NVIDIA Corporation

The grade, in three tenses

Headline 8.1 out of ten, 9 of 9 metrics filed: past 8.2 out of ten, present 8.9 out of ten, future 7.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 9.1 out of ten. +45.8% a year over 10 filed years; profitable in 10 of 10. 91st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 7.0 out of ten. Share count shrank 0.7% a year. 44% of cash flow returned. Insiders: 278 sales, 0 purchases. 70th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 8.7 out of ten. ROE 76%: 76¢ of profit per shareholder dollar. Leverage 24%: owes 24¢ per asset dollar. 87th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 9.5 out of ten. top 5% of 97 in its family; net margin 55.6%. 95th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 8.3 out of ten. top 17% of 66 in its family for leadership; chief executive since 2006. 83rd percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.2 out of ten. top 38% of 94 in its family for room to expand. 62nd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 9.2 out of ten. top 8% of 93 in its family for growth drivers. 92nd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.8 out of ten. top 41% of 88 in its family for expectations against reality. 59th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-25 for the period ended 2026-01-25 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-26 for the period ended 2026-07-26 (on EDGAR). Newest results release: Form 8-K filed 2026-08-26 (on EDGAR). Newest filing: Form 4, 2026-10-09. Filings on record since 1998. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-25.

The people

Jen-Hsun Huang co-founded NVIDIA in 1993 and has run it since the start, as president, chief executive and a director. Before that he designed microprocessors at AMD and then worked at LSI Logic, a chip maker. The annual report names four other executive officers: Colette Kress, chief financial officer since she joined in 2013; Ajay Puri, who runs worldwide field operations and joined in 2005; Debora Shoquist, who runs operations and joined in 2007; and Timothy Teter, the general counsel, who joined in 2017. [1, 2, 3, 4, 5, 6]

The board is long-serving too. Mark Stevens, Tench Coxe, Harvey Jones and Brooke Seawell have filed as NVIDIA directors since 2006, the first year the SEC's insider data sets reach, and all four still file. [7]

At the end of fiscal 2026 the company counted about 42,000 employees in 38 countries. Roughly three in four, 31,000 people, work in research and development; the other 11,000 are in sales, marketing, operations and administration. More than 80 percent hold technical roles, more than half of its engineers work on software, and turnover for the year was 3.7 percent. [8, 9, 10, 11]

How it operates

NVIDIA designs the processors, networking and software behind data-center computing, above all for artificial intelligence. It mostly sells them as whole systems: racks, boards and modules that pair its graphics processors (GPUs) with its own central processors, switches and network adapters, running on CUDA, the software platform that programmers write for. It also sells GeForce graphics cards for gaming PCs, RTX PRO chips for design workstations and the DRIVE computers for self-driving cars. [12, 13, 14, 15, 16]

It sells to a short list of buyers. Its direct customers are mostly the companies that build and resell its hardware (server makers, contract manufacturers, distributors, system integrators), alongside cloud providers and AI model makers. Two direct customers alone took 22% and 14% of fiscal 2026 revenue. Behind them stand the indirect customers who end up running the machines: cloud providers, neocloud builders, AI model makers, enterprises and governments. The filing estimates that one unnamed AI research company, buying cloud services from its customers, contributed a meaningful amount of revenue. [17, 18, 19, 20]

By the company's own geographic tagging, the United States brought in 149.6 billion dollars, 69.3% of fiscal 2026 revenue, Taiwan 19.6% and China including Hong Kong 9.1%, the one region that shrank, down 21.4%. The Taiwan figure mostly shows where the assemblers sit, not where the chips end up: the company estimates that 76% of data-center revenue from Taiwan-headquartered customers went to end customers in the United States and Europe. [21, 22]

NVIDIA owns no chip factories. It is fabless, meaning it designs the chips and hires suppliers for every step of making them. TSMC and Samsung make its silicon wafers; SK Hynix, Micron and Samsung supply the memory; Hon Hai, Wistron and Fabrinet assemble, test and package finished products. The supply chain sits mainly in Asia, and the company says it is expanding into the United States and Latin America. [23, 24, 25, 26, 27]

The specifics

Export rules shape this business more than most. Since 2022 the US government has required licenses for its most capable data-center chips bound for China and other listed countries. A license requirement placed on its H20 chips in April 2025 led to a 4.5 billion dollar charge for excess inventory and purchase obligations, and by the end of fiscal 2026 the company said it was effectively shut out of China's data-center market. [28, 29, 30, 31]

In its own telling, software holds its customers as much as silicon does. Over 7.5 million developers use CUDA and its other tools, and its platforms are sold by virtually every major server maker and cloud provider. It has put more than 76.7 billion dollars into research and development since it was founded, dates its invention of the GPU to 1999, and got its networking business by buying Mellanox in 2020. [32, 33, 34, 35, 36]

It names its competitors plainly: AMD, Huawei and Intel in chips; the large cloud companies, among them Alphabet, Amazon, Microsoft, Alibaba and Baidu, designing AI chips of their own; and Arista, Broadcom, Cisco and Marvell, among others, in networking. [37, 38, 39]

What drives growth, line by line

Compute. The largest line by far: 162.4 billion dollars, 75.2% of fiscal 2026 revenue, up 58.9% on the year. The filing credits demand for the Blackwell computing platform, which made up the majority of data-center revenue. [21, 40, 41]

Networking. 31.4 billion dollars, 14.5% of revenue and the fastest-growing line, up 141.5%. The filing credits NVLink, the fabric that ties processors together inside its GB200 and GB300 systems, and growth in its Ethernet and InfiniBand networking. [21, 42]

Gaming. 16.0 billion dollars, 7.4% of revenue, up 41.3% on demand for Blackwell graphics cards. The company expects supply constraints to hold gaming back from the first quarter of fiscal 2027. [21, 43]

Professional Visualization. 3.2 billion dollars, 1.5% of revenue, up 69.9%, on demand for Blackwell workstation chips and the launch of its new DGX Spark. [21, 44]

Automotive. 2.3 billion dollars, 1.1% of revenue, up 38.7%, which the filing puts down to continued adoption of its self-driving platforms. [21, 45]

OEM and Other. The smallest line, at 619.0 million dollars, 0.3% of revenue. [21]

What comes next, in the company's own words: new data-center architectures on a one-year cadence, with the Rubin platform expected to begin production shipments in the second half of fiscal 2027. [46, 47]

What the desk infers (inferred, not filed)

• The two direct customers that took 22% and 14% of revenue are most likely contract manufacturers that build NVIDIA's rack systems, not cloud companies buying for themselves. Because: The filing puts both customers mainly in Compute & Networking, the data-center segment. [18] Its list of direct customers leads with board makers, distributors, ODMs, OEMs and system integrators, the companies that assemble hardware for others. [17] Taiwan-headquartered customers brought in 19.6% of revenue, yet most of their data-center purchases ended up with users in the United States and Europe, the pattern of assemblers in Taiwan shipping racks to American buyers. [21, 22] It names Hon Hai and Wistron among the contract manufacturers it works with. [26] Confidence 65 of 100. Wrong if: A filing or a disclosure by either customer that names it as a cloud provider or an AI model maker buying directly for its own use.
• The data center is now the whole company in all but name: its fortunes follow the building plans of a few cloud and AI buyers far more than the PC and gaming cycle it grew up on. Because: Compute and Networking together made up nearly nine tenths of revenue. [21] Two direct customers took more than a third of revenue between them. [18] The indirect buyers the filing names are cloud providers, neocloud builders, AI model makers and enterprises. [19] Confidence 80 of 100. Wrong if: A fiscal year in which gaming, professional visualization and automotive together return to more than a fifth of revenue.
• Manufacturing capacity at a few Asian suppliers, not demand, has been the limit on how fast NVIDIA can ship, which is why it pays premiums and deposits for capacity far ahead. Because: It says it may place non-cancellable orders ahead of its usual lead times, pay premiums or provide deposits to secure supply and capacity. [48] Some of its lead times have run beyond twelve months. [49] It expects supply constraints to hold back gaming. [43] Its wafers come from TSMC and Samsung and its supply chain is mainly in Asia. [24, 27] Confidence 60 of 100. Wrong if: A year in which the company cuts purchase commitments and books large inventory write-downs for weak demand, showing demand rather than supply set the pace.

Sources

1. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Jen-Hsun Huang co-founded NVIDIA in 1993 and has served as our President, Chief Executive Officer, and a member of the Board of Directors since our inception.”
2. NVIDIA Corporation, Form 10-K filed 2026-02-25: “From 1983 to 1985, Mr. Huang was a microprocessor designer for AMD”
3. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Colette M. Kress joined NVIDIA in 2013 as Executive Vice President and Chief Financial Officer.”
4. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Ajay K. Puri joined NVIDIA in 2005 as Senior Vice President, Worldwide Sales and became Executive Vice President, Worldwide Field Operations in 2009.”
5. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Debora Shoquist joined NVIDIA in 2007 as Senior Vice President of Operations and in 2009 became Executive Vice President of Operations.”
6. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Timothy S. Teter joined NVIDIA in 2017 as Senior Vice President, General Counsel and Secretary and became Executive Vice President, General Counsel and Secretary in February 2018.”
7. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
8. NVIDIA Corporation, Form 10-K filed 2026-02-25: “As of the end of fiscal year 2026, we had approximately 42,000 employees in 38 countries; 31,000 were engaged in research and development and 11,000 were engaged in sales, marketing, operations, and administrative positions.”
9. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Within our workforce, more than 80 percent have technical roles and more than half of the workforce hold an advanced degree.”
10. NVIDIA Corporation, Form 10-K filed 2026-02-25: “In fiscal year 2026, our turnover rate was 3.7 percent.”
11. NVIDIA Corporation, Form 10-K filed 2026-02-25: “With a strong engineering culture, we drive fast, yet harmonized, product and technology innovations in all dimensions of computing including silicon, systems, networking, software and algorithms. More than half of our engineers work on software.”
12. NVIDIA Corporation, Form 10-K filed 2026-02-25: “The platform consists of data center compute and networking infrastructure offerings typically delivered to customers as rack-scale systems, subsystems, or modules, along with software and services.”
13. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Our technology stack includes the foundational NVIDIA CUDA development platform that runs on all NVIDIA GPUs”
14. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Our products for the gaming market include GeForce RTX GPUs for gaming desktop and laptop PCs, GeForce NOW cloud gaming service, as well as SoCs and development services for game consoles.”
15. NVIDIA Corporation, Form 10-K filed 2026-02-25: “allowing professionals to accelerate and transform their workflows with NVIDIA RTX PRO GPUs and software.”
16. NVIDIA Corporation, Form 10-K filed 2026-02-25: “we are delivering a full stack end-to-end solution for the AV market under the DRIVE Hyperion platform.”
17. NVIDIA Corporation, Form 10-K filed 2026-02-25: “We refer to customers who purchase products directly from NVIDIA as direct customers, such as AIBs, distributors, ODMs, OEMs, CSPs, AI model makers, and system integrators.”
18. NVIDIA Corporation, Form 10-K filed 2026-02-25: “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.”
19. NVIDIA Corporation, Form 10-K filed 2026-02-25: “We refer to indirect customers as those who purchase products through our direct customers; indirect customers include CSPs, Neocloud builders, AI model makers, enterprises, and public sector entities.”
20. NVIDIA Corporation, Form 10-K filed 2026-02-25: “We estimate that one AI research and deployment company contributed to a meaningful amount of our revenue purchasing cloud services from our customers in fiscal year 2026.”
21. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
22. NVIDIA Corporation, Form 10-K filed 2026-02-25: “In fiscal year 2026, we estimate 76% of Data Center revenue from Taiwan-headquartered customers was attributed to end customers based in the United States and Europe.”
23. NVIDIA Corporation, Form 10-K filed 2026-02-25: “We utilize a fabless and contracting manufacturing strategy, whereby we employ and partner with key suppliers for all phases of the manufacturing process, including wafer fabrication, assembly, testing, and packaging.”
24. NVIDIA Corporation, Form 10-K filed 2026-02-25: “We utilize foundries, such as Taiwan Semiconductor Manufacturing Company Limited, or TSMC, and Samsung Electronics Co., Ltd., or Samsung, to produce our semiconductor wafers.”
25. NVIDIA Corporation, Form 10-K filed 2026-02-25: “We purchase memory from SK Hynix Inc., Micron Technology, Inc., and Samsung.”
26. NVIDIA Corporation, Form 10-K filed 2026-02-25: “We engage with independent subcontractors and contract manufacturers such as Hon Hai Precision Industry Co., Ltd., Wistron Corporation, and Fabrinet to perform assembly, testing and packaging of our final products.”
27. NVIDIA Corporation, Form 10-K filed 2026-02-25: “While currently our supply chain is mainly concentrated in Asia, we are expanding into the U.S. and Latin America.”
28. NVIDIA Corporation, Form 10-K filed 2026-02-25: “In August 2022, the U.S. government, or USG, announced export restrictions and export licensing requirements targeting China’s semiconductor and supercomputing industries.”
29. NVIDIA Corporation, Form 10-K filed 2026-02-25: “In April 2025, the USG informed us that it requires a license for export to China (including Hong Kong and Macau) and D:5 countries, or to companies headquartered or with an ultimate parent therein, of our H20 integrated circuits”
30. NVIDIA Corporation, Form 10-K filed 2026-02-25: “As a result of these requirements, we incurred a $4.5 billion charge in the first quarter of fiscal year 2026 associated with H20 for excess inventory and purchase obligations, as the demand for H20 products diminished.”
31. NVIDIA Corporation, Form 10-K filed 2026-02-25: “As of the end of fiscal year 2026, we were effectively foreclosed from competing in China's data center computing/compute market”
32. NVIDIA Corporation, Form 10-K filed 2026-02-25: “There are over 7.5 million developers worldwide using CUDA and our other software tools to help deploy our technology in our target markets.”
33. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Our computing platforms are available from virtually every major server maker and CSP, as well as on our own AI supercomputers.”
34. NVIDIA Corporation, Form 10-K filed 2026-02-25: “We have invested over $76.7 billion in research and development since our inception, yielding inventions that are essential to modern computing.”
35. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Our invention of the GPU in 1999 sparked the growth of the PC gaming market and redefined computer graphics.”
36. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Our acquisition of Mellanox in 2020 expanded our offerings to include networking, enabled our platforms to be data center scale”
37. NVIDIA Corporation, Form 10-K filed 2026-02-25: “suppliers and licensors of hardware and software for discrete and integrated GPUs, custom chips and other accelerated computing solutions, including solutions offered for AI, such as Advanced Micro Devices, Inc., or AMD, Huawei Technologies Co. Ltd., or Huawei, and Intel Corporation, or Intel”
38. NVIDIA Corporation, Form 10-K filed 2026-02-25: “large cloud services companies with internal teams designing hardware and software that incorporate accelerated or AI computing functionality as part of their internal solutions or platforms, such as Alibaba Group, Alphabet Inc., Amazon, Inc., or Amazon, Baidu, Inc., Huawei, and Microsoft Corporation, or Microsoft”
39. NVIDIA Corporation, Form 10-K filed 2026-02-25: “networking products consisting of switches, network adapters (including DPUs), and cable solutions (including optical modules) include such as AMD, Arista Networks, Broadcom, Cisco Systems, Inc., Hewlett Packard Enterprise Company, Huawei, Intel, Lumentum Holdings Inc., and Marvell Technology, Inc”
40. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Revenue from Data Center computing grew 59% driven by demand for our Blackwell computing platform.”
41. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Revenue growth in fiscal year 2026 was driven by data center compute and networking platforms for accelerated computing and AI solutions. Our Blackwell architectures represented the majority of our Data Center revenue.”
42. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Revenue from Data Center networking grew 142% driven by the introduction and continued ramp of NVLink compute fabric for GB200 and GB300 systems and the growth of Ethernet and InfiniBand platforms.”
43. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Gaming revenue for fiscal year 2026 was up 41% from a year ago, driven by strong Blackwell demand. We expect supply constraints to be a headwind to Gaming in the first quarter of fiscal 2027 and beyond.”
44. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Professional Visualization revenue for fiscal year 2026 was up 70% from a year ago, driven by exceptional demand for Blackwell as well as the launch of our new DGX Spark.”
45. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Automotive revenue for fiscal year 2026 was up 39% from a year ago, driven by continued adoption of our self-driving platforms.”
46. NVIDIA Corporation, Form 10-K filed 2026-02-25: “We continue to execute Data Center compute product introductions, bringing new advanced architectures on a one-year product cadence, including our Rubin platform.”
47. NVIDIA Corporation, Form 10-K filed 2026-02-25: “In fiscal year 2026, we unveiled the NVIDIA Rubin platform, which is expected to commence production shipments in the second half of fiscal year 2027.”
48. NVIDIA Corporation, Form 10-K filed 2026-02-25: “In periods of growth, we may place non-cancellable inventory orders for certain product components in advance of our historical lead times, pay premiums, or provide deposits to secure future supply and capacity and may need to continue to do so.”
49. NVIDIA Corporation, Form 10-K filed 2026-02-25: “Our manufacturing lead times can be and have been long, and in some cases, extended beyond twelve months for some products.”

Where the revenue comes from

Product and service lines in fiscal 2026: Compute 75%, Networking 14%, Gaming 7%, Professional Visualization 2%, Automotive 1%, OEM and Other under 1%. By geography: United States 69%, Taiwan 20%, China (including Hong Kong) 9%, Other 2%. As tagged in its annual report (Form 10-K, filed 2026-02-25).

Who runs it

Huang, Jen Hsun (President and CEO); Kress, Colette (EVP & Chief Financial Officer); Teter, Tim (EVP, General Counsel and Sec); Gawel, Scott (Principal Accounting Officer); Shoquist, Debora (EVP, Operations); Parker, Nicholas P. (EVP, Worldwide Field Ops); Puri, Ajay K (EVP, Worldwide Field Ops); Robertson, Donald F Jr (Principal Accounting Officer); Coxe, Tench (director); Stevens, Mark A (director); and 9 more. 19 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-09.

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