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. Three direct customers accounted for 30%, 18%, and 16% of our accounts receivable balance as of April 26, 2026. Three direct customers accounted for 25%, 18%, and 13% of our accounts receivable balance as of January 25, 2026.


	Apr 26, 2026		Jan 25, 2026

Inventories:	(In millions)
Raw materials	$	6,647	$	3,807
Work in process	9,949		8,822
Finished goods	9,201		8,774
Total inventories (1)	$	25,797	$	21,403

(1) We recorded inventory provisions of $0.8 billion and $2.3 billion for the first quarter of fiscal years 2027 and 2026, respectively, in Cost of revenue.

Property, equipment and intangible assets acquired but not paid for the first quarter of fiscal years 2027 and 2026 were $1.1 billion and $408 million, respectively.


	Apr 26, 2026		Jan 25, 2026

Accrued and Other Current Liabilities:	(In millions)
Taxes payable	$	10,638	$	2,669
Customer program accruals	4,182		5,318
Accrued purchase consideration (1)	3,957		3,921
Excess inventory purchase obligations (2)	3,121		2,739
Product warranty	2,948		2,807
Deferred revenue (3)	1,714		1,379
Accrued payroll and related expenses	1,033		1,146
Other	2,194		1,373
Total accrued and other current liabilities	$	29,787	$	21,352

(2) We recorded $0.3 billion and $3.0 billion for the first quarter of fiscal years 2027 and 2026, respectively, in Cost of revenue.

(3) Includes customer advances and unearned revenue related to hardware and software support, cloud services, and license and development arrangements. The balance as of April 26, 2026 and January 25, 2026 included $297 million and $160 million of customer advances, respectively.


	Apr 26, 2026		Jan 25, 2026

Other Long-Term Liabilities:	(In millions)
Income tax payable (1)	$	4,830	$	3,958
Deferred income tax	1,798		1,774
Deferred revenue (2)	1,403		1,193
Other	737		381
Total other long-term liabilities	$	8,768	$	7,306

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


	Three Months Ended
	Apr 26, 2026		Apr 27, 2025

	(In millions)
Balance at beginning of period	$	2,572	$	1,813
Deferred revenue additions (1)	2,530		6,493
Revenue recognized (2)	(1,985)		(6,228)
Balance at end of period	$	3,117	$	2,078

(1) Includes $1.7 billion and $6.2 billion of customer advances for the first quarter of fiscal years 2027 and 2026, respectively.

(2) Includes $1.6 billion and $6.0 billion related to customer advances for the first quarter of fiscal years 2027 and 2026, respectively.

We recognized revenue of $451 million and $265 million in the first quarter of fiscal years 2027 and 2026, respectively, that was included in the prior year-end deferred revenue balance.

As of April 26, 2026, revenue related to remaining performance obligations from contracts greater than one year in length was $2.6 billion, which includes $2.3 billion from deferred revenue and $304 million, which has not yet been billed or

recognized as revenue. Approximately 40% of revenue from contracts greater than one year in length will be recognized over the next twelve months.