NVDA - Comprehensive Filing Intelligence

Q3 2026•10-Q•Filed Nov 19, 2025
5.0/10
Filing Health:CAUTION

Notable concerns that warrant closer review

Executive Summary

Revenue growth remains exceptionally strong, particularly in the Data Center segment, driven by AI and accelerated computing demand.. Gross margins have declined year-over-year due to a product mix shift to the new Blackwell architecture, but show sequential improvement.. The company has significant multi-year commitments totaling $26 billion for cloud services, with substantial payments extending through fiscal year 2031.. Significant revenue growth in Compute & Networking driven by AI and accelerated computing.

Top Concerns

  • !Gross margins have declined year-over-year due to a product mix shift to the new Blackwell architecture, but show sequential improvement.
  • !A $4.5 billion charge associated with H20 excess inventory and purchase obligations significantly impacted gross margin for the first nine months of fiscal year 2026.
  • !The company has significant multi-year commitments totaling $26 billion for cloud services, with substantial payments extending through fiscal year 2031.
  • !NVIDIA has substantial commitments of $50.3 billion for manufacturing, supply, and capacity, with the majority due by fiscal year 2027, reflecting long lead times.
  • !Geopolitical and Export Control Restrictions (high)

Top Positives

  • +Revenue growth remains exceptionally strong, particularly in the Data Center segment, driven by AI and accelerated computing demand.
  • +Gross margins have declined year-over-year due to a product mix shift to the new Blackwell architecture, but show sequential improvement.
  • +Operating expenses are increasing significantly, driven by R&D and compensation, indicating investment in future growth but also a potential headwind for near-term profitability.

Analysis Dimensions

Our 5-pass AI analysis examines this filing across multiple dimensions. Each dimension score is derived from direct analysis of SEC filing text.

Narrative Intelligence

7.0/10

Management tone is confidently optimistic with focus on transition from hopper hgx systems to blackwell full-scale datacenter solutions.

Full analysis includes: tone changes vs prior quarter, margin driver breakdown, forward guidance analysis, strategic priorities.

Accounting Quality

7.0/10

Earnings quality shows moderate accounting practices.

Full analysis includes: reserve and allowance changes, non-recurring item analysis, stock-based compensation impact, disclosure concerns.

Hidden Liabilities

Off-balance sheet risk is moderate with $88.9 billion in identified exposure.

Full analysis includes: cloud and purchase commitments, VIE/SPE exposure, covenant compliance status, refinancing risk assessment.

Risk Landscape

2.0/10

Overall risk profile shows geopolitical and export control restrictions as primary concern.

Full analysis includes: 8 risk categories with severity, new vs escalated risks, management response assessment, risk trend analysis.

Segment Performance

8.0/10

Segment health analysis shows Compute & Networking as strongest performer while Graphics lags.

Full analysis includes: segment-by-segment revenue breakdown, geographic concentration risk, customer concentration analysis, segment margin trends.