research report · NVDA

Nvidia Corp

Johannes Vermeer, Woman Holding a Balance, c. 1664, detail · National Gallery of Art

Viridis’s deep research report, written Oct 31, 2026 from its quarterly report (10-Q for the quarter ended Jul 26, 2026, filed Aug 26, 2026). Written and checked with Anthropic’s Claude models.

your email, no card; what you get

business trajectory

Improving

better on balance: sales, margins, cash or competitive position

financial resilience

Strong

can meet its obligations and fund its plan for two years with money it can count on, with room

Judgments of the business from its filings, not of its shares: no valuation, no advice.

bottom line

NVIDIA's business strengthened again in the quarter ended July 26, 2026. Revenue doubled to $96.2B, up 106%, at a 75.0% gross margin. The quality of that growth weakened, however. Operating cash flow was $24.1B against $59.7B of net income, because NVIDIA is increasingly financing and underwriting its own demand: longer payment terms, $99B of equity stakes in its ecosystem, and guarantees of up to $105 billion behind OpenAI's data-center leases. The balance sheet can carry this for now, with $56.6B of cash and debt securities against $33.4B of debt. What decides the trajectory is whether receivables turn into cash and whether margins hold as memory costs rise.

what changed this quarter

  • Revenue was $96.2B, up 106% year over year and 18% from Q1. Data Center revenue was $89.0B, up 117%.
  • Gross margin was 75.0% versus 72.4% a year earlier. The Q3 outlook is $108.0B of revenue ±2% and a 74.0% gross margin ±0.5 point, with no China data-center compute revenue assumed.
  • Operating cash flow was $24.1B, against $15.4B a year earlier and $50.3B in Q1. Customers took longer to pay: days sales outstanding rose to 60 from 45.
  • On June 18, NVIDIA sold $25.0B of notes in seven tranches. On May 18, the quarterly dividend rose from $0.01 to $0.25 and $80.0B was added to the buyback authorization.
  • On August 17, NVIDIA guaranteed OpenAI's leases at SB Energy's Ohio campus, capped at $105B. Supply commitments rose from $119B to $279B.

in the full report

Its findings, each with the evidence, the strongest counterpoint and what would prove it wrong:

  • Growth is still accelerating, and supply, not demand, is the stated limit
  • Profit is turning into cash slowly because NVIDIA is financing its buyers
  • NVIDIA's balance sheet now stands behind a growing share of its own demand
  • Gross margin has peaked for now as memory costs climb

Then its finances, the quality of its earnings, its management, the case for and against, and what to watch, its claims cited to the filings and checked against them.

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