🔍 SEC Document Analyzer Document Loaded

Company
NVIDIA CORP
Ticker
NVDA
Document Type
10-Q
Filing Date
Oct 26, 2025
Period
Q3 FY2026
Source
S4D Vault
Q3 Revenue
$57.0B
↑ 62% YoY
Net Income
$31.9B
↑ 65% YoY
Gross Margin
73.4%
↓ 1.2 pts YoY
Data Center Revenue
$51.2B
90% of Total

🚨 Critical Red Flags 6 Issues

💥 $4.5B H20 Inventory Charge
Critical
Export license requirements led to massive inventory write-off in Q1 FY2026. H20 sales now insignificant (~$50M under limited licenses).
⚠️ Extreme Customer Concentration
Critical
61% of Q3 revenue from just 4 direct customers: Customer A (22%), Customer B (15%), Customer C (13%), Customer D (11%).
🇨🇳 China Antitrust Investigation
High
Preliminary finding on September 15, 2025 that NVIDIA violated Mellanox acquisition terms. Potential penalties and business restrictions pending.
📉 China Revenue Collapse
High
Revenue dropped 63% YoY from $8.1B to $3.0B. Effectively foreclosed from China's data center computing market.
📊 Gross Margin Compression
High
Gross margin decreased from 74.6% to 73.4% driven by business model transition from Hopper to Blackwell full-scale datacenter solutions.
🔄 Product Transition Complexity
High
Rapid one-year product cadence creates risk of revenue volatility, quality issues, inventory provisions, and warranty costs.

📊 Revenue by Segment (Q3 FY2026)

End Market Revenue Distribution
Data Center
$51.2B
90%
Gaming
$4.3B
8%
Professional Viz
$0.76B
1%
Automotive
$0.59B
1%

🌍 Geographic Revenue Distribution

Revenue by Region (Q3 FY2026)
United States
$39.2B
69%
Taiwan
$13.8B
24%
China (incl. HK)
$3B
5%
Other
$1.1B
2%

💡 Intelligent Follow-up Questions

1 What is the outlook for Blackwell revenue ramp and potential supply constraints?
Explore production capacity, customer adoption rates, and competitive positioning
2 How material is the customer concentration risk, and what mitigation strategies exist?
Analyze dependency on top 4 customers and diversification efforts
3 What are the financial implications if China antitrust regulators impose penalties?
Assess potential fines, operational restrictions, and impact on networking business
4 How does NVIDIA plan to navigate the evolving export control landscape?
Understand compliance strategy, product development approach, and market access plans
5 What is driving the gross margin compression, and is this the new normal?
Examine mix shift, Blackwell cost structure, and long-term margin trajectory

🔍 Quick Analysis Topics

3 Topics Discussed
3 Sections Analyzed
6 Red Flags Identified