We refer to customers who purchase products directly from NVIDIA as direct customers, such as AIBs, distributors, ODMs, OEMs, and system integrators. We have certain customers that may purchase products directly from NVIDIA and may use either internal resources or third-party system integrators to complete their build. Two direct customers accounted for 17% and 16% of our accounts receivable balance as of January 26, 2025. Two direct customers accounted for 24% and 11% of our accounts receivable balance as of January 28, 2024.


	Jan 26, 2025		Jan 28, 2024
Inventories:	(In millions)
Raw materials	$	3,408	$	1,719
Work in process	3,399		1,505
Finished goods	3,273		2,058
Total inventories (1)	$	10,080	$	5,282

(1) In fiscal years 2025 and 2024, we recorded an inventory provision of $1.6 billion and $774 million, respectively, in cost of revenue.


	Jan 26, 2025		Jan 28, 2024		Estimated Useful Life

Property and Equipment:	(In millions)				(In years)
Land	$	511	$	218	(A)
Buildings, leasehold improvements, and furniture	2,076		1,816		(B)
Equipment, compute hardware, and software	7,568		5,200		2-7
Construction in process	529		189		(C)
Total property and equipment, gross	10,684		7,423
Accumulated depreciation and amortization	(4,401)		(3,509)
Total property and equipment, net	$	6,283	$	3,914

(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.

(C)Construction in process represents assets that are not available for their intended use as of the balance sheet date.

Depreciation expense for fiscal years 2025, 2024, and 2023 was $1.3 billion, $894 million, and $844 million, respectively.

Accumulated amortization of leasehold improvements and finance leases was $410 million and $400 million as of January 26, 2025 and January 28, 2024, respectively.

Property, equipment and intangible assets acquired by assuming related liabilities during fiscal years 2025, 2024, and 2023 were $525 million, $170 million, and $374 million, respectively.


	Jan 26, 2025		Jan 28, 2024

Other Assets (Long Term):	(In millions)
Non-marketable equity securities	$	3,387	$	1,321
Prepaid supply and capacity agreements (1)	1,747		2,458
Income tax receivable	750		—
Prepaid royalties	340		364
Other	201		357
Total other assets	$	6,425	$	4,500

(1)Prepaid supply and capacity agreements of $3.3 billion and $2.5 billion were included in Prepaid expenses and other current assets as of January 26, 2025 and January 28, 2024, respectively.


	Jan 26, 2025		Jan 28, 2024

Accrued and Other Current Liabilities:	(In millions)
Customer program accruals	$	4,880	$	2,081
Excess inventory purchase obligations (1)	2,095		1,655
Product warranty and return provisions	1,373		415
Taxes payable	881		296
Accrued payroll and related expenses	848		675
Deferred revenue (2)	837		764
Operating leases	288		228
Licenses and royalties	175		182
Unsettled share repurchases	132		187
Other	228		199
Total accrued and other current liabilities	$	11,737	$	6,682

(1)In fiscal years 2025 and 2024, we recorded an expense of approximately $2.0 billion and $1.4 billion, respectively, in cost of revenue.

(2)Includes customer advances and unearned revenue related to hardware support, software support, cloud services, and license and development arrangements. The balance as of January 26, 2025 and January 28, 2024 included $81 million and $233 million of customer advances, respectively.


	Jan 26, 2025		Jan 28, 2024

Other Long-Term Liabilities:	(In millions)
Income tax payable (1)	$	2,188	$	1,361
Deferred revenue (2)	976		573
Deferred income tax	886		462
Licenses payable	116		80
Other	79		65
Total other long-term liabilities	$	4,245	$	2,541

(1)Income tax payable is comprised of the long-term portion of the one-time transition tax payable, unrecognized tax benefits, and related interest and penalties.

The following table shows the changes in short- and long-term deferred revenue during fiscal years 2025 and 2024:


	Jan 26, 2025		Jan 28, 2024

	(In millions)
Balance at beginning of period	$	1,337	$	572
Deferred revenue additions (1)	5,083		2,038
Revenue recognized (2)	(4,607)		(1,273)
Balance at end of period	$	1,813	$	1,337

(1) Deferred revenue additions includes $3.6 billion and $783 million related to customer advances for fiscal years 2025 and 2024, respectively.

(2) Revenue recognized includes $3.7 billion and $585 million related to customer advances for fiscal years 2025 and 2024, respectively.

We recognized revenue of $729 million and $338 million in fiscal years 2025 and 2024, respectively, that were included in the prior year end deferred revenue balance.

As of January 26, 2025, revenue related to remaining performance obligations from contracts greater than one year in length was $1.7 billion, which includes $1.6 billion from deferred revenue and $151 million which has not yet been billed nor recognized as revenue. Approximately 39% of revenue from contracts greater than one year in length will be recognized over the next twelve months.