We refer to customers who purchase products directly from NVIDIA as direct customers, such as add-in board manufacturers, or AIBs, distributors, original design manufacturers, or ODMs, original equipment manufacturers, or OEMs, cloud service providers, or CSPs, AI model makers, and system integrators. Certain direct customers may use either internal resources or third-party system integrators to complete their build. Five direct customers accounted for 22%, 14%, 13%, 11%, and 10% of our accounts receivable balance as of July 26, 2026. Three direct customers accounted for 25%, 18%, and 13% of our accounts receivable balance as of January 25, 2026.

Payment from customers is generally due shortly after delivery of our products. In certain cases, for investment-grade customer purchases, we have and may in the future provide longer payment terms ranging from 90 days up to one year to assist customers with large data center builds depending on size.


	Jul 26, 2026		Jan 25, 2026

Inventories:	(In millions)
Raw materials	$	11,341	$	3,807
Work in process	13,377		8,822
Finished goods	6,857		8,774
Total inventories (1)	$	31,575	$	21,403

(1) We recognized inventory provisions of $784 million and $886 million for the second quarter, and $1.6 billion and $3.2 billion for the first half, of fiscal years 2027 and 2026, respectively, in Cost of revenue.

Property, equipment, and intangible assets acquired but not paid for in the first half of fiscal years 2027 and 2026 were $1.2 billion and $1.1 billion, respectively.


	Jul 26, 2026		Jan 25, 2026

Accrued and Other Current Liabilities:	(In millions)
Customer program accruals	$	7,391	$	5,318
Taxes payable	5,206		2,669
Deferred revenue (1)	4,616		1,379
Product warranty	2,938		2,807
Excess inventory purchase obligations (2)	2,138		2,739
Accrued payroll and related expenses	1,206		1,146
Accrued purchase consideration (3)	986		3,921
Other	2,479		1,373
Total accrued and other current liabilities	$	26,960	$	21,352

(1) Included customer advances and unearned revenue primarily related to hardware and software support, and license and development arrangements. The balance as of July 26, 2026, and January 25, 2026, included $2.8 billion and $160 million of customer advances, respectively.

(2) We recognized $201 million and $137 million for the second quarter, and $501 million and $3.1 billion for the first half, of fiscal years 2027 and 2026, respectively, in Cost of revenue.


	Jul 26, 2026		Jan 25, 2026

Other Long-Term Liabilities:	(In millions)
Income tax payable (1)	$	5,602	$	3,958
Deferred revenue (2)	1,796		1,193
Deferred income tax	1,619		1,774
Other	1,901		381
Total other long-term liabilities	$	10,918	$	7,306

The following table shows the changes in short- and long-term deferred revenue during the first half of fiscal years 2027 and 2026:


	Six Months Ended
	Jul 26, 2026		Jul 27, 2025

	(In millions)
Balance at beginning of period	$	2,572	$	1,813
Deferred revenue additions (1)	17,709		8,275
Revenue recognized (2)	(13,869)		(8,053)
Balance at end of period	$	6,412	$	2,035

(2) Included $13.0 billion and $7.5 billion related to customer advances for the first half of fiscal years 2027 and 2026, respectively.

We recognized revenue of $758 million and $479 million in the first half of fiscal years 2027 and 2026, respectively, that was included in the prior year-end deferred revenue balance.

As of July 26, 2026, revenue related to remaining performance obligations from contracts greater than one year in length was $3.2 billion, which included $3.0 billion from deferred revenue and $244 million that has not yet been billed or recognized as revenue. Approximately 39% of revenue from contracts greater than one year in length will be recognized over the next twelve months.


	Three Months Ended				Six Months Ended
	Jul 26, 2026		Jul 27, 2025		Jul 26, 2026		Jul 27, 2025

	(In millions)
Interest income	$	496	$	592	$	1,037	$	1,108
Interest expense	(227)		(62)		(329)		(124)
Gains from equity securities, net	7,771		2,247		23,707		2,073


Other	(267)		(11)		(275)		(18)
Other income, net	$	7,773	$	2,766	$	24,140	$	3,039