Aslan Research · Chips
NVIDIA CORP (NVDA)
Data as of 2026-09-03 · 29 quarters · filed in USD
Revenue growth outpaced expense growth, at 68% per year versus 67%, while committed obligations grew 48% per year. The trailing-year revenue base was $303.0 billion against $142.3 billion of expenses, giving those commitments a much larger operating scale.
Earned, collected early, and merely signed
Reports $33B of debt; has promised $39B
Total committed money was 1.2x reported debt. The difference reflects $5.5 billion of leases beyond the $33.4 billion recorded as debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The near-term payment wall is $179.7 billion over the next 5 years, while only $4.4 billion of revenue is promised over that period. That due-to-promised-revenue gap is 41.2x. Later obligations are $5.8 billion in years 5 to 10 and $6.0 billion beyond 10 years.
The rates that matter
Expenses as filed vs after cited reconciliation
11 patterns worth a second look
The filings disclose guarantees and uncommenced data-center leases that create obligations outside recorded debt and lease balances. They also show 13 XBRL facts reported at inconsistent scales across filings, and substantive diluted-share and diluted-EPS revisions tied to a two-for-one stock split factor.
off balance sheet · 1
The filings disclose guarantees and uncommenced data-center leases that create obligations outside recorded debt and lease balances.
one time dressing · 1
The filings present significant acquisition, inventory, warranty, and regulatory charges within reported operating results.
redefinition · 1
The Arm transaction consideration changes from 44.3 million shares valued at $21.5 billion to 177.5 million shares in subsequent filings.
regulator challenge · 4
A reply to SEC staff was filed on 2022-09-19, answering a staff comment letter dated 2022-09-08; it quotes 0 staff comments.
A reply to SEC staff was filed on 2023-05-26, answering a staff comment letter dated 2023-03-03; it quotes 0 staff comments.
A reply to SEC staff was filed on 2023-06-29, answering a staff comment letter dated 2023-06-15; it quotes 3 staff comments.
+ 1 more
related party exposure · 1
The filings identify substantial revenue and receivables concentration among a small number of customers, while related-party insider trading arrangements are separately disclosed.
subsequent event · 1
The filings report material post-period share repurchases and dividend changes that affect the context of the preceding periods.
tagging quality · 1
13 XBRL facts were reported at inconsistent scales across filings (e.g. us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding).
value revision · 1
The attached diluted-share and diluted-EPS revisions are substantive rather than clerical because the revised values differ by a two-for-one stock split factor.