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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 27, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 0-23985
nvidialogoa06.jpg

NVIDIA CORPORATION
(Exact name of registrant as specified in its charter)
Delaware94-3177549
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
2788 San Tomas Expressway, Santa Clara, California
95051
(Address of principal executive offices)(Zip Code)

(408) 486-2000
(Registrant's telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareNVDAThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of common stock, $0.001 par value, outstanding as of November 15, 2024, was 24.49 billion.


NVIDIA Corporation
Form 10-Q
For the Quarter Ended October 27, 2024
Table of Contents
  Page
  
Financial Statements (Unaudited) 
 a) Condensed Consolidated Statements of Income for the three and nine months ended October 27, 2024 and October 29, 2023
b) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 27, 2024 and October 29, 2023
 c) Condensed Consolidated Balance Sheets as of October 27, 2024 and January 28, 2024
d) Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended October 27, 2024 and October 29, 2023
 e) Condensed Consolidated Statements of Cash Flows for the nine months ended October 27, 2024 and October 29, 2023
 f) Notes to Condensed Consolidated Financial Statements
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures About Market Risk
Controls and Procedures
  
Legal Proceedings
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Other Information
Exhibits
 
Where You Can Find More Information
Investors and others should note that we announce material financial information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. We also use the following social media channels as a means of disclosing information about the company, our products, our planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters, and for complying with our disclosure obligations under Regulation FD:
NVIDIA Corporate Blog (http://blogs.nvidia.com)
NVIDIA Technical Blog (http://developer.nvidia.com/blog/)
NVIDIA LinkedIn Page (http://www.linkedin.com/company/nvidia)
NVIDIA Facebook Page (https://www.facebook.com/nvidia)
NVIDIA Instagram Page (https://www.instagram.com/nvidia)
NVIDIA X Account (https://x.com/nvidia)
In addition, investors and others can view NVIDIA videos on YouTube (https://www.YouTube.com/nvidia).
The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these accounts and the blog, in addition to following our press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this Quarterly Report on Form 10-Q. These channels may be updated from time to time on NVIDIA's investor relations website.
2

Part I. Financial Information
Item 1. Financial Statements (Unaudited)

NVIDIA Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(In millions, except per share data)
(Unaudited)

 Three Months EndedNine Months Ended
 Oct 27, 2024Oct 29, 2023Oct 27, 2024Oct 29, 2023
Revenue$35,082 $18,120 $91,166 $38,819 
Cost of revenue8,926 4,720 22,031 11,309 
Gross profit26,156 13,400 69,135 27,510 
Operating expenses  
Research and development3,390 2,294 9,200 6,210 
Sales, general and administrative897 689 2,516 1,942 
Total operating expenses4,287 2,983 11,716 8,152 
Operating income21,869 10,417 57,419 19,358 
Interest income472 234 1,275 572 
Interest expense(61)(63)(186)(194)
Other, net36 (66)301 (24)
Other income (expense), net
447 105 1,390 354 
Income before income tax22,316 10,522 58,809 19,712 
Income tax expense3,007 1,279 8,020 2,237 
Net income$19,309 $9,243 $50,789 $17,475 
Net income per share:
Basic$0.79 $0.37 $2.07 $0.71 
Diluted$0.78 $0.37 $2.04 $0.70 
Weighted average shares used in per share computation:
Basic24,533 24,680 24,577 24,700 
Diluted24,774 24,940 24,837 24,940 

See accompanying Notes to Condensed Consolidated Financial Statements.
3

NVIDIA Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)

 Three Months EndedNine Months Ended
 Oct 27, 2024Oct 29, 2023Oct 27, 2024Oct 29, 2023
 
Net income$19,309 $9,243 $50,789 $17,475 
Other comprehensive income (loss), net of tax
Available-for-sale securities:
Net change in unrealized gain49 — 71 7 
Cash flow hedges:
Net change in unrealized gain (loss)— (23)20 (14)
Reclassification adjustments for net realized loss included in net income(2)(14)(15)(38)
Net change in unrealized gain (loss)(2)(37)5 (52)
Other comprehensive income (loss), net of tax47 (37)76 (45)
Total comprehensive income$19,356 $9,206 $50,865 $17,430 

See accompanying Notes to Condensed Consolidated Financial Statements.

4

NVIDIA Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)

 Oct 27, 2024Jan 28, 2024
Assets
Current assets:  
Cash and cash equivalents$9,107 $7,280 
Marketable securities29,380 18,704 
Accounts receivable, net17,693 9,999 
Inventories7,654 5,282 
Prepaid expenses and other current assets3,806 3,080 
Total current assets67,640 44,345 
Property and equipment, net5,343 3,914 
Operating lease assets1,755 1,346 
Goodwill4,724 4,430 
Intangible assets, net838 1,112 
Deferred income tax assets10,276 6,081 
Other assets5,437 4,500 
Total assets$96,013 $65,728 
Liabilities and Shareholders' Equity  
Current liabilities:  
Accounts payable$5,353 $2,699 
Accrued and other current liabilities11,126 6,682 
Short-term debt— 1,250 
Total current liabilities16,479 10,631 
Long-term debt8,462 8,459 
Long-term operating lease liabilities1,490 1,119 
Other long-term liabilities3,683 2,541 
Total liabilities30,114 22,750 
Commitments and contingencies - see Note 12
Shareholders’ equity:  
Preferred stock— — 
Common stock25 25 
Additional paid-in capital11,821 13,109 
Accumulated other comprehensive income103 27 
Retained earnings53,950 29,817 
Total shareholders' equity65,899 42,978 
Total liabilities and shareholders' equity$96,013 $65,728 

See accompanying Notes to Condensed Consolidated Financial Statements.

5

NVIDIA Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
For the Three Months Ended October 27, 2024 and October 29, 2023
(Unaudited)
Common Stock
Outstanding		Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Shareholders' Equity
SharesAmount
(In millions, except per share data)
Balances, Jul 28, 2024
24,562 $25 $12,115 $56 $45,961 $58,157 
Net income— — — — 19,309 19,309 
Other comprehensive income— — — 47 — 47 
Issuance of common stock from stock plans 53 — 204 — — 204 
Tax withholding related to vesting of restricted stock units(15)— (1,680)— — (1,680)
Shares repurchased(92)— (71)— (11,075)(11,146)
Cash dividends declared and paid ($0.01 per common share)
— — — — (245)(245)
Stock-based compensation— — 1,253 — — 1,253 
Balances, Oct 27, 2024
24,508 $25 $11,821 $103 $53,950 $65,899 
Balances, Jul 30, 2023
24,692 $25 $12,606 $(51)$14,921 $27,501 
Net income— — — — 9,243 9,243 
Other comprehensive loss— — — (37)— (37)
Issuance of common stock from stock plans 71 — 157 — — 157 
Tax withholding related to vesting of restricted stock units(18)— (764)— — (764)
Shares repurchased(83)— (14)— (3,705)(3,719)
Cash dividends declared and paid ($0.004 per common share)
— — — — (99)(99)
Stock-based compensation— — 983 — — 983 
Balances, Oct 29, 2023
24,662 $25 $12,968 $(88)$20,360 $33,265 
See accompanying Notes to Condensed Consolidated Financial Statements.
6

NVIDIA Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
For the Nine Months Ended October 27, 2024 and October 29, 2023
(Unaudited)
Common Stock
Outstanding		Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Shareholders' Equity
SharesAmount
(In millions, except per share data)
Balances, Jan 28, 2024
24,643 $25 $13,109 $27 $29,817 $42,978 
Net income— — — — 50,789 50,789 
Other comprehensive income— — — 76 — 76 
Issuance of common stock from stock plans 165 — 489 — — 489 
Tax withholding related to vesting of restricted stock units(46)— (5,068)— — (5,068)
Shares repurchased(254)— (141)— (26,067)(26,208)
Cash dividends declared and paid ($0.024 per common share)
— — — — (589)(589)
Stock-based compensation— — 3,432 — — 3,432 
Balances, Oct 27, 202424,508 $25 $11,821 $103 $53,950 $65,899 
Balances, Jan 29, 2023
24,661 $25 $11,948 $(43)$10,171 $22,101 
Net income— — — — 17,475 17,475 
Other comprehensive loss— — — (45)— (45)
Issuance of common stock from stock plans 214 — 403 — — 403 
Tax withholding related to vesting of restricted stock units(54)— (1,942)— — (1,942)
Shares repurchased(159)— (15)— (6,990)(7,005)
Cash dividends declared and paid ($0.012 per common share)
— — — — (296)(296)
Stock-based compensation— — 2,574 — — 2,574 
Balances, Oct 29, 202324,662 $25 $12,968 $(88)$20,360 $33,265 
See accompanying Notes to Condensed Consolidated Financial Statements.
7

NVIDIA Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)

 Nine Months Ended
 Oct 27, 2024Oct 29, 2023
Cash flows from operating activities:
Net income$50,789 $17,475 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense3,416 2,555 
Depreciation and amortization1,321 1,121 
(Gains) losses on investments in non-affiliated entities and publicly-held equity securities, net(302)24 
Deferred income taxes(3,879)(2,411)
Other(365)(170)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(7,694)(4,482)
Inventories(2,357)405 
Prepaid expenses and other assets(726)(337)
Accounts payable2,490 1,250 
Accrued and other current liabilities3,918 953 
Other long-term liabilities849 208 
Net cash provided by operating activities47,460 16,591 
Cash flows from investing activities:
Proceeds from maturities of marketable securities9,485 8,001 
Proceeds from sales of marketable securities318 — 
Proceeds from sales of investments in non-affiliated entities171 — 
Purchases of marketable securities(19,565)(10,688)
Purchases related to property and equipment and intangible assets(2,159)(815)
Purchases of investments in non-affiliated entities(1,008)(897)
Acquisitions, net of cash acquired(465)(83)
Other— 25 
Net cash used in investing activities(13,223)(4,457)
Cash flows from financing activities:
Proceeds related to employee stock plans489 403 
Payments related to repurchases of common stock (25,895)(6,874)
Payments related to tax on restricted stock units(5,068)(1,942)
Repayment of debt(1,250)(1,250)
Dividends paid(589)(296)
Principal payments on property and equipment and intangible assets(97)(44)
Other— (1)
Net cash used in financing activities(32,410)(10,004)
Change in cash, cash equivalents, and restricted cash1,827 2,130 
Cash, cash equivalents, and restricted cash at beginning of period7,280 3,389 
Cash, cash equivalents, and restricted cash at end of period$9,107 $5,519 
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net$10,989 $4,676 
See accompanying Notes to Condensed Consolidated Financial Statements.
8
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)


Note 1 - Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. The January 28, 2024 consolidated balance sheet was derived from our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2024, as filed with the SEC, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2024.
In May 2024, we announced a ten-for-one stock split, or the Stock Split, of our issued common stock, which was effected through the filing of an amendment to the Company's Restated Certificate of Incorporation, or the Amendment, with the Secretary of the State of Delaware. In June 2024, the Company filed the Amendment to effect the Stock Split and proportionately increased the number of shares of the Company’s authorized common stock from 8.0 billion to 80.0 billion. Shareholders of record at the close of market on June 6, 2024 received nine additional shares of common stock, distributed after the close of market on June 7, 2024. All share, equity award and per share amounts presented herein have been retrospectively adjusted to reflect the Stock Split.
Significant Accounting Policies
There have been no material changes to our significant accounting policies disclosed in Note 1 - Organization and Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2024.
Fiscal Year
We operate on a 52- or 53-week year, ending on the last Sunday in January. Fiscal years 2025 and 2024 are both 52-week years. The third quarters of fiscal years 2025 and 2024 were both 13-week quarters.
Principles of Consolidation
Our condensed consolidated financial statements include the accounts of NVIDIA Corporation and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from our estimates. On an on-going basis, we evaluate our estimates, including those related to accounts receivable, cash equivalents and marketable securities, goodwill, income taxes, inventories and product purchase commitments, investigation and settlement costs, litigation, other contingencies, property, plant, and equipment, revenue recognition, and stock-based compensation. These estimates are based on historical facts and other assumptions that we believe are reasonable.
Recently Issued Accounting Pronouncements
Recent Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board, or FASB, issued a new accounting standard requiring disclosures of significant expenses in operating segments. We expect to adopt this standard in our fiscal year 2025 annual report. We are currently evaluating the impact of this standard on our Consolidated Financial Statements.
In December 2023, the FASB issued a new accounting standard which includes new and updated income tax disclosures, including disaggregation of rate reconciliation and income taxes paid. We expect to adopt this standard in our fiscal year 2026 annual report. We are currently evaluating the impact of this standard on our Consolidated Financial Statements.
In November 2024, the FASB issued a new accounting standard requiring disclosures of certain additional expense information on an annual and interim basis, including, among other items, the amounts of purchases of inventory,
9
NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)





employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We expect to adopt this standard in our fiscal year 2028 annual report. We are currently evaluating the impact of this standard on our Consolidated Financial Statements.
Note 2 - Leases
Our lease obligations primarily consist of operating leases for our headquarters' campus and domestic and international offices and data centers, with lease periods expiring between fiscal years 2025 and 2036.
Future minimum lease obligations under our non-cancelable lease agreements as of October 27, 2024 were as follows:
Operating Lease Obligations
 (In millions)
Fiscal Year: 
2025 (excluding the first nine months of fiscal year 2025)
$78 
2026336 
2027340 
2028320 
2029288 
2030 and thereafter
667 
Total2,029 
Less imputed interest266 
Present value of net future minimum lease payments1,763 
Less short-term operating lease liabilities273 
Long-term operating lease liabilities$1,490 
Between the fourth quarter of fiscal year 2025 and fiscal year 2027, we expect to commence leases with future obligations of $4.2 billion primarily of data center and office operating leases, with lease terms of 1.5 to 15.5 years.
Operating lease expenses were $92 million and $69 million for the third quarter, and $258 million and $195 million for the first nine months, of fiscal years 2025 and 2024, respectively. Short-term and variable lease expenses for the third quarter and first nine months of fiscal years 2025 and 2024 were not significant.
Other information related to leases was as follows:
Nine Months Ended
Oct 27, 2024Oct 29, 2023
 (In millions)
Supplemental cash flows information 
Operating cash flow used for operating leases$227 $200 
Operating lease assets obtained in exchange for lease obligations$679 $439 
As of October 27, 2024, our operating leases have a weighted average remaining lease term of 6.5 years and a weighted average discount rate of 4.15%. As of January 28, 2024, our operating leases had a weighted average remaining lease term of 6.1 years and a weighted average discount rate of 3.76%.
Note 3 - Stock-Based Compensation
Stock-based compensation expense is associated with restricted stock units, or RSUs, performance stock units, or PSUs, that are based on our corporate financial performance targets, market-based PSUs that are performance stock units based on our performance compared to market performance, and the employee stock purchase plan, or ESPP.
Condensed Consolidated Statements of Income include stock-based compensation expense, net of amounts capitalized into inventory and subsequently recognized to cost of revenue, as follows:
10
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
 Three Months EndedNine Months Ended
 Oct 27, 2024Oct 29, 2023Oct 27, 2024Oct 29, 2023
(In millions)
Cost of revenue$50 $38 $125 $96 
Research and development910 701 2,469 1,826 
Sales, general and administrative292 240 822 633 
Total$1,252 $979 $3,416 $2,555 
Equity Award Activity
The following is a summary of our equity award transactions under our equity incentive plans:
RSUs, PSUs, and Market-based PSUs Outstanding
 Number of SharesWeighted Average Grant-Date Fair Value Per Share
(In millions, except per share data)
Balance as of Jan 28, 2024
367 $24.59 
Granted84 $84.70 
Vested(135)$23.03 
Canceled and forfeited(8)$31.23 
Balance as of Oct 27, 2024
308 $41.45 
As of October 27, 2024, aggregate unearned stock-based compensation expense was $12.4 billion, which is expected to be recognized over a weighted average period of 2.3 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP.
Note 4 - Net Income Per Share
The following is a reconciliation of the denominator of the basic and diluted net income per share computations for the periods presented:
 Three Months EndedNine Months Ended
Oct 27, 2024Oct 29, 2023Oct 27, 2024Oct 29, 2023
 (In millions, except per share data)
Numerator:  
Net income$19,309 $9,243 $50,789 $17,475 
Denominator:
Basic weighted average shares24,533 24,680 24,577 24,700 
Dilutive impact of outstanding equity awards241 260 260 240 
Diluted weighted average shares24,774 24,940 24,837 24,940 
Net income per share:
Basic (1)$0.79 $0.37 $2.07 $0.71 
Diluted (2)$0.78 $0.37 $2.04 $0.70 
Anti-dilutive equity awards excluded from diluted net income per share9 10 72 140 
(1)    Net income divided by basic weighted average shares.
(2)    Net income divided by diluted weighted average shares.
Diluted net income per share was computed using the weighted average number of common and potentially dilutive shares outstanding during the period, using the treasury stock method.
Note 5 - Income Taxes
Income tax expense was $3.0 billion and $1.3 billion for the third quarter, and $8.0 billion and $2.2 billion for the first nine months, of fiscal years 2025 and 2024, respectively. The income tax expense as a percentage of income before income
11
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
tax was 13.5% and 12.2% for the third quarter, and 13.6% and 11.3% for the first nine months, of fiscal years 2025 and 2024, respectively.
The effective tax rate increased primarily due to a lower percentage of tax benefits from the foreign-derived intangible income deduction relative to the increase in income before income tax and a discrete benefit in fiscal year 2024 due to an IRS audit resolution.
Effective tax rates for the first nine months of fiscal years 2025 and 2024 were lower than the U.S. federal statutory rate of 21% due to tax benefits from the foreign-derived intangible income deduction, stock-based compensation, the U.S. federal research tax credit, and income earned in jurisdictions that are subject to taxes lower than the U.S. federal statutory tax rate.
Given our current and possible future earnings, we believe that we may release the valuation allowance associated with certain state deferred tax assets in the near term, which would decrease our income tax expense for the period the release is recorded. The timing and amount of the valuation allowance release could vary based on our assessment of all available information.
While we believe that we have adequately provided for all uncertain tax positions, or tax positions where we believe it is not more-likely-than-not that the position will be sustained upon review, amounts asserted by tax authorities could be greater or less than our accrued position. Accordingly, our provisions on federal, state and foreign tax related matters to be recorded in the future may change as revised estimates are made or the underlying matters are settled or otherwise resolved with the respective tax authorities. As of October 27, 2024, we do not believe that our estimates, as otherwise provided for, on such tax positions will significantly increase or decrease within the next 12 months.
Note 6 - Cash Equivalents and Marketable Securities 
The following is a summary of cash equivalents and marketable securities:
 Oct 27, 2024
Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Estimated
Fair Value		Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Debt securities issued by the U.S. Treasury$14,629 $72 $(12)$14,689 $1,795 $12,894 
Corporate debt securities14,221 74 (17)14,278 1,154 13,124 
Money market funds5,147 — — 5,147 5,147 — 
Debt securities issued by U.S. government agencies3,542 11 (4)3,549 759 2,790 
Certificates of deposit142 — — 142 42 100 
Total debt securities with fair value adjustments recorded in other comprehensive income37,681 157 (33)37,805 8,897 28,908 
Publicly-held equity securities (1)472 — 472 
Total$37,681 $157 $(33)$38,277 $8,897 $29,380 
(1)    Fair value adjustments on publicly-held equity securities are recorded in net income. Beginning in the second quarter of fiscal year 2025, publicly-held equity securities from investments in non-affiliated entities were classified in marketable securities on our Condensed Consolidated Balance Sheets.
Net unrealized gains on investments in publicly-held equity securities were not significant and $195 million for the third quarter and first nine months of fiscal year 2025, respectively. Net unrealized gains on investments in publicly-held equity securities were not significant for the third quarter and first nine months of fiscal year 2024.
12
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
 Jan 28, 2024
Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Estimated
Fair Value		Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$10,126 $31 $(5)$10,152 $2,231 $7,921 
Debt securities issued by the U.S. Treasury9,517 17 (10)9,524 1,315 8,209 
Money market funds3,031 — — 3,031 3,031 — 
Debt securities issued by U.S. government agencies2,326 8 (1)2,333 89 2,244 
Certificates of deposit510 — — 510 294 216 
Foreign government bonds174 — — 174 60 114 
Total debt securities with fair value changes recorded in other comprehensive income$25,684 $56 $(16)$25,724 $7,020 $18,704 
The following tables provide the breakdown of unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:
Oct 27, 2024
 Less than 12 Months12 Months or GreaterTotal
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Corporate debt securities$2,967 $(17)$105 $— $3,072 $(17)
Debt securities issued by the U.S. Treasury2,562 (12)532 — 3,094 (12)
Debt securities issued by U.S. government agencies1,134 (4)21 — 1,155 (4)
Total$6,663 $(33)$658 $— $7,321 $(33)
Jan 28, 2024
 Less than 12 Months12 Months or GreaterTotal
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Debt securities issued by the U.S. Treasury$3,343 $(5)$1,078 $(5)$4,421 $(10)
Corporate debt securities1,306 (3)618 (2)1,924 (5)
Debt securities issued by U.S. government agencies670 (1)— — 670 (1)
Total$5,319 $(9)$1,696 $(7)$7,015 $(16)
Gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates.
13
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
The amortized cost and estimated fair value of debt securities included in cash equivalents and marketable securities are shown below by contractual maturity.
Oct 27, 2024Jan 28, 2024
Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
(In millions)
Less than one year$17,695 $17,715 $16,336 $16,329 
Due in 1 - 5 years19,986 20,090 9,348 9,395 
Total$37,681 $37,805 $25,684 $25,724 
Note 7 - Fair Value of Financial Assets and Liabilities and Investments in Non-Affiliated Entities
The fair values of our financial assets and liabilities are determined using quoted market prices of identical assets or market prices of similar assets from active markets. We review fair value classification on a quarterly basis.
Pricing CategoryFair Value at
Oct 27, 2024Jan 28, 2024
(In millions)
Assets
Cash equivalents and marketable securities:
Money market fundsLevel 1$5,147 $3,031 
Publicly-held equity securitiesLevel 1$472 $— 
Debt securities issued by the U.S. TreasuryLevel 2$14,689 $9,524 
Corporate debt securitiesLevel 2$14,278 $10,152 
Debt securities issued by U.S. government agenciesLevel 2$3,549 $2,333 
Certificates of depositLevel 2$142 $510 
Foreign government bondsLevel 2$— $174 
Other assets (Investments in non-affiliated entities):
Publicly-held equity securitiesLevel 1$— $225 
Liabilities (1)
0.584% Notes Due 2024
Level 2$— $1,228 
3.20% Notes Due 2026
Level 2$982 $970 
1.55% Notes Due 2028
Level 2$1,139 $1,115 
2.85% Notes Due 2030
Level 2$1,391 $1,367 
2.00% Notes Due 2031
Level 2$1,079 $1,057 
3.50% Notes Due 2040
Level 2$847 $851 
3.50% Notes Due 2050
Level 2$1,556 $1,604 
3.70% Notes Due 2060
Level 2$388 $403 
(1)    Liabilities are carried on our Condensed Consolidated Balance Sheets at their original issuance value, net of unamortized debt discount and issuance costs.
Investments in Non-Affiliated Entities
Our investments in non-affiliated entities include non-marketable equity securities, which are primarily investments in privately held companies. Beginning in the second quarter of fiscal year 2025, publicly-held equity securities from investments in non-affiliated entities were classified in marketable securities on our Condensed Consolidated Balance Sheets.
Our non-marketable equity securities are recorded in long-term other assets on our Condensed Consolidated Balance Sheets and valued under the measurement alternative. Gains and losses on these investments, realized and unrealized, are recognized in Other income and expense, net on our Condensed Consolidated Statements of Income.
14
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Adjustments to the carrying value of our non-marketable equity securities during the third quarter and first nine months of fiscal years 2025 and 2024 were as follows:
Three Months EndedNine Months Ended
Oct 27, 2024Oct 29, 2023Oct 27, 2024Oct 29, 2023
(In millions)
Balance at beginning of period$1,819 $676 $1,321 $288 
Adjustments related to non-marketable equity securities:
Net additions409 341 830 743 
Unrealized gains23 3 115 3 
Impairments and unrealized losses(14)(1)(29)(15)
Balance at end of period$2,237 $1,019 $2,237 $1,019 
Non-marketable equity securities had cumulative gross unrealized gains of $374 million and cumulative gross losses and impairments of $74 million as of October 27, 2024.
Note 8 - Amortizable Intangible Assets and Goodwill
The components of our amortizable intangible assets are as follows:
 Oct 27, 2024Jan 28, 2024
 Gross
Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
 (In millions)
Acquisition-related intangible assets$2,785 $(2,117)$668 $2,642 $(1,720)$922 
Patents and licensed technology444 (274)170 449 (259)190 
Total intangible assets$3,229 $(2,391)$838 $3,091 $(1,979)$1,112 
Amortization expense associated with intangible assets was $149 million and $144 million for the third quarter, and $438 million and $471 million for the first nine months, of fiscal years 2025 and 2024, respectively.
The following table outlines the estimated amortization expense related to the net carrying amount of intangible assets as of October 27, 2024:
Future Amortization Expense
 (In millions)
Fiscal Year: 
2025 (excluding the first nine months of fiscal year 2025)
$150 
2026317 
2027203 
202857 
202910 
2030 and thereafter101 
Total$838 
In the first nine months of fiscal year 2025, goodwill increased by $294 million from business combinations assigned to our Compute & Networking reporting unit.
15
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 9 - Balance Sheet Components 
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. Four direct customers accounted for 18%, 13%, 11% and 11% of our accounts receivable balance as of October 27, 2024. Two direct customers accounted for 24% and 11% of our accounts receivable balance as of January 28, 2024.
Certain balance sheet components are as follows:
 Oct 27, 2024Jan 28, 2024
Inventories:(In millions)
Raw materials$1,846 $1,719 
Work in process2,881 1,505 
Finished goods2,927 2,058 
Total inventories (1)$7,654 $5,282 
(1)    We recorded an inventory provision of $322 million and $208 million for the third quarter, and $876 million and $657 million for the first nine months, of fiscal years 2025 and 2024, respectively, in cost of revenue.
 Oct 27, 2024Jan 28, 2024
Other Assets (Long Term):(In millions)
Investments in non-affiliated entities$2,237 $1,546 
Prepaid supply and capacity agreements (1)2,041 2,458 
Income tax receivable568 — 
Prepaid royalties346 364 
Other245 132 
Total other assets$5,437 $4,500 
(1)    Prepaid supply and capacity agreements of $3.2 billion and $2.5 billion were included in Prepaid expenses and other current assets as of October 27, 2024 and January 28, 2024, respectively.
 Oct 27, 2024Jan 28, 2024
Accrued and Other Current Liabilities:(In millions)
Customer program accruals$4,740 $2,081 
Excess inventory purchase obligations (1)1,728 1,655 
Taxes payable1,356 296 
Product warranty and return provisions1,107 415 
Deferred revenue (2)752 764 
Accrued payroll and related expenses677 675 
Operating leases273 228 
Unsettled share repurchases180 187 
Licenses and royalties148 182 
Other165 199 
Total accrued and other current liabilities$11,126 $6,682 
(1)    We recorded $543 million and $473 million for the third quarter, and $1.3 billion and $734 million for the first nine months, of fiscal years 2025 and 2024, 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 October 27, 2024 and January 28, 2024 included $101 million and $233 million of customer advances, respectively.

16
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
 Oct 27, 2024Jan 28, 2024
Other Long-Term Liabilities:(In millions)
Income tax payable (1)$1,945 $1,361 
Deferred revenue (2)833 573 
Deferred income tax790 462 
Other115 145 
Total other long-term liabilities$3,683 $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.

(2)    Includes unearned revenue related to hardware support, software support and cloud services.
Deferred Revenue
The following table shows the changes in short- and long-term deferred revenue during the first nine months of fiscal years 2025 and 2024:
Nine Months Ended
 Oct 27, 2024Oct 29, 2023
(In millions)
Balance at beginning of period$1,337 $572 
Deferred revenue additions2,115 1,269 
Revenue recognized(1,867)(903)
Balance at end of period$1,585 $938 
We recognized revenue of $585 million and $256 million in the first nine months of fiscal years 2025 and 2024, respectively, that were included in the prior year end deferred revenue balances.
As of October 27, 2024, revenue related to remaining performance obligations from contracts greater than one year in length was $1.6 billion, which includes $1.4 billion from deferred revenue and $187 million which has not yet been billed nor recognized as revenue. Approximately 37% of revenue from contracts greater than one year in length will be recognized over the next twelve months.
Note 10 - Derivative Financial Instruments
We utilize foreign currency forward contracts to mitigate the impact of foreign currency exchange rate movements on our operating expenses. The foreign currency forward contracts for operating expenses are designated as cash flow hedges. Gains or losses on the contracts are recorded in accumulated other comprehensive income or loss and reclassified to operating expense when the related operating expenses are recognized in earnings or ineffectiveness should occur.
We also entered into foreign currency forward contracts mitigating the impact of foreign currency movements on monetary assets and liabilities. For our foreign currency contracts for assets and liabilities, the change in fair value of these non-designated contracts was recorded in other income or expense and offsets the change in fair value of the hedged foreign currency denominated monetary assets and liabilities, which was also recorded in other income or expense.
The table below presents the notional value of our foreign currency contracts outstanding:
 Oct 27, 2024Jan 28, 2024
(In millions)
Designated as cash flow hedges$1,360 $1,168 
Non-designated hedges$728 $597 
The unrealized gains and losses or fair value of our foreign currency contracts were not significant as of October 27, 2024 and January 28, 2024.
17
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
As of October 27, 2024, all designated foreign currency contracts mature within 18 months and any unrealized gains and losses were not significant.
During the first nine months of fiscal years 2025 and 2024, the impact of derivative financial instruments designated for cash flow hedges was not significant and the instruments were determined to be highly effective.
Note 11 - Debt
Long-Term Debt
Expected
Remaining Term (years)		Effective
Interest Rate		Carrying Value at
Oct 27, 2024Jan 28, 2024
(In millions)
0.584% Notes Due 2024 (1)
—0.66%$— $1,250 
3.20% Notes Due 2026
1.93.31%1,000 1,000 
1.55% Notes Due 2028
3.61.64%1,250 1,250 
2.85% Notes Due 2030
5.42.93%1,500 1,500 
2.00% Notes Due 2031
6.62.09%1,250 1,250 
3.50% Notes Due 2040
15.43.54%1,000 1,000 
3.50% Notes Due 2050
25.43.54%2,000 2,000 
3.70% Notes Due 2060
35.43.73%500 500 
Unamortized debt discount and issuance costs(38)(41)
Net carrying amount8,462 9,709 
Less short-term portion— (1,250)
Total long-term portion$8,462 $8,459 
(1) We repaid the 0.584% Notes Due 2024 in the second quarter of fiscal year 2025.
Our notes are unsecured senior obligations. Existing and future liabilities of our subsidiaries will be effectively senior to the notes. Our notes pay interest semi-annually. We may redeem each of our notes prior to maturity, as defined in the applicable form of note. The maturity of the notes is calendar year.
As of October 27, 2024, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.
Commercial Paper
We have a $575 million commercial paper program to support general corporate purposes. As of October 27, 2024, we had no commercial paper outstanding.
Note 12 - Commitments and Contingencies
Purchase Obligations
Our purchase obligations reflect our commitment to purchase components used to manufacture our products, including long-term supply and capacity agreements, certain software and technology licenses, other goods and services and long-lived assets.
As of October 27, 2024, we had outstanding inventory purchase and long-term supply and capacity obligations totaling $28.9 billion, an increase from the prior year primarily due to commitments for Blackwell capacity and components. We enter into agreements with contract manufacturers that allow them to procure inventory based upon our defined criteria, and in certain instances, these agreements are cancellable, able to be rescheduled, or adjustable for our business needs prior to placing firm orders. Though, changes to these agreements may result in additional costs. Other non-inventory purchase obligations were $13.2 billion, including $11.3 billion of multi-year cloud service agreements. We expect our cloud service agreements to primarily be used to support our research and development efforts, as well as our DGX Cloud offerings.
18
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Total future purchase commitments as of October 27, 2024 are as follows:
Commitments
 (In millions)
Fiscal Year: 
2025 (excluding the first nine months of fiscal year 2025)
$14,178 
202618,895 
20273,381 
20282,979 
20291,990 
2030 and thereafter
621 
Total$42,044 
Accrual for Product Warranty Liabilities
The estimated amount of product warranty liabilities was $1.0 billion and $306 million as of October 27, 2024 and January 28, 2024, respectively. The estimated product returns and product warranty activity consisted of the following:
Three Months EndedNine Months Ended
Oct 27, 2024Oct 29, 2023Oct 27, 2024Oct 29, 2023
(In millions)
Balance at beginning of period$741 $115 $306 $82 
Additions304 50 775 105 
Utilization(36)(23)(72)(45)
Balance at end of period$1,009 $142 $1,009 $142 
We have provided indemnities for matters such as tax, product, and employee liabilities. We have included intellectual property indemnification provisions in our technology-related agreements with third parties. Maximum potential future payments cannot be estimated because many of these agreements do not have a maximum stated liability. We have not recorded any liability in our Condensed Consolidated Financial Statements for such indemnifications.
Litigation
Securities Class Action and Derivative Lawsuits
The plaintiffs in the putative securities class action lawsuit, captioned 4:18-cv-07669-HSG, initially filed on December 21, 2018 in the United States District Court for the Northern District of California, and titled In Re NVIDIA Corporation Securities Litigation, filed an amended complaint on May 13, 2020. The amended complaint asserted that NVIDIA and certain NVIDIA executives violated Section 10(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and SEC Rule 10b-5, by making materially false or misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand between May 10, 2017 and November 14, 2018. Plaintiffs also alleged that the NVIDIA executives who they named as defendants violated Section 20(a) of the Exchange Act. Plaintiffs sought class certification, an award of unspecified compensatory damages, an award of reasonable costs and expenses, including attorneys’ fees and expert fees, and further relief as the Court may deem just and proper. On March 2, 2021, the district court granted NVIDIA’s motion to dismiss the complaint without leave to amend, entered judgment in favor of NVIDIA and closed the case. On March 30, 2021, plaintiffs filed an appeal from judgment in the United States Court of Appeals for the Ninth Circuit, case number 21-15604. On August 25, 2023, a majority of a three-judge Ninth Circuit panel affirmed in part and reversed in part the district court’s dismissal of the case, with a third judge dissenting on the basis that the district court did not err in dismissing the case. On November 15, 2023, the Ninth Circuit denied NVIDIA’s petition for rehearing en banc of the Ninth Circuit panel’s majority decision to reverse in part the dismissal of the case, which NVIDIA had filed on October 10, 2023. On November 21, 2023, NVIDIA filed a motion with the Ninth Circuit for a stay of the mandate pending NVIDIA’s petition for a writ of certiorari in the Supreme Court of the United States and the Supreme Court’s resolution of the matter. On December 5, 2023, the Ninth Circuit granted NVIDIA’s motion to stay the mandate. NVIDIA filed a petition for a writ of certiorari on March 4, 2024. On June 17, 2024, the Supreme Court of the United States granted NVIDIA’s petition for a writ of certiorari. Briefing concluded on October 25, 2024 and the Supreme Court heard oral arguments on November 13, 2024.
19
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
The putative derivative lawsuit pending in the United States District Court for the Northern District of California, captioned 4:19-cv-00341-HSG, initially filed January 18, 2019 and titled In re NVIDIA Corporation Consolidated Derivative Litigation, was stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action. On February 22, 2022, the court administratively closed the case, but stated that it would reopen the case once the appeal in the In Re NVIDIA Corporation Securities Litigation action is resolved. The stay remains in place. The lawsuit asserts claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, waste of corporate assets, and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs are seeking unspecified damages and other relief, including reforms and improvements to NVIDIA’s corporate governance and internal procedures.
The putative derivative actions initially filed September 24, 2019 and pending in the United States District Court for the District of Delaware, Lipchitz v. Huang, et al. (Case No. 1:19-cv-01795-UNA) and Nelson v. Huang, et. al. (Case No. 1:19-cv-01798- UNA), remain stayed pending resolution of the plaintiffs’ appeal in the In Re NVIDIA Corporation Securities Litigation action. The lawsuits assert claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty, unjust enrichment, insider trading, misappropriation of information, corporate waste and violations of Sections 14(a), 10(b), and 20(a) of the Exchange Act based on the dissemination of allegedly false, and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs seek unspecified damages and other relief, including disgorgement of profits from the sale of NVIDIA stock and unspecified corporate governance measures.
Another putative derivative action was filed on October 30, 2023 in the Court of Chancery of the State of Delaware, captioned Horanic v. Huang, et al. (Case No. 2023-1096-KSJM). This lawsuit asserts claims, purportedly on behalf of us, against certain officers and directors of the Company for breach of fiduciary duty and insider trading based on the dissemination of allegedly false and misleading statements related to channel inventory and the impact of cryptocurrency mining on GPU demand. The plaintiffs seek unspecified damages and other relief, including disgorgement of profits from the sale of NVIDIA stock and reform of unspecified corporate governance measures. This derivative matter is stayed pending the final resolution of In Re NVIDIA Corporation Securities Litigation action.
Accounting for Loss Contingencies
As of October 27, 2024, there are no accrued contingent liabilities associated with the legal proceedings described above based on our belief that liabilities, while possible, are not probable. Further, except as described above, any possible loss or range of loss in these matters cannot be reasonably estimated at this time. We are engaged in legal actions not described above arising in the ordinary course of business and, while there can be no assurance of favorable outcomes, we believe that the ultimate outcome of these actions will not have a material adverse effect on our operating results, liquidity or financial position.
Note 13 - Shareholders’ Equity 
Capital Return Program 
We repurchased 92 million and 83 million shares of our common stock for $11.1 billion and $3.7 billion during the third quarter, and 254 million and 159 million shares of our common stock for $26.2 billion and $7 billion during the first nine months, of fiscal years 2025 and 2024, respectively. On August 26, 2024, our Board of Directors approved an additional $50 billion to our share repurchase authorization, without expiration. As of October 27, 2024, we were authorized, subject to certain specifications, to repurchase up to $46.4 billion of our common stock. Our share repurchase program aims to offset dilution from shares issued to employees while maintaining adequate liquidity to meet our operating requirements. We may pursue additional share repurchases as we weigh market factors and other investment opportunities.
From October 28, 2024 through November 15, 2024, we repurchased 19 million shares for $2.7 billion pursuant to a pre-established trading plan.
We paid cash dividends to our shareholders of $245 million and $99 million during the third quarter, and $589 million and $296 million during the first nine months, of fiscal years 2025 and 2024, respectively. Our cash dividend program and the payment of future cash dividends under that program are subject to our Board of Directors' continuing determination that the dividend program and the declaration of dividends thereunder are in the best interests of our shareholders.
Note 14 - Segment Information
Our Chief Executive Officer is our chief operating decision maker, or CODM, and reviews financial information presented on an operating segment basis for purposes of making decisions and assessing financial performance.
20
NVIDIA Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
The Compute & Networking segment includes our Data Center accelerated computing platforms and artificial intelligence, or AI, solutions and software; networking; automotive platforms and autonomous and electric vehicle solutions; Jetson for robotics and other embedded platforms; and DGX Cloud computing services.
The Graphics segment includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse Enterprise software for building and operating 3D internet applications.
Operating results by segment include costs or expenses directly attributable to each segment, and costs or expenses that are leveraged across our unified architecture and therefore allocated between our two segments.
The “All Other” category includes the expenses that our CODM does not assign to either Compute & Networking or Graphics for purposes of making operating decisions or assessing financial performance. The expenses include stock-based compensation expense, corporate infrastructure and support costs, acquisition-related and other costs, and other non-recurring charges and benefits that our CODM deems to be enterprise in nature.
Our CODM does not review any information regarding total assets on a reportable segment basis. Depreciation and amortization expenses directly attributable to each reportable segment are included in operating results for each segment. However, our CODM does not review depreciation and amortization expense by operating segment and, therefore, it is not separately presented. The accounting policies for segment reporting are the same as for our consolidated financial statements. The table below presents details of our reportable segments and the “All Other” category.
 Compute & NetworkingGraphics