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Get filing alertsNVIDIA's revenue more than doubled to $96.22B in the fiscal second quarter, with net income up 125.9% to $59.69B.
Filed August 26, 2026 · Period ending July 26, 2026 · Compared to 10-Q Aug 27, 2025 · ~1 min read
Key Financials
SEC XBRL| Metric | PriorJul 27, 2025 | CurrentJul 26, 2026 | Δ |
|---|---|---|---|
| Revenue | $46.7B | $96.2B | ▲ +105.9% |
| Net income | $26.4B | $59.7B | ▲ +125.9% |
| Diluted EPS | $1.08 | $2.46 | ▲ +127.8% |
| Operating income | $28.4B | $63.7B | ▲ +124.1% |
| Cash & equivalents | $11.6B | $22.4B | ▲ +92.8% |
| Long-term debt (noncurrent) | $8.47B | $32.4B | ▲ +282.3% |
| Total assets | $140.7B | $320.3B | ▲ +127.6% |
As reported in XBRL by the filer · 10-Q vs 10-Q. Income figures cover the fiscal quarter (not year-to-date); cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →
Key Changes
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Data Center revenue rose 116.6% to $89.02B, which the company attributes to the ramp of our Blackwell Ultra infrastructure.
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Gross margin expanded to 75.0% from 72.4% a year earlier, reflecting improved mix from Blackwell Ultra.
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The company repurchased 94.0M shares for $19.67B and paid $6.00B in dividends during the quarter.
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NVIDIA increased its quarterly dividend to $0.25 per share and added $80.0 billion to its buyback program.
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For the six months, operating cash flow was $74.42B, against net income of $118.01B.
Summary
Revenue in the fiscal second quarter reached $96.22B, up 105.9% from $46.74B a year earlier. Data Center revenue climbed 116.6% to $89.02B, which the company attributes to the ramp of our Blackwell Ultra infrastructure. Gross margin improved to 75.0% from 72.4%, reflecting improved mix from Blackwell Ultra. Operating expenses rose 55.3% to $8.41B, driven by higher compute infrastructure and compensation and benefits costs. Net income was $59.69B, or $2.46 per diluted share, compared with $26.42B, or $1.08 per diluted share, a year earlier.
NVIDIA returned significant capital to shareholders during the quarter. It repurchased 94.0M shares for $19.67B and paid $6.00B in dividends. On May 18, 2026, the board increased the quarterly dividend to $0.25 per share and approved an additional $80.0 billion, bringing the total authorization to $99.30B.
In August 2026, NVIDIA entered into guarantees with SB Energy Corp. to support a data center campus in Ohio, with obligations capped at $105 billion.
Section-by-Section Diff
MD&A
NVIDIA's MD&A now discloses significantly increased supply commitments, a new guarantee for SB Energy's Ohio data center campus, and a new AI cloud business model.
Added in current filing · verify on EDGAR →
We have significantly increased our supply and capacity commitments from $119 billion last quarter to $279 billion as of July 26, 2026 to meet future demand.
The current filing discloses a substantial increase in supply and capacity commitments to $279 billion, up from $119 billion last quarter, reflecting NVIDIA's aggressive capacity expansion to meet demand.
Added in current filing · verify on EDGAR →
In August 2026, we entered into guarantees with SB Energy Corp. to provide credit support on the land, power, and shell buildout at SB Energy’s PORTS Technology Campus in Pike County, Ohio, covering leases for approximately 4.25 gigawatts of IT load.
Added in current filing · verify on EDGAR →
In the second quarter of fiscal year 2027, we introduced a new business model with certain select AI cloud partners, to enable broader access to our data center infrastructure products to serve AI startups, model builders, enterprises, research organizations, and sovereign customers.
NVIDIA has introduced a new business model with AI cloud partners, committing to cloud service agreements, which could impact future revenue and financial results.
Added in current filing · verify on EDGAR →
In August 2026, we entered into memorandums of understanding with several large capital providers to establish independent financing platforms designed to mobilize more than $500 billion of third-party capital over time to support the deployment of AI infrastructure.
NVIDIA has entered into MOUs to establish financing platforms that could mobilize over $500 billion in third-party capital for AI infrastructure, potentially reducing its own capital burden.
Previous filing · verify on EDGAR →
USG officials have expressed an expectation that the USG will receive 15% of the revenue generated from licensed H20 sales, but to date, the USG has not published a regulation codifying such requirement.
Current filing · verify on EDGAR →
The licenses require that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200s shipped under the new licensing program are subject to a 25% tariff upon importation into the United States.
The current filing updates the H200 licensing situation, noting a tariff on shipments and a charge for excess inventory, compared to the prior H20 licensing discussion.
Added in current filing · verify on EDGAR →
In June 2026, we issued an aggregate of $25.0 billion of senior unsecured notes across seven tranches for general corporate purposes.
NVIDIA issued senior notes in June 2026, significantly increasing its long-term debt.
Added in current filing · verify on EDGAR →
On May 18, 2026, we increased our quarterly cash dividend from $0.01 per share to $0.25 per share.
NVIDIA increased its quarterly dividend, reflecting strong cash generation.
Previous filing · verify on EDGAR →
On August 26, 2025, our Board of Directors approved an additional $60.0 billion in share repurchase authorization, without expiration. As of August 26, 2025, a total of $71.2 billion was available for repurchase.
Current filing · verify on EDGAR →
On May 18, 2026, our Board of Directors approved an additional $80.0 billion in share repurchase authorization, without expiration. As of July 26, 2026, we were authorized, subject to certain specifications, to repurchase up to $99.3 billion of our common stock.
NVIDIA's board approved an additional buyback authorization, bringing the total available to $99.3 billion, up from $71.2 billion previously.
Risk Factors
NVIDIA added a new risk factor on commitments and guarantees and substantially expanded export control risk disclosures.
Added in current filing · verify on EDGAR →
Commitments, guarantees, and other commercial arrangements expose us to financial, counterparty and execution risks and may not provide anticipated benefits.
A new risk factor was added describing substantial multi-year commitments for supply, cloud services, and data center leases, financial guarantees and credit support for customers, agreements with AI clouds to purchase unused capacity, and guarantees with SB Energy relating to leases at the PORTS Technology Campus that could expose NVIDIA to substantial obligations if OpenAI fails to perform.
Previous filing · verify on EDGAR →
For example, regulators in China are investigating whether complying with applicable U.S. export controls discriminates unfairly against customers in the China market.
Current filing · verify on EDGAR →
On September 15, 2025, China’s antitrust regulators published their preliminary finding that our compliance with applicable U.S. export controls, which required us to offer degraded products to the Chinese market, discriminated unfairly against customers in the China market and therefore violated the terms of China’s approval of our Mellanox acquisition.
The risk factor now discloses a specific preliminary finding by China's antitrust regulators that NVIDIA's compliance with U.S. export controls violated the terms of the Mellanox acquisition approval, increasing the potential for financial penalties or restrictions on its networking business in China.
Previous filing · verify on EDGAR →
For example, the French Competition Authority collected information from us regarding our business and competition in the graphics card and CSP market as part of an ongoing inquiry into competition in those markets.
Current filing · verify on EDGAR →
For example, the French Competition Authority is questioning whether gaming GPUs and data center GPUs are separate product categories, an inquiry that may impact the export controls applicable to gaming products sold in France and Europe.
The description of the French Competition Authority inquiry was updated to specify that it is questioning whether gaming GPUs and data center GPUs are separate product categories, which could affect export controls on gaming products in France and Europe.
Added in current filing · verify on EDGAR →
For example, in October 2025, the Senate passed the GAIN AI Act in the National Defense Authorization Act. The GAIN AI Act would restrict the Trump Administration’s ability to adapt the Biden Administration’s export control rules and could also allow private U.S. persons to review and overturn licensing and foreign policy decisions made by the Trump Administration.
New details were added about proposed legislation, including the GAIN AI Act and the Remote Access Security Act (RASA), which could impose new restrictions on cloud services and OEMs and materially impact NVIDIA's business.
Removed from previous filing · verify on EDGAR →
We may not be able to realize the potential benefits of business investments or acquisitions, and we may not be able to successfully integrate acquired companies, which could hurt our ability to grow our business, develop new products or sell our products.
The entire risk factor on business investments and acquisitions was removed from the quarterly report.
Added in current filing · verify on EDGAR →
Our indebtedness may adversely affect our financial condition and cash flows from operations.
A new risk factor on indebtedness was added, disclosing senior notes outstanding and a commercial paper program, and describing risks related to debt service, covenants, and credit ratings.
Show 1 minor / wording change
Previous filing · verify on EDGAR →
including applications built on foundation models originating in China such as DeepSeek or Qwen
Current filing · verify on EDGAR →
including applications built on foundation models originating in China such as DeepSeek, Qwen, or Kimi
The list of Chinese open-source foundation models was expanded to include Kimi, reflecting the growing popularity of such models and the potential impact of regulatory restrictions on NVIDIA's ability to support them.
Notes
NVIDIA added a new SB Energy Corp. guarantee and issued new debt, while significantly expanding supply commitments.
Added in current filing · verify on EDGAR →
In August 2026, we entered into guarantees, capped at a total of $105 billion, to provide credit support on a land, power, and shell buildout with affiliates of SB Energy Corp. (SB Energy) on behalf of a customer, an affiliate of OpenAI Group PBC (OpenAI), related to leases for approximately 4.25 gigawatts of IT load in the aggregate at SB Energy’s PORTS Technology Campus in Pike County, Ohio.
The company disclosed a new guarantee arrangement with SB Energy Corp. to support a customer's data center buildout, significantly increasing its maximum gross exposure under guarantees.
Added in current filing · verify on EDGAR →
In June 2026, we issued an aggregate of $25.0 billion of senior unsecured notes across seven tranches for general corporate purposes.
NVIDIA issued new senior notes, increasing long-term debt and adding new tranches with maturities from 2028 to 2056.
Previous filing · verify on EDGAR →
Total future commitments as of July 27, 2025 are as follows:
Current filing · verify on EDGAR →
increasing supply commitments from $119 billion last quarter to $279 billion as of July 26, 2026.
Supply and capacity commitments surged from the prior quarter.
Added in current filing · verify on EDGAR →
Data center leases not commenced for third party – We have entered into data center leases with terms of approximately fifteen years that are expected to commence between fiscal year 2028 and fiscal year 2029.
NVIDIA disclosed future data center lease obligations for third parties, which it expects to reassign, adding to its off-balance sheet commitments.
Previous filing · verify on EDGAR →
As of July 27, 2025, we were authorized, subject to certain specifications, to repurchase up to $14.7 billion of our common stock.
Current filing · verify on EDGAR →
On May 18, 2026, our Board of Directors approved an additional $80.0 billion in share repurchase authorization, without expiration. As of July 26, 2026, we were authorized, subject to certain specifications, to repurchase up to $99.3 billion of our common stock.
The board approved an additional buyback authorization, bringing the total available to a dramatically higher level than a year earlier.
Previous filing · verify on EDGAR →
We paid cash dividends to our shareholders of $244 million and $246 million during the second quarter, and $488 million and $344 million during the first half, of fiscal years 2026 and 2025, respectively.
Current filing · verify on EDGAR →
On May 18, 2026, we increased our quarterly cash dividend from $0.01 per share to $0.25 per share.
The quarterly dividend was raised significantly, resulting in a substantial increase in cash returned to shareholders.
Previous filing · verify on EDGAR →
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.
Current filing · verify on EDGAR →
On March 25, 2026, the district court granted plaintiffs’ motion for class certification and certified a class of investors consisting of all persons or entities who purchased or otherwise acquired NVIDIA common stock between August 10, 2017, and November 15, 2018, inclusive, excluding certain persons and entities, such as NVIDIA’s officers and directors, and members of their immediate families, among others.
The securities class action was certified as a class action in March 2026, advancing the litigation and potentially increasing the company's exposure.
Financial Statements
Primary statements as printed on the EDGAR filing (iXBRL face). Companyfacts is used only when a statement is not on the HTML face. Not generated by the model.
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
| Description | Three months ended Jul 26, 2026 | Three months ended Jul 27, 2025 | Six months ended Jul 26, 2026 | Six months ended Jul 27, 2025 |
|---|---|---|---|---|
| Revenue | 96,221 | 46,743 | 177,837 | 90,805 |
| Cost of revenue | 24,079 | 12,890 | 44,538 | 30,284 |
| Gross profit | 72,142 | 33,853 | 133,299 | 60,521 |
| Operating expenses | ||||
| Research and development | 7,054 | 4,291 | 13,375 | 8,280 |
| Sales, general and administrative | 1,354 | 1,122 | 2,654 | 2,163 |
| Total operating expenses | 8,408 | 5,413 | 16,029 | 10,443 |
| Operating income | 63,734 | 28,440 | 117,270 | 50,078 |
| Other income, net | 7,773 | 2,766 | 24,140 | 3,039 |
| Income before income tax | 71,507 | 31,206 | 141,410 | 53,117 |
| Income tax expense | 11,819 | 4,784 | 23,400 | 7,920 |
| Net income | 59,688 | 26,422 | 118,010 | 45,197 |
| Net income per share: | ||||
| Basic | 2.47 | 1.08 | 4.87 | 1.85 |
| Diluted | 2.46 | 1.08 | 4.85 | 1.84 |
| Weighted average shares used in per share computation: | ||||
| Basic | 24,190 | 24,366 | 24,238 | 24,404 |
| Diluted | 24,285 | 24,532 | 24,338 | 24,571 |
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
| Description | Jul 26, 2026 | Jan 25, 2026 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 22,443 | 10,605 |
| Marketable debt securities | 34,143 | 39,065 |
| Marketable equity securities | 42,783 | 12,886 |
| Accounts receivable, net | 63,059 | 38,466 |
| Inventories | 31,575 | 21,403 |
| Prepaid expenses and other current assets | 3,409 | 3,180 |
| Total current assets | 197,412 | 125,605 |
| Property and equipment, net | 14,285 | 10,383 |
| Operating lease assets | 5,390 | 2,867 |
| Goodwill | 21,125 | 20,832 |
| Intangible assets, net | 2,998 | 3,306 |
| Deferred income tax assets | 12,159 | 13,258 |
| Non-marketable securities | 51,157 | 22,251 |
| Other assets | 15,746 | 8,301 |
| Total assets | 320,272 | 206,803 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | 15,059 | 9,812 |
| Accrued and other current liabilities | 26,960 | 21,352 |
| Short-term debt | 1,000 | 999 |
| Total current liabilities | 43,019 | 32,163 |
| Long-term debt | 32,366 | 7,469 |
| Long-term operating lease liabilities | 4,985 | 2,572 |
| Other long-term liabilities | 10,918 | 7,306 |
| Total liabilities | 91,288 | 49,510 |
| Commitments and contingencies | ||
| Shareholders’ equity: | ||
| Preferred stock | — | — |
| Common stock | 24 | 24 |
| Additional paid-in capital | 9,828 | 10,118 |
| Accumulated other comprehensive income (loss) | (25) | 178 |
| Retained earnings | 219,157 | 146,973 |
| Total shareholders’ equity | 228,984 | 157,293 |
| Total liabilities and shareholders’ equity | 320,272 | 206,803 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Description | Six months ended Jul 26, 2026 | Six months ended Jul 27, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 118,010 | 45,197 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Stock-based compensation expense | 3,954 | 3,099 |
| Depreciation and amortization | 2,124 | 1,280 |
| Deferred income taxes | 982 | (2,160) |
| Gains from equity securities, net | (23,707) | (2,073) |
| Other | 222 | (196) |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Accounts receivable | (24,590) | (4,743) |
| Inventories | (10,204) | (4,880) |
| Prepaid expenses and other assets | (6,480) | 946 |
| Accounts payable | 4,125 | 2,255 |
| Accrued and other current liabilities | 8,015 | 3,075 |
| Other long-term liabilities | 1,970 | 979 |
| Net cash provided by operating activities | 74,421 | 42,779 |
| Cash flows from investing activities: | ||
| Proceeds from sales and maturities of debt securities | 26,563 | 6,739 |
| Proceeds from sales of equity securities | 7,241 | 70 |
| Purchases of equity securities | (42,404) | (1,245) |
| Purchases of debt securities | (21,777) | (14,108) |
| Purchases related to property and equipment and intangible assets | (4,434) | (3,122) |
| Acquisitions, net of cash acquired | (298) | (677) |
| Other | (15) | — |
| Net cash used in investing activities | (35,124) | (12,343) |
| Cash flows from financing activities: | ||
| Proceeds related to issuance of debt, net of costs | 24,896 | — |
| Proceeds related to employee stock plans | 515 | 370 |
| Payments related to repurchases of common stock | (39,044) | (23,815) |
| Dividends paid | (6,290) | (488) |
| Payments related to employee stock plan taxes | (4,531) | (3,380) |
| Groq, Inc. | (2,944) | — |
| Principal payments on property and equipment and intangible assets | (92) | (73) |
| Other | 31 | — |
| Net cash used in financing activities | (27,459) | (27,386) |
| Change in cash and cash equivalents | 11,838 | 3,050 |
| Cash and cash equivalents at beginning of period | 10,605 | 8,589 |
| Cash and cash equivalents at end of period | 22,443 | 11,639 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share data); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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