Nvidia
Data center AI infrastructure supplier, now led by an interim CEO, that is increasingly using its balance sheet to finance customer capacity and shape the open-model ecosystem.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Larger U.S. and Latin American manufacturing commitments, with higher fiscal 2027 capex and more prepaid capacity agreements.
- Quarterly capex versus the fiscal 2026 level of $6.1 billion
- Disclosures naming new U.S. or Latin American contract manufacturers
- Changes in prepaid supply agreements and purchase obligations
- A dedicated inference product line or architecture variant built on the licensed Groq technology, sitting alongside the general-purpose GPU roadmap.Medium confidence
- Repeating the Portsmouth model: credit support for land, power and shell at more AI campuses, tied to deployment of its full-stack DSX platform, including use of the optional additional 3.8 gigawatts.Medium confidence
- Once the deal closes, using Hugging Face to make its software stack the default way to deploy open models, while keeping the hub open to other silicon vendors in order to win regulatory approval.Medium confidence
- Strategic continuity under interim leadership: committed programs (Rubin cadence, Hugging Face closing, Portsmouth) proceed, while new large-scale bets slow until a permanent CEO is named.Medium confidence
- More direct equity investment in its major AI customers, starting with completion of the OpenAI investment and partnership agreement.Low confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
What other companies' disclosures say about it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2022-01 | FY 2023-01 | FY 2024-01 | FY 2025-01 | FY 2026-01 |
|---|---|---|---|---|---|
| Revenue | $26.9B | $27.0B | $60.9B | $130.5B | $215.9B |
| Gross profit | $17.5B | $15.4B | $44.3B | $97.9B | $153.5B |
| Operating income | $10.0B | $4.2B | $33.0B | $81.5B | $130.4B |
| Net income | $9.8B | $4.4B | $29.8B | $72.9B | $120.1B |
| Operating cash flow | $9.1B | $5.6B | $28.1B | $64.1B | $102.7B |
| Capital expenditure | $976M | $1.8B | $1.1B | $3.2B | $6.0B |
| Free cash flow | $8.1B | $3.8B | $27.0B | $60.9B | $96.7B |
| R&D | $5.3B | $7.3B | $8.7B | $12.9B | $18.5B |
| Stock-based comp | $2.0B | $2.7B | $3.5B | $4.7B | $6.4B |
| Buybacks | $0 | $10.0B | $9.5B | $33.7B | $40.1B |
| Dividends | $399M | $398M | $395M | $834M | $974M |
| Cash | $2.0B | $3.4B | $7.3B | $8.6B | $10.6B |
| Total debt | $10.9B | $12.2B | $11.0B | $8.5B | $9.5B |
| Equity | $26.6B | $22.1B | $43.0B | $79.3B | $157.3B |
Built from the company's disclosures: 10-K (2026-02-25), 8-K (2026-11-12), 8-K (2026-09-03), 8-K (2026-08-26), 8-K (2026-08-17), DEF 14A (2026-05-12).
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