Aslan Research · Chips
NVIDIA CORP (NVDA)
Data as of 2026-08-21 · 28 quarters · filed in USD
Revenue reached $252.8 billion over the trailing year, while expenses were $95.0 billion. Revenue grew 67% per year versus 59% for expenses, and total commitments grew 27% per year.
Earned, collected early, and merely signed
Reports $8.5B of debt; has promised $13B
Total committed money was 1.5x reported debt. The gap reflects $4.3 billion of leases in addition to $8.5 billion of debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The largest payment band is the next five years, with $46.2 billion due. That obligation can be compared with $3.1 billion of deferred revenue and $2.6 billion of backlog already promised to NVIDIA.
The rates that matter
Expenses as filed vs after cited reconciliation
13 patterns worth a second look
The filings show partner facility-lease guarantees with maximum gross exposure of $3.5 billion, supported by $712 million of escrow. They also show presentation changes for customer concentration and purchase commitments, plus substantive weighted-average diluted-share revisions.
off balance sheet · 2
The FY2026 filing reports guarantees of partners’ facility lease obligations with maximum gross exposure of $3.5 billion and partner escrow of $712 million.
The FY2025 Q3 filing reported a guarantee of a partner’s facility lease obligations with maximum exposure of $860 million.
one time dressing · 3
The FY2023 Q1 filing reported $50 million of sales tied to previously written-off or excess inventory obligations.
The FY2023 Q3 filing reported a $70 million warranty-related benefit in cost of revenue.
The FY2025 Q1 filing reported a $4.5 billion H20-related charge, while the FY2025 Q2 filing reported $650 million of H20 revenue and a $180 million reserve release.
redefinition · 2
The filings changed the presentation of customer concentration from named indirect or direct customers to broader billing-location and headquarters measures.
The filings changed the scope of purchase commitments from inventory and supply obligations plus other obligations to broader manufacturing, supply, capacity, cloud, investment, and other commitments.
related party exposure · 1
The filings report substantial share-sale arrangements by directors and executive officers across multiple periods.
subsequent event · 2
The FY2020 Q1 filing reported a planned $7.0 billion Mellanox acquisition that closed immediately after period end.
The FY2022 Q1 filing reported the Arm transaction termination and a $1.35 billion write-off of the signing prepayment.
tagging quality · 1
7 XBRL facts were reported at inconsistent scales across filings (e.g. us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding).
value revision · 1
The weighted-average diluted-share revisions are substantive share-count restatements rather than clerical formatting changes.
vanishing item · 1
The filings reported an Arm acquisition commitment through FY2021, followed by termination-cost disclosures and no continuing acquisition commitment.