Item 1. Financial Statements (Unaudited)

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Income

(In millions, except per share data)

(Unaudited)

			Three Months Ended												Nine Months Ended
			Oct 26, 2025						Oct 27, 2024						Oct 26, 2025						Oct 27, 2024
Revenue			$	57,006					$	35,082					$	147,811					$	91,166
Cost of revenue			15,157						8,926						45,441						22,031
Gross profit			41,849						26,156						102,370						69,135
Operating expenses
Research and development			4,705						3,390						12,985						9,200
Sales, general and administrative			1,134						897						3,297						2,516
Total operating expenses			5,839						4,287						16,282						11,716
Operating income			36,010						21,869						86,088						57,419
Interest income			624						472						1,732						1,275
Interest expense			(61)						(61)						(186)						(186)
Other income, net			1,363						36						3,418						301
Total other income, net			1,926						447						4,964						1,390
Income before income tax			37,936						22,316						91,052						58,809
Income tax expense			6,026						3,007						13,945						8,020
Net income			$	31,910					$	19,309					$	77,107					$	50,789
Net income per share:
Basic			$	1.31					$	0.79					$	3.16					$	2.07
Diluted			$	1.30					$	0.78					$	3.14					$	2.04
Weighted average shares used in per share computation:
Basic			24,327						24,533						24,378						24,577
Diluted			24,483						24,774						24,542						24,837

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(In millions)

(Unaudited)

			Three Months Ended												Nine Months Ended
			Oct 26, 2025						Oct 27, 2024						Oct 26, 2025						Oct 27, 2024
Net income			$	31,910					$	19,309					$	77,107					$	50,789
Other comprehensive income, net of tax
Available-for-sale securities:
Net change in unrealized gain			184						49						270						71
Cash flow hedges:
Change in unrealized gain (loss)			(28)						—						27						20
Reclassification adjustments for net realized gain (loss) included in net income			13						(2)						14						(15)
Net change in unrealized gain (loss)			(15)						(2)						41						5
Other comprehensive income, net of tax			169						47						311						76
Total comprehensive income			$	32,079					$	19,356					$	77,418					$	50,865

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

			Oct 26, 2025						Jan 26, 2025
Assets
Current assets:
Cash and cash equivalents			$	11,486					$	8,589
Marketable securities			49,122						34,621
Accounts receivable, net			33,391						23,065
Inventories			19,784						10,080
Prepaid expenses and other current assets			2,709						3,771
Total current assets			116,492						80,126
Property and equipment, net			9,780						6,283
Operating lease assets			2,281						1,793
Goodwill			6,261						5,188
Intangible assets, net			936						807
Deferred income tax assets			13,674						10,979
Other assets			11,724						6,425
Total assets			$	161,148					$	111,601
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable			$	8,624					$	6,310
Accrued and other current liabilities			16,452						11,737
Short-term debt			999						—
Total current liabilities			26,075						18,047
Long-term debt			7,468						8,463
Long-term operating lease liabilities			2,014						1,519
Other long-term liabilities			6,694						4,245
Total liabilities			42,251						32,274
Commitments and contingencies - see Note 11
Shareholders’ equity:
Preferred stock			—						—
Common stock			24						24
Additional paid-in capital			10,626						11,237
Accumulated other comprehensive income			339						28
Retained earnings			107,908						68,038
Total shareholders' equity			118,897						79,327
Total liabilities and shareholders' equity			$	161,148					$	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						Retained Earnings						Total Shareholders' Equity
			Shares						Amount
(In millions, except per share data)
Balances as of Jul 27, 2025			24,347						$	24					$	11,200					$	170					$	88,737					$	100,131
Net income			—						—						—						—						31,910						31,910
Other comprehensive income			—						—						—						169						—						169
Issuance of common stock			42						—						275						—						—						275
Tax withholding related to common stock			(14)						—						(2,429)						—						—						(2,429)
Shares repurchased			(70)						—						(78)						—						(12,496)						(12,574)
Cash dividends declared and paid ($0.01 per common share)			—						—						—						—						(243)						(243)
Fair value of partially vested equity awards assumed in connection with acquisitions			—						—						5						—						—						5
Stock-based compensation			—						—						1,653						—						—						1,653
Balances as of Oct 26, 2025			24,305						$	24					$	10,626					$	339					$	107,908					$	118,897
Balances as of Jul 28, 2024			24,562						$	25					$	12,115					$	56					$	45,961					$	58,157
Net income			—						—						—						—						19,309						19,309
Other comprehensive income			—						—						—						47						—						47
Issuance of common stock			53						—						204						—						—						204
Tax withholding related to common stock			(15)						—						(1,680)						—						—						(1,680)
Shares repurchased			(92)						—						(71)						—						(11,075)						(11,146)
Cash dividends declared and paid ($0.01 per common share)			—						—						—						—						(245)						(245)
Stock-based compensation			—						—						1,253						—						—						1,253
Balances as of Oct 27, 2024			24,508						$	25					$	11,821					$	103					$	53,950					$	65,899

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			—						—						—						—						77,107						77,107
Other comprehensive income			—						—						—						311						—						311
Issuance of common stock			129						—						643						—						—						643
Tax withholding related to common stock			(39)						—						(5,809)						—						—						(5,809)
Shares repurchased			(262)						—						(228)						—						(36,505)						(36,733)
Cash dividends declared and paid ($0.03 per common share)			—						—						—						—						(732)						(732)
Fair value of partially vested equity awards assumed in connection with acquisitions			—						—						28						—						—						28
Stock-based compensation			—						—						4,755						—						—						4,755
Balances as of Oct 26, 2025			24,305						$	24					$	10,626					$	339					$	107,908					$	118,897
Balances, Jan 28, 2024			24,643						$	25					$	13,109					$	27					$	29,817					$	42,978
Net income			—						—						—						—						50,789						50,789
Other comprehensive income			—						—						—						76						—						76
Issuance of common stock			165						—						489						—						—						489
Tax withholding related to common stock			(46)						—						(5,068)						—						—						(5,068)
Shares repurchased			(254)						—						(141)						—						(26,067)						(26,208)
Cash dividends declared and paid ($0.024 per common share)			—						—						—						—						(589)						(589)
Stock-based compensation			—						—						3,432						—						—						3,432
Balances as of Oct 27, 2024			24,508						$	25					$	11,821					$	103					$	53,950					$	65,899

See accompanying Notes to Condensed Consolidated Financial Statements.

NVIDIA Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In millions)

(Unaudited)

			Nine Months Ended
			Oct 26, 2025						Oct 27, 2024
Cash flows from operating activities:
Net income			$	77,107					$	50,789
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense			4,753						3,416
Depreciation and amortization			2,031						1,321
Deferred income taxes			(2,035)						(3,879)
Gains on non-marketable equity securities and publicly-held equity securities, net			(3,426)						(302)
Other			(276)						(365)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable			(10,325)						(7,694)
Inventories			(9,703)						(2,357)
Prepaid expenses and other assets			857						(726)
Accounts payable			2,032						2,490
Accrued and other current liabilities			4,204						3,918
Other long-term liabilities			1,311						849
Net cash provided by operating activities			66,530						47,460
Cash flows from investing activities:
Proceeds from maturities of marketable securities			8,980						9,485
Proceeds from sales of marketable securities			487						318
Proceeds from sales of non-marketable equity securities			72						171
Purchases of marketable securities			(20,076)						(19,565)
Purchases related to property and equipment and intangible assets			(4,758)						(2,159)
Purchases of non-marketable equity securities			(4,702)						(1,008)
Acquisitions, net of cash acquired			(1,370)						(465)
Net cash used in investing activities			(21,367)						(13,223)
Cash flows from financing activities:
Proceeds related to employee stock plans			643						489
Payments related to repurchases of common stock			(36,271)						(25,895)
Payments related to employee stock plan taxes			(5,809)						(5,068)
Dividends paid			(732)						(589)
Principal payments on property and equipment and intangible assets			(97)						(97)
Repayment of debt			—						(1,250)
Net cash used in financing activities			(42,266)						(32,410)
Change in cash and cash equivalents			2,897						1,827
Cash and cash equivalents at beginning of period			8,589						7,280
Cash and cash equivalents at end of period			$	11,486					$	9,107
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net			$	13,309					$	10,989

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 third 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 are currently assessing the effect of the adoption of this standard on our disclosures that will be included in the fiscal year 2026 annual report.

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 the 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												Nine Months Ended
			Oct 26, 2025						Oct 27, 2024						Oct 26, 2025						Oct 27, 2024
			(In millions)
Cost of revenue			$	70					$	50					$	192					$	125
Research and development			1,206						910						3,460						2,469
Sales, general and administrative			379						292						1,101						822
Total			$	1,655					$	1,252					$	4,753					$	3,416

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			52						$	114.76
Vested			(116)						$	37.30
Canceled and forfeited			(7)						$	55.62
Balance as of Oct 26, 2025			203						$	66.59

As of October 26, 2025, aggregate unearned stock-based compensation expense was $13.1 billion, which is expected to be recognized over a weighted average period of 2.1 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												Nine Months Ended
			Oct 26, 2025						Oct 27, 2024						Oct 26, 2025						Oct 27, 2024
			(In millions, except per share data)
Numerator:
Net income			$	31,910					$	19,309					$	77,107					$	50,789
Denominator:
Basic weighted average shares			24,327						24,533						24,378						24,577
Dilutive impact of outstanding equity awards			156						241						164						260
Diluted weighted average shares			24,483						24,774						24,542						24,837
Net income per share:
Basic (1)			$	1.31					$	0.79					$	3.16					$	2.07
Diluted (2)			$	1.30					$	0.78					$	3.14					$	2.04
Anti-dilutive equity awards excluded from diluted net income per share			6						9						20						72

(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 $6.0 billion and $3.0 billion for the third quarter, and $13.9 billion and $8.0 billion for the first nine months, of fiscal years 2026 and 2025, respectively. Income tax as a percentage of income before income tax was an expense of 15.9% and 13.5% for the third quarter, and 15.3% and 13.6% for the first nine months, of fiscal years 2026 and 2025, respectively.

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

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

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. We have recognized the tax effects of currently effective OBBBA provisions, which are not material and are reflected in our results for the first nine months of fiscal year 2026.

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.

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

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:

			Oct 26, 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			$	22,032					$	188					$	—					$	22,220					$	665					$	21,555
Corporate debt securities			Level 2			21,588						172						(1)						21,759						320						21,439
Money market funds			Level 1			8,610						—						—						8,610						8,610						—
Debt securities issued by U.S. government agencies			Level 2			2,206						12						—						2,218						—						2,218
Certificates of deposit			Level 2			104						—						—						104						104						—
Foreign government bonds			Level 2			40						1						—						41						—						41
Total debt securities with fair value adjustments recorded in other comprehensive income						54,580						373						(1)						54,952						9,699						45,253
Publicly-held equity securities (1)			Level 1																					3,869						—						3,869
Total						$	54,580					$	373					$	(1)					$	58,821					$	9,699					$	49,122

(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.

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 $670 million and $2.4 billion for the third quarter and first nine months of fiscal year 2026, respectively. Net unrealized gains on investments in publicly-held equity securities held at period end were not significant for the third quarter and first nine months of fiscal year 2025.

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:

			Oct 26, 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			$	1,223					$	—																													$	6,315					$	(22)
Corporate debt securities			899						(1)																														5,291						(29)
Debt securities issued by U.S. government agencies			75						—																														816						(5)
Total			$	2,197					$	(1)																													$	12,422					$	(56)

Gross unrealized losses related to debt securities in a continuous loss position of twelve months or greater, with balances of $337 million and $213 million as of October 26, 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.

			Oct 26, 2025
			(In millions)
Less than one year			$	21,848
Due in 1 - 5 years			33,104
Total			$	54,952

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, net on our Condensed Consolidated Statements of Income.

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

			Three Months Ended												Nine Months Ended
			Oct 26, 2025						Oct 27, 2024						Oct 26, 2025						Oct 27, 2024
			(In millions)
Balance at beginning of period			$	3,799					$	1,819					$	3,387					$	1,321
Adjustments related to non-marketable equity securities:
Net additions			3,704						409						4,652						830
Unrealized gains			758						23						1,088						115
Reclassification (1)			—						—						(848)						—
Impairments and unrealized losses			(74)						(14)						(92)						(29)
Balance at end of period			$	8,187					$	2,237					$	8,187					$	2,237

(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 $1.4 billion and $374 million, and cumulative gross unrealized losses and impairments of $167 million and $74 million on securities held as of October 26, 2025 and October 27, 2024, respectively.

Note 7 - Amortizable Intangible Assets and Goodwill

The components of our amortizable intangible assets are as follows:

			Oct 26, 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			$	3,146					$	(2,456)					$	690					$	2,900					$	(2,264)					$	636
Patents and licensed technology			541						(295)						246						449						(278)						171
Total intangible assets			$	3,687					$	(2,751)					$	936					$	3,349					$	(2,542)					$	807

Amortization expense associated with intangible assets was $96 million and $149 million for the third quarter, and $338 million and $438 million for the first nine months, 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 October 26, 2025:

			Future Amortization Expense
			(In millions)
Fiscal Year:
2026 (excluding the first nine months, of fiscal year 2026)			$	107
2027			416
2028			222
2029			87
2030			11
2031 and thereafter			93
Total			$	936

In the first nine months of fiscal year 2026, goodwill increased by $1.1 billion 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, cloud service providers, or CSPs, hyperscale companies, and system integrators. Certain direct customers may use either internal resources or third-party system integrators to complete their build. Four direct customers accounted for 22%, 17%, 14% and 12% of our accounts receivable balance as of October 26, 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:

			Oct 26, 2025						Jan 26, 2025
Inventories:			(In millions)
Raw materials			$	4,209					$	3,408
Work in process			8,735						3,399
Finished goods			6,840						3,273
Total inventories (1)			$	19,784					$	10,080

(1) We recorded inventory provisions of $378 million and $322 million for the third quarter of fiscal years 2026 and 2025, respectively, and $3.6 billion and $876 million for the first nine months 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 nine months of fiscal years 2026 and 2025 were $790 million and not significant, respectively.

			Oct 26, 2025						Jan 26, 2025
Other Assets (Long Term):			(In millions)
Non-marketable equity securities			$	8,187					$	3,387
Prepaid supply and capacity agreements (1)			1,536						1,747
Income tax receivable			1,369						750
Other			632						541
Total other assets			$	11,724					$	6,425

(1) $2.0 billion and $3.3 billion were included in short-term Prepaid expenses and other current assets as of October 26, 2025 and January 26, 2025, respectively.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

			Oct 26, 2025						Jan 26, 2025
Accrued and Other Current Liabilities:			(In millions)
Customer program accruals			$	4,721					$	4,880
Excess inventory purchase obligations (1)			2,770						2,095
Product warranty			2,707						1,290
Taxes payable			2,915						881
Deferred revenue (2)			1,248						837
Accrued payroll and related expenses			895						848
Other			1,196						906
Total accrued and other current liabilities			$	16,452					$	11,737

(1) We recorded $32 million and $543 million for the third quarter of fiscal years 2026 and 2025, respectively, and $3.1 billion and $1.3 billion for the first nine months of fiscal years 2026 and 2025, respectively, in cost of revenue.

(2) Includes customer advances and unearned revenue related to hardware and software support, cloud services, and license and development arrangements. The balance as of October 26, 2025 and January 26, 2025 included $127 million and $81 million of customer advances, respectively.

			Oct 26, 2025						Jan 26, 2025
Other Long-Term Liabilities:			(In millions)
Income tax payable (1)			$	3,532					$	2,188
Deferred income tax			1,621						886
Deferred revenue (2)			1,165						976
Other			376						195
Total other long-term liabilities			$	6,694					$	4,245

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

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

Deferred Revenue

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

			Nine Months Ended
			Oct 26, 2025						Oct 27, 2024
			(In millions)
Balance at beginning of period			$	1,813					$	1,337
Deferred revenue additions (1)			9,785						2,115
Revenue recognized (2)			(9,185)						(1,867)
Balance at end of period			$	2,413					$	1,585

(1) Includes $8.4 billion and $1.1 billion of customer advances for the first nine months of fiscal years 2026 and 2025, respectively.

(2) Includes $8.3 billion and $1.2 billion related to customer advances for the first nine months of fiscal years 2026 and 2025, respectively.

We recognized revenue of $650 million and $585 million in the first nine months of fiscal years 2026 and 2025, respectively, that were included in the prior year end deferred revenue balance.

As of October 26, 2025, revenue related to remaining performance obligations from contracts greater than one year in length was $2.5 billion, which includes $2.0 billion from deferred revenue and $449 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

Foreign Currency Derivatives

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 nine months 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:

			Oct 26, 2025						Jan 26, 2025
			(In millions)
Designated as accounting hedges			$	1,736					$	1,424
Not designated as accounting hedges			$	592					$	1,297

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

As of October 26, 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.

Facility Lease Guarantee

In the third quarter of fiscal year 2026, we entered into an agreement to guarantee a partner's facility lease obligations in the event of their default. The agreement allows our partner to secure a limited-availability facility lease backed by our credit profile, in exchange for issuing us warrants. The maximum gross exposure is $860 million, which is reduced as the partner makes payments to the lessor over five years. The partner has placed $470 million in escrow and executed an agreement to sell the data center cloud capacity, mitigating our default risk. If the escrow and cloud capacity agreement are not sufficient to cover an event of default, we have the option to assume the lease for internal use or sublease. The guarantee, classified as a credit derivative with changes in fair value recognized in Other income and expense, has an insignificant fair value.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 10 - Debt

						Expected Remaining Term (years)						Effective Interest Rate						Carrying Value at
												Oct 26, 2025						Jan 26, 2025
																		(In millions)
3.20% Notes Due 2026						0.9						3.31%						$	1,000					$	1,000
1.55% Notes Due 2028						2.6						1.64%						1,250						1,250
2.85% Notes Due 2030						4.4						2.93%						1,500						1,500
2.00% Notes Due 2031						5.6						2.09%						1,250						1,250
3.50% Notes Due 2040						14.4						3.54%						1,000						1,000
3.50% Notes Due 2050						24.4						3.54%						2,000						2,000
3.70% Notes Due 2060						34.4						3.73%						500						500
Unamortized debt discount and issuance costs																		(33)						(37)
Net carrying amount																		$	8,467					$	8,463
Less short-term portion																		(999)						—
Total long-term portion																		$	7,468					$	8,463

As of October 26, 2025 and January 26, 2025, the estimated fair value of debt was $7.6 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 October 26, 2025, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.

Short-term Debt

As of October 26, 2025, short-term debt was $999 million.

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

Note 11 - Commitments and Contingencies

Commitments

Manufacturing production, long-term supply and capacity, and other related commitments reflect long lead and cycle times for our current and future product architectures. 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. As of October 26, 2025, these commitments were $50.3 billion, of which substantially all will be paid through fiscal year 2027.

Multi-year cloud service agreement commitments as of October 26, 2025, were $26 billion for which $1 billion, $6 billion, $6 billion, $5 billion, $4 billion, and $4 billion will be paid in fiscal years 2026 (fourth quarter), 2027, 2028, 2029, 2030, and 2031 & thereafter, respectively. Some cloud service capacity may be reduced, terminated or sold to others by the CSPs, in which case our commitments will be reduced. We expect cloud service agreements to be used to support our research and development efforts and DGX Cloud offerings.

Investment commitments are $6.5 billion as of October 26, 2025, including $5 billion in Intel Corporation which is subject to regulatory approval. In the third quarter of fiscal year 2026, we entered into a letter of intent with an opportunity to invest in OpenAI. In November 2025, we entered into an agreement, subject to certain closing conditions, to invest up to $10 billion in Anthropic.

Other commitments were $2.1 billion as of October 26, 2025, of which the majority will be paid through fiscal year 2027.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Accrual for Product Warranty Liabilities

The estimated product warranty activity consisted of the following:

			Three Months Ended												Nine Months Ended
			Oct 26, 2025						Oct 27, 2024						Oct 26, 2025						Oct 27, 2024
			(In millions)
Balance at beginning of period			$	2,144					$	741					$	1,290					$	306
Additions			1,074						304						2,164						775
Utilization			(511)						(36)						(747)						(72)
Balance at end of period			$	2,707					$	1,009					$	2,707					$	1,009

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 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

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 October 26, 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, as well as regulatory and government inquiries and investigations, and, while there can be no assurance of favorable outcomes, we believe that the ultimate outcome of these matters will not have a material adverse effect on our operating results, liquidity or financial position. These matters are subject to inherent uncertainties and if the ultimate outcome is unfavorable, there exists the possibility of a material adverse impact on our operating results, liquidity or financial position in the period the outcome becomes estimable and probable.

Note 12 - Shareholders’ Equity

Capital Return Program

We repurchased 70 million and 92 million shares of our common stock for $12.6 billion and $11.1 billion during the third quarter of fiscal years 2026 and 2025, respectively, and 262 million and 254 million shares of our common stock for $36.7 billion and $26.2 billion during the first nine months of fiscal years 2026 and 2025, respectively. On August 26, 2025, our Board of Directors approved an additional $60.0 billion in share repurchase authorization, without expiration. As of October 26, 2025, we were authorized, subject to certain specifications, to repurchase up to $62.2 billion of our common stock.

From October 27, 2025 through November 14, 2025, we repurchased 6 million shares for $1.1 billion pursuant to a pre-established trading plan.

We paid cash dividends to our shareholders of $243 million and $245 million during the third quarter, and $732 million and $589 million during the first nine months, 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 including software; 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.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

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.

			Compute & Networking						Graphics						Total
			(In millions)
Three Months Ended Oct 26, 2025
Revenue			$	50,908					$	6,098					$	57,006
Other segment items (1)			15,187						3,552						18,739
Operating income (loss)			$	35,721					$	2,546					$	38,267
Three Months Ended Oct 27, 2024
Revenue			$	31,036					$	4,046					$	35,082
Other segment items (1)			8,955						2,544						11,499
Operating income (loss)			$	22,081					$	1,502					$	23,583
Nine Months Ended Oct 26, 2025
Revenue			$	131,828					$	15,983					$	147,811
Other segment items (1)			45,689						9,555						55,244
Operating income (loss)			$	86,139					$	6,428					$	92,567
Nine Months Ended Oct 27, 2024
Revenue			$	80,157					$	11,009					$	91,166
Other segment items (1)			22,180						6,898						29,078
Operating income (loss)			$	57,977					$	4,111					$	62,088

(1) Other segment items primarily include product costs and inventory provisions, compensation and benefits excluding stock-based compensation expense, computing infrastructure expenses, and engineering development costs.

Depreciation and amortization expense attributable to our Compute and Networking segment was $439 million and $187 million for the third quarter, and $1.1 billion and $495 million for the first nine months, of fiscal years 2026 and 2025, respectively. Depreciation and amortization expense attributable to our Graphics segment was $175 million and $97 million for the third quarter, and $426 million and $268 million for the first nine months, 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 third quarter and first nine months of fiscal years 2026 and 2025 were as follows:

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

			Three Months Ended												Nine Months Ended
			Oct 26, 2025						Oct 27, 2024						Oct 26, 2025						Oct 27, 2024
			(In millions)
Segment operating income			$	38,267					$	23,583					$	92,567					$	62,088
Stock-based compensation expense			(1,655)						(1,252)						(4,753)						(3,416)
Unallocated operating expenses			(515)						(307)						(1,375)						(816)
Acquisition-related and other costs			(87)						(155)						(351)						(437)
Interest income			624						472						1,732						1,275
Interest expense			(61)						(61)						(186)						(186)
Other income, net			1,363						36						3,418						301
Consolidated income before income tax			$	37,936					$	22,316					$	91,052					$	58,809

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

			Three Months Ended												Nine Months Ended
			Oct 26, 2025						Oct 27, 2024						Oct 26, 2025						Oct 27, 2024
			(In millions)
Geographic Revenue based upon Customer Headquarters Location (1):
United States			$	39,177					$	19,620					$	97,759					$	53,873
Taiwan (2)			13,751						6,188						30,301						17,364
China (including Hong Kong)			2,973						8,142						16,617						17,230
Other			1,105						1,132						3,134						2,699
Total revenue			$	57,006					$	35,082					$	147,811					$	91,166

(1) Previously, revenue by geographic area was reported based on the billing location of our customers, which often reflected a customer’s centralized invoicing location, even though our products were almost always shipped elsewhere. We believe changing to revenue based upon the location of our customers’ headquarters provides a better representation of the geographic profile of our revenue. Prior period information has been recast to reflect this change.

(2) In the third quarter of fiscal year 2026, we estimate 86% of Data Center revenue from Taiwan-headquartered customers is attributed to end customers based in the United States and Europe.

Revenue from sales to customers headquartered outside of the United States accounted for 31% and 34% of total revenue for the third quarter and first nine months of fiscal year 2026, respectively, and 44% and 41% of total revenue for the third quarter and first nine months 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, CSPs, hyperscale companies, and system integrators. Certain direct customers may use either internal resources or third-party system integrators to complete their build. We refer to indirect customers as those who purchase products through our direct customers; indirect customers include CSPs, Neocloud builders, hyperscale, consumer internet companies, enterprises, and public sector entities.

For the third quarter of fiscal year 2026, four direct customers with sales greater than 10% of total revenue included: Customer A at 22%, Customer B at 15%, Customer C at 13%, and Customer D at 11%, which were attributable to the Compute & Networking segment. For the first nine months of fiscal year 2026, sales to two direct customers represented 21% and 13% of total revenue, respectively, both of which were attributable to the Compute & Networking segment. The customers referenced above may represent different customers than those reported in a previous period.

For the third quarter of fiscal year 2025, sales to three direct customers each represented 12% of total revenue, which were attributable to the Compute & Networking segment. For the first nine months of fiscal year 2025, sales to three direct customers represented 12%, 11%, and 11% of total revenue, which were attributable to the Compute & Networking segment.

NVIDIA CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following table summarizes revenue by specialized markets:

			Three Months Ended												Nine Months Ended
			Oct 26, 2025						Oct 27, 2024						Oct 26, 2025						Oct 27, 2024
			(In millions)
Revenue by End Market:
Data Center			$	51,215					$	30,771					$	131,423					$	79,606
Compute			43,028						27,644						111,027						69,640
Networking			8,187						3,127						20,396						9,966
Gaming			4,265						3,279						12,315						8,806
Professional Visualization			760						486						1,870						1,367
Automotive			592						449						1,745						1,124
OEM and Other			174						97						458						263
Total revenue			$	57,006					$	35,082					$	147,811					$	91,166

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 October 26, 2025 were as follows:

			Operating Lease Obligations
			(In millions)
Fiscal Year:
2026 (excluding the first nine months of fiscal year 2026)			$	118
2027			431
2028			413
2029			384
2030			308
2031 and thereafter			1,200
Total			2,854
Less imputed interest			499
Present value of net future minimum lease payments			2,355
Less short-term operating lease liabilities			341
Long-term operating lease liabilities			$	2,014

Between the fourth quarter of fiscal year 2026 and fiscal year 2030, we expect to commence leases with future obligations of $7.5 billion, primarily for data center leases with lease terms of 1.5 to 15 years.

Operating lease expenses were $122 million and $92 million for the third quarter, and $332 million and $258 million for the first nine months, of fiscal years 2026 and 2025, respectively. Short-term and variable lease expenses for the third quarter and first nine months of fiscal years 2026 and 2025 were not significant.

NVIDIA Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Other information related to leases was as follows:

			Nine Months Ended
			Oct 26, 2025						Oct 27, 2024
			(In millions)
Supplemental cash flows information
Operating cash flow used for operating leases			$	301					$	227
Operating lease assets obtained in exchange for lease obligations			$	752					$	679

As of October 26, 2025, our operating leases have a weighted average remaining lease term of 8.0 years and a weighted average discount rate of 4.43%. 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%.