NVIDIA pioneered accelerated computing, evolving into a data center scale AI infrastructure company. It provides GPUs, CPUs, networking, and a comprehensive software stack (CUDA) for AI model training and inference, data analytics, scientific computing, robotics, and 3D graphics. The company serves diverse markets including data centers, gaming, professional visualization, and automotive.
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10-K
Compute & NetworkingGraphics
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Earnings call: Q1 FY2026 2026
Intel
Free
May 20, 2026Confident
● Full transcript on file
Colette Kress (Executive Vice President and Chief Financial Officer), Toshiya (Unknown)
Key metrics
Q1 FY2026 revenue $44.0 billion (+69% YoY); Data center revenue $39.0 billion (+73% YoY); H20 revenue $4.6 billion recognized pre-April 9 with $4.5 billion inventory write-down; Pro Visualization revenue $509 million (flat sequentially, +19% YoY); Automotive revenue $567 million (-1% sequentially, +72% YoY); Record shareholder returns of $14.3 bill
Forward guidance
Q2 outlook expects loss of approximately $8 billion in H20 revenue due to regulatory restrictions. GAAP and non-GAAP gross margins expected to be 71.8% and 72% respectively, plus or minus 50 basis points. Company targeting mid-70s gross margins range by late fiscal year 2026 with better Blackwell profitability driving modest sequential margin impro
Notable Q&A
Not available in provided transcript excerpt. Full Q&A session details not included in search results.
Surprise items
Significant H20 revenue impact: $4.6 billion recognized in Q1 but offset by $4.5 billion inventory and purchase obligation write-down related to orders prior to April 9 (likely U.S. export restrictions). Q2 guidance reflects ~$8 billion H20 revenue loss, representing major headwind. Record capital r
Wall Street consensus — sourced weekly via public disclosures
Analyst coverage data sourced from public filings. Xavier analyst thesis summary available after weekly Perplexity scan completes.
Financial summary — Gemini analysis
Signal
Revenue
$215,938 million
65% YoY
Operating margin
60.4%
Net income
$120,067 million
Free cash flow
$96,676 million
Dividend / share
$0.04
Total debt
$8,468 million
Cash: $10,605 million
CapEx guidance
Expects to increase capital expenditures in fiscal year 2027 relative to fiscal year 2026.
Earnings quality:MEDIUM
Cash conversion:0.9x
Non-recurring items: $4.5 billion charge for H20 excess inventory and purchase obligations in Q1 FY2026, Unrealized gains in non-marketable and publicly-held equity securities
NVDA has re-rated sharply lower from its May 2026 all-time high, and at roughly 16-18x forward earnings it is now trading at or below the S&P 500 multiple — the cheapest it has been since pre-AI-boom 2019 — despite Q1 FY2027 revenue growing 85% YoY with Data Center up 92%. Today's 4% surge reclaims the psychologically critical $200 level, and the Kyber delay rumor has been officially denied, removing a near-term overhang. The risk/reward for the next 5 days tilts modestly bullish on momentum recapture and valuation support, but conviction is capped by macro neutrality and persistent structural headwinds.
Strongest bull case
Forward P/E of ~16-18x is below the S&P 500 average and near 7-year lows for NVDA, while hyperscaler AI capex is projected to rise from $650B in 2026 to $1T in 2027 — the business is compounding at 85%+ revenue growth with no valuation premium left to compress. Potential share buyback acceleration (NVDA reiterated 50% of cash flow returned to shareholders) provides a near-term technical floor.
Strongest bear case
China Data Center revenue has fallen to effectively zero following cascading export control escalations through May 2026 (Blackwell series now requires export licenses), representing a permanent $15-20B annual revenue gap that competitors like Huawei are filling domestically — and this structural loss is not fully appreciated in the still-elevated $5T market cap. Additionally, gross margin pressure from higher memory costs and the rise of custom ASICs (Google TPUs, Amazon Trainium) represent compounding threats to pricing power.
What the market may be missing
The consensus is treating NVDA's forward P/E compression as a buying opportunity without adequately pricing in that China foreclosure is permanent and structural — not cyclical. NVDA's own 10-K states it is 'effectively foreclosed from competing in China's data center computing market' and that this 'helped competitors build larger developer and customer ecosystems to challenge us worldwide.' The CUDA moat is being eroded specifically in the world's second-largest AI market, and the $119B in supply commitments on the balance sheet create significant demand-risk if hyperscaler capex normalizes even modestly below projections.
President and Chief Executive Officer · NVIDIA Corporation
CEO since 1993
Total compensation
$49,866,251 ▲ 46.0% YoY
Prior year: $34,167,902
Pay vs performance
Aligned
Board assessment
Say-on-pay approval
—
Shareholder vote
Board independence
12/13 (92%)
Diversity: 38% (5 women)
Base salary$1,486,199
Bonus / incentive$6,000,000
Stock awards$38,811,306
Executive appearances
Intel
Free
University2026-05-00
Carnegie Mellon University Commencement Ceremony Source ↗
Mr. Jen-Hsun Huang (CEO) · Carnegie Mellon University
Huang received an honorary doctorate and delivered a keynote speech encouraging students to embrace AI. Intel CEO Lip-Bu Tan personally presented him with the doctoral robe. Huang previewed new collaborative products between Nvidia and Intel.
Mr. Jen-Hsun Huang (CEO) · Milken Institute Global Conference
Jen-Hsun Huang was asked about Intel's Q1 2026 earnings report, which showed $13.6 billion in revenue with a 22% surge in Data Center and AI (DCAI). He discussed the competitive landscape in AI chips and data centers. Huang highlighted Nvidia's conti
CEO letter to shareholders
Signal
Full letter Pro
Jensen Huang2023 Annual ReportOPTIMISTIC
“Generative AI is the defining technology of our time. Blackwell is the engine to power this new industrial revolution. Working with the most dynamic companies in the world, we will realize the promise of AI for every industry.”
Jensen Huang Chief Executive Officer
Xavier analysis
The CEO uses highly positive and assertive language, describing Generative AI as a 'defining technology' and Blackwell as 'the engine to power' a 'new industrial revolution,' conveying strong confidence in NVIDIA's transformative role and future success.
Strategic themes by emphasis
#1Generative AI Leadership
2 named projects & initiatives
Generative AI, Blackwell
1 technology, 1 product
Forward-looking statements
3 total: 0 quantified, 3 directional, 0 vague
Key quotes
“Generative AI is the defining technology of our time.”
Highlights the CEO's conviction in Generative AI's overarching importance and NVIDIA's central role in it.
“Blackwell is the engine to power this new industrial revolution.”
Identifies NVIDIA's Blackwell platform as the core technology enabling a major global transformation.
Special Shareholder Meeting Improvement (eliminate one-year holding period)
AGAINST
Pending
Director Election Resignation Governance Policy
AGAINST
Pending
Workforce Data Reporting (include EEOC job categories)
AGAINST
Pending
Debt intelligence
Pro
1 debt instrument · 2 unique covenants
0.06x
Debt / Equity
503.4x
Interest coverage
-0.0x
Net Debt / EBITDA
$-1.1B
Net debt
5%
Debt / Assets
Credit facilities & debt instruments
Bond$1,250,000,000
0.309% Notes due 2023
Matures 2023-06-15 · Filed 2021-06-16
Fixed
unsecured
67066G AK0US67066GAK0467066G AL8US67066GAL86+4
Financial covenants
Limitation on Liens
does not exceed 15% of the Issuer’s Consolidated Net Tangible Assets
Aggregate Debt to Consolidated Net Tangible Assets
0.309% Notes due 2023
Limitation on Sale and Leaseback Transactions
does not exceed 15% of the Issuer’s Consolidated Net Tangible Assets
Aggregate Debt to Consolidated Net Tangible Assets
0.309% Notes due 2023
Xavier risk radar
Pro
Covenant headroom
Low leverage — no covenants required
Earnings quality
MEDIUM (cash conversion 0.9x)
Risk trend
Risk increasing — Complex and expanding U.S. export control restrictions, particularly impacting D
Mgmt narrative
Management tone: Cautiously optimistic
Analyst drift
Consensus Buy — targets stable
Insider sentiment
Pattern detection — 90 days needed
Signal history
Signal
Date
Direction
Conf.
Agree.
Thesis
Price
Type
Jul 12, 2026
BULLISH
7.1/10
50%
NVDA has re-rated sharply lower from its May 2026 all-time high, and at roughly 16-18x forward earni...
$210.96
Sched.
Jul 11, 2026
NEUTRAL
6.3/10
75%
NVDA still has a powerful structural AI demand story and forward P/E is not extreme relative to its ...
$210.96
Sched.
Jun 07, 2026
NEUTRAL
6.3/10
75%
NVDA's sharp -6.2% single-day selloff on elevated volume (218M vs. 167M avg) reflects real near-term...
$205.10
Sched.
May 31, 2026
NEUTRAL
6.2/10
100%
NVIDIA just delivered a blowout Q1 FY2027 beat — 85% YoY revenue growth, $81.6B in revenue, EPS of $...
$211.14
Sched.
May 24, 2026
NEUTRAL
6.4/10
100%
NVDA remains a dominant AI infrastructure franchise with strong long-term earnings power, but for th...
$215.33
Sched.
May 17, 2026
NEUTRAL
5.9/10
100%
NVDA enters its May 20 Q1 FY2027 earnings report having already rallied ~20% in a month and printing...
$225.32
Sched.
May 10, 2026
NEUTRAL
6.4/10
100%
NVDA has exceptional fundamental momentum and benefits from a bullish macro tape, but at ~44x traili...
$215.20
Sched.
May 03, 2026
NEUTRAL
6.7/10
75%
NVDA trades at a 40.5x TTM P/E but a compelling 17.7x forward P/E, reflecting already-priced-in hype...
$198.45
Sched.
Apr 12, 2026
BULLISH
7.7/10
100%
NVDA is recovering from a Q1 2026 correction with technical structure improving — the $185 Fibonacci...
$188.63
Sched.
Showing last 9 signals
NVDANVIDIA Corporation
Signal
FY2026 annual report (10-K filed 2026-02-25)
INCOME STATEMENT
?Revenue
$215,938 million65% YoY
Total sales from software licenses, cloud services, hardware, and subscriptions. Up 65% from last year. Management has guided capital spending of Expects to increase capital expenditures in fiscal year 2027 relative to fiscal year 2026..
?Operating income
$130,387 million
What remains after subtracting all operating costs — salaries, materials, rent, R&D — from revenue. This is the profit from actually running the business, before interest and taxes. Operating margin is 60.4%, meaning 60 cents of every dollar of revenue becomes operating profit.
?Net income
$120,067 million
The bottom line — what the company actually earned after all expenses, interest, and taxes. This is the number that gets divided by shares outstanding to calculate earnings per share (EPS), which directly affects the stock price. Net margin is 71.5%. Note: results include non-recurring items ($4.5 billion charge for h20 excess inventory and purchase obligations in q1 fy2026, unrealized gains in non-marketable and publicly-held equity securities) that may not repeat.
?Free cash flow
$96,676 million
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of financial health.
?EPS (diluted)
$2.39
Earnings per share — net income divided by total shares outstanding (including stock options and convertible bonds that could become shares). This is the single number most investors watch because it directly connects company profits to your ownership stake.
?Dividend per share
$0.04
Cash paid to shareholders each year for every share they own. Tech dividends vary — mature companies like Apple and Microsoft pay growing dividends while growth companies reinvest.
BALANCE SHEET
?Total assets
$259.5B
Everything the company owns — cash, factories, equipment, patents, inventory, investments. Includes intellectual property, data centers, patents, and acquired technology.
?Cash & equivalents
$10,605 million
Money available right now — bank accounts, money market funds, short-term government bonds. This is the company's financial cushion. More cash means more flexibility to invest, acquire, or survive a downturn without borrowing.
?Total debt
$8,468 million
All money the company owes — bonds, bank loans, credit facilities. Compare this to cash to understand the net debt position. The company holds $10,605 million in cash against this debt.
?Shares outstanding
24.514 billion
Total number of shares that exist — owned by all investors, insiders, and institutions combined. When the company reports EPS, this is the denominator. Share buybacks reduce this number, which increases EPS even without earnings growth.
?Debt-to-equity ratio
0.0%
How much debt the company uses for every dollar of shareholder equity. Under 100% means more equity than debt (conservative). Over 200% means heavy leverage. Banks and utilities naturally run higher ratios.
CASH FLOW
?Operating cash flow
$50.3B
Actual cash generated from running the business — not accounting profits, real money coming in the door. This is more trustworthy than net income because it's harder to manipulate. A company can report profits but still run out of cash.
?Depreciation & amortization
$997M
A non-cash expense that spreads the cost of servers, data center equipment, and acquired technology over their useful life. This reduces reported income but no cash actually leaves the company — that's why it gets added back to calculate EBITDA and operating cash flow.
EARNINGS QUALITY
?Accrual quality
MEDIUM
Measures how well reported earnings match actual cash generation. HIGH means earnings are backed by real cash. LOW means the company may be using accounting techniques to inflate reported numbers. Professional investors check this before trusting EPS.
?Cash conversion
0.9x
Operating cash flow divided by net income. Above 1.0x means the company generates more cash than it reports in profits — a sign of high-quality earnings. At 0.9x, the company is generating less cash than reported profits — investigate why.
?Non-recurring items
2 identified
One-time items that affect the bottom line but won't repeat: $4.5 billion charge for h20 excess inventory and purchase obligations in q1 fy2026, unrealized gains in non-marketable and publicly-held equity securities. When evaluating the company's true earning power, investors strip these out to see what the business earns on a normal basis.
?Management tone
Cautious Optimistic
How management sounds in their SEC filings — are they confident, cautious, or defensive? This is analyzed from the actual language used in the 10-K annual report. A shift in tone from prior years can signal changing conditions before the numbers reflect it.
?Top risk factor
Increasing
Complex and expanding U.S. export control restrictions, particularly impacting Data Center products to China and other designated countries, leading to significant charges and effective market foreclosure. Risk trend: increasing. This is the single biggest threat to the company's future earnings as identified in their SEC filing.
Click any row to expand the plain-English explanation. Source: SEC EDGAR XBRL filings.
Capital intelligence
Signal
Weighted Average Cost of Capital · Return on Invested Capital · Economic Value Added
ROIC
70.63%
WACC
16.39%
🟢 VALUE CREATOR — EVA Spread: 54.24%
?WACC
16.39%
Weighted Average Cost of Capital — the minimum return NVIDIA Corporation must earn on its investments to satisfy both debt holders and shareholders. Computed from a 99.82% equity / 0.18% debt capital structure. If the company earns less than 16.39% on its invested capital, it is destroying shareholder value.
?Cost of equity
16.41%
The return shareholders demand for holding NVDA stock instead of a risk-free Treasury bond. Computed using the Capital Asset Pricing Model: Risk-Free Rate (4.25%) + Beta (2.21) × Equity Risk Premium (5.50%). A beta of 2.21 means NVDA is more volatile than the overall market.
?Cost of debt (after-tax)
4.59%
What NVIDIA Corporation effectively pays on its borrowed money after the tax deduction on interest. Interest is tax-deductible, so the true cost is lower than the stated rate. Effective tax rate used: 16.57%.
?Capital structure
E: 99.82% / D: 0.18%
How NVIDIA Corporation finances its operations — the split between equity (stock market value: $5.13T) and debt (total borrowings: $9.5B). More debt means more leverage — higher potential returns but higher risk.
?ROIC
70.63%
Return on Invested Capital — how efficiently NVIDIA Corporation turns its total invested capital into after-tax operating profit. NOPAT ($135.4B) ÷ Invested Capital ($191.7B). This exceeds WACC, meaning the company creates value for shareholders.
?EVA
$104.0B
Economic Value Added — the dollar amount of value NVIDIA Corporation created (or destroyed) above its cost of capital. NOPAT ($135.4B) minus the capital charge (Invested Capital × WACC = $31.4B). Positive EVA means every dollar of capital is earning more than it costs.
?NOPAT
$135.4B
Net Operating Profit After Tax — operating income adjusted for taxes, ignoring how the company is financed. Operating Income ($162.3B) × (1 - Tax Rate 16.57%). This isolates the company's core business profitability from its financing decisions.
Xavier consensus signals are intelligence outputs, not investment advice. All signals are generated by a multi-model AI system and reflect public information at time of generation. Past signal accuracy does not guarantee future performance. Wall Street analyst consensus sourced from public disclosures, summarized weekly. Financial data sourced from SEC EDGAR and yfinance. Insider transactions sourced from SEC EDGAR Form 4 filings. Updated Jul 12, 2026.