,451					$	7,449

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. The January 26, 2025 consolidated balance sheet was derived from our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 26, 2025, as filed with the SEC, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 26, 2025.

Certain balances from the prior fiscal year have been reclassified to conform to the current period presentation.

Significant Accounting Policies

There have been no material changes to our significant accounting policies disclosed in Note 1 - Organization and Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 26, 2025.

Fiscal Year

Fiscal years 2026 and 2025 are both 52-week years ending on the last Sunday in January. The second quarters of fiscal years 2026 and 2025 were both 13-week quarters.

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of NVIDIA Corporation and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from our estimates. On an on-going basis, we evaluate our estimates, including those related to accounts receivable, cash equivalents and marketable securities, goodwill, income taxes, inventories and product purchase commitments, investigation and settlement costs, litigation, non-marketable equity securities, other contingencies, property, plant, and equipment, restructuring and other charges, revenue recognition, and stock-based compensation. These estimates are based on historical facts and various other assumptions that we believe are reasonable.

Recently Issued Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued a new accounting standard which includes new and updated income tax disclosures, including disaggregation of information in the rate reconciliation and income taxes paid. We will adopt this standard in our fiscal year 2026 annual report. We are currently assessing the effect of the adoption of this standard on our disclosures that will be included in our Form 10-K for the fiscal year ending January 25, 2026.

In November 2024, the FASB issued a new accounting standard requiring disclosures of certain additional expense information on an annual and interim basis, including, among other items, the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We will adopt this standard in our fiscal year 2028 annual report. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements other than additional disclosures.

Note 2 - Stock-Based Compensation

Stock-based compensation expense includes restricted stock units, or RSUs, performance stock units, or PSUs, market-based PSUs, and our employee stock purchase plan, or ESPP.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Condensed Consolidated Statements of Income include stock-based compensation expense, net of amounts capitalized into inventory, as follows:

			Three Months Ended												Six Months Ended
			Jul 27, 2025						Jul 28, 2024						Jul 27, 2025						Jul 28, 2024
			(In millions)
Cost of revenue			$	58					$	40					$	123					$	75
Research and development			1,191						832						2,254						1,559
Sales, general and administrative			375						282						722						530
Total			$	1,624					$	1,154					$	3,099					$	2,164

Equity Award Activity

The following is a summary of our equity award transactions under our equity incentive plans:

			RSUs, PSUs and Market-based PSUs Outstanding
			Number of Shares						Weighted Average Grant-Date Fair Value Per Share
			(In millions, except per share data)
Balance as of Jan 26, 2025			274						$	44.75
Granted			48						$	108.52
Vested			(78)						$	36.00
Canceled and forfeited			(5)						$	52.34
Balance as of Jul 27, 2025			239						$	60.19

As of July 27, 2025, aggregate unearned stock-based compensation expense was $14.0 billion, which is expected to be recognized over a weighted average period of 2.2 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP.

Note 3 - Net Income Per Share

The following is the basic and diluted net income per share computations for the periods presented:

			Three Months Ended												Six Months Ended
			Jul 27, 2025						Jul 28, 2024						Jul 27, 2025						Jul 28, 2024
			(In millions, except per share data)
Numerator:
Net income			$	26,422					$	16,599					$	45,197					$	31,480
Denominator:
Basic weighted average shares			24,366						24,578						24,404						24,599
Dilutive impact of outstanding equity awards			166						270						167						270
Diluted weighted average shares			24,532						24,848						24,571						24,869
Net income per share:
Basic (1)			$	1.08					$	0.68					$	1.85					$	1.28
Diluted (2)			$	1.08					$	0.67					$	1.84					$	1.27
Anti-dilutive equity awards excluded from diluted net income per share			3						5						60						68

(1) Net income divided by basic weighted average shares.

(2) Net income divided by diluted weighted average shares.

Diluted net income per share was computed using the weighted average number of common and potentially dilutive shares outstanding during the period, using the treasury stock method.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 4 - Income Taxes

Income tax expense was $4.8 billion and $2.6 billion for the second quarter, and $7.9 billion and $5.0 billion for the first half, of fiscal years 2026 and 2025, respectively. Income tax as a percentage of income before income tax was an expense of 15.3% and 13.6% for the second quarter, and 14.9% and 13.7% for the first half, of fiscal years 2026 and 2025, respectively.

The effective tax rate increased primarily due to a lower tax benefit from stock-based compensation, partially offset by an increase in tax benefit from foreign-derived deduction eligible income.

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

In July 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law and contains several changes to key U.S. federal income tax laws. As of July 27, 2025, we have recognized the tax effects of certain OBBBA provisions, which did not have a material impact on our second quarter.

Given our current and possible future earnings, we believe that we may release the valuation allowance associated with certain state deferred tax assets 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.

While we believe that we have adequately provided for all uncertain tax positions, or tax positions where we believe it is not more-likely-than-not that the position will be sustained upon review, amounts asserted by tax authorities could be greater or less than our accrued position. Accordingly, our provisions on federal, state and foreign tax related matters to be recorded in the future may change as revised estimates are made or the underlying matters are settled or otherwise resolved with the respective tax authorities.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 5 - Cash Equivalents and Marketable Securities

The fair values of our financial assets are determined using quoted market prices of identical assets or market prices of similar assets from active markets. We review fair value classification on a quarterly basis. The following is a summary of cash equivalents and marketable securities:

			Jul 27, 2025
			Pricing Category			Amortized Cost						Unrealized Gain						Unrealized Loss						Estimated Fair Value						Reported as
															Cash Equivalents						Marketable Securities
						(In millions)
Debt securities issued by the U.S. Treasury			Level 2			$	23,967					$	76					$	(11)					$	24,032					$	3,784					$	20,248
Corporate debt securities			Level 2			21,564						81						(9)						21,636						2,214						19,422
Money market funds			Level 1			5,245						—						—						5,245						5,245						—
Debt securities issued by U.S. government agencies			Level 2			2,238						7						(2)						2,243						—						2,243
Certificates of deposit			Level 2			108						—						—						108						108						—
Foreign government bonds			Level 2			40						—						—						40						—						40
Total debt securities with fair value adjustments recorded in other comprehensive income						53,162						164						(22)						53,304						11,351						41,953
Publicly-held equity securities (1)			Level 1																					3,199						—						3,199
Total						$	53,162					$	164					$	(22)					$	56,503					$	11,351					$	45,152

(1) In the first quarter of fiscal year 2026, one investment was reclassified from non-marketable equity securities to marketable securities following public market trading. The fair value of the investment as of July 27, 2025 was $2.8 billion and was subject to a short-term restriction on the ability to sell.

Publicly-held equity securities are subject to market price volatility. Net unrealized gains on investments in publicly-held equity securities held at period end were $1.9 billion and $1.7 billion for the second quarter and first half of fiscal year 2026, respectively. Net unrealized gains on investments in publicly-held equity securities held at period end were $132 million and $181 million for the second quarter and first half of fiscal year 2025, respectively.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

			Jan 26, 2025
			Pricing Category			Amortized Cost						Unrealized Gain						Unrealized Loss						Estimated Fair Value						Reported as
															Cash Equivalents						Marketable Securities
						(In millions)
Corporate debt securities			Level 2			$	18,504					$	51					$	(29)					$	18,526					$	2,071					$	16,455
Debt securities issued by the U.S. Treasury			Level 2			16,749						42						(22)						16,769						1,801						14,968
Money market funds			Level 1			3,760						—						—						3,760						3,760						—
Debt securities issued by U.S. government agencies			Level 2			2,775						7						(5)						2,777						—						2,777
Foreign government bonds			Level 2			177						—						—						177						137						40
Certificates of deposit			Level 2			97						—						—						97						97						—
Total debt securities with fair value adjustments recorded in other comprehensive income						42,062						100						(56)						42,106						7,866						34,240
Publicly-held equity securities			Level 1																					381						—						381
Total						$	42,062					$	100					$	(56)					$	42,487					$	7,866					$	34,621

The following table provides the breakdown of unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:

			Jul 27, 2025												Jan 26, 2025
			Less than 12 Months																								Less than 12 Months
			Estimated Fair Value						Gross Unrealized Loss																														Estimated Fair Value						Gross Unrealized Loss
			(In millions)
Debt securities issued by the U.S. Treasury			$	7,319					$	(11)																													$	6,315					$	(22)
Corporate debt securities			3,539						(9)																														5,291						(29)
Debt securities issued by U.S. government agencies			768						(2)																														816						(5)
Total			$	11,626					$	(22)																													$	12,422					$	(56)

Gross unrealized losses related to debt securities in a continuous loss position of twelve months or greater, with balances of $15 million and $213 million as of July 27, 2025 and January 26, 2025, respectively, were not significant.

Gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The estimated fair value of debt securities included in cash equivalents and marketable securities are shown below by contractual maturity.

			Jul 27, 2025
			(In millions)
Less than one year			$	22,521
Due in 1 - 5 years			30,783
Total			$	53,304

Note 6 - Fair Value of Non-marketable Equity Securities

Our non-marketable equity securities are recorded in long-term other assets on our Condensed Consolidated Balance Sheets and valued under the measurement alternative. Gains and losses on these investments, realized and unrealized, are recognized in Other income (expense), net on our Condensed Consolidated Statements of Income.

Adjustments to the carrying value of our non-marketable equity securities during the second quarter and first half of fiscal years 2026 and 2025 were as follows:

			Three Months Ended												Six Months Ended
			Jul 27, 2025						Jul 28, 2024						Jul 27, 2025						Jul 28, 2024
			(In millions)
Balance at beginning of period			$	3,240					$	1,463					$	3,387					$	1,321
Adjustments related to non-marketable equity securities:
Net additions			299						294						948						421
Unrealized gains			267						77						330						92
Reclassification (1)			(5)						—						(848)						—
Impairments and unrealized losses			(2)						(15)						(18)						(15)
Balance at end of period			$	3,799					$	1,819					$	3,799					$	1,819

(1) Represents reclassifications from non-marketable equity securities to marketable securities following public market trading.

Non-marketable equity securities had cumulative gross unrealized gains of $661 million and $362 million, and cumulative gross unrealized losses and impairments of $93 million and $60 million on securities held as of July 27, 2025 and July 28, 2024, respectively.

Note 7 - Amortizable Intangible Assets and Goodwill

The components of our amortizable intangible assets are as follows:

			Jul 27, 2025																		Jan 26, 2025
			Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
			(In millions)
Acquisition-related intangible assets			$	3,054					$	(2,484)					$	570					$	2,900					$	(2,264)					$	636
Patents and licensed technology			473						(288)						185						449						(278)						171
Total intangible assets			$	3,527					$	(2,772)					$	755					$	3,349					$	(2,542)					$	807

Amortization expense associated with intangible assets was $84 million and $146 million for the second quarter, and $243 million and $289 million for the first half, of fiscal years 2026 and 2025, respectively.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following table outlines the estimated future amortization expense related to the net carrying amount of intangible assets as of July 27, 2025:

			Future Amortization Expense
			(In millions)
Fiscal Year:
2026 (excluding the first half of fiscal year 2026)			$	160
2027			300
2028			145
2029			46
2030			11
2031 and thereafter			93
Total			$	755

In the first half of fiscal year 2026, goodwill increased by $567 million from acquisitions and was allocated to our Compute & Networking reporting unit.

Note 8 - Balance Sheet Components

We refer to customers who purchase products directly from NVIDIA as direct customers, such as add-in board manufacturers, distributors, original device manufacturers, or ODMs, original equipment manufacturers, or OEMs, and system integrators. 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. Three direct customers accounted for 23%, 19% and 14% of our accounts receivable balance as of July 27, 2025. Two direct customers accounted for 17% and 16% of our accounts receivable balance as of January 26, 2025.

Certain balance sheet components are as follows:

			Jul 27, 2025						Jan 26, 2025
Inventories:			(In millions)
Raw materials			$	1,843					$	3,408
Work in process			4,411						3,399
Finished goods			8,708						3,273
Total inventories (1)			$	14,962					$	10,080

(1) We recorded an inventory provision of $886 million and $345 million for the second quarter of fiscal years 2026 and 2025, respectively, and $3.2 billion and $555 million for the first half of fiscal years 2026 and 2025, respectively, in cost of revenue.

Property and Equipment:

Property, equipment and intangible assets acquired but not paid for the first half of fiscal years 2026 and 2025 were $1.1 billion and not significant, respectively.

			Jul 27, 2025						Jan 26, 2025
Other Assets (Long Term):			(In millions)
Non-marketable equity securities			$	3,799					$	3,387
Prepaid supply and capacity agreements (1)			1,776						1,747
Income tax receivable			1,042						750
Prepaid royalties			327						340
Other			272						201
Total other assets			$	7,216					$	6,425

(1) $1.8 billion and $3.3 billion were included in short-term Prepaid expenses and other current assets as of July 27, 2025 and January 26, 2025, respectively.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

			Jul 27, 2025						Jan 26, 2025
Accrued and Other Current Liabilities:			(In millions)
Customer program accruals			$	4,705					$	4,880
Excess inventory purchase obligations (1)			3,154						2,095
Product warranty and return provisions			2,245						1,373
Taxes payable			1,910						881
Accrued payroll and related expenses			1,227						848
Deferred revenue (2)			980						837
Operating leases			301						288
Licenses and royalties			284						175
Unsettled share repurchases			185						132
Other			202						228
Total accrued and other current liabilities			$	15,193					$	11,737

(1) We recorded $137 million and $563 million for the second quarter of fiscal years 2026 and 2025, respectively, and $3.1 billion and $746 million for the first half of fiscal years 2026 and 2025, respectively, in cost of revenue

(2) Includes customer advances and unearned revenue related to hardware support, software support, cloud services, and license and development arrangements. The balance as of July 27, 2025 and January 26, 2025 included $80 million and $81 million of customer advances, respectively.

			Jul 27, 2025						Jan 26, 2025
Other Long-Term Liabilities:			(In millions)
Income tax payable (1)			$	3,081					$	2,188
Deferred income tax			1,351						886
Deferred revenue (2)			1,055						976
Licenses payable			325						116
Other			243						79
Total other long-term liabilities			$	6,055					$	4,245

(1) Primarily comprised of unrecognized tax benefits and related interest and penalties.

(2) Includes unearned revenue related to hardware support, software support, and cloud services.

Deferred Revenue

The following table shows the changes in short- and long-term deferred revenue during the first half of fiscal years 2026 and 2025:

			Six Months Ended
			Jul 27, 2025						Jul 28, 2024
			(In millions)
Balance at beginning of period			$	1,813					$	1,337
Deferred revenue additions (1)			8,275						1,478
Revenue recognized (2)			(8,053)						(1,094)
Balance at end of period			$	2,035					$	1,721

(1) Includes $7.5 billion and $770 million of customer advances for the first half of fiscal years 2026 and 2025, respectively.

(2) Includes $7.5 billion and $664 million related to customer advances for the first half of fiscal years 2026 and 2025, respectively.

We recognized revenue of $479 million and $323 million in the first half of fiscal years 2026 and 2025, respectively, that were included in the prior year end deferred revenue balance.

As of July 27, 2025, revenue related to remaining performance obligations from contracts greater than one year in length was $1.9 billion, which includes $1.8 billion from deferred revenue and $118 million which has not yet been billed nor recognized as revenue. Approximately 40% of revenue from contracts greater than one year in length will be recognized over the next twelve months.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 9 - Derivative Financial Instruments

We utilize foreign currency forward contracts to mitigate the impact of foreign currency exchange rate movements on our operating expenses. The foreign currency forward contracts for operating expenses are designated as accounting hedges. Gains or losses on the contracts are recorded in accumulated other comprehensive income or loss and reclassified to operating expense when the related operating expenses are recognized in earnings. During the first half of fiscal years 2026 and 2025, the impact of foreign currency forward contracts designated as accounting hedges on other comprehensive income or loss was not significant and all such instruments were determined to be highly effective.

We also entered into foreign currency forward contracts mitigating the impact of foreign currency movements on monetary assets and liabilities. For our foreign currency contracts for assets and liabilities, the change in fair value of these non-designated contracts was recorded in other income or expense and offsets the change in fair value of the hedged foreign currency denominated monetary assets and liabilities, which was also recorded in other income or expense.

The table below presents the notional value of our foreign currency contracts outstanding:

			Jul 27, 2025						Jan 26, 2025
			(In millions)
Designated as accounting hedges			$	1,577					$	1,424
Not designated as accounting hedges			$	939					$	1,297

The unrealized gains and losses or fair value of our foreign currency contracts were not significant as of July 27, 2025 and January 26, 2025.

As of July 27, 2025, all foreign currency contracts mature within eighteen months. The expected realized gains and losses deferred into accumulated other comprehensive income or loss related to foreign currency forward contracts within the next twelve months were not significant.

Note 10 - Debt

Long-Term Debt

						Expected Remaining Term (years)						Effective Interest Rate						Carrying Value at
												Jul 27, 2025						Jan 26, 2025
																		(In millions)
3.20% Notes Due 2026						1.1						3.31%						$	1,000					$	1,000
1.55% Notes Due 2028						2.9						1.64%						1,250						1,250
2.85% Notes Due 2030						4.7						2.93%						1,500						1,500
2.00% Notes Due 2031						5.9						2.09%						1,250						1,250
3.50% Notes Due 2040						14.7						3.54%						1,000						1,000
3.50% Notes Due 2050						24.7						3.54%						2,000						2,000
3.70% Notes Due 2060						34.7						3.73%						500						500
Unamortized debt discount and issuance costs																		(34)						(37)
Net long-term carrying amount																		$	8,466					$	8,463

As of July 27, 2025 and January 26, 2025, the estimated fair value of debt was $7.4 billion and $7.2 billion, respectively. The estimated fair values are based on Level 2 inputs.

Our notes are unsecured senior obligations. Existing and future liabilities of our subsidiaries will be effectively senior to the notes. Our notes pay interest semi-annually. We may redeem each of our notes prior to maturity, subject to a make-whole premium. The maturity of the notes is calendar year.

As of July 27, 2025, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Commercial Paper

We have a $575 million commercial paper program to support general corporate purposes. As of July 27, 2025 and January 26, 2025, we had no commercial paper outstanding.

Note 11 - Commitments and Contingencies

Commitments

Our commitments include obligations to purchase components used to manufacture our products, including certain software and technology licenses, investments, long-lived assets, long-term supply and capacity agreements, multi-year cloud service agreements, and other goods and services.

We enter into agreements with contract manufacturers that allow them to procure inventory based upon our defined criteria, and in certain instances, these agreements are cancellable, able to be rescheduled, or adjustable for our business needs prior to placing firm orders. Though, changes to these agreements may result in additional costs.

Total future commitments as of July 27, 2025 are as follows:

			Commitments
			(In millions)
Fiscal Year:
2026 (excluding the first half of fiscal year 2026)			$	30,930
2027			6,573
2028			3,915
2029			2,736
2030			1,402
2031 and thereafter			218
Total			$	45,774

Accrual for Product Warranty Liabilities

The estimated amount of product warranty liabilities was $2.1 billion and $1.3 billion as of July 27, 2025 and January 26, 2025, respectively. The estimated product returns and product warranty activity consisted of the following:

			Three Months Ended												Six Months Ended
			Jul 27, 2025						Jul 28, 2024						Jul 27, 2025						Jul 28, 2024
			(In millions)
Balance at beginning of period			$	2,080					$	532					$	1,290					$	306
Additions			220						237						1,090						471
Utilization			(156)						(28)						(236)						(36)
Balance at end of period			$	2,144					$	741					$	2,144					$	741

We have provided indemnities for matters such as tax, product, and employee liabilities. We have included intellectual property indemnification provisions in our technology-related agreements with third parties. Maximum potential future payments cannot be estimated because many of these agreements do not have a maximum stated liability. We have not recorded any liability in our Condensed Consolidated Financial Statements for such indemnifications.

Litigation

Securities Class Action and Derivative Lawsuits

The plaintiffs in the putative securities class action lawsuit, captioned 4:18-cv-07669-HSG, initially filed on December 21, 2018 in the United States District Court for the Northern District of California, and titled In Re NVIDIA Corporation Securities Litigation, filed an amended complaint on May 13, 2020. The amended complaint asserted that NVIDIA and certain NVIDIA executives violated Section 10(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and SEC Rule 10b-5, by making materially false or misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand between May 10, 2017 and November 14, 2018. Plaintiffs also alleged that the

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

NVIDIA executives who they named as defendants violated Section 20(a) of the Exchange Act. Plaintiffs sought class certification, an award of unspecified compensatory damages, an award of reasonable costs and expenses, including attorneys’ fees and expert fees, and further relief as the Court may deem just and proper. On March 2, 2021, the district court granted NVIDIA’s motion to dismiss the complaint without leave to amend, entered judgment in favor of NVIDIA and closed the case. On March 30, 2021, plaintiffs filed an appeal from judgment in the United States Court of Appeals for the Ninth Circuit, case number 21-15604. On August 25, 2023, a majority of a three-judge Ninth Circuit panel affirmed in part and reversed in part the district court’s dismissal of the case, with a third judge dissenting on the basis that the district court did not err in dismissing the case. On November 15, 2023, the Ninth Circuit denied NVIDIA’s petition for rehearing en banc of the Ninth Circuit panel’s majority decision to reverse in part the dismissal of the case, which NVIDIA had filed on October 10, 2023. On December 5, 2023, the Ninth Circuit granted NVIDIA’s motion to stay the mandate pending NVIDIA’s petition for a writ of certiorari in the Supreme Court of the United States and the Supreme Court’s final disposition of the matter. NVIDIA filed a petition for a writ of certiorari on March 4, 2024. On June 17, 2024, the Supreme Court of the United States granted NVIDIA’s petition for a writ of certiorari. After briefing and argument, the Supreme Court dismissed NVIDIA’s writ of certiorari as improvidently granted on December 11, 2024, and issued judgment on January 13, 2025. On February 20, 2025, the Ninth Circuit’s judgment, entered August 25, 2023 and corrected August 28, 2023, took effect, and the case was remanded to the district court for further proceedings.

The putative derivative lawsuit pending in the United States District Court for the Northern District of California, captioned 4:19-cv-00341-HSG, initially filed January 18, 2019 and titled In re NVIDIA Corporation Consolidated Derivative Litigation, was stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action. On February 22, 2022, the court administratively closed the case, but stated that it would reopen the case once the appeal in the In Re NVIDIA Corporation Securities Litigation action is resolved. The case has not yet been reopened by the court. The lawsuit asserts claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, waste of corporate assets, and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs are seeking unspecified damages and other relief, including reforms and improvements to NVIDIA’s corporate governance and internal procedures.

The putative derivative actions initially filed September 24, 2019 and pending in the United States District Court for the District of Delaware, Lipchitz v. Huang, et al. (Case No. 1:19-cv-01795-MN) and Nelson v. Huang, et. al. (Case No. 1:19-cv-01798-MN), were stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action. On March 7, 2025, after the Supreme Court issued its judgment dismissing the Company’s petition for writ of certiorari as improvidently granted in the In Re NVIDIA Securities Litigation action, the district court adopted the parties' stipulation to extend the stay until the final and complete resolution of the In Re NVIDIA Corporation Securities Litigation action. The lawsuits assert claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, insider trading, misappropriation of information, corporate waste and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false, and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs seek unspecified damages and other relief, including disgorgement of profits from the sale of NVIDIA stock and unspecified corporate governance measures.

Another putative derivative action was filed on October 30, 2023 in the Court of Chancery of the State of Delaware, captioned Horanic v. Huang, et al. (Case No. 2023-1096-KSJM). This lawsuit asserts claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty and insider trading based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs seek unspecified damages and other relief, including disgorgement of profits from the sale of NVIDIA stock and reform of unspecified corporate governance measures. On August 11, 2025, the court granted the parties’ stipulation to voluntarily dismiss with prejudice plaintiff City of Westland Police and Fire Retirement System. This derivative matter is stayed pending the final resolution of In Re NVIDIA Corporation Securities Litigation action.

Accounting for Loss Contingencies

As of July 27, 2025, there are no accrued contingent liabilities associated with the legal proceedings described above based on our belief that liabilities, while reasonably possible, are not probable. Further, any possible loss or range of loss in these matters cannot be reasonably estimated at this time. We are engaged in legal actions not described above arising in the ordinary course of business and, while there can be no assurance of favorable outcomes, we believe that the ultimate outcome of these actions will not have a material adverse effect on our operating results, liquidity or financial position.

Note 12 - Shareholders’ Equity

Capital Return Program

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

We repurchased 67 million and 63 million shares of our common stock for $9.7 billion and $7.0 billion during the second quarter of fiscal years 2026 and 2025, respectively, and 193 million and 162 million shares of our common stock for $24.2 billion and $15.1 billion during the first half of fiscal years 2026 and 2025, respectively. As of July 27, 2025, we were authorized, subject to certain specifications, to repurchase up to $14.7 billion of our common stock.

From July 28, 2025 through August 26, 2025, we repurchased 20 million shares for $3.5 billion pursuant to a pre-established trading plan. On August 26, 2025, our Board of Directors approved an additional $60.0 billion in share repurchase authorization, without expiration. As of August 26, 2025, a total of $71.2 billion was available for repurchase.

We paid cash dividends to our shareholders of $244 million and $246 million during the second quarter, and $488 million and $344 million during the first half, of fiscal years 2026 and 2025, respectively. The payment of future cash dividends is subject to our Board of Directors' continuing determination that the declaration of dividends is in the best interests of our shareholders.

Note 13 - Segment Information

Our Chief Executive Officer is our chief operating decision maker, or CODM, and reviews financial information presented on an operating segment basis for purposes of making decisions and assessing financial performance. Our CODM assesses operating performance of each segment based on regularly provided segment revenue and segment operating income. Operating results by segment include costs or expenses directly attributable to each segment, and costs or expenses that are leveraged across our unified architecture and therefore allocated between our two segments. Our CODM reviews expenses on a consolidated basis, and expenses attributable to each segment are not regularly provided to our CODM.

The Compute & Networking segment includes our Data Center accelerated computing platforms and artificial intelligence, or AI, solutions and software; networking; automotive platforms and autonomous and electric vehicle solutions; Jetson for robotics and other embedded platforms; and DGX Cloud computing services.

The Graphics segment includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse Enterprise software for building and operating industrial AI and digital twin applications.

Certain expenses are not allocated to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance. The expenses include stock-based compensation expense, corporate infrastructure and support costs, acquisition-related and other costs, and other non-recurring charges and benefits that our CODM deems to be enterprise in nature.

Our CODM does not review any information regarding total assets on a reportable segment basis. There are no intersegment transactions. The accounting policies for segment reporting are the same as for our consolidated financial statements. The table below presents details of our reportable segments.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

			Compute & Networking						Graphics						Total
			(In millions)
Three Months Ended Jul 27, 2025
Revenue			$	41,331					$	5,412					$	46,743
Other segment items (1)			12,968						3,170						16,138
Operating income (loss)			$	28,363					$	2,242					$	30,605
Three Months Ended Jul 28, 2024
Revenue			$	26,446					$	3,594					$	30,040
Other segment items (1)			7,598						2,225						9,823
Operating income (loss)			$	18,848					$	1,369					$	20,217
Six Months Ended Jul 27, 2025
Revenue			$	80,920					$	9,885					$	90,805
Other segment items (1)			30,503						6,003						36,506
Operating income (loss)			$	50,417					$	3,882					$	54,299
Six Months Ended Jul 28, 2024
Revenue			$	49,121					$	6,963					$	56,084
Other segment items (1)			13,225						4,354						17,579
Operating income (loss)			$	35,896					$	2,609					$	38,505

(1) Other segment items for the Compute & Networking and Graphics reportable segments primarily include product costs and inventory provisions, compensation and benefits excluding stock-based compensation expense, compute and infrastructure expenses, and engineering development costs.

Depreciation and amortization expense attributable to our Compute and Networking segment was $383 million and $161 million for the second quarter, and $684 million and $307 million for the first half, of fiscal years 2026 and 2025, respectively. Depreciation and amortization expense attributable to our Graphics segment was $148 million and $86 million for the second quarter, and $252 million and $171 million for the first half, of fiscal years 2026 and 2025, respectively. Acquisition-related intangible amortization expense is not allocated to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance.

A reconciliation of segment operating income to consolidated income before income tax for the second quarter and first half of fiscal years 2026 and 2025 were as follows:

			Three Months Ended												Six Months Ended
			Jul 27, 2025						Jul 28, 2024						Jul 27, 2025						Jul 28, 2024
			(In millions)
Segment operating income			$	30,605					$	20,217					$	54,299					$	38,505
Stock-based compensation expense			(1,624)						(1,154)						(3,099)						(2,164)
Unallocated cost of revenue and operating expenses			(440)						(280)						(859)						(508)
Acquisition-related and other costs			(101)						(141)						(263)						(282)
Interest income			592						444						1,108						803
Interest expense			(62)						(61)						(124)						(125)
Other income (expense), net			2,236						189						2,055						264
Consolidated income before income tax			$	31,206					$	19,214					$	53,117					$	36,493

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Revenue by geographic area is based upon the billing location of the customer. The end customer and shipping location may be different from our customer’s billing location.

			Three Months Ended												Six Months Ended
			Jul 27, 2025						Jul 28, 2024						Jul 27, 2025						Jul 28, 2024
			(In millions)
Geographic Revenue based upon Customer Billing Location:
United States			$	23,470					$	13,022					$	44,209					$	26,518
Singapore (1)			10,156						5,622						19,173						9,659
Taiwan			8,529						5,740						15,687						10,113
China (including Hong Kong)			2,769						3,667						8,291						6,158
Other			1,819						1,989						3,445						3,636
Total revenue			$	46,743					$	30,040					$	90,805					$	56,084

(1) Singapore represented 22%, and 21% of the second quarter and first half of fiscal year 2026 total revenue based upon customer billing location, respectively. Customers use Singapore to centralize invoicing while our products are almost always shipped elsewhere. Over 99% of controlled Data Center compute revenue billed to Singapore was for orders from U.S.-based customers for the second quarter and first half of fiscal year 2026. Controlled Data Center compute refers to products that meet the characteristics of Export Control Classification Numbers 3A090.a or 4A090.a.

Revenue from sales to customers outside of the United States accounted for 50% and 51% of total revenue for the second quarter and first half of fiscal year 2026, respectively, and 57% and 53% of total revenue for the second quarter and first half of fiscal year 2025, respectively.

We refer to customers who purchase products directly from NVIDIA as direct customers, such as add-in board manufacturers, distributors, ODMs, OEMs, and system integrators. 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 also have indirect customers, who purchase products through our direct customers; indirect customers include cloud service providers, or CSPs, consumer internet companies, enterprises, and public sector entities.

For the second quarter of fiscal year 2026, sales to one direct customer, Customer A, represented 23% of total revenue; and sales to a second direct customer, Customer B, represented 16% of total revenue, respectively, both of which were attributable to the Compute & Networking segment. For the first half of fiscal year 2026, sales to one direct customer, Customer A, represented 20% of total revenue; and sales to a second direct customer, Customer B, represented 15% of total revenue, respectively, both of which were attributable to the Compute & Networking segment.

Sales to four direct customers represented 14%, 11%, 11%, and 10% of revenue for the second quarter, and sales to three direct customers represented 14%, 10%, and 10% of revenue for the first half, of fiscal year 2025, all of which were attributable to the Compute & Networking segment.

The following table summarizes revenue by specialized markets:

			Three Months Ended												Six Months Ended
			Jul 27, 2025						Jul 28, 2024						Jul 27, 2025						Jul 28, 2024
			(In millions)
Revenue by End Market:
Data Center			$	41,096					$	26,272					$	80,208					$	48,835
Compute			33,844						22,604						67,999						41,996
Networking			7,252						3,668						12,209						6,839
Gaming			4,287						2,880						8,050						5,527
Professional Visualization			601						454						1,110						881
Automotive			586						346						1,153						675
OEM and Other			173						88						284						166
Total revenue			$	46,743					$	30,040					$	90,805					$	56,084

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 14 - Leases

Our lease obligations primarily consist of operating leases for our offices and data centers, with lease periods expiring between fiscal years 2026 and 2041.

Future minimum lease obligations under our non-cancelable lease agreements as of July 27, 2025 were as follows:

			Operating Lease Obligations
			(In millions)
Fiscal Year:
2026 (excluding the first half of fiscal year 2026)			$	174
2027			418
2028			397
2029			353
2030			277
2031 and thereafter			925
Total			2,544
Less imputed interest			412
Present value of net future minimum lease payments			2,132
Less short-term operating lease liabilities			301
Long-term operating lease liabilities			$	1,831

Between the third quarter of fiscal year 2026 and fiscal year 2030, we expect to commence leases with future obligations of $7.1 billion primarily of data center leases, with lease terms of 2 to 15 years.

Operating lease expenses were $109 million and $84 million for the second quarter, and $210 million and $164 million for the first half, of fiscal years 2026 and 2025, respectively. Short-term and variable lease expenses for the second quarter and first half of fiscal years 2026 and 2025 were not significant.

Other information related to leases was as follows:

			Six Months Ended
			Jul 27, 2025						Jul 28, 2024
			(In millions)
Supplemental cash flows information
Operating cash flow used for operating leases			$	200					$	146
Operating lease assets obtained in exchange for lease obligations			$	458					$	405

As of July 27, 2025, our operating leases have a weighted average remaining lease term of 7.5 years and a weighted average discount rate of 4.35%. As of January 26, 2025, our operating leases had a weighted average remaining lease term of 6.5 years and a weighted average discount rate of 4.16%.