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, cloud service providers, or CSPs, hyperscale companies, and system integrators. Certain direct customers may use either internal resources or third-party system integrators to complete their build. Four direct customers accounted for 22%, 17%, 14% and 12% of our accounts receivable balance as of October 26, 2025. Two direct customers accounted for 17% and 16% of our accounts receivable balance as of January 26, 2025.


	Oct 26, 2025		Jan 26, 2025

Inventories:	(In millions)
Raw materials	$	4,209	$	3,408
Work in process	8,735		3,399
Finished goods	6,840		3,273
Total inventories (1)	$	19,784	$	10,080

(1) We recorded inventory provisions of $378 million and $322 million for the third quarter of fiscal years 2026 and 2025, respectively, and $3.6 billion and $876 million for the first nine months of fiscal years 2026 and 2025, respectively, in cost of revenue.

Property, equipment and intangible assets acquired but not paid for the first nine months of fiscal years 2026 and 2025 were $790 million and not significant, respectively.


	Oct 26, 2025		Jan 26, 2025

Other Assets (Long Term):	(In millions)
Non-marketable equity securities	$	8,187	$	3,387
Prepaid supply and capacity agreements (1)	1,536		1,747
Income tax receivable	1,369		750
Other	632		541
Total other assets	$	11,724	$	6,425


	Oct 26, 2025		Jan 26, 2025

Accrued and Other Current Liabilities:	(In millions)
Customer program accruals	$	4,721	$	4,880
Excess inventory purchase obligations (1)	2,770		2,095
Product warranty	2,707		1,290
Taxes payable	2,915		881
Deferred revenue (2)	1,248		837
Accrued payroll and related expenses	895		848
Other	1,196		906
Total accrued and other current liabilities	$	16,452	$	11,737

(1) We recorded $32 million and $543 million for the third quarter of fiscal years 2026 and 2025, respectively, and $3.1 billion and $1.3 billion for the first nine months of fiscal years 2026 and 2025, respectively, in cost of revenue.

(2) Includes customer advances and unearned revenue related to hardware and software support, cloud services, and license and development arrangements. The balance as of October 26, 2025 and January 26, 2025 included $127 million and $81 million of customer advances, respectively.


	Oct 26, 2025		Jan 26, 2025

Other Long-Term Liabilities:	(In millions)
Income tax payable (1)	$	3,532	$	2,188
Deferred income tax	1,621		886
Deferred revenue (2)	1,165		976
Other	376		195
Total other long-term liabilities	$	6,694	$	4,245

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


	Nine Months Ended
	Oct 26, 2025		Oct 27, 2024

	(In millions)
Balance at beginning of period	$	1,813	$	1,337
Deferred revenue additions (1)	9,785		2,115
Revenue recognized (2)	(9,185)		(1,867)
Balance at end of period	$	2,413	$	1,585

(1) Includes $8.4 billion and $1.1 billion of customer advances for the first nine months of fiscal years 2026 and 2025, respectively.

(2) Includes $8.3 billion and $1.2 billion related to customer advances for the first nine months of fiscal years 2026 and 2025, respectively.

We recognized revenue of $650 million and $585 million in the first nine months of fiscal years 2026 and 2025, respectively, that were included in the prior year end deferred revenue balance.

As of October 26, 2025, revenue related to remaining performance obligations from contracts greater than one year in length was $2.5 billion, which includes $2.0 billion from deferred revenue and $449 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.