NVDAHIGH SIGNALOPERATIONAL10-K

NVIDIA has repositioned itself from a "full-stack computing infrastructure company" to a "data center scale AI infrastructure company" while introducing new Blackwell architecture capabilities that enable hundreds of thousands of GPUs to function as unified computing systems.

This strategic repositioning reflects NVIDIA's evolution beyond traditional GPU computing toward becoming the foundational infrastructure provider for enterprise AI deployments. The emphasis on "extreme co-design" and massive interconnected GPU clusters signals the company's focus on capturing the highest-value segments of AI infrastructure, potentially creating stronger competitive moats through integrated hardware-software solutions.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

NVIDIA delivered substantially higher financial performance across all key metrics, with revenue and profitability growing meaningfully year-over-year. The balance sheet expanded notably, with stockholders' equity roughly doubling and total assets growing substantially, while accounts receivable and current liabilities increased significantly to support the expanded business scale. Operating cash flow grew robustly, indicating strong underlying cash generation despite the rapid business expansion, suggesting sustainable growth momentum in the AI infrastructure market.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+98.3%
$79.3B→$157.3B

Equity base grew 98.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+85.3%
$111.6B→$206.8B

Asset base grew 85.3% — expansion through organic growth, acquisitions, or capital deployment.

Current Liabilities
Balance Sheet
+78.2%
$18.0B→$32.2B

Current liabilities surged 78.2% — significant near-term obligations; verify ability to meet short-term debt.

Accounts Receivable
Balance Sheet
+66.8%
$23.1B→$38.5B

Receivables surged 66.8% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Revenue
P&L
+65.5%
$130.5B→$215.9B

Strong top-line growth of 65.5% — accelerating demand or successful expansion into new markets.

Net Income
P&L
+64.7%
$72.9B→$120.1B

Net income grew 64.7% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+60.3%
$64.1B→$102.7B

Operating cash flow surged 60.3% — exceptional cash generation, highest quality earnings signal.

Operating Income
P&L
+60.1%
$81.5B→$130.4B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Gross Profit
P&L
+56.8%
$97.9B→$153.5B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Assets
Balance Sheet
+56.8%
$80.1B→$125.6B

Current assets grew 56.8% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
NVIDIA is now a data center scale AI infrastructure company reshaping all industries.
Our technology stack includes the foundational NVIDIA CUDA development platform that runs on all NVIDIA GPUs, as well as hundreds of domain-specific software libraries, frameworks, algorithms, software development kits, or SDKs, and application programming interfaces, or APIs.
Introduced with the Blackwell architecture, our data-center-scale offerings feature extreme co-design where the infrastructure s chips, networking, systems, software, and algorithms are holistically architected and optimized to maximize performance and scale.
Hundreds of thousands of GPUs can be interconnected to function as a single giant computer.
This type of data center architecture and scale is needed for the development and deployment of modern AI and accelerated computing applications.
Today, it also simulates human intelligence, enabling a deeper understanding of language, science, and the physical world.
Examples include generative AI, which can create new content such as text, code, images, audio, video, molecule structures, and recommendation systems; and agentic AI where systems of AI models work in concert to automatically complete a task.
NVIDIA has a platform strategy, bringing together hardware, systems, software, algorithms, libraries, AI models and training data sets, and services to create unique value for the markets we serve.
While the computing requirements of these end markets are diverse, we address them with a unified underlying programmable architecture allowing us to support several multi-billion-dollar end markets with the same underlying technology by using a variety of software stacks developed either internally or by third-party developers and partners.
In 2024, we launched the NVIDIA Blackwell architecture connecting 36 Grace CPUs and 72 Blackwell GPUs in a data center scale, liquid-cooled design for real-time trillion-parameter inference and training.
REMOVED
NVIDIA is now a full-stack computing infrastructure company with data-center-scale offerings that are reshaping industry.
Our full-stack includes the foundational CUDA programming model that runs on all NVIDIA GPUs, as well as hundreds of domain-specific software libraries, software development kits, or SDKs, and Application Programming Interfaces, or APIs.
Our data-center-scale offerings are comprised of compute and networking solutions that can scale to tens of thousands of GPU-accelerated servers interconnected to function as a single giant computer; this type of data center architecture and scale is needed for the development and deployment of modern AI applications.
Today, it also simulates human intelligence, enabling a deeper understanding of the physical world.
Examples include generative AI, which can create new content such as text, code, images, audio, video, molecule structures, and recommendation systems, which can recommend highly relevant content such as products, services, media, or ads using deep neural networks trained on vast datasets that capture the user's preferences.
NVIDIA has a platform strategy, bringing together hardware, systems, software, algorithms, libraries, and services to create unique value for the markets we serve.
While the computing requirements of these end markets are diverse, we address them with a unified underlying architecture leveraging our GPUs and networking and software stacks.
The programmable nature of our architecture allows us to support several multi-billion-dollar end markets with the same underlying technology by using a variety of software stacks developed either internally or by third-party developers and partners.
The world s leading cloud service providers, or CSPs, and consumer internet companies use our data center-scale accelerated computing platforms to enable, accelerate, develop, or enrich the services and offerings they deliver to billions of end users, including AI solutions and assistants, AI foundation models, search, recommendations, social networking, online shopping, live video, and translation.
Including GPUs and networking, NVIDIA powers over 75% of the supercomputers on the global TOP500 list, including 38 of the top 50 systems on the Green500 list.
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