NASDAQ: NVDA CIK 0001045810 SEC Accession 0001045810-26-000021 • FY2026 Form 10-K (Ended Jan 25, 2026)

NVIDIA Corporation (NVDA) FY2026 10-K Financial Statements & Excel Model (.xlsx)

Access audited annual financial statements for NVIDIA Corporation directly from SEC EDGAR (FY2026 Form 10-K filed February 25, 2026). Review multi-year US-GAAP performance across Compute & Networking and Graphics reportable segments, Note 16 customer concentration and inventory write-down forensics, and download the institutional financial model in Excel (.xlsx).

FY2026 Revenue
$215.94B
+65.5% YoY ($215,938M)
Operating Income (EBIT)
$130.39B
60.4% Operating Margin
Free Cash Flow
$96.68B
80.5% Net Income Conversion
Cash & Marketable Securities
$50.13B
Net Cash ($42.66B vs $7.47B Debt)
Free Model Export • OpenXML .XLSX

Download NVIDIA (NVDA) FY2026 10-K Financial Model

Complete multi-sheet workbook: Summary, Income Statement, Balance Sheet, Cash Flow, Note 16 Segment Schedule, and 5-Year DCF

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1. Audited 3-Year Consolidated Financial Performance (US-GAAP)

Source: SEC EDGAR CIK 0001045810 • FY2026 Form 10-K

Reported multi-period figures ($ in millions, except per-share data) extracted directly from NVIDIA Corporation's FY2026 Form 10-K (for fiscal years ended January 28, 2024, January 26, 2025, and January 25, 2026):

Line Item (US-GAAP XBRL Tag) FY2024 FY2025 FY2026 (Actual) YoY Change
Total Revenue (Revenues) $60,922M $130,497M $215,938M +65.5%
Cost of Revenue (CostOfRevenue) $16,621M $32,639M $62,475M +91.4%
Gross Profit (GrossProfit) $44,301M $97,858M $153,463M +56.8%
Gross Margin % 72.7% 75.0% 71.1% -390 bps
Research & Development (ResearchAndDevelopmentExpense) $8,675M $12,914M $18,497M +43.2%
Selling, General & Administrative (SellingGeneralAndAdministrativeExpense) $2,654M $3,491M $4,579M +31.2%
Operating Income (EBIT) (OperatingIncomeLoss) $32,972M $81,453M $130,387M +60.1%
Operating Margin % 54.1% 62.4% 60.4% -200 bps
Income Tax Expense (IncomeTaxExpenseBenefit) $4,058M $11,146M $21,383M +91.8%
Net Income (GAAP) (NetIncomeLoss) $29,760M $72,880M $120,067M +64.7%
Diluted EPS (EarningsPerShareDiluted) $1.19 $2.94 $4.90 +66.7%
Weighted-Average Diluted Shares 24,940M 24,804M 24,514M -1.2%
Cash Flow from Operations (CFO) $28,090M $64,089M $102,718M +60.3%
Capital Expenditures (CapEx) ($1,069M) ($3,236M) ($6,042M) +86.7%
Free Cash Flow (FCF = CFO − CapEx) $27,021M $60,853M $96,676M +58.9%

2. Note 16 Segment & Specialized End-Market Disaggregation (ASC 280)

Note 16 Audited Segment Footnote • FY2026 10-K

Per Note 16 of the FY2026 Form 10-K, NVIDIA reports two operating segments (Compute & Networking at 67.3% segment operating margin and Graphics at 40.8% segment operating margin) alongside disaggregated revenue across specialized end markets:

Reportable Segment / Specialized Market FY2024 ($M) FY2025 ($M) FY2026 ($M) % of FY26 Sales YoY Growth
Compute & Networking Segment Revenue $47,405M $116,193M $193,479M 89.6% +66.5%
Compute & Networking Operating Income (67.3% Margin) $32,016M $82,875M $130,141M 60.3% +57.0%
Graphics Segment Revenue $13,517M $14,304M $22,459M 10.4% +57.0%
Graphics Operating Income (40.8% Margin) $5,846M $5,085M $9,156M 4.2% +80.1%
Data Center Market Total $47,525M $115,186M $193,737M 89.7% +68.2%
• Data Center Compute (Blackwell / Hopper GPU Systems) $38,950M $102,196M $162,361M 75.2% +58.9%
• Data Center Networking (NVLink / Spectrum-X / InfiniBand) $8,575M $12,990M $31,376M 14.5% +141.5%
• Gaming & AI PC $10,447M $11,350M $16,042M 7.4% +41.3%
• Professional Visualization $1,553M $1,878M $3,191M 1.5% +69.9%
• Automotive & Robotics $1,091M $1,694M $2,349M 1.1% +38.7%
• OEM & Other $306M $389M $619M 0.3% +59.1%
Total Consolidated Net Revenue $60,922M $130,497M $215,938M 100.0% +65.5%

3. Forensic Footnote Analysis: Customer Concentration, Inventory & Capital Allocation

Audited Balance Sheet & Footnotes • FY2026 10-K

Beyond headline revenue growth, an institutional forensic inspection of NVIDIA's FY2026 Form 10-K footnotes reveals four structural balance sheet and working-capital shifts:

Note 16 Customer Concentration
36% Revenue From 2 Buyers ($77.7B)

In FY2026, Customer A accounted for 22% ($47.51B) and Customer B accounted for 14% ($30.23B) of total consolidated revenue — up sharply from 12% and 11% in FY2025.

Inventory & Write-Downs (Blackwell Ramp)
$21.40B Inventory (+112.3% YoY)

Net inventory doubled from $10,080M to $21,403M (Work-in-Process: $8,822M; Finished Goods: $8,774M), while inventory write-downs (InventoryWriteDown) rose 2.5x from $1,600M to $4,000M, compressing Gross Margin by -390 bps to 71.1%.

Working Capital & Receivables
$38.47B A/R (DSO: 65.0 Days)

Accounts receivable increased by +$15,399M (+66.8% YoY) from $23,065M to $38,466M, while Days Inventory Outstanding (DIO) expanded to 125.0 days ($21,403M inventory against $62,475M COGS).

Capital Allocation & Fortress Liquidity
$40.09B Buybacks vs. $6.39B SBC

NVIDIA spent $40,086M repurchasing 282M common shares (6.3x its $6,387M stock-based compensation), lowering diluted shares by -1.2% YoY to 24,514M while holding $42,656M in net cash and $58.5B in remaining buyback authorization.

Frequently Asked Questions (NVIDIA FY2026 10-K & Valuation)

How much of NVIDIA's total revenue is driven by the Data Center segment in FY2026?

Per Note 16 of NVIDIA's FY2026 Form 10-K (for the fiscal year ended January 25, 2026), Data Center revenue reached $193,737 million ($193.74 billion), representing 89.7% of total consolidated revenue ($215,938 million). Within Data Center, Compute generated $162,361 million (+58.9% YoY) and Networking surged +141.5% YoY to $31,376 million.

What is NVIDIA's Free Cash Flow conversion rate from GAAP Net Income in FY2026?

In FY2026, NVIDIA generated $102,718 million in Operating Cash Flow and spent $6,042 million on Capital Expenditures, resulting in $96,676 million ($96.68 billion) in Free Cash Flow against $120,067 million in GAAP Net Income — an 80.5% Free Cash Flow conversion rate alongside $40,086 million in common stock repurchases.

Why did NVIDIA's GAAP Gross Margin compress by 390 bps in FY2026?

Per NVIDIA's FY2026 Form 10-K, GAAP Gross Margin moved from 75.0% in FY2025 ($97,858 million) to 71.1% in FY2026 ($153,463 million) as NVIDIA transitioned to full-rack Blackwell data center systems and recorded $4,000 million ($4.0 billion) in inventory and capacity write-downs (up from $1,600 million in FY2025), while net inventory expanded +112.3% YoY to $21,403 million.

How can I export NVIDIA's SEC Form 10-K financial model into Excel?

You can download the audited multi-sheet NVIDIA Form 10-K financial model directly from this page using the "Download NVDA .XLSX" button. The workbook includes audited 3-year historical Income Statements (FY2024–FY2026), Balance Sheets, Cash Flow Statements, Note 16 segment allocations, and a pre-linked 5-year DCF valuation model generated client-side with zero macro security warnings.

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