NVIDIA · customer concentration
NVIDIA’s biggest customers
Who are NVIDIA’s biggest customers?
Customer One: 22% of FY2026 revenue
The filing does not name this customer. Hollsteen never guesses names.
“For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue, all of which were primarily attributable to the Compute & Networking segment.”
NVIDIA 10-K, verbatim · 10-K · filed Feb 25, 2026
Numbers, method and sources
Share of revenue per customer as tagged in the filing’s XBRL (ConcentrationRiskPercentage, benchmark revenue). US GAAP requires disclosure only for customers with at least 10% of revenue; a year without a customer means below 10% or not disclosed. Labels like “Customer A” are the filer’s own; the same label is not guaranteed to be the same customer every year.
FY2026
- Customer One (not named in filing) 22%
- Customer Two (not named in filing) 14%
FY2025
- Customer One (not named in filing) 12%
- Customer Two (not named in filing) 11%
- Another direct customer (not named in filing) 11%
From the filing sentence: “sales to two direct customers each represented 11% of total revenue” (not tagged in XBRL)
FY2024
- Customer One (not named in filing) 13%
FY2023
No customer ≥ 10% of revenue disclosed.
FY2022
No customer ≥ 10% of revenue disclosed.
FY2021
No customer ≥ 10% of revenue disclosed.
FY2020
- One Customer (not named in filing) 11%
“For fiscal year 2024, sales to one direct customer represented 13% of total revenue, and were primarily attributable to the Compute & Networking segment.”
SEC filings only. No market data.
Is NVIDIA getting more dependent on one customer?
Largest disclosed customer, by fiscal year
All NVIDIA facts from SEC filings · Customer concentration of all companies