NVIDIA Corporation

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paragraph:6: CFO Commentary on First Quarter Fiscal 2027 Results Q1 Fiscal 2027 Summary GAAP ($ in millions, except earnings per share) Q1 FY27 Q4 FY26 Q1 FY26 Q/Q Y/Y Revenue $81,615 $68,127 $44,062 20 % 85 % Gross margin 74.9 % 75.0 % 60.5 % (0.1) pts 14.4 pts Operating expenses $7,621 $6,794 $5,030 12 % 52 % Operating income $53,536 $44,299 $21,638 21 % 147 % Net income $58,321 $42,960 $18,775 36 % 211 % Diluted earnings per share $2.39 $1.76 $0.76 36 % 214 % Non-GAAP ($ in millions, except earnings per share) Q1 FY27 Q4 FY26 Q1 FY26 Q/Q Y/Y Revenue $81,615 $68,127 $44,062 20 % 85 % Gross margin 75.0 % 75.1 % 60.8 % (0.1) pts 14.2 pts Operating expenses $7,449 $6,666 $4,993 12 % 49 % Operating income $53,783 $44,474 $21,801 21 % 147 % Net income $45,548 $38,969 $19,094 17 % 139 % Diluted earnings per share $1.87 $1.59 $0.78 18 % 140 % Revenue by Reportable Segments ($ in millions) Q1 FY27 Q4 FY26 Q1 FY26 Q/Q Y/Y Compute & Networking $74,550 $61,651 $39,589 21 % 88 % Graphics 7,065 6,476 4,473 9 % 58 % Total $81,615 $68,127 $44,062 20 % 85 % Revenue by Market Platform ($ in millions) Q1 FY27 Q4 FY26 Q1 FY26 Q/Q Y/Y Data Center $75,246 $62,314 $39,112 21 % 92 % Hyperscale 37,869 33,814 17,599 12 % 115 % AI Clouds, Industrial, & Enterprise 37,377 28,500 21,513 31 % 74 % Edge Computing 6,369 5,813 4,950 10 % 29 % Total $81,615 $68,127 $44,062 20 % 85 % We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value. Following the rapid evolution in our businesses, we are transitioning to a new reporting framework that better reflects our current and future growth drivers. We will have two market platforms – Data Center and Edge Computing. Within Data Center, we will report two sub-markets, Hyperscale and ACIE which incorporates AI Clouds, Industrial, and Enterprise. Hyperscale will include revenue from the public clouds and the world’s largest consumer internet companies, while ACIE addresses our growth opportunity in diverse AI purpose-built data centers and AI factories across industries and countries. Edge Computing highlights devices for agentic and physical AI including PCs, game consoles, workstations, AI-RAN base stations, robotics and automotive. Revenue Revenue for the first quarter was a record $81.6 billion, up 85% from a year ago and up 20% sequentially. Data Center revenue for the first quarter was a record $75.2 billion, up 92% from a year ago and up 21% sequentially, driven by the ramp of our Blackwell 300 products and demand for our InfiniBand, Spectrum-X™ Ethernet, and NVLink™ solutions. Hyperscale revenue increased sequentially and remained at approximately 50% of Data Center revenue, while the remaining 50% came from a continued diversification of customers, including AI Clouds, industrial, enterprise, and sovereign customers. No shipments of Data Center Hopper products to China occurred during the quarter, compared with $4.6 billion in the first quarter of fiscal year 2026. Under the previous sub-markets, Data Center compute revenue was a record $60.4 billion, up 77% from a year ago and up 18% sequentially. Data Center networking revenue was a record $14.8 billion, up 199% from a year ago and up 35% sequentially. Edge Computing revenue for the first quarter was $6.4 billion, up 29% from a year ago and up 10% sequentially. The increases were driven by robust Blackwell workstation demand, partially offset by slower consumer PC demand that was tempered by elevated memory and systems prices. Gross Margin GAAP and non-GAAP gross margins for the first quarter increased from a year ago on lower inventory provisions, primarily due to the prior year’s $4.5 billion charge associated with H20 excess inventory and purchase obligations. GAAP and non-GAAP gross margins were approximately flat sequentially as our Blackwell architecture remains the majority of our revenue. Expenses GAAP operating expenses for the first quarter were up 52% from a year ago and up 12% sequentially, and non-GAAP operating expenses were up 49% from a year ago and up 12% sequentially. These increases were driven by higher compensation and benefits expense due to employee growth and compensation increases, compute and infrastructure costs, and engineering development materials for new product developments. Other Income & Expense and Income Tax GAAP other income and expense (OI&E) includes interest income, interest expense, and equity securities gains or losses. Non-GAAP OI&E excludes equity securities gains or losses. Interest income for the first quarter was $540 million, up slightly from a year ago and down slightly sequentially. Net gains from equity securities for the first quarter was $15.9 billion, driven by unrealized gains in publicly-held and non-marketable equity securities. GAAP effective tax rate for the first quarter was 16.6%, an increase from a year ago, primarily due to a lower impact from stock-based compensation tax benefits. Non-GAAP effective tax rate for the first quarter was 16.0%. Balance Sheet and Cash Flow Cash, cash equivalents, and marketable debt securities were $50.3 billion, down from $52.4 billion a year ago and up from $49.7 billion a quarter ago. These changes primarily reflect higher revenue, offset by outlays for stock repurchases and strategic investments. Accounts receivable was $40.7 billion with 45 days sales outstanding (DSO), down from 51 days sequentially, driven by timing of cash collections and customer payments received prior to next quarter’s invoice due dates. We expect our DSO to return to more normal levels next quarter. Inventory was $25.8 billion, up from $21.4 billion sequentially, and total supply-related commitments were $119.0 billion. We have strategically secured inventory and capacity to meet demand beyond the next several quarters. Multi-year cloud service commitments were $30.0 billion, up from $27.0 billion sequentially, to support the growing needs of our research and development efforts. Cash flow from operating activities was $50.3 billion, up from $27.4 billion a year ago and up from $36.2 billion a quarter ago. The year-on-year increase reflects growth in revenue, while the sequential increase was driven by higher revenue and lower cash taxes. We expect a substantial increase in cash taxes in the second quarter related to estimated federal and state cash tax payments. We returned a record level of approximately $20.0 billion to shareholders in the first quarter through share repurchases and cash dividends. On May 18, 2026, our Board of Directors approved an increase to our quarterly dividend from $0.01 per share to $0.25 per share and an additional $80.0 billion to our share repurchase authorization, without expiration. Outlook Outlook for the second quarter of fiscal 2027 is as follows: • Revenue is expected to be $91.0 billion, plus or minus 2%. We are not assuming any Data Center compute revenue from China in our outlook. • GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points. • GAAP and non-GAAP operating expenses are expected to be approximately $8.5 billion and $8.3 billion, respectively. For the full year fiscal 2027, we expect GAAP and non-GAAP tax rates to be between 16.0% and 18.0%, excluding any discrete items and material changes to our tax environment. ______________ For further information, contact: Toshiya Hari Mylene Mangalindan Investor Relations Corporate Communications NVIDIA Corporation NVIDIA Corporation toshiyah@nvidia.com press@nvidia.com Non-GAAP Measures To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude acquisition-related and other costs, other, gains/losses from equity securities, net, certain other income and expense, and the associated tax impact of these items where applicable. Beginning in the first quarter of fiscal 2027, NVIDIA’s non-GAAP financial measures no longer exclude stock-based compensation expense. The historical non-GAAP financial information presented has been updated to include stock-based compensation expense. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the users' overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies. Certain statements in this CFO Commentary including, but not limited to, statements as to: expectations with respect to growth, performance and benefits of our products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for our products, services, and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to our third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, and related trends and drivers; our future cash dividends or other returns to stockholders, our financial and business outlook for the second quarter of fiscal 2027 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing products and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; our ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. ### © 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, Spectrum-X, and NVLink are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice. NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES ($ In millions, except per share data) (Unaudited)

paragraph:7: Three Months Ended

paragraph:8: April 26, January 25, April 27,

paragraph:9: 2026 2026 2025 GAAP cost of revenue $ 20,458 $ 17,034 $ 17,394 GAAP gross profit $ 61,157 $ 51,093 $ 26,668 GAAP gross margin 74.9 % 75.0 % 60.5 % Acquisition-related and other costs (A) 47 48 123 Other 28 (1) 3 Non-GAAP cost of revenue $ 20,383

paragraph:10: $ 16,987

paragraph:11: $ 17,268

paragraph:12: Non-GAAP gross profit $ 61,232

paragraph:13: $ 51,140

paragraph:14: $ 26,794

paragraph:15: Non-GAAP gross margin* 75.0

paragraph:16: % 75.1

paragraph:17: % 60.8

paragraph:18: % GAAP operating expenses $ 7,621 $ 6,794 $ 5,030 Acquisition-related and other costs (A) (172) (90) (37) Other — (38) — Non-GAAP operating expenses $ 7,449

paragraph:19: $ 6,666

paragraph:20: $ 4,993

paragraph:21: GAAP operating income $ 53,536 $ 44,299 $ 21,638 Total impact of non-GAAP adjustments to operating income 247 175 163 Non-GAAP operating income* $ 53,783

paragraph:22: $ 44,474

paragraph:23: $ 21,801

paragraph:24: GAAP total other income, net $ 16,367 $ 6,098 $ 272 (Gains) losses from equity securities, net (15,936) (5,491) 175 Other (B) 26 13 1 Non-GAAP total other income, net $ 457

paragraph:25: $ 620

paragraph:26: $ 448

paragraph:27: GAAP net income $ 58,321 $ 42,960 $ 18,775 Total pre-tax impact of non-GAAP adjustments (15,663) (5,303) 339 Income tax impact of non-GAAP adjustments 2,890 1,312 (20) Non-GAAP net income* $ 45,548

paragraph:28: $ 38,969

paragraph:29: $ 19,094

paragraph:30: Diluted net income per share GAAP $ 2.39 $ 1.76 $ 0.76 Non-GAAP* $ 1.87 $ 1.59 $ 0.78 Weighted average shares used in diluted net income per share computation 24,391 24,432 24,611 GAAP net cash provided by operating activities $ 50,344 $ 36,190 $ 27,414 Purchases related to property and equipment and intangible assets (1,757) (1,284) (1,227) Principal payments on property and equipment and intangible assets (33) (4) (52) Free cash flow $ 48,554

paragraph:31: $ 34,902

paragraph:32: $ 26,135

paragraph:33: *Includes H20 charges/(releases), net, which was $4.5 billion for the first quarter of fiscal 2026, insignificant for the fourth quarter of fiscal 2026, and none for the first quarter of fiscal 2027. (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items: Three Months Ended

paragraph:34: April 26, January 25, April 27,

paragraph:35: 2026 2026 2025 Cost of revenue $ 47 $ 48 $ 123 Research and development $ 167 $ 83 $ 28 Sales, general and administrative $ 5 $ 7 $ 9 (B) Comprised of interest expense related to acquisition consideration discount to be paid in the future, dividend income on equity securities, share of net (earnings)/losses related to equity method investments, and amortization of debt discount. NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK Q2 FY2027 Outlook ($ in millions) GAAP gross margin 74.9 % Impact of acquisition-related costs and other costs 0.1 % Non-GAAP gross margin 75.0

paragraph:36: % GAAP operating expenses $ 8,500 Acquisition-related costs and other costs (200) Non-GAAP operating expenses $ 8,300

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paragraph:6: CFO Commentary on Fourth Quarter and Fiscal 2026 Results Q4 Fiscal 2026 Summary GAAP ($ in millions, except earnings per share) Q4 FY26 Q3 FY26 Q4 FY25 Q/Q Y/Y Revenue $68,127 $57,006 $39,331 20 % 73 % Gross margin 75.0 % 73.4 % 73.0 % 1.6 pts 2.0 pts Operating expenses $6,794 $5,839 $4,689 16 % 45 % Operating income $44,299 $36,010 $24,034 23 % 84 % Net income $42,960 $31,910 $22,091 35 % 94 % Diluted earnings per share $1.76 $1.30 $0.89 35 % 98 % Non-GAAP ($ in millions, except earnings per share) Q4 FY26 Q3 FY26 Q4 FY25 Q/Q Y/Y Revenue $68,127 $57,006 $39,331 20 % 73 % Gross margin 75.2 % 73.6 % 73.5 % 1.6 pts 1.7 pts Operating expenses $5,102 $4,215 $3,378 21 % 51 % Operating income $46,107 $37,752 $25,516 22 % 81 % Net income $39,552 $31,767 $22,066 25 % 79 % Diluted earnings per share $1.62 $1.30 $0.89 25 % 82 % Revenue by Reportable Segments ($ in millions) Q4 FY26 Q3 FY26 Q4 FY25 Q/Q Y/Y Compute & Networking $61,651 $50,908 $36,036 21 % 71 % Graphics 6,476 6,098 3,295 6 % 97 % Total $68,127 $57,006 $39,331 20 % 73 % Revenue by Market Platform ($ in millions) Q4 FY26 Q3 FY26 Q4 FY25 Q/Q Y/Y Data Center $62,314 $51,215 $35,580 22 % 75 % Compute 51,334 43,028 32,556 19 % 58 % Networking 10,980 8,187 3,024 34 % 263 % Gaming 3,727 4,265 2,544 (13) % 47 % Professional Visualization 1,321 760 511 74 % 159 % Automotive 604 592 570 2 % 6 % OEM and Other 161 174 126 (7) % 28 % Total $68,127 $57,006 $39,331 20 % 73 % Fiscal 2026 Summary GAAP ($ in millions, except earnings per share) FY26 FY25 Y/Y Revenue $215,938 $130,497 65 % Gross margin 71.1 % 75.0 % (3.9) pts Operating expenses $23,076 $16,405 41 % Operating income $130,387 $81,453 60 % Net income $120,067 $72,880 65 % Diluted earnings per share $4.90 $2.94 67 % Non-GAAP ($ in millions, except earnings per share) FY26 FY25 Y/Y Revenue $215,938 $130,497 65 % Gross margin 71.3 % 75.5 % (4.2) pts Operating expenses $16,694 $11,716 42 % Operating income $137,300 $86,789 58 % Net income $116,997 $74,265 58 % Diluted earnings per share $4.77 $2.99 60 % Revenue by Reportable Segments ($ in millions) FY26 FY25 Y/Y Compute & Networking $193,479 $116,193 67 % Graphics 22,459 14,304 57 % Total $215,938 $130,497 65 % Revenue by Market Platform ($ in millions) FY26 FY25 Y/Y Data Center $193,737 $115,186 68 % Compute 162,361 102,196 59 % Networking 31,376 12,990 142 % Gaming 16,042 11,350 41 % Professional Visualization 3,191 1,878 70 % Automotive 2,349 1,694 39 % OEM and Other 619 389 59 % Total $215,938 $130,497 65 % We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive. Revenue Revenue for the fourth quarter was a record $68.1 billion, up 73% from a year ago and up 20% sequentially. Fiscal year revenue was a record $215.9 billion, up 65% from a year ago. Data Center revenue for the fourth quarter was a record $62.3 billion, up 75% from a year ago and up 22% sequentially, driven by the major platform shifts – accelerated computing and AI. For the fourth quarter, hyperscaler revenue increased and remained our largest customer category at slightly over 50% of Data Center revenue, while growth was led by the rest of our Data Center customers as revenue diversified. Data Center compute revenue was a record $51.3 billion, up 58% from a year ago and up 19% sequentially. Networking revenue was a record $11.0 billion, up 263% from a year ago and up 34% sequentially from the introduction and continued ramp of NVLink™ compute fabric for GB200 and GB300 systems and the growth of Ethernet and InfiniBand platforms. Gaming revenue for the fourth quarter was up 47% from a year ago, driven by strong Blackwell demand. Gaming revenue was down 13% sequentially as channel inventory naturally moderated following a season of strong holiday demand. We expect supply constraints to be a headwind to Gaming in the first quarter of fiscal 2027 and beyond. Professional Visualization revenue for the fourth quarter was up 159% from a year ago and up 74% sequentially, driven by exceptional demand for Blackwell. Automotive revenue for the fourth quarter was up 6% from a year ago and up 2% sequentially, driven by continued adoption of our self-driving platforms. Gross Margin GAAP and non-GAAP gross margins for the fourth quarter increased from a year ago on lower inventory provisions. GAAP and non-GAAP gross margins increased sequentially as Blackwell continued to ramp with an improved mix and cost structure. Expenses GAAP operating expenses for the fourth quarter were up 45% from a year ago and up 16% sequentially, and non-GAAP operating expenses were up 51% from a year ago and up 21% sequentially. The fourth quarter GAAP increases from a year ago were driven by higher compensation and benefits expense due to employee growth, and compute and infrastructure costs. The non-GAAP increases were driven by compute and infrastructure costs and compensation and benefits. The fourth quarter GAAP and non-GAAP sequential increase was driven by engineering development materials for new product introductions and compute and infrastructure costs. Other Income & Expense and Income Tax GAAP other income and expense (OI&E) includes interest income, interest expense, and unrealized non-marketable and publicly-held equity securities gains or losses. Non-GAAP OI&E excludes unrealized non-marketable and publicly-held equity securities gains or losses. Interest income for the fourth quarter was $568 million, up from a year ago and down sequentially, driven by changes in cash, cash equivalents, and debt securities. Net other income for the fourth quarter was $5.6 billion, driven by unrealized gains in non-marketable and publicly-held equity securities, including gains from our previously announced investment in Intel’s common stock. GAAP effective tax rate for the fourth quarter and fiscal year was 14.8% and 15.1%, respectively, an increase from a year ago primarily due to a lower impact from stock-based compensation tax benefits. Non-GAAP effective tax rate for the fourth quarter and fiscal year was 15.4% and 16.1%, respectively. Balance Sheet and Cash Flow Cash, cash equivalents and marketable securities were $62.6 billion, up from $43.2 billion a year ago and $60.6 billion a quarter ago. The increases primarily reflect higher revenue, partially offset by outlays for an intellectual property license, strategic investments and stock repurchases. Accounts receivable was $38.5 billion with 51 days sales outstanding (DSO), down from 53 days sequentially, driven by timing of cash collections. Inventory was $21.4 billion, up from $19.8 billion sequentially, and total supply-related commitments were $95.2 billion. We have strategically secured inventory and capacity to meet demand beyond the next several quarters. Multi-year cloud service agreements were $27.0 billion, up from $26.0 billion sequentially, to support the growing needs of our research and development efforts. Cash flow from operating activities was $36.2 billion, up from $16.6 billion a year ago and up from $23.8 billion a quarter ago. The year-on-year and sequential increases reflect growth in revenue. We returned $4.1 billion to shareholders in the fourth quarter through $3.8 billion of share repurchases and $243 million of cash dividends. In fiscal 2026, we returned $41.1 billion to shareholders through $40.1 billion of share repurchases and $974 million of cash dividends. Outlook Beginning in the first quarter of fiscal 2027, we will include stock-based compensation expense in our non-GAAP financial measures. Stock-based compensation is a foundational component of our compensation program to attract and retain world-class talent. Outlook for the first quarter of fiscal 2027 is as follows: • Revenue is expected to be $78.0 billion, plus or minus 2%. We are not assuming any Data Center compute revenue from China in our outlook. • GAAP and non-GAAP gross margins are expected to be 74.9% and 75.0%, respectively, plus or minus 50 basis points, inclusive of a 0.1% impact from stock-based compensation expense. • GAAP and non-GAAP operating expenses are expected to be approximately $7.7 billion and $7.5 billion, respectively, inclusive of $1.9 billion of stock-based compensation expense. For the full year fiscal 2027, we expect GAAP and non-GAAP tax rates to be between 17.0% and 19.0%, excluding any discrete items and material changes to our tax environment. ______________ For further information, contact: Toshiya Hari Mylene Mangalindan Investor Relations Corporate Communications NVIDIA Corporation NVIDIA Corporation toshiyah@nvidia.com mmangalindan@nvidia.com Non-GAAP Measures To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. The reconciliations for fiscal years 2025 and 2026 adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Beginning in the first quarter of fiscal 2027, NVIDIA’s non-GAAP financial measures will no longer exclude stock-based compensation expense. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user's overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies. Certain statements in this CFO Commentary including, but not limited to, statements as to: expectations with respect to growth, performance and benefits of our products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for our products, services, and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to our third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, including Vera Rubin, and related trends and drivers; our future cash dividends or other returns to stockholders, our financial and business outlook for the first quarter of fiscal 2027 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing products and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; our ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. ### © 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, and NVLink are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice. NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) (Unaudited) Three Months Ended Twelve Months Ended January 25, October 26, January 26, January 25, January 26, 2026 2025 2025 2026 2025 GAAP cost of revenue $ 17,034 $ 15,157 $ 10,608 $ 62,475 $ 32,639 GAAP gross profit $ 51,093 $ 41,849 $ 28,723 $ 153,463 $ 97,858 GAAP gross margin 75.0 % 73.4 % 73.0 % 71.1 % 75.0 % Acquisition-related and other costs (A) 48 48 118 267 472 Stock-based compensation expense (B) 69 70 53 261 178 Other (1) — — 3 (3) Non-GAAP cost of revenue $ 16,918

paragraph:7: $ 15,039

paragraph:8: $ 10,437

paragraph:9: $ 61,944

paragraph:10: $ 31,992

paragraph:11: Non-GAAP gross profit $ 51,209

paragraph:12: $ 41,967

paragraph:13: $ 28,894

paragraph:14: $ 153,994

paragraph:15: $ 98,505

paragraph:16: Non-GAAP gross margin** 75.2

paragraph:17: % 73.6

paragraph:18: % 73.5

paragraph:19: % 71.3

paragraph:20: % 75.5

paragraph:21: % GAAP operating expenses $ 6,794 $ 5,839 $ 4,689 $ 23,076 $ 16,405 Stock-based compensation expense (B) (1,564) (1,585) (1,268) (6,125) (4,559) Acquisition-related and other costs (A) (90) (39) (43) (204) (130) Other (38) — — (53) — Non-GAAP operating expenses $ 5,102

paragraph:22: $ 4,215

paragraph:23: $ 3,378

paragraph:24: $ 16,694

paragraph:25: $ 11,716

paragraph:26: GAAP operating income $ 44,299 $ 36,010 $ 24,034 $ 130,387 $ 81,453 Total impact of non-GAAP adjustments to operating income 1,808 1,742 1,482 6,913 5,336 Non-GAAP operating income $ 46,107

paragraph:27: $ 37,752

paragraph:28: $ 25,516

paragraph:29: $ 137,300

paragraph:30: $ 86,789

paragraph:31: GAAP total other income, net $ 6,098 $ 1,926 $ 1,183 $ 11,063 $ 2,573 Gains from non-marketable equity securities and publicly-held equity securities, net (5,491) (1,354) (727) (8,918) (1,030) Other (C) 13 1 1 16 4 Non-GAAP total other income, net $ 620

paragraph:32: $ 573

paragraph:33: $ 457

paragraph:34: $ 2,161

paragraph:35: $ 1,547

paragraph:36: GAAP net income $ 42,960 $ 31,910 $ 22,091 $ 120,067 $ 72,880 Total pre-tax impact of non-GAAP adjustments (3,670) 389 756 (1,989) 4,310 Income tax impact of non-GAAP adjustments (D) 262 (532) (781) (1,129) (2,925) Tax expense from OBBBA* — — — 48 — Non-GAAP net income** $ 39,552

paragraph:37: $ 31,767

paragraph:38: $ 22,066

paragraph:39: $ 116,997

paragraph:40: $ 74,265

paragraph:41: Diluted net income per share GAAP $ 1.76 $ 1.30 $ 0.89 $ 4.90 $ 2.94 Non-GAAP** $ 1.62 $ 1.30 $ 0.89 $ 4.77 $ 2.99 Weighted average shares used in diluted net income per share computation 24,432 24,483 24,706 24,514 24,804 GAAP net cash provided by operating activities $ 36,190 $ 23,750 $ 16,628 $ 102,718 $ 64,089 Purchases related to property and equipment and intangible assets (1,284) (1,637) (1,077) (6,042) (3,236) Principal payments on property and equipment and intangible assets (4) (24) (32) (101) (129) Free cash flow $ 34,902

paragraph:42: $ 22,089

paragraph:43: $ 15,519

paragraph:44: $ 96,575

paragraph:45: $ 60,724

paragraph:46: *Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act). **Includes H20 charges/(releases), net, which were $4.5 billion and ($180 million) for the first and second quarter of fiscal 2026, respectively, and insignificant for both the third and fourth quarter of fiscal 2026. (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items: Three Months Ended Twelve Months Ended January 25, October 26, January 26, January 25, January 26, 2026 2025 2025 2026 2025 Cost of revenue $ 48 $ 48 $ 118 $ 267 $ 472 Research and development $ 83 $ 35 $ 27 $ 176 $ 79 Sales, general and administrative $ 7 $ 4 $ 16 $ 28 $ 51 (B) Stock-based compensation consists of the following: Three Months Ended Twelve Months Ended January 25, October 26, January 26, January 25, January 26, 2026 2025 2025 2026 2025 Cost of revenue $ 69 $ 70 $ 53 $ 261 $ 178 Research and development $ 1,217 $ 1,206 $ 955 $ 4,676 $ 3,423 Sales, general and administrative $ 347 $ 379 $ 313 $ 1,449 $ 1,136 (C) Interest expense related to acquisition consideration discount to be paid in the future and amortization of debt discount. (D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09). NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK Q1 FY2027 Outlook ($ in millions) GAAP gross margin 74.9 % Impact of acquisition-related costs and other costs 0.1 % Non-GAAP gross margin* 75.0

paragraph:47: % GAAP operating expenses $ 7,700 Acquisition-related costs and other costs (200) Non-GAAP operating expenses* $ 7,500

paragraph:48: *Beginning in the first quarter of fiscal 2027, NVIDIA will include stock-based compensation expense in its non-GAAP financial measures. Stock-based compensation expense for the first quarter of fiscal 2027 is expected to have a 0.1% impact on non-GAAP gross margin and $1.9 billion in non-GAAP operating expenses.

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paragraph:6: CFO Commentary on Third Quarter Fiscal 2026 Results Q3 Fiscal 2026 Summary GAAP ($ in millions, except earnings per share) Q3 FY26 Q2 FY26 Q3 FY25 Q/Q Y/Y Revenue $57,006 $46,743 $35,082 22 % 62 % Gross margin 73.4 % 72.4 % 74.6 % 1.0 pts (1.2) pts Operating expenses $5,839 $5,413 $4,287 8 % 36 % Operating income $36,010 $28,440 $21,869 27 % 65 % Net income $31,910 $26,422 $19,309 21 % 65 % Diluted earnings per share $1.30 $1.08 $0.78 20 % 67 % Non-GAAP ($ in millions, except earnings per share) Q3 FY26 Q2 FY26 Q3 FY25 Q/Q Y/Y Revenue $57,006 $46,743 $35,082 22 % 62 % Gross margin 73.6 % 72.7 % 75.0 % 0.9 pts (1.4) pts Operating expenses $4,215 $3,795 $3,046 11 % 38 % Operating income $37,752 $30,165 $23,276 25 % 62 % Net income $31,767 $25,783 $20,010 23 % 59 % Diluted earnings per share $1.30 $1.05 $0.81 24 % 60 % Revenue by Reportable Segments ($ in millions) Q3 FY26 Q2 FY26 Q3 FY25 Q/Q Y/Y Compute & Networking $50,908 $41,331 $31,036 23 % 64 % Graphics 6,098 5,412 4,046 13 % 51 % Total $57,006 $46,743 $35,082 22 % 62 % Revenue by Market Platform ($ in millions) Q3 FY26 Q2 FY26 Q3 FY25 Q/Q Y/Y Data Center $51,215 $41,096 $30,771 25 % 66 % Compute 43,028 33,844 27,644 27 % 56 % Networking 8,187 7,252 3,127 13 % 162 % Gaming 4,265 4,287 3,279 (1) % 30 % Professional Visualization 760 601 486 26 % 56 % Automotive 592 586 449 1 % 32 % OEM and Other 174 173 97 1 % 79 % Total $57,006 $46,743 $35,082 22 % 62 % We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive. Revenue Revenue for the third quarter was a record $57.0 billion, up 62% from a year ago and up 22% sequentially. Data Center revenue for the third quarter was a record $51.2 billion, up 66% from a year ago and up 25% sequentially, driven by three platform shifts - accelerated computing, powerful AI models, and agentic applications. Blackwell Ultra is now our leading architecture across all customer categories while our prior Blackwell architecture saw continued strong demand. H20 sales were insignificant in the third quarter. Data Center compute revenue was a record $43.0 billion, up 56% from a year ago and up 27% sequentially. Networking revenue was a record $8.2 billion, up 162% from a year ago from the introduction and continued growth of NVLink compute fabric for GB200 and GB300 systems. Networking revenue was up 13% sequentially, driven by the growth of XDR InfiniBand products, NVLink™, and Ethernet for AI solutions, while shipment timing and supply availability varied compared to the prior quarter. Gaming revenue for the third quarter was up 30% from a year ago on the continued demand for Blackwell. Gaming revenue was down 1% sequentially as channel inventories have reached more normalized levels heading into the holiday season. Professional Visualization revenue for the third quarter was up 56% from a year ago and up 26% sequentially, driven by the launch of our new DGX Spark™ as well as the growth of Blackwell sales. Automotive revenue for the third quarter was up 32% from a year ago and up 1% sequentially, driven by continued adoption of our self-driving platforms. Gross Margin GAAP and non-GAAP gross margins for the third quarter decreased from a year ago as our business model transitioned from offering Hopper HGX™ systems to Blackwell full-scale datacenter solutions. As expected, our GAAP and non-GAAP gross margins increased sequentially as Blackwell ramped with an improved mix and cost structure. Expenses GAAP operating expenses for the third quarter were up 36% from a year ago and up 8% sequentially, and non-GAAP operating expenses were up 38% from a year ago and up 11% sequentially. The increases were primarily driven by compute and infrastructure costs, higher compensation and benefits due to compensation increases and employee growth and engineering development costs for new product introductions. Other Income & Expense and Income Tax GAAP other income and expense (OI&E) includes interest income, interest expense, and non-marketable and publicly-held equity securities gains or losses. Non-GAAP OI&E excludes non-marketable and publicly-held equity securities gains or losses. Interest income for the third quarter was $624 million, up from a year ago and sequentially, reflecting growth in cash, cash equivalents, and debt securities. Net other income for the third quarter was $1.4 billion, primarily driven by gains in non-marketable and publicly-held equity securities. GAAP effective tax rate for the third quarter was 15.9%, an increase from a year ago reflecting a lower percentage of tax benefits from stock-based compensation and U.S. federal research tax credit relative to the increase in income before income tax. Non-GAAP effective tax rate for the third quarter was 17.1%. Balance Sheet and Cash Flow Cash, cash equivalents and marketable securities were $60.6 billion, up from $38.5 billion a year ago and $56.8 billion a quarter ago. The increases primarily reflect higher revenue, partially offset by stock repurchases. Accounts receivable was $33.4 billion with 53 days sales outstanding (DSO), down from 54 days sequentially, driven by timing of cash collections. Inventory was $19.8 billion, up from $15.0 billion sequentially, and total supply-related commitments were $50.3 billion. We are ordering to secure long lead-time components, meet the demand for Blackwell, and support future architecture ramps. Multi-year cloud service agreements were $26.0 billion, up from $12.6 billion sequentially, to support our research and development efforts and DGX™ Cloud offerings. Cash flow from operating activities was $23.8 billion, up from $17.6 billion a year ago and up from $15.4 billion a quarter ago. The year-on-year and sequential increases reflect growth in revenue. We returned $12.7 billion to shareholders in the third quarter through $12.5 billion of share repurchases and $243 million of cash dividends. Fourth Quarter of Fiscal 2026 Outlook Outlook for the fourth quarter of fiscal 2026 is as follows: • Revenue is expected to be $65.0 billion, plus or minus 2%. • GAAP and non-GAAP gross margins are expected to be 74.8% and 75.0%, respectively, plus or minus 50 basis points. • GAAP and non-GAAP operating expenses are expected to be approximately $6.7 billion and $5.0 billion, respectively. • GAAP and non-GAAP other income and expense are expected to be an income of approximately $500 million, excluding gains and losses from non-marketable and publicly-held equity securities. • GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items. ______________ For further information, contact: Toshiya Hari Mylene Mangalindan Investor Relations Corporate Communications NVIDIA Corporation NVIDIA Corporation toshiyah@nvidia.com mmangalindan@nvidia.com Non-GAAP Measures To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user's overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies. Certain statements in this CFO Commentary including, but not limited to, statements as to: expectations with respect to growth, performance and benefits of our products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for our products, services, and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; our financial and business outlook for the fourth quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. ### © 2025 NVIDIA Corporation. All rights reserved. NVIDIA. the NVIDIA logo, DGX Cloud, DGX Spark, HGX, Hopper, and NVLink are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice. NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) (Unaudited)

paragraph:7: Three Months Ended Nine Months Ended

paragraph:8: October 26, July 27, October 27, October 26, October 27,

paragraph:9: 2025 2025 2024 2025 2024 GAAP cost of revenue $ 15,157 $ 12,890 $ 8,926 $ 45,441 $ 22,031 GAAP gross profit $ 41,849 $ 33,853 $ 26,156 $ 102,370 $ 69,135 GAAP gross margin 73.4 % 72.4 % 74.6 % 69.3 % 75.8 % Acquisition-related and other costs (A) 48 49 116 219 355 Stock-based compensation expense (B) 70 58 50 192 125 Other — — — 4 (4) Non-GAAP cost of revenue $ 15,039

paragraph:10: $ 12,783

paragraph:11: $ 8,760

paragraph:12: $ 45,026

paragraph:13: $ 21,555

paragraph:14: Non-GAAP gross profit $ 41,967

paragraph:15: $ 33,960

paragraph:16: $ 26,322

paragraph:17: $ 102,785

paragraph:18: $ 69,611

paragraph:19: Non-GAAP gross margin** 73.6

paragraph:20: % 72.7

paragraph:21: % 75.0

paragraph:22: % 69.5

paragraph:23: % 76.4

paragraph:24: % GAAP operating expenses $ 5,839 $ 5,413 $ 4,287 $ 16,282 $ 11,716 Stock-based compensation expense (B) (1,585) (1,566) (1,202) (4,561) (3,291) Acquisition-related and other costs (A) (39) (37) (39) (113) (86) Other — (15) — (15) — Non-GAAP operating expenses $ 4,215

paragraph:25: $ 3,795

paragraph:26: $ 3,046

paragraph:27: $ 11,593

paragraph:28: $ 8,339

paragraph:29: GAAP operating income $ 36,010 $ 28,440 $ 21,869 $ 86,088 $ 57,419 Total impact of non-GAAP adjustments to operating income 1,742 1,725 1,407 5,104 3,853 Non-GAAP operating income $ 37,752

paragraph:30: $ 30,165

paragraph:31: $ 23,276

paragraph:32: $ 91,192

paragraph:33: $ 61,272

paragraph:34: GAAP total other income, net $ 1,926 $ 2,766 $ 447 $ 4,964 $ 1,390 Gains from non-marketable equity securities and publicly-held equity securities, net (1,354) (2,247) (37) (3,426) (302) Interest expense related to amortization of debt discount 1 1 1 3 3 Non-GAAP total other income, net $ 573

paragraph:35: $ 520

paragraph:36: $ 411

paragraph:37: $ 1,541

paragraph:38: $ 1,091

paragraph:39: GAAP net income $ 31,910 $ 26,422 $ 19,309 $ 77,107 $ 50,789 Total pre-tax impact of non-GAAP adjustments 389 (521) 1,371 1,680 3,554 Income tax impact of non-GAAP adjustments (C) (532) (166) (670) (1,391) (2,144) Tax expense from OBBBA* — 48 — 48 — Non-GAAP net income** $ 31,767

paragraph:40: $ 25,783

paragraph:41: $ 20,010

paragraph:42: $ 77,444

paragraph:43: $ 52,199

paragraph:44: Diluted net income per share GAAP $ 1.30 $ 1.08 $ 0.78 $ 3.14 $ 2.04 Non-GAAP** $ 1.30 $ 1.05 $ 0.81 $ 3.16 $ 2.10 Weighted average shares used in diluted net income per share computation 24,483 24,532 24,774 24,542 24,837 GAAP net cash provided by operating activities $ 23,750 $ 15,365 $ 17,629 $ 66,530 $ 47,460 Purchases related to property and equipment and intangible assets (1,637) (1,894) (813) (4,758) (2,159) Principal payments on property and equipment and intangible assets (24) (21) (29) (97) (97) Free cash flow $ 22,089

paragraph:45: $ 13,450

paragraph:46: $ 16,787

paragraph:47: $ 61,675

paragraph:48: $ 45,204

paragraph:49: *Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act). **Includes H20 charges/(releases), net, which were $4.5 billion, ($180 million), and insignificant, for the first, second, and third quarter of fiscal 2026, respectively. (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items: Three Months Ended Nine Months Ended

paragraph:50: October 26, July 27, October 27, October 26, October 27,

paragraph:51: 2025 2025 2024 2025 2024 Cost of revenue $ 48 $ 49 $ 116 $ 219 $ 355 Research and development $ 35 $ 29 $ 23 $ 93 $ 52 Sales, general and administrative $ 4 $ 8 $ 16 $ 20 $ 34 (B) Stock-based compensation consists of the following: Three Months Ended Nine Months Ended October 26, July 27, October 27, October 26, October 27, 2025 2025 2024 2025 2024 Cost of revenue $ 70 $ 58 $ 50 $ 192 $ 125 Research and development $ 1,206 $ 1,191 $ 910 $ 3,460 $ 2,469 Sales, general and administrative $ 379 $ 375 $ 292 $ 1,101 $ 822 (C) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09). NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK Q4 FY2026 Outlook ($ in millions) GAAP gross margin 74.8 % Impact of stock-based compensation expense, acquisition-related costs, and other costs 0.2 % Non-GAAP gross margin 75.0

paragraph:52: % GAAP operating expenses $ 6,650 Stock-based compensation expense, acquisition-related costs, and other costs (1,650) Non-GAAP operating expenses $ 5,000

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paragraph:6: CFO Commentary on Second Quarter Fiscal 2026 Results Q2 Fiscal 2026 Summary GAAP ($ in millions, except earnings per share) Q2 FY26 Q1 FY26 Q2 FY25 Q/Q Y/Y Revenue $46,743 $44,062 $30,040 6 % 56 % Gross margin 72.4 % 60.5 % 75.1 % 11.9 pts (2.7) pts Operating expenses $5,413 $5,030 $3,932 8 % 38 % Operating income $28,440 $21,638 $18,642 31 % 53 % Net income $26,422 $18,775 $16,599 41 % 59 % Diluted earnings per share $1.08 $0.76 $0.67 42 % 61 % Non-GAAP ($ in millions, except earnings per share) Q2 FY26 Q1 FY26 Q2 FY25 Q/Q Y/Y Revenue $46,743 $44,062 $30,040 6 % 56 % Gross margin 72.7 % 61.0 % 75.7 % 11.7 pts (3.0) pts Gross margin excluding H20 related charges/releases, net 72.3 % 71.3 % 1.0 pt Operating expenses $3,795 $3,583 $2,792 6 % 36 % Operating income $30,165 $23,275 $19,937 30 % 51 % Net income $25,783 $19,894 $16,952 30 % 52 % Diluted earnings per share $1.05 $0.81 $0.68 30 % 54 % Diluted earnings per share excluding H20 related charges/releases, net and related tax impact $1.04 $0.96 8 % Revenue by Reportable Segments ($ in millions) Q2 FY26 Q1 FY26 Q2 FY25 Q/Q Y/Y Compute & Networking $41,331 $39,589 $26,446 4 % 56 % Graphics 5,412 4,473 3,594 21 % 51 % Total $46,743 $44,062 $30,040 6 % 56 % Revenue by Market Platform ($ in millions) Q2 FY26 Q1 FY26 Q2 FY25 Q/Q Y/Y Data Center $41,096 $39,112 $26,272 5 % 56 % Compute 33,844 34,155 22,604 (1) % 50 % Networking 7,252 4,957 3,668 46 % 98 % Gaming 4,287 3,763 2,880 14 % 49 % Professional Visualization 601 509 454 18 % 32 % Automotive 586 567 346 3 % 69 % OEM and Other 173 111 88 56 % 97 % Total $46,743 $44,062 $30,040 6 % 56 % We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive. In the second quarter of fiscal 2026, we benefited from a $180 million release of previously reserved H20 inventory related to the sale of approximately $650 million of H20 to an unrestricted customer outside of China. There were no H20 sales to China-based customers in the second quarter. GAAP gross margin was 72.4%, and GAAP diluted earnings per share was $1.08, for the quarter. Excluding the $180 million release and related tax impact, non-GAAP gross margin for the quarter would have been 72.3% and non-GAAP diluted earnings per share would have been $1.04. Revenue Revenue for the second quarter was $46.7 billion, up 56% from a year ago and up 6% sequentially. Data Center revenue for the second quarter was $41.1 billion, up 56% from a year ago and up 5% sequentially. The strong year-on-year and sequential growth was driven by demand for our accelerated computing platform used for large language models, recommendation engines, and generative and agentic AI applications. We continue to ramp our Blackwell architecture, which grew 17% sequentially, including our newest architecture, Blackwell Ultra. We recognized Blackwell revenue across all customer categories, led by large cloud service providers, which represented approximately 50% of Data Center revenue. Data Center compute revenue was $33.8 billion, up 50% from a year ago. Sequentially, compute revenue declined 1%, driven by a $4.0 billion reduction in H20 sales. Networking revenue was $7.3 billion, up 98% from a year ago and up 46% sequentially, driven by the growth of NVLink compute fabric for GB200 and GB300 systems, the ramp of XDR InfiniBand products, and adoption of Ethernet for AI solutions at cloud service providers and consumer internet companies. Gaming revenue for the second quarter was up 49% from a year ago and up 14% sequentially, with strong sales and increased supply of our Blackwell product. Professional Visualization revenue for the second quarter was up 32% from a year ago and up 18% sequentially, driven by the acceleration of Blackwell sales in our Notebook products, addressing AI workflows, real-time graphics rendering and data simulation. Automotive revenue for the second quarter was up 69% from a year ago and up 3% sequentially, driven by strong adoption of our self-driving platforms. Gross Margin GAAP and non-GAAP gross margins for the second quarter decreased from a year ago as our Blackwell revenue consists primarily of full-scale datacenter systems compared to Hopper HGX systems last year. GAAP and non-GAAP gross margins increased sequentially as the prior quarter included a $4.5 billion charge associated with H20 excess inventory and purchase obligations. Expenses GAAP operating expenses for the second quarter were up 38% from a year ago and up 8% sequentially, and non-GAAP operating expenses were up 36% from a year ago and up 6% sequentially. The increases were primarily driven by compute and infrastructure costs and higher compensation and benefits due to compensation increases and employee growth. Other Income & Expense and Income Tax GAAP other income and expense (OI&E) includes interest income, interest expense, and non-marketable and publicly-held equity securities gains or losses. Non-GAAP OI&E excludes non-marketable and publicly-held equity securities gains or losses. Interest income for the second quarter was $592 million, up from a year ago and sequentially, reflecting growth in cash, cash equivalents, and debt securities. Net other income for the second quarter was $2.2 billion, primarily driven by gains in a publicly-held equity security. GAAP effective tax rate for the second quarter was 15.3%, an increase from a year ago reflecting a lower stock-based compensation tax benefit, partially offset by a higher tax benefit from certain foreign-derived income. Non-GAAP effective tax rate for the second quarter was 16.0%. Balance Sheet and Cash Flow Cash, cash equivalents and marketable securities were $56.8 billion, up from $34.8 billion a year ago and $53.7 billion a quarter ago. The increases primarily reflect higher revenue, partially offset by stock repurchases. Accounts receivable was $27.8 billion with 54 days sales outstanding (DSO), up from 46 days sequentially, driven by timing of cash collections and Blackwell Ultra ramping late in the quarter. Inventory was $15.0 billion, up from $11.3 billion sequentially, to support the ramp of Blackwell Ultra. Total purchase commitments were $45.8 billion, comprised of inventory, manufacturing capacity, and non-inventory purchase obligations, up from $43.5 billion sequentially, on additional multi-year cloud service agreements to support our research and development efforts. Cash flow from operating activities was $15.4 billion, up from $14.5 billion a year ago and down from $27.4 billion a quarter ago. The year-on-year increase reflects growth in revenue, partially offset by an increase in working capital. The sequential decrease was mainly driven by $8.1 billion in taxes paid in the quarter. We returned $10.0 billion to shareholders in the second quarter through $9.7 billion of share repurchases and $244 million of cash dividends. On August 26, 2025, our Board of Directors approved an additional $60.0 billion to our share repurchase authorization, without expiration. Third Quarter of Fiscal 2026 Outlook Outlook for the third quarter of fiscal 2026 is as follows: • Revenue is expected to be $54.0 billion, plus or minus 2%. We have not assumed any H20 shipments to China in our outlook. • GAAP and non-GAAP gross margins are expected to be 73.3% and 73.5%, respectively, plus or minus 50 basis points. We continue to expect to exit the year with non-GAAP gross margins in the mid-70% range. • GAAP and non-GAAP operating expenses are expected to be approximately $5.9 billion and $4.2 billion, respectively. We expect full year fiscal 2026 operating expense growth to be in the high-30% range. • GAAP and non-GAAP other income and expense are expected to be an income of approximately $500 million, excluding gains and losses from non-marketable and publicly-held equity securities. • GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items. ______________ For further information, contact: Toshiya Hari Mylene Mangalindan Investor Relations Corporate Communications NVIDIA Corporation NVIDIA Corporation toshiyah@nvidia.com mmangalindan@nvidia.com Non-GAAP Measures To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, H20 related charges/releases, net and the associated tax impact of these items where applicable. The inclusion of H20 related charges/releases, net in the reconciliations to adjust the related GAAP financial measures was a result of the U.S. government informing NVIDIA in April 2025 that it requires a license for export to China of H20 product. The H20 product was designed primarily for the China market. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user's overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies. Certain statements in this CFO Commentary including, but not limited to, statements as to: expectations with respect to growth, performance and benefits of our products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for our products, services, and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; our financial and business outlook for the third quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. ### © 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice. NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) (Unaudited)

paragraph:7: Three Months Ended Six Months Ended

paragraph:8: July 27, April 27, July 28, July 27, July 28,

paragraph:9: 2025 2025 2024 2025 2024 GAAP cost of revenue $ 12,890 $ 17,394 $ 7,466 $ 30,284 $ 13,105 GAAP gross profit $ 33,853 $ 26,668 $ 22,574 $ 60,521 $ 42,979 GAAP gross margin 72.4 % 60.5 % 75.1 % 66.6 % 76.6 % Acquisition-related and other costs (A) 49 123 118 170 238 Stock-based compensation expense (B) 58 64 40 123 75 Other — 3 (3) 4 (4) Non-GAAP cost of revenue $ 12,783

paragraph:10: $ 17,204

paragraph:11: $ 7,311

paragraph:12: $ 29,987

paragraph:13: $ 12,796

paragraph:14: Non-GAAP gross profit $ 33,960

paragraph:15: $ 26,858

paragraph:16: $ 22,729

paragraph:17: $ 60,818

paragraph:18: $ 43,288

paragraph:19: Non-GAAP gross margin 72.7

paragraph:20: % 61.0

paragraph:21: % 75.7

paragraph:22: % 67.0

paragraph:23: % 77.2

paragraph:24: % H20 related charges/(releases), net (180) 4,538 4,358 Non-GAAP gross profit, as adjusted to exclude H20 related charges/releases, net $ 33,780

paragraph:25: $ 31,396

paragraph:26: $ 65,176

paragraph:27: Non-GAAP gross margin, as adjusted to exclude H20 related charges/releases, net 72.3

paragraph:28: % 71.3

paragraph:29: % 71.8

paragraph:30: % GAAP operating expenses $ 5,413 $ 5,030 $ 3,932 $ 10,443 $ 7,428 Stock-based compensation expense (B) (1,566) (1,410) (1,114) (2,976) (2,089) Acquisition-related and other costs (A) (37) (37) (26) (74) (48) Other (15) — — (15) — Non-GAAP operating expenses $ 3,795

paragraph:31: $ 3,583

paragraph:32: $ 2,792

paragraph:33: $ 7,378

paragraph:34: $ 5,291

paragraph:35: GAAP operating income $ 28,440 $ 21,638 $ 18,642 $ 50,078 $ 35,551 Total impact of non-GAAP adjustments to operating income 1,725 1,637 1,295 3,362 2,446 Non-GAAP operating income $ 30,165

paragraph:36: $ 23,275

paragraph:37: $ 19,937

paragraph:38: $ 53,440

paragraph:39: $ 37,997

paragraph:40: GAAP total other income (expense), net $ 2,766 $ 272 $ 572 $ 3,039 $ 942 (Gains) losses from non-marketable equity securities and publicly-held equity securities, net (2,247) 175 (193) (2,073) (264) Interest expense related to amortization of debt discount 1 1 1 2 2 Non-GAAP total other income (expense), net $ 520

paragraph:41: $ 448

paragraph:42: $ 380

paragraph:43: $ 968

paragraph:44: $ 680

paragraph:45: GAAP net income $ 26,422 $ 18,775 $ 16,599 $ 45,197 $ 31,480 Total pre-tax impact of non-GAAP adjustments (521) 1,813 1,103 1,291 2,184 Income tax impact of non-GAAP adjustments (C) (166) (694) (750) (859) (1,475) Tax expense from OBBBA* 48 — — 48 — Non-GAAP net income $ 25,783

paragraph:46: $ 19,894

paragraph:47: $ 16,952

paragraph:48: $ 45,677

paragraph:49: $ 32,189

paragraph:50: Total pre-tax impact of H20 related charges/(releases), net (180) 4,538 4,358 Income tax impact of H20 related charges/releases, net (8) (797) (805) Non-GAAP net income, as adjusted to exclude H20 related charges/releases, net $ 25,595

paragraph:51: $ 23,635

paragraph:52: $ 49,230

paragraph:53: Diluted net income per share GAAP $ 1.08 $ 0.76 $ 0.67 $ 1.84 $ 1.27 Non-GAAP $ 1.05 $ 0.81 $ 0.68 $ 1.86 $ 1.29 Non-GAAP, as adjusted to exclude H20 related charges/releases, net $ 1.04 $ 0.96 $ 2.00 Weighted average shares used in diluted net income per share computation 24,532 24,611 24,848 24,571 24,869 GAAP net cash provided by operating activities $ 15,365 $ 27,414 $ 14,489 $ 42,779 $ 29,833 Purchases related to property and equipment and intangible assets (1,894) (1,227) (977) (3,122) (1,346) Principal payments on property and equipment and intangible assets (21) (52) (29) (73) (69) Free cash flow $ 13,450

paragraph:54: $ 26,135

paragraph:55: $ 13,483

paragraph:56: $ 39,584

paragraph:57: $ 28,418

paragraph:58: *Tax expense included represents impact from OBBBA (One Big Beautiful Bill Act) (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items: Three Months Ended Six Months Ended

paragraph:59: July 27, April 27, July 28, July 27, July 28,

paragraph:60: 2025 2025 2024 2025 2024 Cost of revenue $ 49 $ 123 $ 118 $ 170 $ 238 Research and development $ 29 $ 28 $ 17 $ 57 $ 30 Sales, general and administrative $ 8 $ 9 $ 9 $ 17 $ 18 (B) Stock-based compensation consists of the following: Three Months Ended Six Months Ended July 27, April 27, July 28, July 27, July 28, 2025 2025 2024 2025 2024 Cost of revenue $ 58 $ 64 $ 40 $ 123 $ 75 Research and development $ 1,191 $ 1,063 $ 832 $ 2,254 $ 1,559 Sales, general and administrative $ 375 $ 347 $ 282 $ 722 $ 530 (C) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09). NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK Q3 FY2026 Outlook ($ in millions) GAAP gross margin 73.3 % Impact of stock-based compensation expense, acquisition-related costs, and other costs 0.2 % Non-GAAP gross margin 73.5

paragraph:61: % GAAP operating expenses $ 5,900 Stock-based compensation expense, acquisition-related costs, and other costs (1,700) Non-GAAP operating expenses $ 4,200

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paragraph:6: CFO Commentary on First Quarter Fiscal 2026 Results Q1 Fiscal 2026 Summary GAAP ($ in millions, except earnings per share) Q1 FY26 Q4 FY25 Q1 FY25 Q/Q Y/Y Revenue $44,062 $39,331 $26,044 12 % 69 % Gross margin 60.5 % 73.0 % 78.4 % (12.5) pts (17.9) pts Operating expenses $5,030 $4,689 $3,497 7 % 44 % Operating income $21,638 $24,034 $16,909 (10) % 28 % Net income $18,775 $22,091 $14,881 (15) % 26 % Diluted earnings per share* $0.76 $0.89 $0.60 (15) % 27 % Non-GAAP ($ in millions, except earnings per share) Q1 FY26 Q4 FY25 Q1 FY25 Q/Q Y/Y Revenue $44,062 $39,331 $26,044 12 % 69 % Gross margin 61.0 % 73.5 % 78.9 % (12.5) pts (17.9) pts Gross margin excluding H20 charge 71.3 % Operating expenses $3,583 $3,378 $2,501 6 % 43 % Operating income $23,275 $25,516 $18,059 (9) % 29 % Net income $19,894 $22,066 $15,238 (10) % 31 % Diluted earnings per share* $0.81 $0.89 $0.61 (9) % 33 % Diluted earnings per share excluding H20 charge and related tax impact $0.96 Revenue by Reportable Segments ($ in millions) Q1 FY26 Q4 FY25 Q1 FY25 Q/Q Y/Y Compute & Networking $39,589 $36,036 $22,675 10 % 75 % Graphics 4,473 3,295 3,369 36 % 33 % Total $44,062 $39,331 $26,044 12 % 69 % *All per share amounts presented herein have been retroactively adjusted to reflect our ten-for-one stock split, which was effective June 7, 2024. Revenue by Market Platform ($ in millions) Q1 FY26 Q4 FY25 Q1 FY25 Q/Q Y/Y Data Center $39,112 $35,580 $22,563 10 % 73 % Compute 34,155 32,556 19,392 5 % 76 % Networking 4,957 3,024 3,171 64 % 56 % Gaming 3,763 2,544 2,647 48 % 42 % Professional Visualization 509 511 427 — 19 % Automotive 567 570 329 (1) % 72 % OEM and Other 111 126 78 (12) % 42 % Total $44,062 $39,331 $26,044 12 % 69 % We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems, and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive. On April 9, 2025, we were informed by the U.S. government that a license is required for exports of our H20 products into the China market. As a result of these new requirements, we incurred a $4.5 billion charge in the first quarter of fiscal 2026 associated with H20 excess inventory and purchase obligations as the demand for H20 diminished. The $4.5 billion charge was less than what we initially anticipated as we were able to re-use certain materials. Sales of our H20 products were $4.6 billion for the first quarter of fiscal 2026 prior to the new export licensing requirements. We were unable to ship an additional $2.5 billion of H20 revenue in the first quarter. GAAP gross margin was 60.5%, and GAAP diluted earnings per share was $0.76. Excluding the $4.5 billion charge and related tax impact, first quarter non-GAAP gross margin would have been 71.3% and non-GAAP diluted earnings per share would have been $0.96. Revenue Revenue for the first quarter was $44.1 billion, up 69% from a year ago and up 12% sequentially. Data Center revenue for the first quarter was $39.1 billion, up 73% from a year ago and up 10% sequentially. The strong year-on-year and sequential growth was driven by demand for our accelerated computing platform used for large language models, recommendation engines, and generative and agentic AI applications. We saw our Blackwell architecture ramp expand to all customer categories, while large cloud service providers remained our largest at just under 50% of Data Center revenue. Data Center compute revenue was $34.2 billion, up 76% from a year ago and up 5% sequentially. Networking revenue was $5.0 billion, up 56% from a year ago and up 64% sequentially, driven by the growth of NVLink compute fabric in our GB200 systems and continued adoption of Ethernet for AI solutions at cloud service providers and consumer internet companies. Gaming revenue for the first quarter was a record, up 42% from a year ago and up 48% sequentially, driven by sales of our Blackwell architecture, the fastest ramp in company history. Professional Visualization revenue for the first quarter was up 19% from a year ago and flat sequentially. The increase from a year ago was driven by broader adoption of Ada RTX workstation GPUs, addressing workflows in AI acceleration, real-time graphics rendering and data simulation. Automotive revenue for the first quarter was up 72% from a year ago and down 1% sequentially. The increase from a year ago was driven by sales of our self-driving platforms. Gross Margin GAAP and non-GAAP gross margins for the first quarter decreased from a year ago and sequentially, primarily due to a $4.5 billion charge associated with H20 excess inventory and purchase obligations and the initial ramp of more sophisticated systems within Data Center. Expenses GAAP operating expenses for the first quarter were up 44% from a year ago and up 7% sequentially, and non-GAAP operating expenses were up 43% from a year ago and up 6% sequentially. The year-on-year increases were primarily driven by higher compensation and benefits expenses due to employee growth and compensation increases, and compute, infrastructure and engineering development costs for new product introductions. The sequential increases were primarily driven by higher compensation and benefits due to compensation increases and employee growth. Other Income & Expense and Income Tax GAAP other income and expense (OI&E) includes interest income, interest expense, and non-marketable and publicly-held equity securities gains or losses. Non-GAAP OI&E excludes non-marketable and publicly-held equity securities gains or losses. Interest income for the first quarter was $515 million, up from a year ago and sequentially, reflecting growth in cash, cash equivalents, and marketable securities. Net losses for the first quarter were $175 million, driven by losses in publicly-held equity securities, partially offset by gains in non-marketable securities. GAAP effective tax rate for the first quarter was 14.3%, an increase from a year ago reflecting a lower stock-based compensation tax benefit, partially offset by a higher foreign-derived intangible income deduction tax benefit. Non-GAAP effective tax rate for the first quarter was 16.1%. Balance Sheet and Cash Flow Cash, cash equivalents and marketable securities were $53.7 billion, up from $31.4 billion a year ago and $43.2 billion a quarter ago. The increases primarily reflect higher revenue partially offset by stock repurchases. Accounts receivable was $22.1 billion with 46 days sales outstanding (DSO), down from 53 days sequentially, driven by improved shipment linearity and timing of cash collections. Inventory was $11.3 billion with 59 days sales of inventory (DSI). Inventory increased from $10.1 billion, and DSI decreased from 86 days sequentially. Purchase commitments and obligations for inventory and manufacturing capacity were $29.8 billion, including new capacity commitments and components. Supply and capacity prepayments were $4.2 billion. Other non-inventory purchase obligations were $13.7 billion, including $10.6 billion of multi-year cloud service agreements, down from $14.3 billion sequentially, driven by utilization of our cloud service agreements. We expect cloud service agreements to be used to support our research and development efforts and our DGX Cloud offerings. Cash flow from operating activities was $27.4 billion, up from $15.3 billion a year ago and up from $16.6 billion a quarter ago. The year-on-year increase reflects higher revenue and timing of cash collections. The sequential increase was driven by higher revenue, timing of cash collections, and lower cash taxes. We expect a substantial increase in cash taxes in the second quarter related to estimated federal and state cash tax payments. We utilized cash of $14.3 billion towards shareholder returns, including $14.1 billion in share repurchases and $244 million in cash dividends. Second Quarter of Fiscal 2026 Outlook Outlook for the second quarter of fiscal 2026 is as follows: • Revenue is expected to be $45.0 billion, plus or minus 2%. This outlook reflects a loss in H20 revenue of approximately $8.0 billion due to the recent export control limitations. • GAAP and non-GAAP gross margins are expected to be 71.8% and 72.0%, respectively, plus or minus 50 basis points. We are continuing to work toward achieving gross margins in the mid-70% range late this year. • GAAP and non-GAAP operating expenses are expected to be approximately $5.7 billion and $4.0 billion, respectively. We expect full year fiscal 2026 operating expense growth to be in the mid-30% range. • GAAP and non-GAAP other income and expense are expected to be an income of approximately $450 million, excluding gains and losses from non-marketable and publicly-held equity securities. • GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items. ___________________________ For further information, contact: Toshiya Hari Mylene Mangalindan Investor Relations Corporate Communications NVIDIA Corporation NVIDIA Corporation toshiyah@nvidia.com mmangalindan@nvidia.com Non-GAAP Measures To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains/losses from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, H20 excess inventory and purchase obligation charges, and the associated tax impact of these items where applicable. The inclusion of H20 excess inventory and purchase obligation charges in the reconciliations to adjust the related GAAP financial measures was a result of the U.S. government informing NVIDIA on April 9, 2025 that it requires a license for export to China of H20 products. H20 products were designed primarily for the China market. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user's overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies. Certain statements in this CFO Commentary including, but not limited to, statements as to: the impact of H20 export licensing requirements; expected cash taxes in the second quarter; expectations with respect to growth, performance and benefits of our products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for our products, services, and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; our financial and business outlook for the second quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. ### © 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice. NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) (Unaudited)

paragraph:7: Three Months Ended

paragraph:8: April 27, January 26, April 28,

paragraph:9: 2025 2025 2024 GAAP cost of revenue $ 17,394 $ 10,608 $ 5,638 GAAP gross profit $ 26,668 $ 28,723 $ 20,406 GAAP gross margin 60.5 % 73.0 % 78.4 % Acquisition-related and other costs (A) 123 118 119 Stock-based compensation expense (B) 64 53 36 Other 3 — (1) Non-GAAP cost of revenue $ 17,204

paragraph:10: $ 10,437

paragraph:11: $ 5,484

paragraph:12: Non-GAAP gross profit $ 26,858

paragraph:13: $ 28,894

paragraph:14: $ 20,560

paragraph:15: Non-GAAP gross margin 61.0

paragraph:16: % 73.5

paragraph:17: % 78.9

paragraph:18: % GAAP operating expenses $ 5,030 $ 4,689 $ 3,497 Stock-based compensation expense (B) (1,410) (1,268) (975) Acquisition-related and other costs (A) (37) (43) (21) Non-GAAP operating expenses $ 3,583

paragraph:19: $ 3,378

paragraph:20: $ 2,501

paragraph:21: GAAP operating income $ 21,638 $ 24,034 $ 16,909 Total impact of non-GAAP adjustments to operating income 1,637 1,482 1,150 Non-GAAP operating income $ 23,275

paragraph:22: $ 25,516

paragraph:23: $ 18,059

paragraph:24: GAAP total other income (expense), net $ 272 $ 1,183 $ 370 (Gains) losses from non-marketable equity securities and publicly-held equity securities, net 175 (727) (69) Interest expense related to amortization of debt discount 1 1 1 Non-GAAP total other income (expense), net $ 448

paragraph:25: $ 457

paragraph:26: $ 302

paragraph:27: GAAP net income $ 18,775 $ 22,091 $ 14,881 Total pre-tax impact of non-GAAP adjustments 1,813 756 1,082 Income tax impact of non-GAAP adjustments (C) (694) (781) (725) Non-GAAP net income $ 19,894

paragraph:28: $ 22,066

paragraph:29: $ 15,238

paragraph:30: Three Months Ended April 27, January 26, April 28, 2025 2025 2024 Diluted net income per share (D) GAAP $ 0.76 $ 0.89 $ 0.60 Non-GAAP $ 0.81 $ 0.89 $ 0.61 Weighted average shares used in diluted net income per share computation (D) 24,611 24,706 24,890 GAAP net cash provided by operating activities $ 27,414 $ 16,628 $ 15,345 Purchases related to property and equipment and intangible assets (1,227) (1,077) (369) Principal payments on property and equipment and intangible assets (52) (32) (40) Free cash flow $ 26,135

paragraph:31: $ 15,519

paragraph:32: $ 14,936

paragraph:33: (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items: Three Months Ended

paragraph:34: April 27, January 26, April 28,

paragraph:35: 2025 2025 2024 Cost of revenue $ 123 $ 118 $ 119 Research and development $ 28 $ 27 $ 12 Sales, general and administrative $ 9 $ 16 $ 8 (B) Stock-based compensation consists of the following: Three Months Ended April 27, January 26, April 28, 2025 2025 2024 Cost of revenue $ 64 $ 53 $ 36 Research and development $ 1,063 $ 955 $ 727 Sales, general and administrative $ 347 $ 313 $ 248 (C) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09). (D) Reflects a ten-for-one stock split on June 7, 2024. Three Months Ended April 27, 2025 GAAP gross profit $ 26,668 GAAP gross margin 60.5 % Stock-based compensation expense, acquisition-related costs, and other costs 190 H20 excess inventory and purchase obligation charges 4,538 Non-GAAP gross profit (as adjusted to exclude H20 excess inventory and purchase obligation charges) $ 31,396

paragraph:36: Non-GAAP gross margin (as adjusted to exclude H20 excess inventory and purchase obligation charges) 71.3

paragraph:37: % GAAP net income $ 18,775 Total pre-tax impact of non-GAAP adjustments and H20 excess inventory and purchase obligation charges 6,351 Income tax impact of non-GAAP adjustments and H20 excess inventory and purchase obligation charges (1,491) Non-GAAP net income (as adjusted to exclude H20 excess inventory and purchase obligation charges) $ 23,635

paragraph:38: Diluted net income per share GAAP $ 0.76 Non-GAAP (as adjusted to exclude H20 excess inventory and purchase obligation charges) $ 0.96 Weighted average shares used in diluted net income per share computation 24,611 NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK Q2 FY2026 Outlook ($ in millions) GAAP gross margin 71.8 % Impact of stock-based compensation expense, acquisition-related costs, and other costs 0.2 % Non-GAAP gross margin 72.0

paragraph:39: % GAAP operating expenses $ 5,700 Stock-based compensation expense, acquisition-related costs, and other costs (1,700) Non-GAAP operating expenses $ 4,000

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paragraph:5: Document

paragraph:6: CFO Commentary on Fourth Quarter and Fiscal 2025 Results Q4 Fiscal 2025 Summary GAAP ($ in millions, except earnings per share) Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y Revenue $39,331 $35,082 $22,103 Up 12% Up 78% Gross margin 73.0 % 74.6 % 76.0 % Down 1.6 pts Down 3.0 pts Operating expenses $4,689 $4,287 $3,176 Up 9% Up 48% Operating income $24,034 $21,869 $13,615 Up 10% Up 77% Net income $22,091 $19,309 $12,285 Up 14% Up 80% Diluted earnings per share $0.89 $0.78 $0.49 Up 14% Up 82% Non-GAAP ($ in millions, except earnings per share) Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y Revenue $39,331 $35,082 $22,103 Up 12% Up 78% Gross margin 73.5 % 75.0 % 76.7 % Down 1.5 pts Down 3.2 pts Operating expenses $3,378 $3,046 $2,210 Up 11% Up 53% Operating income $25,516 $23,276 $14,749 Up 10% Up 73% Net income $22,066 $20,010 $12,839 Up 10% Up 72% Diluted earnings per share $0.89 $0.81 $0.52 Up 10% Up 71% Revenue by Reportable Segments ($ in millions) Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y Compute & Networking $36,036 $31,036 $17,898 Up 16% Up 101% Graphics 3,295 4,046 4,205 Down 19% Down 22% Total $39,331 $35,082 $22,103 Up 12% Up 78% Revenue by Market Platform ($ in millions) Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y Data Center $35,580 $30,771 $18,404 Up 16% Up 93% Compute 32,556 27,644 15,073 Up 18% Up 116% Networking 3,024 3,127 3,331 Down 3% Down 9% Gaming 2,544 3,279 2,865 Down 22% Down 11% Professional Visualization 511 486 463 Up 5% Up 10% Automotive 570 449 281 Up 27% Up 103% OEM and Other 126 97 90 Up 30% Up 40% Total $39,331 $35,082 $22,103 Up 12% Up 78% Fiscal 2025 Summary GAAP ($ in millions, except earnings per share) FY25 FY24 Y/Y Revenue $130,497 $60,922 Up 114% Gross margin 75.0 % 72.7 % Up 2.3 pts Operating expenses $16,405 $11,329 Up 45% Operating income $81,453 $32,972 Up 147% Net income $72,880 $29,760 Up 145% Diluted earnings per share $2.94 $1.19 Up 147% Non-GAAP ($ in millions, except earnings per share) FY25 FY24 Y/Y Revenue $130,497 $60,922 Up 114% Gross margin 75.5 % 73.8 % Up 1.7 pts Operating expenses $11,716 $7,825 Up 50% Operating income $86,789 $37,134 Up 134% Net income $74,265 $32,312 Up 130% Diluted earnings per share $2.99 $1.30 Up 130% Revenue by Reportable Segments ($ in millions) FY25 FY24 Y/Y Compute & Networking $116,193 $47,405 Up 145% Graphics 14,304 13,517 Up 6% Total $130,497 $60,922 Up 114% Revenue by Market Platform ($ in millions) FY25 FY24 Y/Y Data Center $115,186 $47,525 Up 142% Compute 102,196 38,950 Up 162% Networking 12,990 8,575 Up 51% Gaming 11,350 10,447 Up 9% Professional Visualization 1,878 1,553 Up 21% Automotive 1,694 1,091 Up 55% OEM and Other 389 306 Up 27% Total $130,497 $60,922 Up 114% We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive. On June 7, 2024, we completed a 10-for-1 forward stock split. All share and per share amounts presented have been retroactively adjusted to reflect the stock split. Revenue Revenue for the fourth quarter was a record $39.3 billion, up 78% from a year ago and up 12% sequentially. Fiscal year revenue was $130.5 billion, up 114% from a year ago. Data Center revenue for fiscal 2025 was $115.2 billion, up 142% from a year ago. Data Center revenue for the fourth quarter was a record, up 93% from a year ago and up 16% sequentially. The strong year-on-year and sequential growth was driven by demand for our accelerated computing platform used for large language models, recommendation engines, and generative AI applications. We delivered $11.0 billion of Blackwell architecture revenue in the fourth quarter of fiscal 2025, the fastest product ramp in our company’s history. Blackwell sales were led by large cloud service providers which represented approximately 50% of our Data Center revenue. Data Center compute revenue was $32.6 billion, up 116% from a year ago and up 18% sequentially, driven by demand for our Blackwell computing platform and sequential growth from our H200 offering. Networking revenue was $3.0 billion, down 9% from a year ago and down 3% sequentially. We are transitioning from small NVLink 8 with Infiniband to large NVLink 72 with Spectrum X. Networking experienced growth in Ethernet for AI, which includes Spectrum-X end-to-end ethernet platform, and NVLink products related to the ramp of our Grace Blackwell platform. Gaming revenue for fiscal 2025 was up 9% from a year ago, driven by sales of our GeForce RTX 40 Series GPUs. Gaming revenue for the fourth quarter was down 11% from a year ago and down 22% sequentially, due to limited supply for both Blackwell and Ada GPUs. Professional Visualization revenue for fiscal 2025 was up 21% from a year ago. Professional Visualization revenue for the fourth quarter was up 10% from a year ago and up 5% sequentially. These increases were driven by the continued ramp of Ada RTX GPU workstations for use cases such as generative AI-powered design, simulation, and engineering. Automotive revenue for fiscal 2025 was up 55% from a year ago. Automotive revenue for the fourth quarter was up 103% from a year ago and up 27% sequentially. These increases were driven by sales of our self-driving platforms. Gross Margin GAAP and non-GAAP gross margins for the fourth quarter decreased from a year ago and sequentially, primarily due to a transition to more complex and higher cost systems within Data Center. Fiscal 2025 GAAP and Non-GAAP gross margin increased from a year ago, driven by a higher mix of Data Center revenue. Expenses GAAP operating expenses for the fourth quarter were up 48% from a year ago and up 9% sequentially, and non-GAAP operating expenses were up 53% from a year ago and up 11% sequentially. Fiscal 2025 GAAP and non-GAAP operating expenses were up 45% and 50% from a year ago, respectively. The fourth quarter and fiscal 2025 year-on-year increases were primarily driven by higher compensation and benefits expenses due to employee growth and compensation increases, and engineering development, compute and infrastructure costs for new product introductions. The sequential increases were primarily driven by engineering development, compute and infrastructure costs for new product introductions. Other Income & Expense and Income Tax GAAP other income and expense (OI&E) includes interest income, interest expense, and gains or losses from non-marketable and publicly-held equity securities. Non-GAAP OI&E excludes the gains or losses from non-marketable and publicly-held equity securities. Interest income for the fourth quarter and fiscal year was $511 million and $1.8 billion, respectively, up from a year ago and sequentially, reflecting growth in cash, cash equivalents, and marketable securities. Net gains from non-marketable and publicly-held equity securities for the fourth quarter were $727 million, reflecting fair value adjustments and sales of equity investments. GAAP effective tax rate for the fourth quarter was 12.4%, a decrease from a year ago reflecting a higher tax benefit from stock-based compensation. GAAP effective tax rate for the fiscal year was 13.3%, an increase from a year ago primarily reflecting higher pre-tax income and a discrete benefit in fiscal 2024 due to an audit resolution. Non-GAAP effective tax rate for the fourth quarter and fiscal year was 15.0% and 15.9%, respectively. Balance Sheet and Cash Flow Cash, cash equivalents and marketable securities were $43.2 billion, up from $26.0 billion a year ago and $38.5 billion a quarter ago. The increases primarily reflect higher revenue partially offset by stock repurchases. Accounts receivable was $23.1 billion with 53 days sales outstanding (DSO). Inventory was $10.1 billion with 86 days sales of inventory (DSI). Inventory increased from $7.7 billion, and DSI increased from 78 days sequentially. Purchase commitments and obligations for inventory and manufacturing capacity were $30.8 billion, including new capacity commitments and components. Supply and capacity prepayments were $5.1 billion. Other non-inventory purchase obligations were $14.3 billion, including $10.9 billion of multi-year cloud service agreements. We expect cloud service agreements to be used to support our research and development efforts and our DGX Cloud offerings. Cash flow from operating activities was $16.6 billion, up from $11.5 billion a year ago and down from $17.6 billion a quarter ago. Fiscal year cash flow from operating activities was $64.1 billion, up from $28.1 billion a year ago. The year-on-year increases reflect higher revenue. The sequential decrease was driven by a higher accounts receivable balance due to shipment linearity and increased inventory to support our Blackwell product ramp. We utilized cash of $8.1 billion towards shareholder returns, including $7.8 billion in share repurchases and $245 million in cash dividends. In fiscal 2025, we utilized cash of $34.5 billion towards shareholder returns, including $33.7 billion in share repurchases and $834 million in cash dividends. First Quarter of Fiscal 2026 Outlook Outlook for the first quarter of fiscal 2026 is as follows: • Revenue is expected to be $43.0 billion, plus or minus 2%. • GAAP and non-GAAP gross margins are expected to be 70.6% and 71.0%, respectively, plus or minus 50 basis points. • GAAP and non-GAAP operating expenses are expected to be approximately $5.2 billion and $3.6 billion, respectively. • GAAP and non-GAAP other income and expense are expected to be an income of approximately $400 million, excluding gains and losses from non-marketable and publicly-held equity securities. • GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items. ___________________________ For further information, contact: Stewart Stecker Mylene Mangalindan Investor Relations Corporate Communications NVIDIA Corporation NVIDIA Corporation sstecker@nvidia.com mmangalindan@nvidia.com Non-GAAP Measures To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. In order for NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user's overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies. Certain statements in this CFO Commentary including, but not limited to, statements as to: expectations with respect to growth, performance and benefits of our products, services, and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for our products, services, and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; our financial and business outlook for the first quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. # # # © 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice. NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) (Unaudited)

paragraph:7: Three Months Ended Twelve Months Ended

paragraph:8: January 26, October 27, January 28, January 26, January 28,

paragraph:9: 2025 2024 2024 2025 2024 GAAP cost of revenue $ 10,608 $ 8,926 $ 5,312 $ 32,639 $ 16,621 GAAP gross profit $ 28,723 $ 26,156 $ 16,791 $ 97,858 $ 44,301 GAAP gross margin 73.0 % 74.6 % 76.0 % 75.0 % 72.7 % Acquisition-related and other costs (A) 118 116 119 472 477 Stock-based compensation expense (B) 53 50 45 178 141 Other (C) — — 4 (3) 40 Non-GAAP cost of revenue $ 10,437

paragraph:10: $ 8,759

paragraph:11: $ 5,144

paragraph:12: $ 31,992

paragraph:13: $ 15,963

paragraph:14: Non-GAAP gross profit $ 28,894

paragraph:15: $ 26,322

paragraph:16: $ 16,959

paragraph:17: $ 98,505

paragraph:18: $ 44,959

paragraph:19: Non-GAAP gross margin 73.5

paragraph:20: % 75.0

paragraph:21: % 76.7

paragraph:22: % 75.5

paragraph:23: % 73.8

paragraph:24: % GAAP operating expenses $ 4,689 $ 4,287 $ 3,176 $ 16,405 $ 11,329 Stock-based compensation expense (B) (1,268) (1,202) (948) (4,559) (3,408) Acquisition-related and other costs (A) (43) (39) (18) (130) (106) Other (C) — — — — 10 Non-GAAP operating expenses $ 3,378

paragraph:25: $ 3,046

paragraph:26: $ 2,210

paragraph:27: $ 11,716

paragraph:28: $ 7,825

paragraph:29: GAAP operating income $ 24,034 $ 21,869 $ 13,615 $ 81,453 $ 32,972 Total impact of non-GAAP adjustments to operating income 1,482 1,407 1,134 5,336 4,162 Non-GAAP operating income $ 25,516

paragraph:30: $ 23,276

paragraph:31: $ 14,749

paragraph:32: $ 86,789

paragraph:33: $ 37,134

paragraph:34: GAAP other income (expense), net $ 1,183 $ 447 $ 491 $ 2,573 $ 846 Gains from non-marketable equity securities and publicly-held equity securities, net (727) (37) (260) (1,030) (238) Interest expense related to amortization of debt discount 1 1 1 4 4 Non-GAAP other income (expense), net $ 457

paragraph:35: $ 411

paragraph:36: $ 232

paragraph:37: $ 1,547

paragraph:38: $ 612

paragraph:39: GAAP net income $ 22,091 $ 19,309 $ 12,285 $ 72,880 $ 29,760 Total pre-tax impact of non-GAAP adjustments 756 1,371 875 4,310 3,928 Income tax impact of non-GAAP adjustments (D) (781) (670) (321) (2,925) (1,376) Non-GAAP net income $ 22,066

paragraph:40: $ 20,010

paragraph:41: $ 12,839

paragraph:42: $ 74,265

paragraph:43: $ 32,312

paragraph:44: Three Months Ended Twelve Months Ended January 26, October 27, January 28, January 26, January 28, 2025 2024 2024 2025 2024 Diluted net income per share (E) GAAP $ 0.89 $ 0.78 $ 0.49 $ 2.94 $ 1.19 Non-GAAP $ 0.89 $ 0.81 $ 0.52 $ 2.99 $ 1.30 Weighted average shares used in diluted net income per share computation (E) 24,706 24,774 24,900 24,804 24,936 GAAP net cash provided by operating activities $ 16,628 $ 17,629 $ 11,499 $ 64,089 $ 28,090 Purchases related to property and equipment and intangible assets (1,077) (813) (253) (3,236) (1,069) Principal payments on property and equipment and intangible assets (32) (29) (29) (129) (74) Free cash flow $ 15,519

paragraph:45: $ 16,787

paragraph:46: $ 11,217

paragraph:47: $ 60,724

paragraph:48: $ 26,947

paragraph:49: (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items: Three Months Ended Twelve Months Ended

paragraph:50: January 26, October 27, January 28, January 26, January 28,

paragraph:51: 2025 2024 2024 2025 2024 Cost of revenue $ 118 $ 116 $ 119 $ 472 $ 477 Research and development $ 27 $ 23 $ 12 $ 79 $ 49 Sales, general and administrative $ 16 $ 16 $ 6 $ 51 $ 57 (B) Stock-based compensation consists of the following: Three Months Ended Twelve Months Ended January 26, October 27, January 28, January 26, January 28, 2025 2024 2024 2025 2024 Cost of revenue $ 53 $ 50 $ 45 $ 178 $ 141 Research and development $ 955 $ 910 $ 706 $ 3,423 $ 2,532 Sales, general and administrative $ 313 $ 292 $ 242 $ 1,136 $ 876 (C) Other consists of IP-related costs and assets held for sale related adjustments (D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (E) Reflects a ten-for-one stock split on June 7, 2024 NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK Q1 FY2026 Outlook ($ in millions) GAAP gross margin 70.6 % Impact of stock-based compensation expense, acquisition-related costs, and other costs 0.4 % Non-GAAP gross margin 71.0

paragraph:52: % GAAP operating expenses $ 5,150 Stock-based compensation expense, acquisition-related costs, and other costs (1,550) Non-GAAP operating expenses $ 3,600

paragraph:1: EX-99.2

paragraph:2: 3

paragraph:3: q3fy25cfocommentary.htm

paragraph:4: EX-99.2

paragraph:5: Document

paragraph:6: CFO Commentary on Third Quarter Fiscal 2025 Results Q3 Fiscal 2025 Summary GAAP ($ in millions, except earnings per share) Q3 FY25 Q2 FY25 Q3 FY24 Q/Q Y/Y Revenue $35,082 $30,040 $18,120 Up 17% Up 94% Gross margin 74.6 % 75.1 % 74.0 % Down 0.5 pts Up 0.6 pts Operating expenses $4,287 $3,932 $2,983 Up 9% Up 44% Operating income $21,869 $18,642 $10,417 Up 17% Up 110% Net income $19,309 $16,599 $9,243 Up 16% Up 109% Diluted earnings per share $0.78 $0.67 $0.37 Up 16% Up 111% Non-GAAP ($ in millions, except earnings per share) Q3 FY25 Q2 FY25 Q3 FY24 Q/Q Y/Y Revenue $35,082 $30,040 $18,120 Up 17% Up 94% Gross margin 75.0 % 75.7 % 75.0 % Down 0.7 pts -- Operating expenses $3,046 $2,792 $2,026 Up 9% Up 50% Operating income $23,276 $19,937 $11,557 Up 17% Up 101% Net income $20,010 $16,952 $10,020 Up 18% Up 100% Diluted earnings per share $0.81 $0.68 $0.40 Up 19% Up 103% Revenue by Reportable Segments ($ in millions) Q3 FY25 Q2 FY25 Q3 FY24 Q/Q Y/Y Compute & Networking $31,036 $26,446 $14,645 Up 17% Up 112% Graphics 4,046 3,594 3,475 Up 13% Up 16% Total $35,082 $30,040 $18,120 Up 17% Up 94% Revenue by Market Platform ($ in millions) Q3 FY25 Q2 FY25 Q3 FY24 Q/Q Y/Y Data Center $30,771 $26,272 $14,514 Up 17% Up 112% Compute 27,644 22,604 11,908 Up 22% Up 132% Networking 3,127 3,668 2,606 Down 15% Up 20% Gaming 3,279 2,880 2,856 Up 14% Up 15% Professional Visualization 486 454 416 Up 7% Up 17% Automotive 449 346 261 Up 30% Up 72% OEM and Other 97 88 73 Up 10% Up 33% Total $35,082 $30,040 $18,120 Up 17% Up 94% We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive. On June 7, 2024, we completed a 10-for-1 forward stock split. All share and per share amounts presented have been retroactively adjusted to reflect the stock split. Revenue Revenue was a record $35.1 billion, up 94% from a year ago and up 17% sequentially. Data Center revenue was a record, up 112% from a year ago and up 17% sequentially. The strong year-on-year and sequential growth was driven by demand for our Hopper computing platform for training and inferencing of large language models, recommendation engines, and generative AI applications. Cloud service providers represented approximately 50% of our Data Center revenue, and the remainder was represented by consumer internet and enterprise companies. Strong year-on-year growth was driven by all customer types from both compute and networking. Demand for the Hopper architecture is strong and our H200 offering grew significantly in the quarter. Data Center compute revenue was $27.6 billion, up 132% from a year ago and up 22% sequentially. Networking revenue was $3.1 billion, up 20% from a year ago driven by Ethernet for AI, which includes Spectrum-X end-to-end ethernet platform. Areas of sequential revenue growth include InfiniBand and Ethernet switches, SmartNICs, and BlueField DPUs. Though networking revenue was sequentially down 15%, networking demand is strong and growing. We completed a successful mask change for Blackwell, our next Data Center architecture, that improved production yields. Blackwell production shipments are scheduled to begin in the fourth quarter of fiscal 2025 and will continue to ramp into fiscal 2026. We will be shipping both Hopper and Blackwell systems in the fourth quarter of fiscal 2025 and beyond. Both Hopper and Blackwell systems have certain supply constraints, and the demand for Blackwell is expected to exceed supply for several quarters in fiscal 2026. Gaming revenue was up 15% from a year ago and up 14% sequentially. These increases were driven by sales of our GeForce RTX 40 Series GPUs and game console SoCs. Professional Visualization revenue was up 17% from a year ago and up 7% sequentially. These increases were driven by the continued ramp of RTX GPU workstations based on our Ada architecture. Automotive revenue was a record, up 72% from a year ago and up 30% sequentially. These increases were driven by our self-driving platforms. Gross Margin GAAP and non-GAAP gross margins increased from a year ago due to a higher mix of Data Center revenue. Sequentially, gross margins decreased primarily driven by a mix shift from H100 systems to more complex and higher cost systems within Data Center. Expenses GAAP operating expenses were up 44% from a year ago and up 9% sequentially, and non-GAAP operating expenses were up 50% from a year ago and up 9% sequentially. These GAAP expense increases were driven by higher compensation and benefits expenses due to employee growth and compensation increases. Sequentially, non-GAAP expenses increased due to compute, infrastructure, and engineering development costs for new product introductions. Other Income & Expense and Income Tax GAAP other income and expense (OI&E) includes interest income, interest expense, and gains or losses from non-affiliated investments and publicly-held equity securities. Non-GAAP OI&E excludes the gains or losses from non-affiliated investments and publicly-held equity securities. Interest income was $472 million, up from a year ago and up sequentially, primarily reflecting higher cash balances. Net gains from non-affiliated investments and publicly-held equity securities were $37 million, reflecting fair value adjustments and sales of investments. GAAP effective tax rate was 13.5%, an increase from a year ago reflecting the lower effect of various tax benefits relative to the increase in pre-tax income. Fiscal 2024 additionally included a discrete benefit due to an IRS audit resolution. Non-GAAP effective tax rate was 15.5%. Balance Sheet and Cash Flow Cash, cash equivalents and marketable securities were $38.5 billion, up from $18.3 billion a year ago and $34.8 billion a quarter ago. The increases reflect higher revenue partially offset by higher stock repurchases. Accounts receivable was $17.7 billion with 46 days sales outstanding (DSO). Accounts receivable reflects $1.7 billion of customer payments received prior to next quarter’s invoice due dates. Inventory was $7.7 billion with 78 days sales of inventory (DSI). Inventory increased from $6.7 billion, and DSI decreased from 81 days sequentially. Purchase commitments and obligations for inventory and manufacturing capacity were $28.9 billion, including new capacity commitments and components. Supply and capacity prepayments were $5.2 billion. Other non-inventory purchase obligations were $13.2 billion, including $11.3 billion of multi-year cloud service agreements. We expect cloud service agreements to be used to support our research and development efforts and our DGX Cloud offerings. Cash flow from operating activities was $17.6 billion, up from $7.3 billion a year ago and up from $14.5 billion a quarter ago. The sequential increase reflects higher revenue and the timing of payments of cash taxes throughout the year. The year-on-year increase reflects higher revenue. We utilized cash of $11.2 billion towards shareholder returns, including $11.0 billion in share repurchases and $245 million in cash dividends. Fourth Quarter of Fiscal 2025 Outlook Outlook for the fourth quarter of fiscal 2025 is as follows: • Revenue is expected to be $37.5 billion, plus or minus 2%. • GAAP and non-GAAP gross margins are expected to be 73.0% and 73.5%, respectively, plus or minus 50 basis points. • GAAP and non-GAAP operating expenses are expected to be approximately $4.8 billion and $3.4 billion, respectively. • GAAP and non-GAAP other income and expense are expected to be an income of approximately $400 million, excluding gains and losses from non-affiliated investments and publicly-held equity securities. • GAAP and non-GAAP tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items. ___________________________ For further information, contact: Stewart Stecker Mylene Mangalindan Investor Relations Corporate Communications NVIDIA Corporation NVIDIA Corporation sstecker@nvidia.com mmangalindan@nvidia.com Non-GAAP Measures To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. In order for NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains and losses from non-affiliated investments and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user's overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies. Certain statements in this CFO Commentary including, but not limited to, statements as to: our computing platforms providing tremendous acceleration for applications and delivering unique value; markets where our expertise is critical; networking demand; expected Blackwell production shipments and production ramp; expected shipments of Hopper and Blackwell systems; supply constraints for Hopper and Blackwell systems; demand for Blackwell; cloud service agreements being used to support our research and development efforts and our DGX Cloud offerings; and our financial outlook and expected tax rates for the fourth quarter of fiscal 2025 are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; and unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. # # # © 2024 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice. NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) (Unaudited)

paragraph:7: Three Months Ended Nine Months Ended

paragraph:8: October 27, July 28, October 29, October 27, October 29, 2024 2024 2023 2024 2023 GAAP gross profit $ 26,156 $ 22,574 $ 13,400 $ 69,135 $ 27,510 GAAP gross margin 74.6 % 75.1 % 74.0 % 75.8 % 70.9 % Acquisition-related and other costs (A) 116 118 119 355 358 Stock-based compensation expense (B) 50 40 38 125 96 Other (C) — (3) 26 (4) 36 Non-GAAP gross profit $ 26,322

paragraph:9: $ 22,729

paragraph:10: $ 13,583

paragraph:11: $ 69,611

paragraph:12: $ 28,000

paragraph:13: Non-GAAP gross margin 75.0

paragraph:14: % 75.7

paragraph:15: % 75.0

paragraph:16: % 76.4

paragraph:17: % 72.1

paragraph:18: % GAAP operating expenses $ 4,287 $ 3,932 $ 2,983 $ 11,716 $ 8,152 Stock-based compensation expense (B) (1,202) (1,114) (941) (3,291) (2,459) Acquisition-related and other costs (A) (39) (26) (16) (86) (88) Other (C) — — — — 10 Non-GAAP operating expenses $ 3,046

paragraph:19: $ 2,792

paragraph:20: $ 2,026

paragraph:21: $ 8,339

paragraph:22: $ 5,615

paragraph:23: GAAP operating income $ 21,869 $ 18,642 $ 10,417 $ 57,419 $ 19,358 Total impact of non-GAAP adjustments to operating income 1,407 1,295 1,140 3,853 3,027 Non-GAAP operating income $ 23,276

paragraph:24: $ 19,937

paragraph:25: $ 11,557

paragraph:26: $ 61,272

paragraph:27: $ 22,385

paragraph:28: GAAP other income (expense), net $ 447 $ 572 $ 105 $ 1,390 $ 354 (Gains) losses from non-affiliated investments and publicly-held equity securities, net (37) (193) 69 (302) 23 Interest expense related to amortization of debt discount 1 1 1 3 3 Non-GAAP other income (expense), net $ 411

paragraph:29: $ 380

paragraph:30: $ 175

paragraph:31: $ 1,091

paragraph:32: $ 380

paragraph:33: GAAP net income $ 19,309 $ 16,599 $ 9,243 $ 50,789 $ 17,475 Total pre-tax impact of non-GAAP adjustments 1,371 1,103 1,210 3,554 3,053 Income tax impact of non-GAAP adjustments (D) (670) (750) (433) (2,144) (1,055) Non-GAAP net income $ 20,010

paragraph:34: $ 16,952

paragraph:35: $ 10,020

paragraph:36: $ 52,199

paragraph:37: $ 19,473

paragraph:38: Three Months Ended Nine Months Ended October 27, July 28, October 29, October 27, October 29, 2024 2024 2023 2024 2023 Diluted net income per share (E) GAAP $ 0.78 $ 0.67 $ 0.37 $ 2.04 $ 0.70 Non-GAAP $ 0.81 $ 0.68 $ 0.40 $ 2.10 $ 0.78 Weighted average shares used in diluted net income per share computation (E) 24,774 24,848 24,940 24,837 24,940 GAAP net cash provided by operating activities $ 17,629 $ 14,489 $ 7,333 $ 47,460 $ 16,591 Purchases related to property and equipment and intangible assets (813) (977) (278) (2,159) (815) Principal payments on property and equipment and intangible assets (29) (29) (13) (97) (44) Free cash flow $ 16,787

paragraph:39: $ 13,483

paragraph:40: $ 7,042

paragraph:41: $ 45,204

paragraph:42: $ 15,732

paragraph:43: (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items: Three Months Ended Nine Months Ended

paragraph:44: October 27, July 28, October 29, October 27, October 29, 2024 2024 2023 2024 2023 Cost of revenue $ 116 $ 118 $ 119 $ 355 $ 358 Research and development $ 23 $ 17 $ 12 $ 52 $ 37 Sales, general and administrative $ 16 $ 9 $ 4 $ 34 $ 51 (B) Stock-based compensation consists of the following: Three Months Ended Nine Months Ended October 27, July 28, October 29, October 27, October 29, 2024 2024 2023 2024 2023 Cost of revenue $ 50 $ 40 $ 38 $ 125 $ 96 Research and development $ 910 $ 832 $ 701 $ 2,469 $ 1,826 Sales, general and administrative $ 292 $ 282 $ 240 $ 822 $ 633 (C) Other consists of IP-related costs and assets held for sale related adjustments (D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09). (E) Reflects a ten-for-one stock split on June 7, 2024 NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK Q4 FY2025 Outlook ($ in millions) GAAP gross margin 73.0 % Impact of stock-based compensation expense, acquisition-related costs, and other costs 0.5 % Non-GAAP gross margin 73.5

paragraph:45: % GAAP operating expenses $ 4,750 Stock-based compensation expense, acquisition-related costs, and other costs (1,350) Non-GAAP operating expenses $ 3,400

paragraph:1: EX-99.2

paragraph:2: 3

paragraph:3: q2fy25cfocommentary.htm

paragraph:4: Q2FY25 CFO COMMENTARY

paragraph:5: Document

paragraph:6: CFO Commentary on Second Quarter Fiscal 2025 Results Q2 Fiscal 2025 Summary GAAP ($ in millions, except earnings per share) Q2 FY25 Q1 FY25 Q2 FY24 Q/Q Y/Y Revenue $30,040 $26,044 $13,507 Up 15% Up 122% Gross margin 75.1 % 78.4 % 70.1 % Down 3.3 pts Up 5.0 pts Operating expenses $3,932 $3,497 $2,662 Up 12% Up 48% Operating income $18,642 $16,909 $6,800 Up 10% Up 174% Net income $16,599 $14,881 $6,188 Up 12% Up 168% Diluted earnings per share $0.67 $0.60 $0.25 Up 12% Up 168% Non-GAAP ($ in millions, except earnings per share) Q2 FY25 Q1 FY25 Q2 FY24 Q/Q Y/Y Revenue $30,040 $26,044 $13,507 Up 15% Up 122% Gross margin 75.7 % 78.9 % 71.2 % Down 3.2 pts Up 4.5 pts Operating expenses $2,792 $2,501 $1,838 Up 12% Up 52% Operating income $19,937 $18,059 $7,776 Up 10% Up 156% Net income $16,952 $15,238 $6,740 Up 11% Up 152% Diluted earnings per share $0.68 $0.61 $0.27 Up 11% Up 152% Revenue by Reportable Segments ($ in millions) Q2 FY25 Q1 FY25 Q2 FY24 Q/Q Y/Y Compute & Networking $26,446 $22,675 $10,402 Up 17% Up 154% Graphics 3,594 3,369 3,105 Up 7% Up 16% Total $30,040 $26,044 $13,507 Up 15% Up 122% Revenue by Market Platform ($ in millions) Q2 FY25 Q1 FY25 Q2 FY24 Q/Q Y/Y Data Center $26,272 $22,563 $10,323 Up 16% Up 154% Compute 22,604 19,392 8,612 Up 17% Up 162% Networking 3,668 3,171 1,711 Up 16% Up 114% Gaming 2,880 2,647 2,486 Up 9% Up 16% Professional Visualization 454 427 379 Up 6% Up 20% Automotive 346 329 253 Up 5% Up 37% OEM and Other 88 78 66 Up 13% Up 33% Total $30,040 $26,044 $13,507 Up 15% Up 122% We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive. On June 7, 2024, we completed a 10-for-1 forward stock split. All share and per share amounts presented have been retroactively adjusted to reflect the stock split. Revenue Revenue was a record $30.0 billion, up 122% from a year ago and up 15% sequentially. Data Center revenue was a record, up 154% from a year ago and up 16% sequentially. The strong sequential and year-on-year growth was driven by demand for our Hopper GPU computing platform for training and inferencing of large language models, recommendation engines, and generative AI applications. Sequential growth was driven by consumer internet and enterprise companies. Cloud service providers represented roughly 45% of our Data Center revenue, and more than 50% stemmed from consumer internet and enterprise companies. Strong year-on-year growth was driven by all customer types from both compute and networking revenue. Customers continue to accelerate their Hopper architecture purchases while gearing up to adopt Blackwell. Data Center compute revenue was $22.6 billion, up 162% from a year ago and up 17% sequentially. Networking revenue was $3.7 billion, up 114% from a year ago driven by InfiniBand and Ethernet for AI revenue, which includes Spectrum-X end-to-end ethernet platform. Networking revenue sequentially was up 16% and includes a doubling of Ethernet for AI revenue. We shipped customer samples of our Blackwell architecture in the second quarter. We executed a change to the Blackwell GPU mask to improve production yield. Blackwell production ramp is scheduled to begin in the fourth quarter and continue into fiscal 2026. In the fourth quarter, we expect to ship several billion dollars in Blackwell revenue. Hopper demand is strong, and shipments are expected to increase in the second half of fiscal 2025. Gaming revenue was up 16% from a year ago and up 9% sequentially. These increases reflect higher sales of our GeForce RTX 40 Series GPUs and game console SOCs. We had solid demand in the second quarter for our gaming GPUs as part of the back-to-school season. Professional Visualization revenue was up 20% from a year ago and up 6% sequentially. These increases were driven by the continued ramp of RTX GPU workstations based on our Ada architecture. Automotive revenue was up 37% from a year ago and up 5% sequentially. These increases were driven by AI Cockpit solutions and self-driving platforms. Gross Margin GAAP and non-GAAP gross margins increased from a year ago on strong Data Center revenue growth primarily driven by our Hopper GPU computing platform. Sequentially, gross margins decreased primarily driven by inventory provisions for low-yielding Blackwell material and a higher mix of new products within Data Center. Expenses GAAP operating expenses were up 48% from a year ago and up 12% sequentially, and non-GAAP operating expenses were up 52% from a year ago and up 12% sequentially. These increases were largely driven by compensation and benefits, reflecting growth in employees and compensation. Other Income & Expense and Income Tax GAAP other income and expense (OI&E) includes interest income, interest expense, gains and losses from non-affiliated investments and publicly-held equity securities. Non-GAAP OI&E primarily excludes the gains or losses from non-affiliated investments and publicly-held equity securities. Interest income was $444 million, up from a year ago and sequentially, primarily reflecting higher cash balances. Net realized and unrealized gains from non-affiliated investments and publicly-held equity securities were $193 million, reflecting fair value adjustments. GAAP effective tax rate was 13.6%, an increase from a year ago reflecting the lower effect of tax benefits from the foreign derived intangible income deduction relative to the increase in pre-tax income. Non-GAAP effective tax rate was 16.6%. Balance Sheet and Cash Flow Cash, cash equivalents and marketable securities were $34.8 billion, up from $16.0 billion a year ago and $31.4 billion a quarter ago. The increases primarily reflect higher revenue partially offset by higher cash taxes, stock repurchases and repayment of $1.25 billion of our notes at maturity. Accounts receivable was $14.1 billion with 43 days sales outstanding (DSO). Accounts receivable reflects $2.8 billion of customer payments received prior to next quarter’s invoice due date. Inventory was $6.7 billion with 81 days sales of inventory (DSI). Purchase commitments and obligations for inventory and manufacturing capacity were $27.8 billion, including new commitments for Blackwell capacity and components. Prepaid supply agreements were $4.7 billion. Other non-inventory purchase obligations were $12.0 billion, including $9.8 billion of multi-year cloud service agreements. We expect cloud service agreements to be used to support our research and development efforts and our DGX Cloud offerings. Cash flow from operating activities was $14.5 billion, up from $6.3 billion a year ago and down from $15.3 billion a quarter ago. The year-on-year increase reflects higher revenue partially offset by higher cash taxes paid. The sequential decrease reflects cash taxes paid partially offset by higher revenue. We utilized cash of $7.4 billion towards shareholder returns, including $7.2 billion in share repurchases and $246 million in cash dividends. Our dividend increased by 150% to one cent per share in the second quarter. On August 26, 2024, our Board of Directors approved an additional $50.0 billion to our share repurchase authorization, without expiration. Third Quarter of Fiscal 2025 Outlook Outlook for the third quarter of fiscal 2025 is as follows: • Revenue is expected to be $32.5 billion, plus or minus 2%. • GAAP and non-GAAP gross margins are expected to be 74.4% and 75.0%, respectively, plus or minus 50 basis points. For the full year, gross margins are expected to be in the mid-70% range. • GAAP and non-GAAP operating expenses are expected to be approximately $4.3 billion and $3.0 billion, respectively. Full-year operating expenses are expected to grow in the mid to upper 40% range. • GAAP and non-GAAP other income and expense are expected to be an income of approximately $350 million, excluding gains and losses from non-affiliated investments and publicly-held equity securities. • GAAP and non-GAAP tax rates are expected to be 17%, plus or minus 1%, excluding any discrete items. ___________________________ For further information, contact: Stewart Stecker Mylene Mangalindan Investor Relations Corporate Communications NVIDIA Corporation NVIDIA Corporation sstecker@nvidia.com mmangalindan@nvidia.com Non-GAAP Measures To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. In order for NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains from non-affiliated investments and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user's overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies. Certain statements in this CFO Commentary including, but not limited to, statements as to: our computing platforms providing tremendous acceleration for applications and delivering unique value; markets where our expertise is critical; customers continuing to accelerate their Hopper architecture purchases while gearing up to adopt Blackwell; the Blackwell GPU mask change improving production yield; Blackwell production ramp and revenue timing; expected Blackwell revenue; Hopper demand being strong and expected increase in shipments in the second half of fiscal 2025; cloud service agreements being used to support our research and development efforts and our DGX Cloud offerings; our expected full-year gross margins and operating expenses; and our financial outlook and expected tax rates for the third quarter of fiscal 2025 are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; and unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. # # # © 2024 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice. NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In millions, except per share data) (Unaudited)

paragraph:7: Three Months Ended Six Months Ended

paragraph:8: July 28, April 28, July 30, July 28, July 30, 2024 2024 2023 2024 2023 GAAP gross profit $ 22,574 $ 20,406 $ 9,462 $ 42,979 $ 14,110 GAAP gross margin 75.1 % 78.4 % 70.1 % 76.6 % 68.2 % Acquisition-related and other costs (A) 118 119 119 238 239 Stock-based compensation expense (B) 40 36 31 75 58 Other (C) (3) (1) 2 (4) 10 Non-GAAP gross profit $ 22,729

paragraph:9: $ 20,560

paragraph:10: $ 9,614

paragraph:11: $ 43,288

paragraph:12: $ 14,417

paragraph:13: Non-GAAP gross margin 75.7

paragraph:14: % 78.9

paragraph:15: % 71.2

paragraph:16: % 77.2

paragraph:17: % 69.7

paragraph:18: % GAAP operating expenses $ 3,932 $ 3,497 $ 2,662 $ 7,428 $ 5,169 Stock-based compensation expense (B) (1,114) (975) (811) (2,089) (1,518) Acquisition-related and other costs (A) (26) (21) (18) (48) (72) Other (C) — — 5 — 10 Non-GAAP operating expenses $ 2,792

paragraph:19: $ 2,501

paragraph:20: $ 1,838

paragraph:21: $ 5,291

paragraph:22: $ 3,589

paragraph:23: GAAP operating income $ 18,642 $ 16,909 $ 6,800 $ 35,551 $ 8,941 Total impact of non-GAAP adjustments to operating income 1,295 1,150 976 2,446 1,887 Non-GAAP operating income $ 19,937

paragraph:24: $ 18,059

paragraph:25: $ 7,776

paragraph:26: $ 37,997

paragraph:27: $ 10,828

paragraph:28: GAAP other income (expense), net $ 572 $ 370 $ 181 $ 942 $ 249 Gains from non-affiliated investments and publicly-held equity securities, net (193) (69) (62) (264) (46) Interest expense related to amortization of debt discount 1 1 1 2 2 Non-GAAP other income (expense), net $ 380

paragraph:29: $ 302

paragraph:30: $ 120

paragraph:31: $ 680

paragraph:32: $ 205

paragraph:33: GAAP net income $ 16,599 $ 14,881 $ 6,188 $ 31,480 $ 8,232 Total pre-tax impact of non-GAAP adjustments 1,103 1,082 915 2,184 1,843 Income tax impact of non-GAAP adjustments (D) (750) (725) (363) (1,475) (622) Non-GAAP net income $ 16,952

paragraph:34: $ 15,238

paragraph:35: $ 6,740

paragraph:36: $ 32,189

paragraph:37: $ 9,453

paragraph:38: Three Months Ended Six Months Ended July 28, April 28, July 30, July 28, July 30, 2024 2024 2023 2024 2023 Diluted net income per share GAAP $ 0.67 $ 0.60 $ 0.25 $ 1.27 $ 0.33 Non-GAAP $ 0.68 $ 0.61 $ 0.27 $ 1.29 $ 0.38 Weighted average shares used in diluted net income per share computation 24,848 24,890 24,994 24,869 24,948 GAAP net cash provided by operating activities $ 14,489 $ 15,345 $ 6,348 $ 29,833 $ 9,259 Purchases related to property and equipment and intangible assets (977) (369) (289) (1,346) (537) Principal payments on property and equipment and intangible assets (29) (40) (11) (69) (31) Free cash flow $ 13,483

paragraph:39: $ 14,936

paragraph:40: $ 6,048

paragraph:41: $ 28,418

paragraph:42: $ 8,691

paragraph:43: (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items: Three Months Ended Six Months Ended

paragraph:44: July 28, April 28, July 30, July 28, July 30, 2024 2024 2023 2024 2023 Cost of revenue $ 118 $ 119 $ 119 $ 238 $ 239 Research and development $ 17 $ 12 $ 12 $ 30 $ 24 Sales, general and administrative $ 9 $ 8 $ 6 $ 18 $ 48 (B) Stock-based compensation consists of the following: Three Months Ended Six Months Ended July 28, April 28, July 30, July 28, July 30, 2024 2024 2023 2024 2023 Cost of revenue $ 40 $ 36 $ 31 $ 75 $ 58 Research and development $ 832 $ 727 $ 600 $ 1,559 $ 1,124 Sales, general and administrative $ 282 $ 248 $ 211 $ 530 $ 394 (C) Other consists of IP-related costs and assets held for sale related adjustments. (D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09). NVIDIA CORPORATION RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK Q3 FY2025 Outlook ($ in millions) GAAP gross margin 74.4 % Impact of stock-based compensation expense, acquisition-related costs, and other costs 0.6 % Non-GAAP gross margin 75.0

paragraph:45: % GAAP operating expenses $ 4,250 Stock-based compensation expense, acquisition-related costs, and other costs (1,250) Non-GAAP operating expenses $ 3,000