NVIDIA

NVIDIA pioneered accelerated computing to help solve the most challenging computational problems.

10-K, Feb 25, 2026

Voices · third-party opinions, not SEC data

Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.

What do investors say about NVIDIA?

Dan NilesInvestorAug 27, 2026Mixed

Our summary: Niles called AI a bubble but expects it to last at least another year and stays constructive on Nvidia's risk-reward, warning that chip shortages may cause over-ordering that flatters demand signals.

CNBC interview ›

Details ⓘ

Speaker: Dan Niles, Niles Investment Management
Role: Investor
Source: CNBC
Format: TV interview
Date: Aug 27, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Aug 27, 2026; the view may have changed.

Michael BurryInvestorApr 10, 2026Skeptical

Our summary: In a Substack post Burry disclosed that he added to his Nvidia put options, buying January 2027 puts with a 115 strike.

“I added to my NVDA puts”

Substack post, via CNBC ›

Details ⓘ

Speaker: Michael Burry, Cassandra Unchained (formerly Scion)
Role: Investor
Source: CNBC
Format: Newsletter
Date: Apr 10, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Apr 10, 2026; the view may have changed.

Gavin BakerInvestorOct 22, 2025

Our summary: Baker said GPUs, and Nvidia in particular, will be very hard to displace.

“it's going to be very hard to unseat GPUs”

Aleph podcast ›

Details ⓘ

He called Jensen Huang one of the two most exceptional CEOs he has invested in and described in-house hyperscaler chips trying to out-do Nvidia head-on as a long shot.

Speaker: Gavin Baker, Atreides Management
Role: Investor
Source: Invested by Aleph: Gavin Baker, Managing Partner of Atreides (at 16:30)
Format: Podcast
Date: Oct 22, 2025
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Oct 22, 2025; the view may have changed.

All 4 Voices on NVIDIA ›

Business

How does NVIDIA make money?

Data Center is 89.7% of revenue.

Data Center89.7%

Gaming7.4%

Pro Visualization1.5%

Automotive1.1%

Other0.3%

What is left of every $100?

Of every $100 in revenue, $56 is net income.

Revenue$100

Gross profit$71

Operating income$60

Net income$56

Free cash flow$45

Where do customers sit?

69.3% of revenue is from United States.

United States69.3%

Taiwan19.6%

China incl. Hong Kong9.1%

Other countries2.0%

In the company’s words ›

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

“Our technology stack includes the foundational NVIDIA CUDA development platform that runs on all NVIDIA GPUs, as well as hundreds of domain-specific software libraries, frameworks, algorithms, software development kits, or SDKs, and application programming interfaces, or APIs.”

“Introduced with the Blackwell architecture, our data-center-scale offerings feature extreme co-design where the infrastructure’s chips, networking, systems, software, and algorithms are holistically architected and optimized to maximize performance and scale.”

Item 1 · Business · 10-K · 0001045810-26-000021 · filed Feb 25, 2026

Where did the growth actually come from?

Data Center drove 92% of NVIDIA’s growth.

Revenue FY2016$5.0B

Data Center+$193.4B

Gaming+$13.2B

Pro Visualization+$2.4B

Automotive+$2.0B

OEM & Other−$164M

Revenue FY2026$215.9B

Thesis

Why do people invest?

3 reasons in the company’s own words.

Revenue +65%

“Revenue for fiscal year 2026 was $215.9 billion, up 65% from a year ago.”
Item 7 · MD&A · 10-K · 0001045810-26-000021 · filed Feb 25, 2026
Number check (revenue): stated $215.9B matches the stored value ($215.9B, ±10%)

Revenue: $215.9B FY2026 · +65.5% vs FY2025 · KPIs
Position (in the company’s words)

“We are the leader in accelerating and releasing open AI models which enterprises, sovereigns, and startups can leverage to develop and run applications on our platform.”
Item 1 · Business · 10-K · 0001045810-26-000021 · filed Feb 25, 2026
R&D +29%

“The increases in research and development expenses for fiscal year 2026 were driven by a 29% increase in compensation and benefits expense, including stock-based compensation, reflecting employee growth and compensation increases and a 79% increase in compute and infrastructure.”
Item 7 · MD&A · 10-K · 0001045810-26-000021 · filed Feb 25, 2026

Dependencies

How much revenue hangs on one customer?

One NVIDIA customer: $47.5B.

Customer A$47.5B

Customer B$30.2B

Customers, suppliers, stakes and mentions ›

Only what filings state. Anonymous customers stay anonymous.

Largest customers (NVIDIA annual report)

Customer A22% not named · FY2026 · share of total revenue

Customer B14% not named · FY2026 · share of total revenue

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

10-K · 0001045810-26-000021 · filed Feb 25, 2026 · basis: filing text, verified verbatim

Suppliers named by NVIDIA

TSMC“We utilize foundries, such as Taiwan Semiconductor Manufacturing Company Limited, or TSMC, and Samsung Electronics Co., Ltd., or Samsung, to produce our semiconductor wafers.”

Micron“We purchase memory from SK Hynix Inc., Micron Technology, Inc., and Samsung.”

NVIDIA holds stakes in

CoreWeave11.5% 13G/A · reported

Intel4.3% calculated

Coherent4.0% calculated

Synopsys2.5% calculated

SpaceX1.6% calculated

Nebius0.5% calculated

Others name NVIDIA

7 competitor mentions (e.g. AMD, Arista, Cerebras, HPE) · 6 other mentions (e.g. Arista, Coherent, CoreWeave, HPE) · 9 partner mentions (e.g. Coherent, Everpure, HPE, Intel) · 2 supplier mentions (e.g. CoreWeave, Nebius) in covered companies’ filings. Mentions, not confirmed relationships.

Risks

What could go wrong?

4 of 26 risk factors, one per theme.

Supply chain and manufacturing
“Long manufacturing lead times and uncertain supply and capacity availability, combined with a failure to estimate customer demand accurately, has led and could lead to mismatches between supply and demand.”
Item 1A · Risk Factors · 10-K · 0001045810-26-000021 · filed Feb 25, 2026
Competition
“Our accelerated computing platforms experience rapid changes in technology, customer requirements, competitive products, and industry standards.”
Item 1A · Risk Factors · 10-K · 0001045810-26-000021 · filed Feb 25, 2026
AI and new products
“Failure to meet the evolving needs of our industry and markets may adversely impact our financial results.”
Item 1A · Risk Factors · 10-K · 0001045810-26-000021 · filed Feb 25, 2026
Security, defects and outages
“Defects in our products have caused and could cause us to incur significant expenses to remediate, which can damage our reputation and cause us to lose market share.”
Item 1A · Risk Factors · 10-K · 0001045810-26-000021 · filed Feb 25, 2026

Who’s invested

Who owns more than 5%?

Vanguard Capital Management LLC holds 7.31%.

Vanguard Capital Management LLC7.31%
13G · as of Mar 31, 2026 · filed Apr 28, 2026
BlackRock Inc.7.3% (then)
13G/A · filed Jan 26, 2024 · older than 18 months, current position unknown

13F holders and insider trades ›

Largest institutional holders, 13F, quarter ending Jun 30, 2026

BlackRock, Inc.11.6%
1,941.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC9.2%
1,540.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Fmr LLC6.1%
1,026.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp6.0%
1,009.8M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Geode Capital Management, LLC3.6%
606.2M shares · 13F filed Aug 12, 2026 · share of 13F-reported

5,959 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.

Insiders, last 12 months (Form 4, open market)

0 purchases · 266 sales · $2.0B sold

Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026

All metrics

All metrics · 41 SEC metrics, FY2017–FY2026

Income statement 10

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cost of revenue

D&A

Gross profit

Income taxes

Interest expense

Net income

Operating income

Research and development

Revenue

SG&A

Balance sheet 10

Metric	FY2017	FY2018	FY2019
Cash and equivalents

Current liabilities

Current portion of long-term debt	not reported	not reported	not reported

Equity

Equity incl. NCI

Long-term debt	not reported	not reported	not reported

Short-term debt (balance sheet line)	not reported	not reported	not reported

Total assets

Total debt calc.	not reported	not reported	not reported

Total liabilities & equity

Cash flow 7

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Buybacks

Capex

Dividends

Free cash flow calc.

Interest paid										not reported

Operating cash flow

Stock-based compensation

Per share & shares 4

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
EPS basic

EPS diluted

Wtd. shares basic

Wtd. shares diluted

Segments 6

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Automotive-Revenue

Data center revenue

Data center revenue Compute	not reported	not reported	not reported	not reported	not reported	not reported

Gaming-Revenue

Networking-Revenue (Data Center)	not reported	not reported	not reported	not reported	not reported	not reported

Revenue China incl. Hong Kong

Other 4

Metric	FY2017	FY2018	FY2026
Other income (incl. interest)

Pretax income

Short-term borrowings / commercial paper	not reported	not reported	not reported

Total liabilities

NVIDIA

Source and method

What do investors say about NVIDIA?

Business

Data Center is 89.7% of revenue. i

Source and method

Of every $100 in revenue, $56 is net income. i

Source and method

69.3% of revenue is from United States. i

Source and method

Data Center drove 92% of NVIDIA’s growth.

Thesis

3 reasons in the company’s own words. i

Source and method

KPIs

Revenue grew 65% to $215.9B.

Revenue grew 106% YoY to $96.2B.

Per share, revenue grew 718.7%.

60.4% operating margin, down from 62.4%.

71.1% gross margin, down from 75.0%.

Operating income grew 60% to $130.4B.

Net income grew 65% to $120.1B.

R&D grew 43% to $18.5B.

SG&A grew 31% to $4.6B.

EPS diluted grew 67% to $4.90.

66.2% operating margin, up from 60.8%.

75.0% gross margin, up from 72.4%.

Operating income grew 124% YoY to $63.7B.

Net income grew 126% YoY to $59.7B.

R&D grew 64% YoY to $7.1B.

SG&A grew 21% YoY to $1.4B.

EPS diluted grew 128% YoY to $2.46.

Keeps $45 of every $100 as free cash.

Operating cash flow grew 60% to $102.7B.

Capex grew 87% to $6.0B.

Buybacks grew 19% to $40.1B.

Dividends grew 17% to $974M.

Stock-based compensation grew 35% to $6.4B.

Free cash flow grew 59% YoY to $21.4B.

Operating cash flow grew 57% YoY to $24.1B.

Capex grew 41% YoY to $2.7B.

Buybacks grew 103% YoY to $19.7B.

Dividends grew 2359% YoY to $6.0B.

Stock-based compensation grew 25% YoY to $2.0B.

$10.6B cash vs $8.5B debt.

Total debt grew 0.1% to $8.5B.

Interest expense grew 4.9% to $259M.

Total assets grew 85% to $206.8B.

Equity grew 98% to $157.3B.

Cash grew 93% YoY to $22.4B.

Total debt grew 294% YoY to $33.4B.

Interest expense grew 266% YoY to $227M.

Total assets grew 128% YoY to $320.3B.

Equity grew 129% YoY to $229.0B.

Data Center revenue grew 68% to $193.7B.

Revenue China incl. Hong Kong: $19.7B in FY2026.

Data Center revenue grew 117% YoY to $89.0B.

$7.9B in FY2027 Q2.

Dependencies

One NVIDIA customer: $47.5B.

Risks

4 of 26 risk factors, one per theme. i

Source and method

Who’s invested

Vanguard Capital Management LLC holds 7.31%. i

Source and method

All metrics

Method

Data Center is 89.7% of revenue.

Of every $100 in revenue, $56 is net income.

69.3% of revenue is from United States.

3 reasons in the company’s own words.

4 of 26 risk factors, one per theme.

Vanguard Capital Management LLC holds 7.31%.