NVDA · 10-K filed 25 Feb 2026 · year to 25 Jan 2026

NVIDIA

40 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Unnamed direct customer A

earns from · 22% of total revenuenamed as a risk

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.Risk factors (Item 1A)

Unnamed direct customer B

earns from · 14% of total revenuenamed as a risk

Suppliers

Taiwan Semiconductor Manufacturing Co. (TSMC)

depends on

We utilize foundries, such as Taiwan Semiconductor Manufacturing Company Limited, or TSMC, and Samsung Electronics Co., Ltd., or Samsung, to produce our semiconductor wafers.Business (Item 1)

Also named by ADI, ALAB, AMD, AVGO, CRWV, ENTG, FTNT, INTC and 6 more

Samsung Electronics

depends on

We purchase memory from SK Hynix Inc., Micron Technology, Inc., and Samsung.Business (Item 1)

Also named by FTNT, IBM, QCOM

SK Hynix

depends on

We purchase memory from SK Hynix Inc., Micron Technology, Inc., and Samsung.Business (Item 1)

Also named by RMBS

Micron Technology

depends on

We purchase memory from SK Hynix Inc., Micron Technology, Inc., and Samsung.Business (Item 1)

Also named by FTNT

Wistron Corporation

depends on

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.Business (Item 1)

Also named by FTNT

Hon Hai Precision Industry (Foxconn)

depends on

Fabrinet

depends on

Partners and platforms

Microsoft

at least 30%named as a risk

Under our agreement with Microsoft for the Xbox, if someone makes an offer to purchase at least 30% of our outstanding common stock, Microsoft may have first and last rights of refusal to purchase the stock.Risk factors (Item 1A)

Also named by AAOI, AAON, AES, AJG, AMD, BLK, CDW, CEG and 13 more

OpenAI

named as a risk

There is no assurance that we will enter into an investment and partnership agreement with OpenAI or that a transaction will be completed.Risk factors (Item 1A)

Also named by AMD, COMP, CRWV, HOOD, MRNA, MSFT, NYT, PVH and 3 more

Groq

depends onnamed as a risk

We have entered into an intellectual property license arrangement with Groq, Inc., or Groq, that required significant, nonrefundable payments.Risk factors (Item 1A)

Other companies

U.S. government securities

concentrated innamed as a risk

A majority of our investment portfolio comprises USG securities.Risk factors (Item 1A)

Also named by CFR, MSFT

Cryptocurrency mining (Ethereum)

earns fromnamed as a risk

Changes to cryptocurrency standards and processes including, but not limited to, the Ethereum 2.0 merge in 2022, have reduced and may in the future decrease the usage of GPUs for Ethereum mining.Risk factors (Item 1A)

Competitors

Huawei

competes withnamed as a risk

•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;Business (Item 1)

Also named by CIEN, COHR, P, PDFS, QCOM

Advanced Micro Devices (AMD)

competes withnamed as a risk

Also named by DOCN, FTNT, HPE, SMCI

Places

Israel

operates in · approximately 6,000 employeesnamed as a risk

We are monitoring the impact of the geopolitical conflict in and around Israel on our operations, including the health and safety of our approximately 6,000 employees in the region who primarily support the research and development, operations, and sales and marketing of our networking products.Risk factors (Item 1A)

Also named by AIOT, AKAM, AMAT, AMGN, APP, ASTS, AVY, BSX and 31 more

International (non-U.S.) sales

earns from · 31% of our revenuenamed as a risk

Our semiconductor wafers are manufactured, assembled, tested and packaged by third parties located outside of the United States, and we generated 31% of our revenue in fiscal year 2026 from sales outside the United States.Risk factors (Item 1A)

Also named by AEHR, AMD, AME, ATI, AVAV, CRS, ENTG, FSS and 5 more

China

earns fromnamed as a risk

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.Business (Item 1)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Taiwan

concentrated innamed as a risk

Finally, our business depends on our ability to receive consistent and reliable supply from our overseas partners, especially in Taiwan and South Korea.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

California

operates innamed as a risk

Our corporate headquarters, a large portion of our current data center capacity, and a portion of our research and development activities are located in California, and other critical business operations, finished goods inventory and some of our suppliers are located in Asia, making our operations vulnerable to natural disasters such as earthquakes, wildfires or other business disruptions occurring in these geographical areas.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Asia

concentrated innamed as a risk

While currently our supply chain is mainly concentrated in Asia, we are expanding into the U.S. and Latin America.Business (Item 1)

Also named by AAPL, AYI, CART, CB, CDW, CHD, CLS, COHR and 31 more

South Korea

concentrated innamed as a risk

Any new restrictions that negatively impact our ability to receive supply of components, parts, or services from Taiwan and South Korea, would negatively impact our business and financial results.Risk factors (Item 1A)

Also named by AAPL, ALAB, AMAT, BE, BWA, CPNG, CROX, ENTG and 11 more

Hong Kong

concentrated innamed as a risk

Export controls may disrupt our supply and distribution chain for a substantial portion of our products, which are warehoused in and distributed from Hong Kong.Risk factors (Item 1A)

Also named by CG, DECK, EWBC, EXPD, LZB, MCO, MPWR, MXL and 1 more

Hazards

Northern California wildfires

operates innamed as a risk

Extreme heat and wind coupled with dry conditions in Northern California may lead to power safety shut offs due to wildfire risk, which can have adverse implications for our Santa Clara, California headquarter offices and data centers, including impairing the ability of our employees to work effectively.Risk factors (Item 1A)

Commodities and inputs

Memory

exposed to its pricenamed as a risk

While we may directly procure certain raw materials used in the production of our products, such as memory, substrates, and a variety of components, our suppliers are responsible for procurement of most raw materials used in the production of our products.Business (Item 1)

Also named by AMD

Data center energy availability

depends onnamed as a risk

The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these and other necessary resources could impact our future revenue and financial performance.Risk factors (Item 1A)

Regulators

French Competition Authority

subject tonamed as a risk

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.Risk factors (Item 1A)

Also named by CCK

China State Administration for Market Regulation (antitrust regulator)

subject tonamed as a risk

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.Risk factors (Item 1A)

Laws and programs

U.S. export controls on advanced semiconductors (China)

subject to · $4.5 billion chargenamed as a risk

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.Business (Item 1)

H200 China licensing program

subject to · 25% tariffnamed as a risk

As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.Business (Item 1)

H20 China export licenses

subject to · approximately $60 million in H20 revenuenamed as a risk

We generated approximately $60 million in H20 revenue under those licenses.Business (Item 1)

OECD Pillar Two

subject tonamed as a risk

Any such tax laws, or changes in any such tax laws, including those related to the side-by-side framework, may increase tax uncertainty and compliance costs and adversely affect our provision for income taxes, cash tax payments, results of operations, and financial condition.Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

EU AI Act

subject tonamed as a risk

The EU AI Act may impact our ability to train, deploy, or release AI models in the EU.Risk factors (Item 1A)

Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, CTSH and 36 more

Foreign-derived deduction eligible income (FDDEI)

subject tonamed as a risk

If U.S. tax rates increase or the FDDEI deduction is reduced, our provision for income taxes, results of operations, net income, and cash flows would be adversely affected.Risk factors (Item 1A)

Also named by QCOM

AI Diffusion IFR

subject tonamed as a risk

The replacement rule may impose new restrictions on our products or operations and/or add license requirements that could have a material impact on our business, operating results, and financial condition.Business (Item 1)

GAIN AI Act

subject tonamed as a risk

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.Business (Item 1)

Chinese government data center Action Plan

subject tonamed as a risk

As another example, an agency of the Chinese government announced an Action Plan that endorses new standards regarding the compute performance per watt and per memory bandwidth of accelerators used in new and renovated data centers in China.Risk factors (Item 1A)

U.S. Connected Vehicle rule

subject tonamed as a risk

For example, the USG adopted “Connected Vehicle” restrictions on the import and sale of certain automotive products in the United States, which if adopted and interpreted broadly, could impact our ability to develop and supply solutions for our automotive customers.Risk factors (Item 1A)

Technology

CoWoS packaging

depends on

We utilize CoWoS technology for semiconductor packaging.Business (Item 1)