Cover
Cover - shares shares in Millions | 9 Months Ended | |
Oct. 29, 2023 | Nov. 17, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 29, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-23985 | |
Entity Registrant Name | NVIDIA CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3177549 | |
Entity Address, Address Line One | 2788 San Tomas Expressway | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95051 | |
City Area Code | 408 | |
Local Phone Number | 486-2000 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | NVDA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,470 | |
Entity Central Index Key | 0001045810 | |
Current Fiscal Year End Date | --01-28 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 18,120 | $ 5,931 | $ 38,819 | $ 20,923 |
Cost of revenue | 4,720 | 2,754 | 11,309 | 9,400 |
Gross profit | 13,400 | 3,177 | 27,510 | 11,523 |
Operating expenses | ||||
Research and development | 2,294 | 1,945 | 6,210 | 5,387 |
Sales, general and administrative | 689 | 631 | 1,942 | 1,815 |
Acquisition termination cost | 0 | 0 | 0 | 1,353 |
Total operating expenses | 2,983 | 2,576 | 8,152 | 8,555 |
Operating income | 10,417 | 601 | 19,358 | 2,968 |
Interest income | 234 | 88 | 572 | 152 |
Interest expense | (63) | (65) | (194) | (198) |
Other, net | (66) | (11) | (24) | (29) |
Other income (expense), net | 105 | 12 | 354 | (75) |
Income before income tax | 10,522 | 613 | 19,712 | 2,893 |
Income tax expense (benefit) | 1,279 | (67) | 2,237 | (61) |
Net income | $ 9,243 | $ 680 | $ 17,475 | $ 2,954 |
Net income per share: | ||||
Basic (in dollars per share) | $ 3.75 | $ 0.27 | $ 7.07 | $ 1.18 |
Diluted (in dollars per share) | $ 3.71 | $ 0.27 | $ 7.01 | $ 1.17 |
Weighted average shares used in per share computation: | ||||
Basic (in shares) | 2,468 | 2,483 | 2,470 | 2,495 |
Diluted (in shares) | 2,494 | 2,499 | 2,494 | 2,517 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 9,243 | $ 680 | $ 17,475 | $ 2,954 |
Available-for-sale securities: | ||||
Net change in unrealized gain (loss) | 0 | (18) | 7 | (53) |
Reclassification adjustments for net realized gain included in net income | 0 | 0 | 0 | 1 |
Net change in unrealized gain (loss) | 0 | (18) | 7 | (52) |
Cash flow hedges: | ||||
Net change in unrealized loss | (23) | (14) | (14) | (44) |
Reclassification adjustments for net realized loss included in net income | (14) | (1) | (38) | (16) |
Net change in unrealized loss | (37) | (15) | (52) | (60) |
Other comprehensive loss, net of tax | (37) | (33) | (45) | (112) |
Total comprehensive income | $ 9,206 | $ 647 | $ 17,430 | $ 2,842 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Oct. 29, 2023 | Jan. 29, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 5,519 | $ 3,389 |
Marketable securities | 12,762 | 9,907 |
Accounts receivable, net | 8,309 | 3,827 |
Inventories | 4,779 | 5,159 |
Prepaid expenses and other current assets | 1,289 | 791 |
Total current assets | 32,658 | 23,073 |
Property and equipment, net | 3,844 | 3,807 |
Operating lease assets | 1,316 | 1,038 |
Goodwill | 4,430 | 4,372 |
Intangible assets, net | 1,251 | 1,676 |
Deferred income tax assets | 5,982 | 3,396 |
Other assets | 4,667 | 3,820 |
Total assets | 54,148 | 41,182 |
Current liabilities: | ||
Accounts payable | 2,380 | 1,193 |
Accrued and other current liabilities | 5,472 | 4,120 |
Short-term debt | 1,249 | 1,250 |
Total current liabilities | 9,101 | 6,563 |
Long-term debt | 8,457 | 9,703 |
Long-term operating lease liabilities | 1,091 | 902 |
Other long-term liabilities | 2,234 | 1,913 |
Total liabilities | 20,883 | 19,081 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 2 | 2 |
Additional paid-in capital | 12,991 | 11,971 |
Accumulated other comprehensive loss | (88) | (43) |
Retained earnings | 20,360 | 10,171 |
Total shareholders' equity | 33,265 | 22,101 |
Total liabilities and shareholders' equity | $ 54,148 | $ 41,182 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock Outstanding | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings |
Beginning balance, common stock outstanding (in shares) at Jan. 30, 2022 | 2,506 | ||||
Beginning balances, shareholders' equity at Jan. 30, 2022 | $ 26,612 | $ 3 | $ 10,385 | $ (11) | $ 16,235 |
Increase (Decrease) in Shareholders' Equity | |||||
Net income | 2,954 | 2,954 | |||
Other comprehensive loss | (112) | (112) | |||
Issuance of common stock from stock plans (in shares) | 24 | ||||
Issuance of common stock from stock plans | 349 | 349 | |||
Tax withholding related to vesting of restricted stock units (in shares) | (6) | ||||
Tax withholding related to vesting of restricted stock units | $ (1,131) | (1,131) | |||
Shares repurchased (in shares) | (56) | (56) | |||
Shares repurchased | $ (8,988) | $ (1) | (3) | (8,984) | |
Cash dividends declared and paid | (300) | (300) | |||
Stock-based compensation | 1,965 | 1,965 | |||
Ending balance, common stock outstanding (in shares) at Oct. 30, 2022 | 2,468 | ||||
Ending balances, shareholders' equity at Oct. 30, 2022 | 21,349 | $ 2 | 11,565 | (123) | 9,905 |
Beginning balance, common stock outstanding (in shares) at Jul. 31, 2022 | 2,489 | ||||
Beginning balances, shareholders' equity at Jul. 31, 2022 | 23,851 | $ 2 | 10,968 | (90) | 12,971 |
Increase (Decrease) in Shareholders' Equity | |||||
Net income | 680 | 680 | |||
Other comprehensive loss | (33) | (33) | |||
Issuance of common stock from stock plans (in shares) | 9 | ||||
Issuance of common stock from stock plans | 143 | 143 | |||
Tax withholding related to vesting of restricted stock units (in shares) | (2) | ||||
Tax withholding related to vesting of restricted stock units | $ (294) | (294) | |||
Shares repurchased (in shares) | (28) | (28) | |||
Shares repurchased | $ (3,647) | (1) | (3,646) | ||
Cash dividends declared and paid | (100) | (100) | |||
Stock-based compensation | 749 | 749 | |||
Ending balance, common stock outstanding (in shares) at Oct. 30, 2022 | 2,468 | ||||
Ending balances, shareholders' equity at Oct. 30, 2022 | 21,349 | $ 2 | 11,565 | (123) | 9,905 |
Beginning balance, common stock outstanding (in shares) at Jan. 29, 2023 | 2,466 | ||||
Beginning balances, shareholders' equity at Jan. 29, 2023 | 22,101 | $ 2 | 11,971 | (43) | 10,171 |
Increase (Decrease) in Shareholders' Equity | |||||
Net income | 17,475 | 17,475 | |||
Other comprehensive loss | (45) | (45) | |||
Issuance of common stock from stock plans (in shares) | 21 | ||||
Issuance of common stock from stock plans | 403 | 403 | |||
Tax withholding related to vesting of restricted stock units (in shares) | (5) | ||||
Tax withholding related to vesting of restricted stock units | $ (1,942) | (1,942) | |||
Shares repurchased (in shares) | (15.9) | (16) | |||
Shares repurchased | $ (7,005) | (15) | (6,990) | ||
Cash dividends declared and paid | (296) | (296) | |||
Stock-based compensation | 2,574 | 2,574 | |||
Ending balance, common stock outstanding (in shares) at Oct. 29, 2023 | 2,466 | ||||
Ending balances, shareholders' equity at Oct. 29, 2023 | 33,265 | $ 2 | 12,991 | (88) | 20,360 |
Beginning balance, common stock outstanding (in shares) at Jul. 30, 2023 | 2,469 | ||||
Beginning balances, shareholders' equity at Jul. 30, 2023 | 27,501 | $ 2 | 12,629 | (51) | 14,921 |
Increase (Decrease) in Shareholders' Equity | |||||
Net income | 9,243 | 9,243 | |||
Other comprehensive loss | (37) | (37) | |||
Issuance of common stock from stock plans (in shares) | 7 | ||||
Issuance of common stock from stock plans | 157 | 157 | |||
Tax withholding related to vesting of restricted stock units (in shares) | (2) | ||||
Tax withholding related to vesting of restricted stock units | $ (764) | (764) | |||
Shares repurchased (in shares) | (8.3) | (8) | |||
Shares repurchased | $ (3,719) | (14) | (3,705) | ||
Cash dividends declared and paid | (99) | (99) | |||
Stock-based compensation | 983 | 983 | |||
Ending balance, common stock outstanding (in shares) at Oct. 29, 2023 | 2,466 | ||||
Ending balances, shareholders' equity at Oct. 29, 2023 | $ 33,265 | $ 2 | $ 12,991 | $ (88) | $ 20,360 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, dividends per share, declared and paid (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.12 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Oct. 29, 2023 | Oct. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 17,475 | $ 2,954 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation expense | 2,555 | 1,971 |
Depreciation and amortization | 1,121 | 1,118 |
Losses on investments in non-affiliates | 24 | 35 |
Deferred income taxes | (2,411) | (1,517) |
Acquisition termination cost | 0 | 1,353 |
Other | (170) | (27) |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | (4,482) | (258) |
Inventories | 405 | (1,848) |
Prepaid expenses and other assets | (337) | (1,307) |
Accounts payable | 1,250 | (358) |
Accrued and other current liabilities | 953 | 1,175 |
Other long-term liabilities | 208 | 102 |
Net cash provided by operating activities | 16,591 | 3,393 |
Cash flows from investing activities: | ||
Proceeds from maturities of marketable securities | 8,001 | 16,792 |
Proceeds from sales of marketable securities | 0 | 1,806 |
Purchases of marketable securities | (10,688) | (9,764) |
Purchases related to property and equipment and intangible assets | (815) | (1,324) |
Acquisitions, net of cash acquired | (83) | (49) |
Investments in non-affiliates and other, net | (872) | (83) |
Net cash provided by (used in) investing activities | (4,457) | 7,378 |
Cash flows from financing activities: | ||
Proceeds related to employee stock plans | 403 | 349 |
Payments related to repurchases of common stock | (6,874) | (8,826) |
Repayment of debt | (1,250) | 0 |
Payments related to tax on restricted stock units | (1,942) | (1,131) |
Dividends paid | (296) | (300) |
Principal payments on property and equipment and intangible assets | (44) | (54) |
Other | (1) | 1 |
Net cash used in financing activities | (10,004) | (9,961) |
Change in cash, cash equivalents, and restricted cash | 2,130 | 810 |
Cash, cash equivalents, and restricted cash at beginning of period | 3,389 | 1,990 |
Cash, cash equivalents, and restricted cash at end of period | 5,519 | 2,800 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes, net | $ 4,676 | $ 1,372 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 29, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 29, 2023 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 29, 2023, 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 statement 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 29, 2023. 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 29, 2023. Fiscal Year We operate on a 52- or 53-week year, ending on the last Sunday in January. Fiscal years 2024 and 2023 are both 52-week years. The third quarters of fiscal years 2024 and 2023 were both 13-week quarters. Reclassifications Certain prior fiscal year balances have been reclassified to conform to the current fiscal year presentation. 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 revenue recognition, cash equivalents and marketable securities, accounts receivable, inventories, income taxes, goodwill, stock-based compensation, litigation, investigation and settlement costs, restructuring and other charges, property, plant, and equipment, and other contingencies. These estimates are based on historical facts and various other assumptions that we believe are reasonable. In February 2023, we completed an assessment of the useful lives of our property, plant, and equipment. Based on advances in technology and usage rate, we increased the estimated useful life of a majority of our server, storage, and network equipment from three four five |
Business Combination
Business Combination | 9 Months Ended |
Oct. 29, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination | Business Combination Termination of the Arm Share Purchase Agreement In February 2022, NVIDIA and SoftBank Group Corp, or SoftBank, announced the termination of the Share Purchase Agreement whereby NVIDIA would have acquired Arm Limited, or Arm, from SoftBank. The parties agreed to terminate due to significant regulatory challenges preventing the completion of the transaction. We recorded an acquisition termination cost of $1.35 billion in fiscal year 2023 reflecting the write-off of the prepayment provided at signing. |
Leases
Leases | 9 Months Ended |
Oct. 29, 2023 | |
Leases [Abstract] | |
Leases | Leases Our lease obligations primarily consist of operating leases for our headquarters complex, domestic and international office facilities, and data center space, with lease periods expiring between fiscal years 2024 and 2035. Future minimum lease payments under our non-cancelable operating leases as of October 29, 2023 are as follows: Operating Lease Obligations (In millions) Fiscal Year: 2024 (excluding first nine months of fiscal year 2024) $ 84 2025 269 2026 248 2027 233 2028 220 2029 and thereafter 454 Total 1,508 Less imputed interest 187 Present value of net future minimum lease payments 1,321 Less short-term operating lease liabilities 230 Long-term operating lease liabilities $ 1,091 In addition, we have operating leases, primarily for our data centers, that are expected to commence between the fourth quarter of fiscal year 2024 and fiscal year 2025 with lease terms of 3 to 10 years for $924 million. Operating lease expenses were $69 million and $49 million for the third quarter of fiscal years 2024 and 2023, respectively, and $195 million and $139 million for the first nine months of fiscal years 2024 and 2023, respectively. Short-term and variable lease expenses for the third quarter and first nine months of fiscal years 2024 and 2023 were not significant. Other information related to leases was as follows: Nine Months Ended October 29, 2023 October 30, 2022 (In millions) Supplemental cash flows information Operating cash flows used for operating leases $ 200 $ 134 Operating lease assets obtained in exchange for lease obligations $ 439 $ 213 As of October 29, 2023, our operating leases had a weighted average remaining lease term of 6.3 years and a weighted average discount rate of 3.64%. As of January 29, 2023, our operating leases had a weighted average remaining lease term of 6.8 years and a weighted average discount rate of 3.21%. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 29, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Our stock-based compensation expense is associated with restricted stock units, or RSUs, performance stock units that are based on our corporate financial performance targets, or PSUs, performance stock units that are based on market conditions, or market-based PSUs, and our employee stock purchase plan, or ESPP. Our Condensed Consolidated Statements of Income include stock-based compensation expense, net of amounts allocated to inventory, as follows: Three Months Ended Nine Months Ended October 29, October 30, October 29, October 30, (In millions) Cost of revenue $ 38 $ 32 $ 96 $ 108 Research and development 701 530 1,826 1,365 Sales, general and administrative 240 183 633 498 Total $ 979 $ 745 $ 2,555 $ 1,971 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 Shares Weighted Average Grant-Date Fair Value Per Share (In millions, except per share data) Balances, January 29, 2023 45 $ 158.45 Granted 13 $ 364.52 Vested (16) $ 141.02 Canceled and forfeited (1) $ 201.49 Balances, October 29, 2023 41 $ 230.11 As of October 29, 2023, there was $9.03 billion of aggregate unearned stock-based compensation expense. This amount is expected to be recognized over a weighted average period of 2.6 years for RSUs, PSUs, and market-based PSUs, and 11 months for ESPP. |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Oct. 29, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 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 Ended Nine Months Ended October 29, October 30, October 29, October 30, 2023 2022 2023 2022 (In millions, except per share data) Numerator: Net income $ 9,243 $ 680 $ 17,475 $ 2,954 Denominator: Basic weighted average shares 2,468 2,483 2,470 2,495 Dilutive impact of outstanding equity awards 26 16 24 22 Diluted weighted average shares 2,494 2,499 2,494 2,517 Net income per share: Basic (1) $ 3.75 $ 0.27 $ 7.07 $ 1.18 Diluted (2) $ 3.71 $ 0.27 $ 7.01 $ 1.17 Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive 1 36 14 29 (1) Calculated as net income divided by basic weighted average shares. (2) Calculated as net income divided by diluted weighted average shares. Diluted net income per share is computed using the weighted average number of common and potentially dilutive shares outstanding during the period, using the treasury stock method. Any anti-dilutive effect of equity awards outstanding is not included in the computation of diluted net income per share. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax was an expense of $1.28 billion and $2.24 billion for the third quarter and first nine months of fiscal year 2024, respectively, and a benefit of $67 million and $61 million for the third quarter and first nine months of fiscal year 2023, respectively. Income tax as a percentage of income before income tax was an expense of 12.2% and 11.3% for the third quarter and first nine months of fiscal year 2024, respectively, and a benefit of 10.9% and 2.1% for the third quarter and first nine months of fiscal year 2023, respectively. During the third quarter of fiscal year 2024, the Internal Revenue Service, or IRS, audit of our federal income tax returns for fiscal years 2018 and 2019 was resolved. We recognized a non-cash net benefit of $145 million, related to this IRS audit resolution, for effectively settled positions. This benefit consists of a reduction in unrecognized tax benefits of $236 million and related accrued interest of $17 million, net of federal benefit partially offset by additional cash tax payments and reductions in tax attribute carryforwards of $108 million. The effective tax rate increased due to a decreased impact of tax benefits from the foreign-derived intangible income deduction, stock-based compensation, and the U.S. federal research tax credit, relative to the increase in income before income tax. The increase in the effective tax rate was partially offset by a benefit due to the IRS audit resolution. Our effective tax rates for the first nine months of fiscal years 2024 and 2023 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 and the U.S. federal research tax credit. Our effective tax rate for the first nine months of fiscal year 2024 was additionally benefited by the IRS audit resolution. |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 9 Months Ended |
Oct. 29, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities Our cash equivalents and marketable securities related to debt securities are classified as “available-for-sale” debt securities. The following is a summary of cash equivalents and marketable securities: October 29, 2023 Amortized Unrealized Unrealized Estimated Reported as Cash Equivalents Marketable Securities (In millions) Corporate debt securities $ 6,937 $ 1 $ (20) $ 6,918 $ 1,714 $ 5,204 Debt securities issued by the U.S. Treasury 5,075 1 (24) 5,052 — 5,052 Money market funds 3,190 — — 3,190 3,190 — Debt securities issued by U.S. government agencies 2,316 — (5) 2,311 100 2,211 Certificates of deposit 418 — — 418 198 220 Foreign government bonds 175 — — 175 100 75 Total $ 18,111 $ 2 $ (49) $ 18,064 $ 5,302 $ 12,762 January 29, 2023 Amortized Unrealized Unrealized Estimated Reported as Cash Equivalents Marketable Securities (In millions) Corporate debt securities $ 4,809 $ — $ (12) $ 4,797 $ 1,087 $ 3,710 Debt securities issued by the U.S. Treasury 4,185 1 (44) 4,142 — 4,142 Debt securities issued by U.S. government agencies 1,836 — (2) 1,834 50 1,784 Money market funds 1,777 — — 1,777 1,777 — Certificates of deposit 365 — — 365 134 231 Foreign government bonds 140 — — 140 100 40 Total $ 13,112 $ 1 $ (58) $ 13,055 $ 3,148 $ 9,907 The following tables provide the breakdown of unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position: October 29, 2023 Less than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss (In millions) Corporate debt securities $ 2,773 $ (16) $ 852 $ (4) $ 3,625 $ (20) Debt securities issued by the U.S. Treasury 2,098 (12) 1,371 (12) 3,469 (24) Debt securities issued by U.S. government agencies 1,447 (5) — — 1,447 (5) Total $ 6,318 $ (33) $ 2,223 $ (16) $ 8,541 $ (49) January 29, 2023 Less than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss (In millions) Debt securities issued by the U.S. Treasury $ 2,444 $ (21) $ 1,172 $ (23) $ 3,616 $ (44) Corporate debt securities 1,188 (7) 696 (5) 1,884 (12) Debt securities issued by U.S. government agencies 1,307 (2) — — 1,307 (2) Total $ 4,939 $ (30) $ 1,868 $ (28) $ 6,807 $ (58) The gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates. Net realized gains and losses were not significant for all periods presented. The amortized cost and estimated fair value of cash equivalents and marketable securities are shown below by contractual maturity. October 29, 2023 January 29, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In millions) Less than one year $ 11,405 $ 11,388 $ 9,738 $ 9,708 Due in 1 - 5 years 6,706 6,676 3,374 3,347 Total $ 18,111 $ 18,064 $ 13,112 $ 13,055 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Oct. 29, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities The fair values of our financial assets and liabilities are determined using quoted market prices of identical assets or quoted market prices of similar assets from active markets. We review fair value hierarchy classification on a quarterly basis. Fair Value at Pricing Category October 29, 2023 January 29, 2023 (In millions) Assets Cash equivalents and marketable securities: Money market funds Level 1 $ 3,190 $ 1,777 Corporate debt securities Level 2 $ 6,918 $ 4,797 Debt securities issued by the U.S. Treasury Level 2 $ 5,052 $ 4,142 Debt securities issued by U.S. government agencies Level 2 $ 2,311 $ 1,834 Certificates of deposit Level 2 $ 418 $ 365 Foreign government bonds Level 2 $ 175 $ 140 Other assets (Investments in non-affiliated entities): Publicly-held equity securities Level 1 $ 153 $ 11 Privately-held equity securities Level 3 $ 1,019 $ 288 Liabilities (1) 0.309% Notes Due 2023 Level 2 $ — $ 1,230 0.584% Notes Due 2024 Level 2 $ 1,212 $ 1,185 3.20% Notes Due 2026 Level 2 $ 945 $ 966 1.55% Notes Due 2028 Level 2 $ 1,060 $ 1,099 2.85% Notes Due 2030 Level 2 $ 1,289 $ 1,364 2.00% Notes Due 2031 Level 2 $ 981 $ 1,044 3.50% Notes Due 2040 Level 2 $ 756 $ 870 3.50% Notes Due 2050 Level 2 $ 1,388 $ 1,637 3.70% Notes Due 2060 Level 2 $ 342 $ 410 (1) These liabilities are carried on our Condensed Consolidated Balance Sheets at their original issuance value, net of unamortized debt discount and issuance costs. |
Amortizable Intangible Assets a
Amortizable Intangible Assets and Goodwill | 9 Months Ended |
Oct. 29, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets and Goodwill | Amortizable Intangible Assets and Goodwill The components of our amortizable intangible assets are as follows: October 29, 2023 January 29, 2023 Gross Accumulated Net Carrying Gross Accumulated Net Carrying (In millions) Acquisition-related intangible assets $ 2,642 $ (1,584) $ 1,058 $ 3,093 $ (1,614) $ 1,479 Patents and licensed technology 450 (257) 193 446 (249) 197 Total intangible assets $ 3,092 $ (1,841) $ 1,251 $ 3,539 $ (1,863) $ 1,676 Amortization expense associated with intangible assets was $144 million and $471 million for the third quarter and first nine months of fiscal year 2024, respectively, and $181 million and $518 million for the third quarter and first nine months of fiscal year 2023, respectively. The following table outlines the estimated future amortization expense related to the net carrying amount of intangible assets as of October 29, 2023: Future Amortization Expense (In millions) Fiscal Year: 2024 (excluding first nine months of fiscal year 2024) $ 143 2025 554 2026 259 2027 149 2028 37 2029 and thereafter 109 Total $ 1,251 |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Oct. 29, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Two customers each accounted for 11% of our accounts receivable balance as of October 29, 2023. Two customers accounted for 14% and 11% of our accounts receivable balance as of January 29, 2023. Certain balance sheet components are as follows: October 29, January 29, 2023 2023 Inventories (1): (In millions) Raw materials $ 1,663 $ 2,430 Work in-process 1,338 466 Finished goods 1,778 2,263 Total inventories $ 4,779 $ 5,159 (1) During the third quarter of fiscal years 2024 and 2023, we recorded an inventory provision of approximately $208 million and $354 million, respectively, in cost of revenue. October 29, January 29, 2023 2023 Other Assets: (In millions) Prepaid supply and capacity agreements (1) $ 2,927 $ 2,989 Investments in non-affiliated entities 1,172 299 Prepaid royalties 369 387 Prepaid cloud services 60 23 Other 139 122 Total other assets $ 4,667 $ 3,820 (1) As of October 29, 2023 and January 29, 2023, there were an additional $743 million and $458 million of short-term prepaid supply and capacity agreements included in Prepaid expenses and other current assets, respectively. October 29, January 29, 2023 2023 Accrued and Other Current Liabilities: (In millions) Customer program accruals $ 1,771 $ 1,196 Excess inventory purchase obligations (1) 1,280 954 Accrued payroll and related expenses 516 530 Deferred revenue (2) 513 354 Taxes payable 420 467 Product warranty and return provisions 299 108 Operating leases 230 176 Licenses and royalties 150 149 Unsettled share repurchases 117 — Other 176 186 Total accrued and other current liabilities $ 5,472 $ 4,120 (1) During the third quarter of fiscal years 2024 and 2023, we recorded an expense of approximately $473 million and $348 million, respectively, in cost of revenue for inventory purchase obligations in excess of our current demand projections, supplier charges and for penalties related to cancellations and underutilization. (2) Deferred revenue primarily includes customer advances and deferrals related to license and development arrangements, support for hardware and software, and cloud services. October 29, January 29, 2023 2023 Other Long-Term Liabilities: (In millions) Income tax payable (1) $ 1,206 $ 1,204 Deferred revenue (2) 425 218 Deferred income tax 424 247 Licenses payable 113 181 Other 66 63 Total other long-term liabilities $ 2,234 $ 1,913 (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) Deferred revenue primarily includes deferrals related to support for hardware and software. Deferred Revenue The following table shows the changes in deferred revenue during the first nine months of fiscal years 2024 and 2023: October 29, October 30, 2023 2022 (In millions) Balance at beginning of period $ 572 $ 502 Deferred revenue additions during the period 1,269 577 Revenue recognized during the period (903) (528) Balance at end of period $ 938 $ 551 Revenue allocated to remaining performance obligations, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods, was $896 million as of October 29, 2023. We expect to recognize approximately 42% of this revenue over the next twelve months and the remainder thereafter. This excludes revenue related to performance obligations for contracts with a length of one year or less. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Oct. 29, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We enter into foreign currency forward contracts to mitigate the impact of foreign currency exchange rate movements on our operating expenses. These contracts are designated as cash flow hedges for hedge accounting treatment. 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 enter into foreign currency forward contracts to mitigate the impact of foreign currency movements on monetary assets and liabilities that are denominated in currencies other than the U.S. dollar. These forward contracts were not designated for hedge accounting treatment. Therefore, the change in fair value of these contracts is recorded in other income or expense and offsets the change in fair value of the hedged foreign currency denominated monetary assets and liabilities, which is also recorded in other income or expense. The table below presents the notional value of our foreign currency forward contracts outstanding: October 29, January 29, (In millions) Designated as cash flow hedges $ 1,148 $ 1,128 Non-designated hedges $ 365 $ 366 The unrealized gains and losses or fair value of our foreign currency forward contracts was not significant as of October 29, 2023 and January 29, 2023. As of October 29, 2023, all designated foreign currency forward contracts mature within 18 months. The expected realized gains and losses deferred into accumulated other comprehensive income or loss related to foreign currency forward contracts within the next twelve months was not significant. During the first nine months of fiscal years 2024 and 2023, the impact of derivative financial instruments designated for hedge accounting treatment on other comprehensive income or loss was not significant and all such instruments were determined to be highly effective. |
Debt
Debt | 9 Months Ended |
Oct. 29, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-Term Debt The carrying value of our outstanding notes, the calendar year of maturity, and the associated interest rates were as follows: Carrying Value at Expected Effective October 29, 2023 January 29, 2023 (In millions) 0.309% Notes Due 2023 — 0.41% $ — $ 1,250 0.584% Notes Due 2024 0.6 0.66% 1,250 1,250 3.20% Notes Due 2026 2.9 3.31% 1,000 1,000 1.55% Notes Due 2028 4.6 1.64% 1,250 1,250 2.85% Notes Due 2030 6.4 2.93% 1,500 1,500 2.00% Notes Due 2031 7.6 2.09% 1,250 1,250 3.50% Notes Due 2040 16.4 3.54% 1,000 1,000 3.50% Notes Due 2050 26.4 3.54% 2,000 2,000 3.70% Notes Due 2060 36.4 3.73% 500 500 Unamortized debt discount and issuance costs (44) (47) Net carrying amount 9,706 10,953 Less short-term portion (1,249) (1,250) Total long-term portion $ 8,457 $ 9,703 All our notes are unsecured senior obligations. All 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, subject to a make-whole premium as defined in the applicable form of note. On June 15, 2023, we repaid the 0.309% Notes Due 2023. As of October 29, 2023, we were in compliance 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 29, 2023, we had not issued any commercial paper. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 29, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Obligations Our purchase obligations reflect our commitments 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 29, 2023, we had outstanding inventory purchase and long-term supply and capacity obligations totaling $17.11 billion. We enter into agreements with contract manufacturers that allow them to procure inventory based upon criteria as defined by us, and in certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed, but these changes may result in the payment of costs incurred through the date of cancellation. Other non-inventory purchase obligations were $4.43 billion, which includes $3.60 billion of multi-year cloud service agreements, primarily to support our research and development efforts. Total future purchase commitments as of October 29, 2023 are as follows: Commitments (In millions) Fiscal Year: 2024 (excluding first nine months of fiscal year 2024) $ 6,499 2025 11,861 2026 1,128 2027 1,038 2028 660 2029 and thereafter 354 Total $ 21,540 Accrual for Product Warranty Liabilities The estimated amount of product warranty liabilities was $142 million and $82 million as of October 29, 2023 and January 29, 2023, respectively. The estimated product returns and estimated product warranty activity consisted of the following: Three Months Ended Nine Months Ended October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 (In millions) Balance at beginning of period $ 115 $ 168 $ 82 $ 46 Additions 50 3 105 141 Utilization (23) (67) (45) (83) Balance at end of period $ 142 $ 104 $ 142 $ 104 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. 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. Following the Ninth Circuit’s denial of NVIDIA’s petition for rehearing on November 15, 2023, the parties will meet and confer regarding the next steps in this derivative matter. 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. Following the Ninth Circuit’s denial of NVIDIA’s petition for rehearing on November 15, 2023, the parties will meet and confer regarding the next steps in these derivative matters. 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. Accounting for Loss Contingencies As of October 29, 2023, we have not recorded any accrual for contingent liabilities associated with the legal proceedings described above based on our belief that liabilities, while possible, are not probable. Further, except as specifically 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. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Oct. 29, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Capital Return Program During the third quarter and first nine months of fiscal year 2024, we repurchased 8.3 million and 15.9 million shares of our common stock for $3.72 billion and $7.01 billion, respectively. During the third quarter and first nine months of fiscal year 2023, we repurchased 28 million and 56 million shares of our common stock for $3.65 billion and $8.99 billion, respectively. In August 2023, our Board of Directors approved an increase to our share repurchase program of an additional $25.00 billion, without expiration. As of October 29, 2023, we were authorized, subject to certain specifications, to repurchase additional shares of our common stock up to $25.24 billion. From October 30, 2023 through November 17, 2023, we repurchased 0.8 million shares for $366 million pursuant to a Rule 10b5-1 trading plan. Our share repurchase program aims to offset dilution from shares issued to employees. We may pursue additional share repurchases as we weigh market factors and other investment opportunities. During the third quarter and first nine months of fiscal year 2024, we paid $99 million and $296 million in cash dividends to our shareholders, respectively. During the third quarter and first nine months of fiscal year 2023, we paid $100 million and $300 million in cash dividends to our shareholders, 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. |
Segment Information
Segment Information | 9 Months Ended |
Oct. 29, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our Chief Executive Officer, who is considered to be our chief operating decision maker, or CODM, reviews financial information presented on an operating segment basis for purposes of making decisions and assessing financial performance. The Compute & Networking segment includes our Data Center accelerated computing platform; networking; automotive artificial intelligence, or AI, Cockpit, autonomous driving development agreements, and autonomous vehicle solutions; electric vehicle computing platforms; Jetson for robotics and other embedded platforms; NVIDIA AI Enterprise and other software; and DGX Cloud. 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 that are 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, intellectual property related, or IP-related costs, acquisition termination cost, 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 expense directly attributable to each reportable segment is included in operating results for each segment. However, our CODM does not evaluate depreciation and amortization expense by operating segment and, therefore, it is not separately presented. There is no intersegment revenue. 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 & Networking Graphics All Other Consolidated (In millions) Three Months Ended October 29, 2023 Revenue $ 14,645 $ 3,475 $ — $ 18,120 Operating income (loss) $ 10,262 $ 1,493 $ (1,338) $ 10,417 Three Months Ended October 30, 2022 Revenue $ 3,816 $ 2,115 $ — $ 5,931 Operating income (loss) $ 1,086 $ 606 $ (1,091) $ 601 Nine Months Ended October 29, 2023 Revenue $ 29,507 $ 9,312 $ — $ 38,819 Operating income (loss) $ 19,149 $ 3,751 $ (3,542) $ 19,358 Nine Months Ended October 30, 2022 Revenue $ 11,395 $ 9,528 $ — $ 20,923 Operating income (loss) $ 3,509 $ 3,739 $ (4,280) $ 2,968 Three Months Ended Nine Months Ended October 29, October 30, October 29, October 30, (In millions) Reconciling items included in "All Other" category: Stock-based compensation expense $ (979) $ (745) $ (2,555) $ (1,971) Unallocated cost of revenue and operating expenses (198) (156) (515) (432) Acquisition-related and other costs (135) (174) (446) (499) IP-related costs (26) — (36) — Acquisition termination cost — — — (1,353) Other — (16) 10 (25) Total $ (1,338) $ (1,091) $ (3,542) $ (4,280) Revenue by geographic region is designated based upon the billing location of the customer. Revenue by Geographic areas were as follows: Three Months Ended Nine Months Ended October 29, October 30, October 29, October 30, 2023 2022 2023 2022 (In millions) Revenue: United States $ 6,302 $ 2,148 $ 14,730 $ 6,069 Taiwan 4,333 1,153 8,968 5,134 China (including Hong Kong) 4,030 1,148 8,360 4,831 Singapore 2,702 536 4,506 1,963 Other countries 753 946 2,255 2,926 Total revenue $ 18,120 $ 5,931 $ 38,819 $ 20,923 Revenue from sales to customers outside of the United States accounted for 65% and 62% of total revenue for the third quarter and first nine months of fiscal year 2024, respectively, and 64% and 71% of total revenue for the third quarter and first nine months of fiscal year 2023, respectively. The increase in revenue to the United States for the third quarter and first nine months of fiscal year 2024 was primarily due to higher U.S.-based Data Center end demand. Sales to one customer, or Customer A, represented 12% of total revenue for the third quarter of fiscal year 2024, and sales to a second customer, or Customer B, represented 11% of total revenue for the first nine months of fiscal year 2024, both of which were attributable to the Compute & Networking segment. In the first nine months of fiscal year 2023, there were no customers with 10% or more of total revenue. In the third quarter of fiscal year 2023, one customer represented 10% of total revenue, primarily attributable to the Compute & Networking segment. The following table summarizes information pertaining to our revenue by each of the specialized markets we serve: Three Months Ended Nine Months Ended October 29, October 30, October 29, October 30, 2023 2022 2023 2022 (In millions) Revenue: Data Center $ 14,514 $ 3,833 $ 29,121 $ 11,389 Gaming 2,856 1,574 7,582 7,236 Professional Visualization 416 200 1,090 1,318 Automotive 261 251 810 609 OEM and Other 73 73 216 371 Total revenue $ 18,120 $ 5,931 $ 38,819 $ 20,923 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 9,243 | $ 680 | $ 17,475 | $ 2,954 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Oct. 29, 2023 shares | Oct. 29, 2023 shares | |
Debora C. Shoquist [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On August 27, 2023, Debora Shoquist, Executive Vice President, Operations, adopted a trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale through November 29, 2024 of up to 81,500 shares of our common stock. | |
Name | Debora Shoquist | |
Title | Executive Vice President | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 27, 2023 | |
Arrangement Duration | 460 days | |
Aggregate Available | 81,500 | 81,500 |
Donald Robertson [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On October 6, 2023, Donald Robertson, Vice President and Chief Accounting Officer, adopted a trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale through December 18, 2025 of up to 3,500 shares of our common stock. | |
Name | Donald Robertson | |
Title | Vice President and Chief Accounting Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | October 6, 2023 | |
Arrangement Duration | 804 days | |
Aggregate Available | 3,500 | 3,500 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 29, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe 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 29, 2023 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 29, 2023, 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 statement 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 29, 2023. |
Fiscal Year | Fiscal Year We operate on a 52- or 53-week year, ending on the last Sunday in January. Fiscal years 2024 and 2023 are both 52-week years. The third quarters of fiscal years 2024 and 2023 were both 13-week quarters. |
Reclassifications | ReclassificationsCertain prior fiscal year balances have been reclassified to conform to the current fiscal year presentation. |
Principles of Consolidation | 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 | 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 revenue recognition, cash equivalents and marketable securities, accounts receivable, inventories, income taxes, goodwill, stock-based compensation, litigation, investigation and settlement costs, restructuring and other charges, property, plant, and equipment, and other contingencies. These estimates are based on historical facts and various other assumptions that we believe are reasonable. three four five |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Leases [Abstract] | |
Schedule of future minimum lease payments | Future minimum lease payments under our non-cancelable operating leases as of October 29, 2023 are as follows: Operating Lease Obligations (In millions) Fiscal Year: 2024 (excluding first nine months of fiscal year 2024) $ 84 2025 269 2026 248 2027 233 2028 220 2029 and thereafter 454 Total 1,508 Less imputed interest 187 Present value of net future minimum lease payments 1,321 Less short-term operating lease liabilities 230 Long-term operating lease liabilities $ 1,091 |
Schedule of other information related to leases | Other information related to leases was as follows: Nine Months Ended October 29, 2023 October 30, 2022 (In millions) Supplemental cash flows information Operating cash flows used for operating leases $ 200 $ 134 Operating lease assets obtained in exchange for lease obligations $ 439 $ 213 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of stock-based compensation expense, net of amounts capitalized as inventory | Our Condensed Consolidated Statements of Income include stock-based compensation expense, net of amounts allocated to inventory, as follows: Three Months Ended Nine Months Ended October 29, October 30, October 29, October 30, (In millions) Cost of revenue $ 38 $ 32 $ 96 $ 108 Research and development 701 530 1,826 1,365 Sales, general and administrative 240 183 633 498 Total $ 979 $ 745 $ 2,555 $ 1,971 |
Schedule of equity award | The following is a summary of our equity award transactions under our equity incentive plans: RSUs, PSUs, and Market-based PSUs Outstanding Number of Shares Weighted Average Grant-Date Fair Value Per Share (In millions, except per share data) Balances, January 29, 2023 45 $ 158.45 Granted 13 $ 364.52 Vested (16) $ 141.02 Canceled and forfeited (1) $ 201.49 Balances, October 29, 2023 41 $ 230.11 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of numerators and denominators of basic and diluted net income per share computations | The following is a reconciliation of the denominator of the basic and diluted net income per share computations for the periods presented: Three Months Ended Nine Months Ended October 29, October 30, October 29, October 30, 2023 2022 2023 2022 (In millions, except per share data) Numerator: Net income $ 9,243 $ 680 $ 17,475 $ 2,954 Denominator: Basic weighted average shares 2,468 2,483 2,470 2,495 Dilutive impact of outstanding equity awards 26 16 24 22 Diluted weighted average shares 2,494 2,499 2,494 2,517 Net income per share: Basic (1) $ 3.75 $ 0.27 $ 7.07 $ 1.18 Diluted (2) $ 3.71 $ 0.27 $ 7.01 $ 1.17 Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive 1 36 14 29 (1) Calculated as net income divided by basic weighted average shares. (2) Calculated as net income divided by diluted weighted average shares. |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of cash equivalents and marketable securities | The following is a summary of cash equivalents and marketable securities: October 29, 2023 Amortized Unrealized Unrealized Estimated Reported as Cash Equivalents Marketable Securities (In millions) Corporate debt securities $ 6,937 $ 1 $ (20) $ 6,918 $ 1,714 $ 5,204 Debt securities issued by the U.S. Treasury 5,075 1 (24) 5,052 — 5,052 Money market funds 3,190 — — 3,190 3,190 — Debt securities issued by U.S. government agencies 2,316 — (5) 2,311 100 2,211 Certificates of deposit 418 — — 418 198 220 Foreign government bonds 175 — — 175 100 75 Total $ 18,111 $ 2 $ (49) $ 18,064 $ 5,302 $ 12,762 January 29, 2023 Amortized Unrealized Unrealized Estimated Reported as Cash Equivalents Marketable Securities (In millions) Corporate debt securities $ 4,809 $ — $ (12) $ 4,797 $ 1,087 $ 3,710 Debt securities issued by the U.S. Treasury 4,185 1 (44) 4,142 — 4,142 Debt securities issued by U.S. government agencies 1,836 — (2) 1,834 50 1,784 Money market funds 1,777 — — 1,777 1,777 — Certificates of deposit 365 — — 365 134 231 Foreign government bonds 140 — — 140 100 40 Total $ 13,112 $ 1 $ (58) $ 13,055 $ 3,148 $ 9,907 The amortized cost and estimated fair value of cash equivalents and marketable securities are shown below by contractual maturity. October 29, 2023 January 29, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In millions) Less than one year $ 11,405 $ 11,388 $ 9,738 $ 9,708 Due in 1 - 5 years 6,706 6,676 3,374 3,347 Total $ 18,111 $ 18,064 $ 13,112 $ 13,055 |
Schedule of investments in a continuous unrealized loss position | The following tables provide the breakdown of unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position: October 29, 2023 Less than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss (In millions) Corporate debt securities $ 2,773 $ (16) $ 852 $ (4) $ 3,625 $ (20) Debt securities issued by the U.S. Treasury 2,098 (12) 1,371 (12) 3,469 (24) Debt securities issued by U.S. government agencies 1,447 (5) — — 1,447 (5) Total $ 6,318 $ (33) $ 2,223 $ (16) $ 8,541 $ (49) January 29, 2023 Less than 12 Months 12 Months or Greater Total Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss (In millions) Debt securities issued by the U.S. Treasury $ 2,444 $ (21) $ 1,172 $ (23) $ 3,616 $ (44) Corporate debt securities 1,188 (7) 696 (5) 1,884 (12) Debt securities issued by U.S. government agencies 1,307 (2) — — 1,307 (2) Total $ 4,939 $ (30) $ 1,868 $ (28) $ 6,807 $ (58) |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value measurements, recurring and nonrecurring | Fair Value at Pricing Category October 29, 2023 January 29, 2023 (In millions) Assets Cash equivalents and marketable securities: Money market funds Level 1 $ 3,190 $ 1,777 Corporate debt securities Level 2 $ 6,918 $ 4,797 Debt securities issued by the U.S. Treasury Level 2 $ 5,052 $ 4,142 Debt securities issued by U.S. government agencies Level 2 $ 2,311 $ 1,834 Certificates of deposit Level 2 $ 418 $ 365 Foreign government bonds Level 2 $ 175 $ 140 Other assets (Investments in non-affiliated entities): Publicly-held equity securities Level 1 $ 153 $ 11 Privately-held equity securities Level 3 $ 1,019 $ 288 Liabilities (1) 0.309% Notes Due 2023 Level 2 $ — $ 1,230 0.584% Notes Due 2024 Level 2 $ 1,212 $ 1,185 3.20% Notes Due 2026 Level 2 $ 945 $ 966 1.55% Notes Due 2028 Level 2 $ 1,060 $ 1,099 2.85% Notes Due 2030 Level 2 $ 1,289 $ 1,364 2.00% Notes Due 2031 Level 2 $ 981 $ 1,044 3.50% Notes Due 2040 Level 2 $ 756 $ 870 3.50% Notes Due 2050 Level 2 $ 1,388 $ 1,637 3.70% Notes Due 2060 Level 2 $ 342 $ 410 (1) These liabilities are carried on our Condensed Consolidated Balance Sheets at their original issuance value, net of unamortized debt discount and issuance costs. |
Amortizable Intangible Assets_2
Amortizable Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of components of our amortizable intangible assets | The components of our amortizable intangible assets are as follows: October 29, 2023 January 29, 2023 Gross Accumulated Net Carrying Gross Accumulated Net Carrying (In millions) Acquisition-related intangible assets $ 2,642 $ (1,584) $ 1,058 $ 3,093 $ (1,614) $ 1,479 Patents and licensed technology 450 (257) 193 446 (249) 197 Total intangible assets $ 3,092 $ (1,841) $ 1,251 $ 3,539 $ (1,863) $ 1,676 Amortization expense associated with intangible assets was $144 million and $471 million for the third quarter and first nine months of fiscal year 2024, respectively, and $181 million and $518 million for the third quarter and first nine months of fiscal year 2023, respectively. The following table outlines the estimated future amortization expense related to the net carrying amount of intangible assets as of October 29, 2023: Future Amortization Expense (In millions) Fiscal Year: 2024 (excluding first nine months of fiscal year 2024) $ 143 2025 554 2026 259 2027 149 2028 37 2029 and thereafter 109 Total $ 1,251 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of inventory | Certain balance sheet components are as follows: October 29, January 29, 2023 2023 Inventories (1): (In millions) Raw materials $ 1,663 $ 2,430 Work in-process 1,338 466 Finished goods 1,778 2,263 Total inventories $ 4,779 $ 5,159 |
Schedule of other assets | October 29, January 29, 2023 2023 Other Assets: (In millions) Prepaid supply and capacity agreements (1) $ 2,927 $ 2,989 Investments in non-affiliated entities 1,172 299 Prepaid royalties 369 387 Prepaid cloud services 60 23 Other 139 122 Total other assets $ 4,667 $ 3,820 (1) As of October 29, 2023 and January 29, 2023, there were an additional $743 million and $458 million of short-term prepaid supply and capacity agreements included in Prepaid expenses and other current assets, respectively. |
Schedule of accrued and other current liabilities | October 29, January 29, 2023 2023 Accrued and Other Current Liabilities: (In millions) Customer program accruals $ 1,771 $ 1,196 Excess inventory purchase obligations (1) 1,280 954 Accrued payroll and related expenses 516 530 Deferred revenue (2) 513 354 Taxes payable 420 467 Product warranty and return provisions 299 108 Operating leases 230 176 Licenses and royalties 150 149 Unsettled share repurchases 117 — Other 176 186 Total accrued and other current liabilities $ 5,472 $ 4,120 (1) During the third quarter of fiscal years 2024 and 2023, we recorded an expense of approximately $473 million and $348 million, respectively, in cost of revenue for inventory purchase obligations in excess of our current demand projections, supplier charges and for penalties related to cancellations and underutilization. (2) Deferred revenue primarily includes customer advances and deferrals related to license and development arrangements, support for hardware and software, and cloud services. |
Schedule of other long-term liabilities | October 29, January 29, 2023 2023 Other Long-Term Liabilities: (In millions) Income tax payable (1) $ 1,206 $ 1,204 Deferred revenue (2) 425 218 Deferred income tax 424 247 Licenses payable 113 181 Other 66 63 Total other long-term liabilities $ 2,234 $ 1,913 (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) Deferred revenue primarily includes deferrals related to support for hardware and software. |
Schedule of changes in deferred revenue | The following table shows the changes in deferred revenue during the first nine months of fiscal years 2024 and 2023: October 29, October 30, 2023 2022 (In millions) Balance at beginning of period $ 572 $ 502 Deferred revenue additions during the period 1,269 577 Revenue recognized during the period (903) (528) Balance at end of period $ 938 $ 551 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional value of our foreign currency forward contracts outstanding | The table below presents the notional value of our foreign currency forward contracts outstanding: October 29, January 29, (In millions) Designated as cash flow hedges $ 1,148 $ 1,128 Non-designated hedges $ 365 $ 366 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | The carrying value of our outstanding notes, the calendar year of maturity, and the associated interest rates were as follows: Carrying Value at Expected Effective October 29, 2023 January 29, 2023 (In millions) 0.309% Notes Due 2023 — 0.41% $ — $ 1,250 0.584% Notes Due 2024 0.6 0.66% 1,250 1,250 3.20% Notes Due 2026 2.9 3.31% 1,000 1,000 1.55% Notes Due 2028 4.6 1.64% 1,250 1,250 2.85% Notes Due 2030 6.4 2.93% 1,500 1,500 2.00% Notes Due 2031 7.6 2.09% 1,250 1,250 3.50% Notes Due 2040 16.4 3.54% 1,000 1,000 3.50% Notes Due 2050 26.4 3.54% 2,000 2,000 3.70% Notes Due 2060 36.4 3.73% 500 500 Unamortized debt discount and issuance costs (44) (47) Net carrying amount 9,706 10,953 Less short-term portion (1,249) (1,250) Total long-term portion $ 8,457 $ 9,703 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future unconditional purchase commitments | Total future purchase commitments as of October 29, 2023 are as follows: Commitments (In millions) Fiscal Year: 2024 (excluding first nine months of fiscal year 2024) $ 6,499 2025 11,861 2026 1,128 2027 1,038 2028 660 2029 and thereafter 354 Total $ 21,540 |
Schedule of product warranty activity | The estimated product returns and estimated product warranty activity consisted of the following: Three Months Ended Nine Months Ended October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 (In millions) Balance at beginning of period $ 115 $ 168 $ 82 $ 46 Additions 50 3 105 141 Utilization (23) (67) (45) (83) Balance at end of period $ 142 $ 104 $ 142 $ 104 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Oct. 29, 2023 | |
Segment Reporting [Abstract] | |
Schedule of reportable segments | The table below presents details of our reportable segments and the “All Other” category. Compute & Networking Graphics All Other Consolidated (In millions) Three Months Ended October 29, 2023 Revenue $ 14,645 $ 3,475 $ — $ 18,120 Operating income (loss) $ 10,262 $ 1,493 $ (1,338) $ 10,417 Three Months Ended October 30, 2022 Revenue $ 3,816 $ 2,115 $ — $ 5,931 Operating income (loss) $ 1,086 $ 606 $ (1,091) $ 601 Nine Months Ended October 29, 2023 Revenue $ 29,507 $ 9,312 $ — $ 38,819 Operating income (loss) $ 19,149 $ 3,751 $ (3,542) $ 19,358 Nine Months Ended October 30, 2022 Revenue $ 11,395 $ 9,528 $ — $ 20,923 Operating income (loss) $ 3,509 $ 3,739 $ (4,280) $ 2,968 Three Months Ended Nine Months Ended October 29, October 30, October 29, October 30, (In millions) Reconciling items included in "All Other" category: Stock-based compensation expense $ (979) $ (745) $ (2,555) $ (1,971) Unallocated cost of revenue and operating expenses (198) (156) (515) (432) Acquisition-related and other costs (135) (174) (446) (499) IP-related costs (26) — (36) — Acquisition termination cost — — — (1,353) Other — (16) 10 (25) Total $ (1,338) $ (1,091) $ (3,542) $ (4,280) |
Schedule of revenue by geographic regions | Revenue by Geographic areas were as follows: Three Months Ended Nine Months Ended October 29, October 30, October 29, October 30, 2023 2022 2023 2022 (In millions) Revenue: United States $ 6,302 $ 2,148 $ 14,730 $ 6,069 Taiwan 4,333 1,153 8,968 5,134 China (including Hong Kong) 4,030 1,148 8,360 4,831 Singapore 2,702 536 4,506 1,963 Other countries 753 946 2,255 2,926 Total revenue $ 18,120 $ 5,931 $ 38,819 $ 20,923 |
Schedule of revenue by specialized markets | The following table summarizes information pertaining to our revenue by each of the specialized markets we serve: Three Months Ended Nine Months Ended October 29, October 30, October 29, October 30, 2023 2022 2023 2022 (In millions) Revenue: Data Center $ 14,514 $ 3,833 $ 29,121 $ 11,389 Gaming 2,856 1,574 7,582 7,236 Professional Visualization 416 200 1,090 1,318 Automotive 261 251 810 609 OEM and Other 73 73 216 371 Total revenue $ 18,120 $ 5,931 $ 38,819 $ 20,923 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | Feb. 28, 2023 | Jan. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||||||
Cost of revenue | $ (4,720) | $ (2,754) | $ (11,309) | $ (9,400) | ||
Benefit in operating expenses | (2,983) | (2,576) | (8,152) | (8,555) | ||
benefit in operating income | 10,417 | 601 | 19,358 | 2,968 | ||
Increase in net income | $ 9,243 | $ 680 | $ 17,475 | $ 2,954 | ||
Increase in basic earnings per share (in dollars per share) | $ 3.75 | $ 0.27 | $ 7.07 | $ 1.18 | ||
Increase in diluted earnings per share (in dollars per share) | $ 3.71 | $ 0.27 | $ 7.01 | $ 1.17 | ||
Service Life | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cost of revenue | $ 17 | $ 24 | ||||
Benefit in operating expenses | 24 | 83 | ||||
benefit in operating income | 41 | 107 | ||||
Increase in net income | $ 36 | $ 91 | ||||
Increase in basic earnings per share (in dollars per share) | $ 0.01 | $ 0.04 | ||||
Increase in diluted earnings per share (in dollars per share) | $ 0.01 | $ 0.04 | ||||
Storage and Network Equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful life | 3 years | |||||
Storage and Network Equipment | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful life | 4 years | |||||
Storage and Network Equipment | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful life | 5 years | |||||
Assembling and Testing Equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful life | 7 years | 5 years |
Business Combination (Details)
Business Combination (Details) $ in Millions | 12 Months Ended |
Jan. 29, 2023 USD ($) | |
Arm Limited | |
Business Acquisition [Line Items] | |
Acquisition termination cost | $ 1,350 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments (Details) - USD ($) $ in Millions | Oct. 29, 2023 | Jan. 29, 2023 |
Leases [Abstract] | ||
2024 (excluding first nine months of fiscal year 2024) | $ 84 | |
2025 | 269 | |
2026 | 248 | |
2027 | 233 | |
2028 | 220 | |
2029 and thereafter | 454 | |
Total | 1,508 | |
Less imputed interest | 187 | |
Present value of net future minimum lease payments | 1,321 | |
Less short-term operating lease liabilities | 230 | $ 176 |
Long-term operating lease liabilities | $ 1,091 | $ 902 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | Jan. 29, 2023 | |
Lessee, Lease, Description [Line Items] | |||||
Operating lease, not yet commenced, amount | $ 924 | $ 924 | |||
Operating lease expense | $ 69 | $ 49 | $ 195 | $ 139 | |
Weighted average remaining lease term - operating leases | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 9 months 18 days | ||
Weighted average discount rate - operating leases (percent) | 3.64% | 3.64% | 3.21% | ||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease not yet commenced, term of contract | 3 years | 3 years | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease not yet commenced, term of contract | 10 years | 10 years |
Leases - Schedule of Other Leas
Leases - Schedule of Other Lease Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 29, 2023 | Oct. 30, 2022 | |
Supplemental disclosure of cash flow information: | ||
Operating cash flows used for operating leases | $ 200 | $ 134 |
Operating lease assets obtained in exchange for lease obligations | $ 439 | $ 213 |
Stock-Based Compensation - Allo
Stock-Based Compensation - Allocation of Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Share-based Compensation | ||||
Stock-based compensation expense | $ 979 | $ 745 | $ 2,555 | $ 1,971 |
Cost of revenue | ||||
Share-based Compensation | ||||
Stock-based compensation expense | 38 | 32 | 96 | 108 |
Research and development | ||||
Share-based Compensation | ||||
Stock-based compensation expense | 701 | 530 | 1,826 | 1,365 |
Sales, general and administrative | ||||
Share-based Compensation | ||||
Stock-based compensation expense | $ 240 | $ 183 | $ 633 | $ 498 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Equity Award Transactions (Details) - RSUs, PSUs, and Market-based PSUs shares in Millions | 9 Months Ended |
Oct. 29, 2023 $ / shares shares | |
Number of Shares | |
Outstanding, beginning balance (in shares) | shares | 45 |
Granted (in shares) | shares | 13 |
Vested (in shares) | shares | (16) |
Canceled and forfeited (in shares) | shares | (1) |
Outstanding, ending balance (in shares) | shares | 41 |
Weighted Average Grant-Date Fair Value Per Share | |
Weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 158.45 |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 364.52 |
Weighted average grant date fair value, Vested (in dollars per share) | $ / shares | 141.02 |
Weighted average grant date fair value, canceled and forfeited (in dollars per share) | $ / shares | 201.49 |
Weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 230.11 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Millions | 9 Months Ended |
Oct. 29, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unearned stock-based compensation expense | $ 9,030 |
RSUs, PSUs, and Market-based PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated weighted average amortization period | 2 years 7 months 6 days |
Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated weighted average amortization period | 11 months |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Numerator: | ||||
Net income | $ 9,243 | $ 680 | $ 17,475 | $ 2,954 |
Denominator: | ||||
Basic weighted average shares (in shares) | 2,468 | 2,483 | 2,470 | 2,495 |
Dilutive impact of outstanding equity awards (in shares) | 26 | 16 | 24 | 22 |
Diluted weighted average shares (in shares) | 2,494 | 2,499 | 2,494 | 2,517 |
Net income per share: | ||||
Basic (in dollars per share) | $ 3.75 | $ 0.27 | $ 7.07 | $ 1.18 |
Diluted (in dollars per share) | $ 3.71 | $ 0.27 | $ 7.01 | $ 1.17 |
Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive (in shares) | 1 | 36 | 14 | 29 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 1,279 | $ (67) | $ 2,237 | $ (61) |
Tax expense (benefit) as a percentage of income before income tax (percent) | 12.20% | (10.90%) | 11.30% | (2.10%) |
Recognized a non-cash benefit | $ 145 | $ 145 | ||
Unrecognized tax benefits | 236 | |||
Reduction in accrued interest | 17 | |||
Reduction in tax attribute carryforwards | $ 108 | $ 108 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities - Summary of Securities (Details) - USD ($) $ in Millions | Oct. 29, 2023 | Jan. 29, 2023 |
Summary of cash equivalents and marketable securities: | ||
Amortized Cost | $ 18,111 | $ 13,112 |
Unrealized Gain | 2 | 1 |
Unrealized Loss | (49) | (58) |
Estimated Fair Value | 18,064 | 13,055 |
Cash Equivalents | 5,302 | 3,148 |
Marketable Securities | 12,762 | 9,907 |
Corporate debt securities | ||
Summary of cash equivalents and marketable securities: | ||
Amortized Cost | 6,937 | 4,809 |
Unrealized Gain | 1 | 0 |
Unrealized Loss | (20) | (12) |
Estimated Fair Value | 6,918 | 4,797 |
Cash Equivalents | 1,714 | 1,087 |
Marketable Securities | 5,204 | 3,710 |
Debt securities issued by the U.S. Treasury | ||
Summary of cash equivalents and marketable securities: | ||
Amortized Cost | 5,075 | 4,185 |
Unrealized Gain | 1 | 1 |
Unrealized Loss | (24) | (44) |
Estimated Fair Value | 5,052 | 4,142 |
Cash Equivalents | 0 | 0 |
Marketable Securities | 5,052 | 4,142 |
Money market funds | ||
Summary of cash equivalents and marketable securities: | ||
Amortized Cost | 3,190 | 1,777 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Estimated Fair Value | 3,190 | 1,777 |
Cash Equivalents | 3,190 | 1,777 |
Marketable Securities | 0 | 0 |
Debt securities issued by U.S. government agencies | ||
Summary of cash equivalents and marketable securities: | ||
Amortized Cost | 2,316 | 1,836 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (5) | (2) |
Estimated Fair Value | 2,311 | 1,834 |
Cash Equivalents | 100 | 50 |
Marketable Securities | 2,211 | 1,784 |
Certificates of deposit | ||
Summary of cash equivalents and marketable securities: | ||
Amortized Cost | 418 | 365 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Estimated Fair Value | 418 | 365 |
Cash Equivalents | 198 | 134 |
Marketable Securities | 220 | 231 |
Foreign government bonds | ||
Summary of cash equivalents and marketable securities: | ||
Amortized Cost | 175 | 140 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Estimated Fair Value | 175 | 140 |
Cash Equivalents | 100 | 100 |
Marketable Securities | $ 75 | $ 40 |
Cash Equivalents and Marketab_4
Cash Equivalents and Marketable Securities - Unrealized Losses Aggregated by Investment Category (Details) - USD ($) $ in Millions | Oct. 29, 2023 | Jan. 29, 2023 |
Estimated Fair Value | ||
Less than 12 Months | $ 6,318 | $ 4,939 |
12 Months or Greater | 2,223 | 1,868 |
Total | 8,541 | 6,807 |
Gross Unrealized Loss | ||
Less than 12 Months | (33) | (30) |
12 Months or Greater | (16) | (28) |
Total | (49) | (58) |
Corporate debt securities | ||
Estimated Fair Value | ||
Less than 12 Months | 2,773 | 1,188 |
12 Months or Greater | 852 | 696 |
Total | 3,625 | 1,884 |
Gross Unrealized Loss | ||
Less than 12 Months | (16) | (7) |
12 Months or Greater | (4) | (5) |
Total | (20) | (12) |
Debt securities issued by the U.S. Treasury | ||
Estimated Fair Value | ||
Less than 12 Months | 2,098 | 2,444 |
12 Months or Greater | 1,371 | 1,172 |
Total | 3,469 | 3,616 |
Gross Unrealized Loss | ||
Less than 12 Months | (12) | (21) |
12 Months or Greater | (12) | (23) |
Total | (24) | (44) |
Debt securities issued by U.S. government agencies | ||
Estimated Fair Value | ||
Less than 12 Months | 1,447 | 1,307 |
12 Months or Greater | 0 | 0 |
Total | 1,447 | 1,307 |
Gross Unrealized Loss | ||
Less than 12 Months | (5) | (2) |
12 Months or Greater | 0 | 0 |
Total | $ (5) | $ (2) |
Cash Equivalents and Marketab_5
Cash Equivalents and Marketable Securities - Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Oct. 29, 2023 | Jan. 29, 2023 |
Amortized Cost | ||
Less than one year | $ 11,405 | $ 9,738 |
Due in 1 - 5 years | 6,706 | 3,374 |
Amortized Cost | 18,111 | 13,112 |
Estimated Fair Value | ||
Less than one year | 11,388 | 9,708 |
Due in 1 - 5 years | 6,676 | 3,347 |
Estimated Fair Value | $ 18,064 | $ 13,055 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Oct. 29, 2023 | Jan. 29, 2023 |
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | $ 18,064 | $ 13,055 |
Other assets (Investments in non-affiliated entities): | ||
Investments in non-affiliated entities | 1,172 | 299 |
Money market funds | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 3,190 | 1,777 |
Corporate debt securities | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 6,918 | 4,797 |
Debt securities issued by the U.S. Treasury | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 5,052 | 4,142 |
Debt securities issued by U.S. government agencies | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 2,311 | 1,834 |
Certificates of deposit | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 418 | 365 |
Foreign government bonds | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 175 | 140 |
Level 1 | Money market funds | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 3,190 | 1,777 |
Level 1 | Publicly-held equity securities | ||
Other assets (Investments in non-affiliated entities): | ||
Investments in non-affiliated entities | 153 | 11 |
Level 2 | 0.309% Notes Due 2023 | ||
Liabilities | ||
Notes | 0 | 1,230 |
Level 2 | 0.584% Notes Due 2024 | ||
Liabilities | ||
Notes | 1,212 | 1,185 |
Level 2 | 3.20% Notes Due 2026 | ||
Liabilities | ||
Notes | 945 | 966 |
Level 2 | 1.55% Notes Due 2028 | ||
Liabilities | ||
Notes | 1,060 | 1,099 |
Level 2 | 2.85% Notes Due 2030 | ||
Liabilities | ||
Notes | 1,289 | 1,364 |
Level 2 | 2.00% Notes Due 2031 | ||
Liabilities | ||
Notes | 981 | 1,044 |
Level 2 | 3.50% Notes Due 2040 | ||
Liabilities | ||
Notes | 756 | 870 |
Level 2 | 3.50% Notes Due 2050 | ||
Liabilities | ||
Notes | 1,388 | 1,637 |
Level 2 | 3.70% Notes Due 2060 | ||
Liabilities | ||
Notes | 342 | 410 |
Level 2 | Corporate debt securities | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 6,918 | 4,797 |
Level 2 | Debt securities issued by the U.S. Treasury | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 5,052 | 4,142 |
Level 2 | Debt securities issued by U.S. government agencies | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 2,311 | 1,834 |
Level 2 | Certificates of deposit | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 418 | 365 |
Level 2 | Foreign government bonds | ||
Cash equivalents and marketable securities: | ||
Cash equivalents and marketable securities | 175 | 140 |
Level 3 | Privately-held equity securities | ||
Other assets (Investments in non-affiliated entities): | ||
Investments in non-affiliated entities | $ 1,019 | $ 288 |
Amortizable Intangible Assets_3
Amortizable Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | Jan. 29, 2023 | |
Amortizable intangible assets components | |||||
Gross Carrying Amount | $ 3,092 | $ 3,092 | $ 3,539 | ||
Accumulated Amortization | (1,841) | (1,841) | (1,863) | ||
Net Carrying Amount | 1,251 | 1,251 | 1,676 | ||
Amortization expense | 144 | $ 181 | 471 | $ 518 | |
Increase in carrying amount of goodwill | 58 | ||||
Future amortization expense associated with intangible assets | |||||
2024 (excluding first nine months of fiscal year 2024) | 143 | 143 | |||
2025 | 554 | 554 | |||
2026 | 259 | 259 | |||
2027 | 149 | 149 | |||
2028 | 37 | 37 | |||
2029 and thereafter | 109 | 109 | |||
Net Carrying Amount | 1,251 | 1,251 | 1,676 | ||
Acquisition-related intangible assets | |||||
Amortizable intangible assets components | |||||
Gross Carrying Amount | 2,642 | 2,642 | 3,093 | ||
Accumulated Amortization | (1,584) | (1,584) | (1,614) | ||
Net Carrying Amount | 1,058 | 1,058 | 1,479 | ||
Future amortization expense associated with intangible assets | |||||
Net Carrying Amount | 1,058 | 1,058 | 1,479 | ||
Patents and licensed technology | |||||
Amortizable intangible assets components | |||||
Gross Carrying Amount | 450 | 450 | 446 | ||
Accumulated Amortization | (257) | (257) | (249) | ||
Net Carrying Amount | 193 | 193 | 197 | ||
Future amortization expense associated with intangible assets | |||||
Net Carrying Amount | $ 193 | $ 193 | $ 197 |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (Details) - Accounts Receivable - Customer Concentration Risk | 9 Months Ended | 12 Months Ended |
Oct. 29, 2023 | Jan. 29, 2023 | |
Customer One | ||
Supply Commitment [Line Items] | ||
Concentration risk (as percent) | 11% | 14% |
Customers Two | ||
Supply Commitment [Line Items] | ||
Concentration risk (as percent) | 11% | 11% |
Balance Sheet Components - Inve
Balance Sheet Components - Inventory (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Jan. 29, 2023 | |
Inventories (1): | |||
Raw materials | $ 1,663 | $ 2,430 | |
Work in-process | 1,338 | 466 | |
Finished goods | 1,778 | 2,263 | |
Total inventories | 4,779 | $ 5,159 | |
Inventory reserve expense | $ 208 | $ 354 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Assets (Details) - USD ($) $ in Millions | Oct. 29, 2023 | Jan. 29, 2023 |
Other Assets: | ||
Prepaid supply and capacity agreements | $ 2,927 | $ 2,989 |
Investments in non-affiliated entities | 1,172 | 299 |
Prepaid royalties | 369 | 387 |
Prepaid cloud services | 60 | 23 |
Other | 139 | 122 |
Total other assets | 4,667 | 3,820 |
Short-term prepaid supply and capacity agreements | 1,289 | 791 |
Supply and Capacity Agreements | ||
Other Assets: | ||
Short-term prepaid supply and capacity agreements | $ 743 | $ 458 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Jan. 29, 2023 | |
Accrued and Other Current Liabilities: | |||
Customer program accruals | $ 1,771 | $ 1,196 | |
Excess inventory purchase obligations | 1,280 | 954 | |
Accrued payroll and related expenses | 516 | 530 | |
Deferred revenue | 513 | 354 | |
Taxes payable | 420 | 467 | |
Product warranty and return provisions | 299 | 108 | |
Operating leases | 230 | 176 | |
Licenses and royalties | 150 | 149 | |
Unsettled share repurchases | 117 | 0 | |
Other | 176 | 186 | |
Total accrued and other current liabilities | 5,472 | $ 4,120 | |
Expense for inventory purchase obligations | $ 473 | $ 348 |
Balance Sheet Components - Ot_2
Balance Sheet Components - Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Oct. 29, 2023 | Jan. 29, 2023 |
Other Long-Term Liabilities: | ||
Income taxes payable | $ 1,206 | $ 1,204 |
Deferred revenue | 425 | 218 |
Deferred income tax | 424 | 247 |
Licenses payable | 113 | 181 |
Other | 66 | 63 |
Total other long-term liabilities | $ 2,234 | $ 1,913 |
Balance Sheet Components - Chan
Balance Sheet Components - Change in Deferred Revenue (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 29, 2023 | Oct. 30, 2022 | |
Change in Deferred Revenue | ||
Balance at beginning of period | $ 572 | $ 502 |
Deferred revenue additions during the period | 1,269 | 577 |
Revenue recognized during the period | (903) | (528) |
Balance at end of period | $ 938 | $ 551 |
Balance Sheet Components - Reve
Balance Sheet Components - Revenue Remaining Performance Obligation (Details) $ in Millions | Oct. 29, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 896 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-30 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation (as a percent) | 42% |
Expected performance period | 12 months |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional Values (Details) - Foreign currency forward contracts - USD ($) $ in Millions | Oct. 29, 2023 | Jan. 29, 2023 |
Designated as cash flow hedges | ||
Derivative [Line Items] | ||
Notional values of foreign currency forward contracts | $ 1,148 | $ 1,128 |
Non-designated hedges | ||
Derivative [Line Items] | ||
Notional values of foreign currency forward contracts | $ 365 | $ 366 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Narrative (Details) | 9 Months Ended |
Oct. 29, 2023 | |
Foreign currency forward contracts | |
Derivative [Line Items] | |
Maximum maturity period | 18 months |
Debt - Schedule of Instruments
Debt - Schedule of Instruments (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 29, 2023 | Jan. 29, 2023 | |
Debt Instrument [Line Items] | ||
Unamortized debt discount and issuance costs | $ (44) | $ (47) |
Net carrying amount | 9,706 | 10,953 |
Less short-term portion | (1,249) | (1,250) |
Total long-term portion | $ 8,457 | 9,703 |
0.309% Notes Due 2023 | Notes Payable | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 0.309% | |
Effective Interest Rate (as percent) | 0.41% | |
Gross carrying amount | $ 0 | 1,250 |
0.584% Notes Due 2024 | Notes Payable | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 0.584% | |
Expected Remaining Term (years) | 7 months 6 days | |
Effective Interest Rate (as percent) | 0.66% | |
Gross carrying amount | $ 1,250 | 1,250 |
3.20% Notes Due 2026 | Notes Payable | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 3.20% | |
Expected Remaining Term (years) | 2 years 10 months 24 days | |
Effective Interest Rate (as percent) | 3.31% | |
Gross carrying amount | $ 1,000 | 1,000 |
1.55% Notes Due 2028 | Notes Payable | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 1.55% | |
Expected Remaining Term (years) | 4 years 7 months 6 days | |
Effective Interest Rate (as percent) | 1.64% | |
Gross carrying amount | $ 1,250 | 1,250 |
2.85% Notes Due 2030 | Notes Payable | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 2.85% | |
Expected Remaining Term (years) | 6 years 4 months 24 days | |
Effective Interest Rate (as percent) | 2.93% | |
Gross carrying amount | $ 1,500 | 1,500 |
2.00% Notes Due 2031 | Notes Payable | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 2% | |
Expected Remaining Term (years) | 7 years 7 months 6 days | |
Effective Interest Rate (as percent) | 2.09% | |
Gross carrying amount | $ 1,250 | 1,250 |
3.50% Notes Due 2040 | Notes Payable | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 3.50% | |
Expected Remaining Term (years) | 16 years 4 months 24 days | |
Effective Interest Rate (as percent) | 3.54% | |
Gross carrying amount | $ 1,000 | 1,000 |
3.50% Notes Due 2050 | Notes Payable | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 3.50% | |
Expected Remaining Term (years) | 26 years 4 months 24 days | |
Effective Interest Rate (as percent) | 3.54% | |
Gross carrying amount | $ 2,000 | 2,000 |
3.70% Notes Due 2060 | Notes Payable | ||
Debt Instrument [Line Items] | ||
Interest rate (as percent) | 3.70% | |
Expected Remaining Term (years) | 36 years 4 months 24 days | |
Effective Interest Rate (as percent) | 3.73% | |
Gross carrying amount | $ 500 | $ 500 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Oct. 29, 2023 USD ($) |
0.309% Notes Due 2023 | Notes Payable | |
Debt Instrument [Line Items] | |
Stated interest rate (percent) | 0.309% |
Commercial Paper Program | |
Debt Instrument [Line Items] | |
Outstanding commercial paper | $ 0 |
Commercial Paper Program | Commercial Paper | |
Debt Instrument [Line Items] | |
Current borrowing capacity | $ 575,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | Oct. 29, 2023 | Jul. 30, 2023 | Jan. 29, 2023 | Oct. 30, 2022 | Jul. 31, 2022 | Jan. 30, 2022 |
Other Commitments [Line Items] | ||||||
Inventory purchase and long-term supply and capacity obligations | $ 17,110 | |||||
Other non-inventory | 4,430 | |||||
Warranty accrual | 142 | $ 115 | $ 82 | $ 104 | $ 168 | $ 46 |
Multi-Year Cloud Service Agreements | ||||||
Other Commitments [Line Items] | ||||||
Other non-inventory | $ 3,600 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Commitments Due by Year (Details) $ in Millions | Oct. 29, 2023 USD ($) |
Fiscal Year: | |
2024 (excluding first nine months of fiscal year 2024) | $ 6,499 |
2025 | 11,861 |
2026 | 1,128 |
2027 | 1,038 |
2028 | 660 |
2029 and thereafter | 354 |
Total | $ 21,540 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Product Warranty Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||||
Beginning Balance | $ 115 | $ 168 | $ 82 | $ 46 |
Additions | 50 | 3 | 105 | 141 |
Utilization | (23) | (67) | (45) | (83) |
Ending Balance | $ 142 | $ 104 | $ 142 | $ 104 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Nov. 17, 2023 | Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | Aug. 31, 2023 | |
Subsequent Event [Line Items] | ||||||
Number of share repurchased (in shares) | 8.3 | 28 | 15.9 | 56 | ||
Shares repurchased | $ 3,719 | $ 3,647 | $ 7,005 | $ 8,988 | ||
Additional authorization to repurchase shares | $ 25,000 | |||||
Authorized amounts under share repurchase program | 25,240 | 25,240 | ||||
Dividends paid | $ 99 | $ 100 | $ 296 | $ 300 | ||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Number of share repurchased (in shares) | 0.8 | |||||
Shares repurchased | $ 366 |
Segment Information - Schedule
Segment Information - Schedule of Segments (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 USD ($) | Oct. 30, 2022 USD ($) | Oct. 29, 2023 USD ($) segment | Oct. 30, 2022 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 2 | |||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 18,120 | $ 5,931 | $ 38,819 | $ 20,923 |
Operating income (loss) | 10,417 | 601 | 19,358 | 2,968 |
Operating Segments | Compute & Networking | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 14,645 | 3,816 | 29,507 | 11,395 |
Operating income (loss) | 10,262 | 1,086 | 19,149 | 3,509 |
Operating Segments | Graphics | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,475 | 2,115 | 9,312 | 9,528 |
Operating income (loss) | 1,493 | 606 | 3,751 | 3,739 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating income (loss) | $ (1,338) | $ (1,091) | $ (3,542) | $ (4,280) |
Segment Information - Reconcili
Segment Information - Reconciling Items (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Stock-based compensation expense | $ (979) | $ (745) | $ (2,555) | $ (1,971) |
Operating income | 10,417 | 601 | 19,358 | 2,968 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Stock-based compensation expense | (979) | (745) | (2,555) | (1,971) |
Unallocated cost of revenue and operating expenses | (198) | (156) | (515) | (432) |
Acquisition-related and other costs | (135) | (174) | (446) | (499) |
IP-related costs | (26) | 0 | (36) | 0 |
Acquisition termination cost | 0 | 0 | 0 | (1,353) |
Other | 0 | (16) | 10 | (25) |
Operating income | $ (1,338) | $ (1,091) | $ (3,542) | $ (4,280) |
Segment Information - Revenue (
Segment Information - Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Revenues | ||||
Revenue | $ 18,120 | $ 5,931 | $ 38,819 | $ 20,923 |
United States | ||||
Revenues | ||||
Revenue | 6,302 | 2,148 | 14,730 | 6,069 |
Taiwan | ||||
Revenues | ||||
Revenue | 4,333 | 1,153 | 8,968 | 5,134 |
China (including Hong Kong) | ||||
Revenues | ||||
Revenue | 4,030 | 1,148 | 8,360 | 4,831 |
Singapore | ||||
Revenues | ||||
Revenue | 2,702 | 536 | 4,506 | 1,963 |
Other countries | ||||
Revenues | ||||
Revenue | $ 753 | $ 946 | $ 2,255 | $ 2,926 |
Segment Information - Concentra
Segment Information - Concentration Risk (Details) - Revenue - Customer Concentration Risk | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Non-US | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk (as percent) | 65% | 64% | 62% | 71% |
Customer A | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk (as percent) | 12% | |||
Customer B | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk (as percent) | 11% | |||
Customer C | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk (as percent) | 10% |
Segment Information - Schedul_2
Segment Information - Schedule of Revenue by Market (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2023 | Oct. 30, 2022 | Oct. 29, 2023 | Oct. 30, 2022 | |
Revenue from External Customer [Line Items] | ||||
Revenue | $ 18,120 | $ 5,931 | $ 38,819 | $ 20,923 |
Data Center | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 14,514 | 3,833 | 29,121 | 11,389 |
Gaming | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 2,856 | 1,574 | 7,582 | 7,236 |
Professional Visualization | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 416 | 200 | 1,090 | 1,318 |
Automotive | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 261 | 251 | 810 | 609 |
OEM and Other | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 73 | $ 73 | $ 216 | $ 371 |