{"schemaVersion":1,"research":true,"symbol":"nvda","name":"NVIDIA","topic":"moat","path":"/stock/nvda/moat","status":"published","version":3,"updatedAt":"2026-10-18T11:51:27.445Z","locked":false,"publicFairValue":true,"fairValue":null,"moat":{"verdict":"narrow","summary":"NVIDIA's accumulated CUDA software, integrated systems expertise and demonstrated adoption across successive architectures support a narrow moat. Blackwell Ultra's commercial ramp substantiates a current advantage, but switching costs and network effects are not directly measured. Pricing evidence is mixed: historical price reductions and cost pass-through coexist with recent margin resilience driven by product mix. Export restrictions have caused realized competitive harm, while customer concentration and expanding commitments limit resilience.","advantages":[{"mechanism":"intangible_assets","claim":"Accumulated CUDA software stacks and integrated GPU, CPU and networking capabilities provide differentiated computing platforms. Actual platform adoption and the Blackwell Ultra revenue ramp corroborate commercial relevance beyond management's performance claims. Software integration plausibly creates migration friction, but the passages do not establish its magnitude or a separate network-effect moat.","durability":"CUDA's history since 2006, continued software development and successful architecture transitions support persistence through multiple product generations. Maintaining the advantage requires continuing engineering and supply execution; the evidence does not establish exceptional long-term durability. Rubin's prospective benefits are not treated as achieved.","risks":"Rapid technological change, customer-developed alternatives and deployment of open models on competing platforms could weaken differentiation. Export restrictions have already helped competing ecosystems develop. Concentrated buyers can generally change or cancel purchase orders without penalty, while large supply commitments increase exposure to demand errors.","invalidation":"The thesis would weaken materially if customers repeatedly migrated production workloads to alternatives with little software redevelopment, if competing ecosystems displaced NVIDIA across successive architecture cycles, or if NVIDIA's new architectures failed to sustain commercial adoption without persistent price concessions. Repeated transition failures or broader export-driven exclusion would further invalidate durability.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: CUDA introduction and history","excerpt":"With our introduction of CUDA in 2006, we opened the parallel processing capabilities of our GPU to a broad range of compute-intensive applications, paving the way for the emergence of modern AI."},{"id":"e2","sourceId":"filing-1","location":"Business: software stacks built on GPUs and CUDA","excerpt":"Over the past 5 years, we have built full software stacks that run on top of our GPUs and CUDA to bring AI to the world’s largest industries, including NVIDIA DRIVE stack for autonomous driving, Clara for healthcare, Omniverse for physical AI applications, and NVIDIA AI Enterprise software – essentially an operating system for enterprise AI applications."},{"id":"e3","sourceId":"filing-1","location":"Business: integrated Blackwell platform launch","excerpt":"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."},{"id":"e4","sourceId":"filing-4","location":"Business: cloud and consumer internet platform usage","excerpt":"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."},{"id":"e5","sourceId":"filing-1","location":"MD&A: Blackwell Ultra production shipments","excerpt":"We began shipping production units of our new Blackwell Ultra platforms including GB300 in the second quarter of fiscal year 2026."},{"id":"e6","sourceId":"filing-2","location":"MD&A: Data Center revenue and Blackwell Ultra ramp","excerpt":"Data Center revenue was $89.0 billion, up 117% from a year ago and up 18% sequentially, driven by the ramp of our Blackwell Ultra infrastructure."},{"id":"e7","sourceId":"filing-2","location":"Note 13: revenue by market platform","excerpt":"23 NVIDIA Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) Three Months Ended Six Months Ended Jul 26, 2026 Jul 27, 2025 Jul 26, 2026 Jul 27, 2025 (In millions) Revenue by Market Platform Data Center $ 89,023 $ 41,096 $ 164,269 $ 80,208 Hyperscale 48,710 24,168 91,761 46,428 AI Clouds, Industrial, & Enterprise 40,313 16,928 72,508 33,780 Edge Computing 7,198 5,647 13,568 10,597 Total revenue $ 96,221 $ 46,743 $ 177,837 $ 90,805 Note 14 - Leases Our lease obligations primarily consist of operating leases for our data centers and offices, with lease periods expiring between fiscal years 2027 and 2075."},{"id":"e8","sourceId":"filing-1","location":"Business: competition and technological change","excerpt":"Competition The market for our products is intensely competitive and is characterized by rapid technological change and evolving industry standards."},{"id":"e9","sourceId":"filing-1","location":"Risk factors: realized China market exclusion and competing ecosystem development","excerpt":"As of the end of fiscal year 2026, we were effectively foreclosed from competing in China's data center computing/compute market, and our effective foreclosure from the China market helped our competitors build larger developer and customer ecosystems to challenge us worldwide."},{"id":"e10","sourceId":"filing-1","location":"Risk factors: purchase-order cancellation and modification rights","excerpt":"Because most of our sales are made on a purchase order basis, our customers can generally cancel, change, or delay product purchase commitments with little notice to us and without penalty."},{"id":"e11","sourceId":"filing-1","location":"Risk factors: customer-developed solutions and competing products","excerpt":"Our partners or customers may develop their own solutions; our customers may purchase products from our competitors; and our partners may discontinue sales or lose market share in the markets for which they purchase our products, all of which may alter partners’ or customers’ purchasing patterns."},{"id":"e12","sourceId":"filing-1","location":"Note 16: direct customer revenue concentration","excerpt":"Direct Customers – 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."},{"id":"e13","sourceId":"filing-2","location":"MD&A: increased supply and capacity commitments","excerpt":"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."},{"id":"e14","sourceId":"filing-2","location":"MD&A: potential deployment of open models on competing platforms","excerpt":"If these models and 26 applications are primarily deployed on competitors’ platforms, they could reduce demand for our offerings."},{"id":"e15","sourceId":"filing-1","location":"Risk factors: historical selling-price reductions and supplier-cost pass-through","excerpt":"We have had to reduce average selling prices, including due to our channel pricing programs, increase prices for certain of our products as a result of our suppliers’ increase in prices, write down our inventory, incur cancellation penalties, and record impairments, and may have to do so in the future."},{"id":"e16","sourceId":"filing-2","location":"MD&A: realized gross margins and Blackwell Ultra mix","excerpt":"Gross margin increased to 75.0% for the second quarter of fiscal year 2027 compared to 72.4% for the second quarter of fiscal year 2026, and 75.0% for the first half of fiscal year 2027 compared to 66.6% for the first half of fiscal year 2026 due to improved mix from Blackwell Ultra."},{"id":"e17","sourceId":"filing-1","location":"MD&A: realized H20 inventory and purchase-obligation charge","excerpt":"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 diminished."},{"id":"e18","sourceId":"filing-2","location":"MD&A: realized H200 inventory and purchase-obligation charge","excerpt":"During the first half of fiscal year 2027, we incurred a $0.4 billion charge associated with H200 for excess inventory and purchase obligations, as the demand for H200 products diminished."},{"id":"e19","sourceId":"filing-2","location":"MD&A: current inventory provisions' net gross-margin impact","excerpt":"The net effect on our gross margin was an unfavorable impact of 0.8% and 1.0% in the second quarter and first half of fiscal year 2027, respectively."},{"id":"e20","sourceId":"filing-2","location":"Statements of shareholders' equity: repurchases, dividends, compensation and share count","excerpt":"6 NVIDIA Corporation and Subsidiaries Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) Common Stock Outstanding Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Total Shareholders’ Equity Shares Amount (In millions, except per share data) Balances as of Jan 25, 2026 24,304 $ 24 $ 10,118 $ 178 $ 146,973 $ 157,293 Net income — — — — 118,010 118,010 Other comprehensive loss — — — (203) — (203) Issuance of common stock 69 — 515 — — 515 Tax withholding related to common stock (23) — (4,531) — — (4,531) Shares repurchased (203) — (309) — (39,536) (39,845) Cash dividends declared and paid ($0.26 per common share) — — — — (6,290) (6,290) Fair value of partially vested equity awards assumed in connection with acquisitions — — 80 — — 80 Stock-based compensation — — 3,955 — — 3,955 Balances as of Jul 26, 2026 24,147 $ 24 $ 9,828 $ (25) $ 219,157 $ 228,984 Balances as of Jan 26, 2025 24,477 $ 24 $ 11,237 $ 28 $ 68,038 $ 79,327 Net income — — — — 45,197 45,197 Other comprehensive income — — — 142 — 142 Issuance of common stock 89 — 370 — — 370 Tax withholding related to common stock (26) — (3,380) — — (3,380) Shares repurchased (193) — (151) — (24,010) (24,161) Cash dividends declared and paid ($0.02 per common share) — — — — (488) (488) Fair value of partially vested equity awards assumed in connection with acquisitions — — 22 — — 22 Stock-based compensation — — 3,102 — — 3,102 Balances as of Jul 27, 2025 24,347 $ 24 $ 11,200 $ 170 $ 88,737 $ 100,131 See accompanying Notes to Condensed Consolidated Financial Statements."},{"id":"e21","sourceId":"filing-2","location":"Balance sheets: liquidity, investments and increased debt","excerpt":"4 NVIDIA Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In millions) (Unaudited) 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 See accompanying Notes to Condensed Consolidated Financial Statements."},{"id":"e22","sourceId":"filing-2","location":"MD&A: equity investments and investment commitments","excerpt":"These include equity investments of $99 billion and equity investment commitments of $25 billion as of July 26, 2026."},{"id":"e23","sourceId":"filing-3","location":"CD&A: fiscal 2026 performance-dependent target compensation","excerpt":"96% of our CEO’s and 48% of our other NEOs’ Fiscal 2026 total target pay was dependent on corporate performance."},{"id":"e24","sourceId":"filing-3","location":"CD&A: compensation safeguards and actual grant and certification timeline","excerpt":"Our executive compensation program adheres to the following practices: What We Do What We Don’t Do ü Emphasize at-risk, performance-based compensation, with simple, objective performance goals ü Use annual and multi-year performance targets to determine PSU awards earned ü Set rigorous performance goals and use different metrics for annual and multi-year awards ü Require NEOs to provide continuous service for 4 years to fully vest in RSU awards and SY PSU awards earned based on performance ü Evaluate our program annually based on feedback from stockholder engagement efforts and make adjustments when appropriate ü Mitigate compensation risks ü Cap performance-based variable cash and PSU payouts ü Retain an independent compensation consultant reporting directly to the independent CC ü Require NEOs to maintain meaningful stock ownership ü Maintain a clawback policy for performance-based compensation X Enter into agreements with NEOs providing for specific terms of employment or severance benefits X Give our executive officers special change-in-control benefits X Provide automatic equity vesting upon a change-in-control (except for the provisions in our equity plans that apply to all employees if an acquiring company does not assume or substitute our outstanding stock awards) X Give NEOs supplemental retirement benefits X Provide tax gross-ups X Pay dividends or the equivalent on unearned or unvested equity X Permit executive officers, employees, or directors to hedge their ownership of NVIDIA stock or to pledge NVIDIA stock as collateral for a loan (though we do allow participation in certain exchange funds for portfolio diversification) 39 Table of Contents How We Determine Executive Compensation The CC’s oversight and decision-making for our Fiscal 2026 executive compensation program was a multi-year process: December 2024 December 2024 - January 2025 March 2025 March 2026 May 2026 CC determined peer companies Members of management and the Board, including our Lead Director and CC Chair, engaged in stockholder outreach CC determined performance goals and approved target compensation levels and PSU and RSU grants, considering stockholder feedback and peer company practices CC certified achievement and payouts for Fiscal 2026 Variable Cash Plan, SY PSUs granted in Fiscal 2026 and MY PSUs granted in Fiscal 2024* CC oversaw compensation risk assessment; published executive compensation program details in proxy statement * The CC is expected to certify achievement and payouts for MY PSUs granted in Fiscal 2026 by March 2028."},{"id":"e25","sourceId":"filing-3","location":"CD&A: automatic export-control adjustments to performance goals","excerpt":"(3) Our original Fiscal 2026 Stretch Compensation Plan revenue goal of $190.0 billion was automatically adjusted to $160.0 billion, and our original Fiscal 2026 Stretch Compensation Plan Non-GAAP Operating Income goal of $120.0 billion was automatically adjusted to $96.0 billion, due to the imposition of additional export controls on the Company’s H20 products during the first half of Fiscal 2026."},{"id":"e26","sourceId":"filing-3","location":"CD&A: actual vesting of fiscal 2024 multi-year performance awards","excerpt":"(5)100% of the eligible MY PSUs granted in Fiscal 2024 vested on March 18, 2026."},{"id":"e27","sourceId":"filing-3","location":"Corporate governance: director and CEO ownership requirements","excerpt":"Our Corporate Governance Policies require each non-employee director to hold shares of our common stock with a total value equal to six times the annual cash retainer for Board service during the period in which he or she serves as a director (or ten times his base salary, in the case of the CEO)."},{"id":"e28","sourceId":"filing-3","location":"Corporate governance: actual ownership-guideline compliance","excerpt":"Each non-employee director and Mr. Huang currently meets or exceeds the stock ownership requirements."},{"id":"e29","sourceId":"filing-3","location":"Corporate governance: independence, voting and shareholder rights","excerpt":"Highlights of our corporate governance practices include: ü All directors independent, except for our CEO ü Independent Lead Director ü Proxy access ü Declassified Board ü Majority voting for directors ü Active Board oversight of risk management ü Stockholders can call a special meeting ü 75% or greater attendance by each director at meetings of the Board and applicable committees ü Independent directors frequently meet in executive sessions ü At least annual Board and committee self-assessments ü Annual stockholder outreach, including Lead Director participation ü Stock ownership guidelines for our directors and NEOs Advisory Approval of Executive Compensation for Fiscal 2026 (Proposal 2) We are asking our stockholders to cast a non-binding vote, also known as “say-on-pay,” to approve our NEOs’ compensation."},{"id":"e30","sourceId":"filing-3","location":"Corporate governance: independent executive sessions actually held","excerpt":"In Fiscal 2026, our independent directors met in both types of executive sessions at all four of our scheduled quarterly Board meetings."},{"id":"e31","sourceId":"filing-3","location":"Stockholder proposals: unsuccessful elimination of remaining supermajority provisions","excerpt":"At our 2025 Meeting, the Board proposed and recommended that stockholders approve an amendment and restatement of our Charter to eliminate the remaining supermajority voting provisions, which did not pass."}],"changes":["Retain the previous narrow verdict: the supplied operating evidence corroborates platform differentiation without establishing exceptional durability or quantified switching costs.","Add explicit management assessments supported by actual compensation grants, certified performance awards, vesting, ownership-guideline compliance and board practices in the May 12, 2026 filed proxy.","Make pricing and commitment risks explicit through purchase-order cancellation rights, historical pricing outcomes, the realized H200 charge and the disclosed increase in supply and capacity commitments."],"limitations":["All evidence is supplied issuer disclosure; reported operating outcomes substantiate commercial achievements, while comparative technology superiority remains management's assertion.","The passages do not identify named companies as competitors. Suppliers, investees and financing counterparties are not automatically competitors, so the competitors array is empty.","No workload migration costs, customer-level repeat-purchase cohorts, retention rates, comparable competitor economics or durable market-share series are supplied. Aggregate adoption and growth provide indirect evidence of retention and dependency.","Historical pricing reductions and cost pass-through are disclosed, but product-level prices, volumes, elasticity and current negotiated pricing terms are missing. Product-mix-driven margins do not independently prove pricing power.","Actual proxy disclosures establish compensation and governance practices, but do not supply a complete ownership table or demonstrate that oversight prevented every adverse outcome. The advisory vote request is not treated as evidence of shareholder approval.","Supply commitments and investments are actual disclosed exposures; preliminary financing memoranda and prospective product benefits are not treated as completed outcomes. Complete operating cash-flow figures are absent from the supplied passages.","Source dates are filing dates, retaining dateKind filed. The latest supplied filing is dated August 26, 2026; no subsequent operating developments are assumed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Accumulated CUDA software and integrated systems are commercially substantiated by platform usage and the Blackwell Ultra ramp. This supports a demonstrated intangible-asset advantage, without establishing an independently verified performance lead or network effect.","evidenceIds":["e1","e2","e3","e4","e6","e7"]},{"criterion":"durability","grade":2,"rationale":"The software history and successful successive product introductions support persistence, but rapid technological change and realized support for competing ecosystems through China exclusion constrain confidence in long-term durability.","evidenceIds":["e1","e2","e5","e6","e8","e9"]},{"criterion":"customer_dependency","grade":2,"rationale":"Platform use in cloud services and continued adoption indicate operational relevance. Dependency and migration friction are inferred indirectly; customers retain cancellation flexibility and can develop alternatives, and concentrated buyers may possess bargaining power.","evidenceIds":["e2","e4","e6","e10","e11","e12"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Strong commercial growth continues despite export-related losses, but China exclusion has already strengthened competing ecosystems. Large commitments increase the consequences of demand displacement. These realized harms warrant a mixed assessment rather than treating every disclosed risk as an accomplished loss.","evidenceIds":["e6","e7","e9","e13","e17","e18"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Actual historical selling-price reductions coexist with price increases following supplier cost increases. Recent favorable product mix supports realized economics, but does not establish like-for-like price increases or unrestricted pricing power.","evidenceIds":["e15","e16"]},{"criterion":"retention","grade":2,"rationale":"Earlier platform usage and subsequent architecture adoption provide indirect evidence of sustained customer demand. Aggregate revenue growth cannot distinguish repeat purchases from new customers, and cancellation rights and customer-developed alternatives limit the strength of the inference.","evidenceIds":["e4","e5","e6","e7","e10","e11"]},{"criterion":"margin_resilience","grade":3,"rationale":"Reported second-quarter gross margin increased to 75.0% from 72.4%, with first-half margin also 75.0%, despite continuing inventory-related burdens. This demonstrates strong recent resilience, attributable to Blackwell Ultra mix; earlier H20 losses preclude an exceptional durability assessment.","evidenceIds":["e16","e17","e18","e19"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Most sales are purchase orders that customers can generally cancel, change or delay without penalty, while NVIDIA carries significant supply commitments. This is direct evidence of fragile contractual protection of pricing and demand; detailed price-reset rights are not supplied.","evidenceIds":["e10","e13","e15"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual repurchases reduced outstanding shares despite equity issuance, and substantial liquid assets remain. However, debt increased materially, supply commitments rose to $279 billion, and large ecosystem investments coexist with realized inventory losses. Outcomes support a mixed assessment; complete cash-flow and investment-return evidence is unavailable.","evidenceIds":["e13","e17","e18","e20","e21","e22"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual performance-dependent compensation, multi-year vesting, award certification and completed vesting support strong alignment. Ownership requirements and disclosed compliance add evidence beyond founder status. Automatic downward goal adjustments and non-GAAP metrics temper the assessment; future awards are not assumed vested.","evidenceIds":["e23","e24","e25","e26","e27","e28"]},{"criterion":"execution","grade":3,"rationale":"Production shipments followed by a substantial Blackwell Ultra revenue ramp demonstrate execution, with market-platform results corroborating commercial delivery. This assesses management indirectly from operating outcomes, while recognizing realized inventory losses and the unproven outcome of expanded commitments.","evidenceIds":["e5","e6","e7","e13","e17","e18"]},{"criterion":"governance","grade":2,"rationale":"An independent lead director, broad director independence, shareholder rights and independent sessions actually held provide substantive oversight evidence. Remaining supermajority provisions after an unsuccessful removal attempt limit shareholder control. These practices support mixed governance quality, without proving exceptional oversight effectiveness.","evidenceIds":["e29","e30","e31"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-3","basisHash":"8859112cf3b51691a25d57a97e873675b26748eeaa7db576a5ec898e088b7880","updatedAt":"2026-10-18T11:51:27.445Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","publishedAt":"2026-02-25","sha256":"49efd4ef2b09b8d81ddeca9fbaa9036bfb8311d92dbd1e2c232b5dde34509608","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm","publishedAt":"2026-08-26","sha256":"9a341baeda472bfa04e07102f7e7df9f4861c8326bd61b5753146759987bf991","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000036/nvda-20260512.htm","publishedAt":"2026-05-12","sha256":"d43c1b574be7fd7bc921cf772ef187538cc3ccee73c03c74a5c0d34a60603deb","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581025000023/nvda-20250126.htm","publishedAt":"2025-02-26","sha256":"9a2a18a706185b63e0a81887a9d464b498e5b9b9c7e60ae8d4f631cad0073fb0","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581024000029/nvda-20240128.htm","publishedAt":"2024-02-21","sha256":"b3118953f814c9db5f089dfa4fd8cb46658bf03999364d4f09d56a7ed20e950a","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000052/nvda-20260426.htm","publishedAt":"2026-05-20","sha256":"021ce172af6ab7878f7f97163c503183df6ca841cf09b557afb4572022e3a0fe","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:261f7d4630630331d9952cbd0d3e6e68f5b31085761dc25d7130190b4c3680a7","usage":{"input_tokens":93809,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3753,"reasoning_output_tokens":105}},"signals":[{"period":"2022","end":"2022-01-30","values":{"gross_margin":64.92903321691314,"operating_margin":37.307720888756776,"roic":33.63128457523816,"fcf_margin":30.214758118451364,"sbc_revenue":7.445938916549008},"issues":{"pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-01-29","values":{"gross_margin":56.928894490991325,"operating_margin":15.65952398606065,"roic":null,"fcf_margin":14.117298138948616,"sbc_revenue":10.043004374582932},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-01-28","values":{"gross_margin":72.71757329043696,"operating_margin":54.121663766783755,"roic":77.30050084558248,"fcf_margin":44.35343554052723,"sbc_revenue":5.825481763566528},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-01-26","values":{"gross_margin":74.98869705816992,"operating_margin":62.417526839697466,"roic":113.39289123107652,"fcf_margin":46.63172333463604,"sbc_revenue":3.629968505023104},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2026","end":"2026-01-25","values":{"gross_margin":71.06808435754708,"operating_margin":60.38168363141272,"roic":94.45111004470942,"fcf_margin":44.770258129648326,"sbc_revenue":2.9573303448211985},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000021/nvda-20260125.htm","publishedAt":"2026-02-25","sha256":"49efd4ef2b09b8d81ddeca9fbaa9036bfb8311d92dbd1e2c232b5dde34509608","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm","publishedAt":"2026-08-26","sha256":"9a341baeda472bfa04e07102f7e7df9f4861c8326bd61b5753146759987bf991","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000036/nvda-20260512.htm","publishedAt":"2026-05-12","sha256":"d43c1b574be7fd7bc921cf772ef187538cc3ccee73c03c74a5c0d34a60603deb","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581025000023/nvda-20250126.htm","publishedAt":"2025-02-26","sha256":"9a2a18a706185b63e0a81887a9d464b498e5b9b9c7e60ae8d4f631cad0073fb0","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581024000029/nvda-20240128.htm","publishedAt":"2024-02-21","sha256":"b3118953f814c9db5f089dfa4fd8cb46658bf03999364d4f09d56a7ed20e950a","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000052/nvda-20260426.htm","publishedAt":"2026-05-20","sha256":"021ce172af6ab7878f7f97163c503183df6ca841cf09b557afb4572022e3a0fe","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}