We refer to customers who purchase products directly from NVIDIA as direct customers, such as add-in board manufacturers, distributors, original device manufacturers, or ODMs, original equipment manufacturers, or 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. Three direct customers accounted for 23%, 19% and 14% of our accounts receivable balance as of July 27, 2025. Two direct customers accounted for 17% and 16% of our accounts receivable balance as of January 26, 2025.


	Jul 27, 2025		Jan 26, 2025

Inventories:	(In millions)
Raw materials	$	1,843	$	3,408
Work in process	4,411		3,399
Finished goods	8,708		3,273
Total inventories (1)	$	14,962	$	10,080

(1) We recorded an inventory provision of $886 million and $345 million for the second quarter of fiscal years 2026 and 2025, respectively, and $3.2 billion and $555 million for the first half of fiscal years 2026 and 2025, respectively, in cost of revenue.

Property, equipment and intangible assets acquired but not paid for the first half of fiscal years 2026 and 2025 were $1.1 billion and not significant, respectively.


	Jul 27, 2025		Jan 26, 2025

Other Assets (Long Term):	(In millions)
Non-marketable equity securities	$	3,799	$	3,387
Prepaid supply and capacity agreements (1)	1,776		1,747
Income tax receivable	1,042		750
Prepaid royalties	327		340
Other	272		201
Total other assets	$	7,216	$	6,425


	Jul 27, 2025		Jan 26, 2025

Accrued and Other Current Liabilities:	(In millions)
Customer program accruals	$	4,705	$	4,880
Excess inventory purchase obligations (1)	3,154		2,095
Product warranty and return provisions	2,245		1,373
Taxes payable	1,910		881
Accrued payroll and related expenses	1,227		848
Deferred revenue (2)	980		837
Operating leases	301		288
Licenses and royalties	284		175
Unsettled share repurchases	185		132
Other	202		228
Total accrued and other current liabilities	$	15,193	$	11,737

(1) We recorded $137 million and $563 million for the second quarter of fiscal years 2026 and 2025, respectively, and $3.1 billion and $746 million for the first half of fiscal years 2026 and 2025, 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 July 27, 2025 and January 26, 2025 included $80 million and $81 million of customer advances, respectively.


	Jul 27, 2025		Jan 26, 2025

Other Long-Term Liabilities:	(In millions)
Income tax payable (1)	$	3,081	$	2,188
Deferred income tax	1,351		886
Deferred revenue (2)	1,055		976
Licenses payable	325		116
Other	243		79
Total other long-term liabilities	$	6,055	$	4,245

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


	Six Months Ended
	Jul 27, 2025		Jul 28, 2024

	(In millions)
Balance at beginning of period	$	1,813	$	1,337
Deferred revenue additions (1)	8,275		1,478
Revenue recognized (2)	(8,053)		(1,094)
Balance at end of period	$	2,035	$	1,721

(1) Includes $7.5 billion and $770 million of customer advances for the first half of fiscal years 2026 and 2025, respectively.

(2) Includes $7.5 billion and $664 million related to customer advances for the first half of fiscal years 2026 and 2025, respectively.

We recognized revenue of $479 million and $323 million in the first half of fiscal years 2026 and 2025, respectively, that were included in the prior year end deferred revenue balance.

As of July 27, 2025, revenue related to remaining performance obligations from contracts greater than one year in length was $1.9 billion, which includes $1.8 billion from deferred revenue and $118 million which has not yet been billed nor recognized as revenue. Approximately 40% of revenue from contracts greater than one year in length will be recognized over the next twelve months.