Short answer
NVIDIA Corp (NVDA) filed its fiscal 2026 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $215.9B (+65.5% year over year) and net income of $120.1B.
- Top risk flagged: Export controls (BIS/USG) caused $4.5B H20 charge in Q1 FY2026; NVIDIA now effectively foreclosed from China data center market
FY2026 key financial metrics · XBRL
- Revenue
- $215.9B
- +65.5% YoY
- Net income
- $120.1B
- +64.7% YoY
- Operating margin
- 60.4%
- −2.0 pp YoY
- Gross margin
- 71.1%
- −3.9 pp YoY
- EPS (diluted)
- $4.90
- +66.7% YoY
- ROE
- 76.3%
- −15.5 pp YoY
- Operating cash flow
- $102.7B
- +60.3% YoY
Source: XBRL data from the NVIDIA Corp (NVDA) FY2026 10-K on SEC EDGAR. USD.
NVIDIA Corp FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Full-stack AI infrastructure company: GPUs, CPUs, DPUs, networking, and software (CUDA, NIM, NeMo) sold as rack-scale data center systems
- FY2026 launches: Blackwell Ultra platform for agentic/reasoning/physical AI; NVLink Fusion enabling hyperscaler custom ASIC integration; Rubin platform unveiled (production shipments expected H2 FY2027, ~10x lower cost-per-token vs Blackwell)
- China market effectively foreclosed by FY2026 end due to escalating USG export controls; $4.5B charge in Q1 FY2026 on H20 inventory/purchase obligations; only ~$60M H20 revenue generated under limited licenses
- ~42,000 employees across 38 countries; 31,000 in R&D; 3.7% turnover rate; over 40% of new hires from employee referrals; $76.7B cumulative R&D investment since inception
- NVIDIA powers over 78% of TOP500 supercomputers globally, including 9 of top 10 on Green500 efficiency list; 7.5M+ CUDA developers worldwide
Management Discussion & Analysis
- Revenue $215.9B, up 65% YoY; Compute & Networking $193.5B (+66%), Graphics $22.5B (+57%)
- Gross margin 71.1% vs 75.0%; operating margin 60.4% vs 62.4%; net margin 55.6% vs 55.8%
- Best segment: Compute & Networking op income $130.1B (+57%); $4.5B H20 charge partially offset gains
- Operating cash flow $102.7B; capex $6.1B; buybacks $40.4B (282M shares); dividends $974M; liquidity $62.6B
- Key risks: H20/H200 export controls, $4.5B inventory charge, Gaming supply constraints in Q1 FY2027, capex set to rise in FY2027
Risk Factors
- Export controls (BIS/USG) caused $4.5B H20 charge in Q1 FY2026; NVIDIA now effectively foreclosed from China data center market
- China antitrust regulators (Sept 15, 2025) preliminary finding that H20 export-control compliance violated Mellanox acquisition approval terms, risking financial penalties and business restrictions
- Two direct customers represent 22% and 14% of FY2026 revenue, nearly all from Compute & Networking segment
- TSMC/third-party foundry dependency with lead times exceeding 12 months; supply constraints flagged as Gaming headwind into Q1 FY2027
- ~6,000 employees in Israel supporting networking R&D and operations exposed to ongoing regional conflict risk
Generated from the filing text; verify against the original. How to read a 10-K
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