Data Center revenue grew by 142%, driven by demand for the Hopper architecture for large language models and generative AI. This highlights the company's successful strategy in capitalizing on the AI boom.

Gaming revenue increased by 9%, indicating continued growth in the gaming market, though at a slower pace than the Data Center segment. This growth was attributed to sales of the GeForce RTX 40 Series GPUs.

Research and development expenses increased by 49% year-over-year, demonstrating a commitment to innovation and maintaining a competitive edge in key markets. This investment is crucial for future growth and product development.

The company notes increasing complexity in managing its supply chain, driven by increased purchase volumes, integration of new suppliers, and expanding product portfolio. This suggests potential challenges in maintaining efficient operations and managing costs.

The 10-K highlights the need to accurately estimate demand and manage inventory levels, noting instances of both product shortages and excess inventory in the past. This indicates ongoing challenges in aligning production with market needs.

The company mentions expanding its Data Center product portfolio to offer solutions that do not require USG licenses, and ramping new products specifically designed for China. This demonstrates proactive management in response to regulatory challenges.

The 10-K emphasizes the potential for further changes in US export controls to negatively impact the business, including the possibility of being unable to sell inventory or develop replacement products, effectively excluding NVIDIA from the China market.

The document highlights that long manufacturing lead times, uncertain supply, and inaccurate demand estimates could lead to product shortages or excess inventory, harming financial results and customer relationships.

The 10-K acknowledges the increasing sophistication of cyber-attacks and the potential for disruptions to operations, financial condition, stock price, and reputation. The company also mentions the risk of supply chain attacks and the potential for third-party data breaches.

The filing states that the market for NVIDIA's products is intensely competitive and characterized by rapid technological change. Competition is expected to increase from both existing players and new market entrants.

Certain customers have in-house expertise similar to NVIDIA's and can use or develop their own solutions to replace those offered by NVIDIA, potentially impacting demand.

The existing export controls have harmed NVIDIA's competitive position, and future changes may further harm it. The licensing requirements may benefit certain competitors, as the licensing process makes NVIDIA's pre- and post-sale technical support efforts more cumbersome and less certain.

The integration of new suppliers and contract manufacturers creates more complexity in managing multiple suppliers with variations in production planning, execution and logistics.

The company notes that significant mismatches between supply and demand have varied across market platforms, resulting in both product shortages and excess inventory.

The company depends on foundries to manufacture semiconductor wafers and subcontractors to assemble, test, or package products, reducing control over product quantity and quality, manufacturing yields, and product delivery schedules.

The company states that its success depends on its ability to develop or acquire new products and technologies through investments in research and development.

The company believes that computer graphics infused with Al is fundamental to the continued expansion and evolution of computing.

The company has experienced and may continue to experience challenges including lengthy and costly systems integration, delays in purchasing and shipping products, difficulties with system integration via electronic data interchange and other processes with our key suppliers and customers, and training and change management needs of integration personnel.

The Board of Directors approved an additional $50 billion for share repurchases, demonstrating a commitment to returning capital to shareholders. The company repurchased $34.0 billion of stock in fiscal year 2025.

The company paid cash dividends of $834 million in fiscal year 2025. The payment of future cash dividends is subject to the Board of Directors' continuing determination that the declaration of dividends is in the best interests of our shareholders.

The company expects to increase capital expenditures in fiscal year 2026 relative to fiscal year 2025 to support the future growth of our business.

The company committed to purchase or generate enough renewable energy to match 100% of its global electricity usage for offices and data centers under its operational control starting with fiscal year 2025.

The company launched its Earth-2 initiative to create a digital twin of the Earth on NVIDIA AI and NVIDIA Omniverse platforms, enabling scientists, companies, and policy makers to do ultra-high-resolution predictions of the impact of climate change and explore mitigation and adaptation strategies.

Increased scrutiny regarding corporate sustainability practices could result in financial, reputational, or operational harm and liability.

The company acknowledges that geopolitical tensions, particularly involving Taiwan and China, could have a material adverse impact due to the concentration of suppliers and manufacturing partners in the region.

Economic and industry uncertainty or changes, including recession or slowing growth, inflation, changes or uncertainty in fiscal, monetary, or trade policy, disruptions to capital markets and the banking system, currency fluctuations, higher interest rates, tighter credit, lower capital expenditures by businesses, including on IT infrastructure, increases in unemployment, labor shortages, and lower consumer confidence and spending, global supply chain constraints, and global economic and geopolitical developments, including the implementation of tariffs by the USG or other governments, have in the past and/or could in the future have adverse, wide-ranging effects on our business and financial results.

Climate change may have an increasingly adverse impact on our business and on our customers, partners and vendors. Water and energy availability and reliability in the regions where we conduct business is critical, and certain of our facilities may be vulnerable to the impacts of extreme weather events.