We refer to customers who purchase products directly from NVIDIA as direct customers, such as AIBs, distributors, ODMs, OEMs, CSPs, AI model makers, and system integrators. Certain direct customers may use either internal resources or third-party system integrators to complete their build. Three direct customers accounted for 25%, 18%, and 13% of our accounts receivable balance as of January 25, 2026. Two direct customers accounted for 17% and 16% of our accounts receivable balance as of January 26, 2025.


	Jan 25, 2026		Jan 26, 2025
Inventories:	(In millions)
Raw materials	$	3,807	$	3,408
Work in process	8,822		3,399
Finished goods	8,774		3,273
Total inventories (1)	$	21,403	$	10,080

(1) In fiscal years 2026 and 2025, we recorded inventory provisions of $4.0 billion and $1.6 billion, respectively, in cost of revenue.


	Jan 25, 2026		Jan 26, 2025		Estimated Useful Life

Property and Equipment:	(In millions)				(In years)
Land	$	777	$	511	(A)
Buildings, leasehold improvements, and furniture	2,891		2,076		(B)
Equipment, compute hardware, and software	12,619		7,568		2-7
Construction in process	683		529		(C)
Total property and equipment, gross	16,970		10,684
Accumulated depreciation and amortization	(6,587)		(4,401)
Total property and equipment, net	$	10,383	$	6,283

(B)The estimated useful lives of our buildings are up to thirty years. Leasehold improvements and finance leases are amortized based on the lesser of either the asset’s estimated useful life or the expected remaining lease term.

Depreciation expense for fiscal years 2026, 2025, and 2024 was $2.4 billion, $1.3 billion, and $894 million, respectively.

Accumulated amortization of leasehold improvements and finance leases was $519 million and $410 million as of January 25, 2026 and January 26, 2025, respectively.

Property, equipment and intangible assets acquired but not paid for during fiscal years 2026, 2025, and 2024 were $820 million, $525 million, and $170 million, respectively.


	Jan 25, 2026		Jan 26, 2025

Accrued and Other Current Liabilities:	(In millions)
Customer program accruals	$	5,318	$	4,880
Accrued purchase consideration	3,921		9
Product warranty	2,807		1,290
Excess inventory purchase obligations (1)	2,739		2,095
Taxes payable	2,669		881
Deferred revenue (2)	1,379		837
Accrued payroll and related expenses	1,146		848
Other	1,373		897
Total accrued and other current liabilities	$	21,352	$	11,737


	Jan 25, 2026		Jan 26, 2025

Other Long-Term Liabilities:	(In millions)
Income tax payable (1)	$	3,958	$	2,188
Deferred income tax	1,774		886
Deferred revenue (2)	1,193		976
Other	381		195
Total other long-term liabilities	$	7,306	$	4,245

The following table shows the changes in short- and long-term deferred revenue during fiscal years 2026 and 2025:


	Jan 25, 2026		Jan 26, 2025

	(In millions)
Balance at beginning of period	$	1,813	$	1,337
Deferred revenue additions (1)	11,137		5,083
Revenue recognized (2)	(10,378)		(4,607)
Balance at end of period	$	2,572	$	1,813

(1) Includes $9.0 billion and $3.6 billion of customer advances for fiscal years 2026 and 2025, respectively.

(2) Includes $8.9 billion and $3.7 billion related to customer advances for fiscal years 2026 and 2025, respectively.

We recognized revenue of $974 million and $729 million in fiscal years 2026 and 2025, respectively, that were included in the prior year end deferred revenue balance.

As of January 25, 2026, revenue related to remaining performance obligations from contracts greater than one year in length was $2.3 billion, which includes $1.9 billion from deferred revenue and $390 million which has not yet been billed nor recognized as revenue. Approximately 42% of revenue from contracts greater than one year in length will be recognized over the next twelve months.