NVIDIA CORP, 10-Q filed on 8/28/2023
Quarterly Report
v3.23.2
Cover - shares
shares in Millions
6 Months Ended
Jul. 30, 2023
Aug. 18, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jul. 30, 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, $0.001 par value per share  
Trading Symbol NVDA  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   2,470
Entity Central Index Key 0001045810  
Current Fiscal Year End Date --01-28  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Income Statement [Abstract]        
Revenue $ 13,507 $ 6,704 $ 20,699 $ 14,992
Cost of revenue 4,045 3,789 6,589 6,646
Gross profit 9,462 2,915 14,110 8,346
Operating expenses        
Research and development 2,040 1,824 3,916 3,443
Sales, general and administrative 622 592 1,253 1,183
Acquisition termination cost 0 0 0 1,353
Total operating expenses 2,662 2,416 5,169 5,979
Operating income 6,800 499 8,941 2,367
Interest income 187 46 338 64
Interest expense (65) (65) (131) (132)
Other, net 59 (5) 42 (19)
Other income (expense), net 181 (24) 249 (87)
Income before income tax 6,981 475 9,190 2,280
Income tax expense (benefit) 793 (181) 958 6
Net income $ 6,188 $ 656 $ 8,232 $ 2,274
Net income per share:        
Basic (in dollars per share) $ 2.50 $ 0.26 $ 3.33 $ 0.91
Diluted (in dollars per share) $ 2.48 $ 0.26 $ 3.30 $ 0.90
Weighted average shares used in per share computation:        
Basic (in shares) 2,473 2,495 2,472 2,500
Diluted (in shares) 2,499 2,516 2,495 2,526
v3.23.2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 6,188 $ 656 $ 8,232 $ 2,274
Available-for-sale securities:        
Net change in realized gain (loss) (11) (12) 7 (35)
Reclassification adjustments for net realized gain included in net income 0 1 0 1
Net change in unrealized gain (loss) (11) (11) 7 (34)
Cash flow hedges:        
Net unrealized gain (loss) 22 (2) 8 (30)
Reclassification adjustments for net realized loss included in net income (12) (13) (23) (15)
Net change in unrealized gain (loss) 10 (15) (15) (45)
Other comprehensive loss, net of tax (1) (26) (8) (79)
Total comprehensive income $ 6,187 $ 630 $ 8,224 $ 2,195
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jul. 30, 2023
Jan. 29, 2023
Current assets:    
Cash and cash equivalents $ 5,783 $ 3,389
Marketable securities 10,240 9,907
Accounts receivable, net 7,066 3,827
Inventories 4,319 5,159
Prepaid expenses and other current assets 1,389 791
Total current assets 28,797 23,073
Property and equipment, net 3,799 3,807
Operating lease assets 1,235 1,038
Goodwill 4,430 4,372
Intangible assets, net 1,395 1,676
Deferred income tax assets 5,398 3,396
Other assets 4,501 3,820
Total assets 49,555 41,182
Current liabilities:    
Accounts payable 1,929 1,193
Accrued and other current liabilities 7,156 4,120
Short-term debt 1,249 1,250
Total current liabilities 10,334 6,563
Long-term debt 8,456 9,703
Long-term operating lease liabilities 1,041 902
Other long-term liabilities 2,223 1,913
Total liabilities 22,054 19,081
Commitments and contingencies
Shareholders’ equity:    
Preferred stock 0 0
Common stock 2 2
Additional paid-in capital 12,629 11,971
Accumulated other comprehensive loss (51) (43)
Retained earnings 14,921 10,171
Total shareholders' equity 27,501 22,101
Total liabilities and shareholders' equity $ 49,555 $ 41,182
v3.23.2
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   2,506.0      
Beginning balances, shareholders' equity at Jan. 30, 2022 $ 26,612 $ 3 $ 10,385 $ (11) $ 16,235
Increase (Decrease) in Shareholders' Equity          
Net income 2,274       2,274
Other comprehensive loss (79)     (79)  
Issuance of common stock from stock plans (in shares)   15.0      
Issuance of common stock from stock plans  205   205    
Tax withholding related to vesting of restricted stock units (in shares)   (4.0)      
Tax withholding related to vesting of restricted stock units $ (837)   (837)    
Shares repurchased (in shares) (28.0) (28.0)      
Shares repurchased $ (5,341) $ (1) (2)   (5,338)
Cash dividends declared and paid (200)       (200)
Stock-based compensation 1,217   1,217    
Ending balance, common stock outstanding (in shares) at Jul. 31, 2022   2,489.0      
Ending balances, shareholders' equity at Jul. 31, 2022 23,851 $ 2 10,968 (90) 12,971
Beginning balance, common stock outstanding (in shares) at May. 01, 2022   2,504.0      
Beginning balances, shareholders' equity at May. 01, 2022 26,320 $ 3 10,623 (64) 15,758
Increase (Decrease) in Shareholders' Equity          
Net income 656       656
Other comprehensive loss (26)     (26)  
Issuance of common stock from stock plans (in shares)   6.0      
Issuance of common stock from stock plans  1   1    
Tax withholding related to vesting of restricted stock units (in shares)   (2.0)      
Tax withholding related to vesting of restricted stock units $ (299)   (299)    
Shares repurchased (in shares) (19.0) (19.0)      
Shares repurchased $ (3,345) $ (1) (1)   (3,343)
Cash dividends declared and paid (100)       (100)
Stock-based compensation 644   644    
Ending balance, common stock outstanding (in shares) at Jul. 31, 2022   2,489.0      
Ending balances, shareholders' equity at Jul. 31, 2022 23,851 $ 2 10,968 (90) 12,971
Beginning balance, common stock outstanding (in shares) at Jan. 29, 2023   2,466.0      
Beginning balances, shareholders' equity at Jan. 29, 2023 22,101 $ 2 11,971 (43) 10,171
Increase (Decrease) in Shareholders' Equity          
Net income 8,232       8,232
Other comprehensive loss (8)     (8)  
Issuance of common stock from stock plans (in shares)   14.0      
Issuance of common stock from stock plans  247   247    
Tax withholding related to vesting of restricted stock units (in shares)   (3.0)      
Tax withholding related to vesting of restricted stock units $ (1,179)   (1,179)    
Shares repurchased (in shares) (7.5) (8.0)      
Shares repurchased $ (3,284)   (1)   (3,283)
Cash dividends declared and paid (199)       (199)
Stock-based compensation 1,591   1,591    
Ending balance, common stock outstanding (in shares) at Jul. 30, 2023   2,469.0      
Ending balances, shareholders' equity at Jul. 30, 2023 27,501 $ 2 12,629 (51) 14,921
Beginning balance, common stock outstanding (in shares) at Apr. 30, 2023   2,473.0      
Beginning balances, shareholders' equity at Apr. 30, 2023 24,520 $ 2 12,453 (50) 12,115
Increase (Decrease) in Shareholders' Equity          
Net income 6,188       6,188
Other comprehensive loss (1)     (1)  
Issuance of common stock from stock plans (in shares)   5.0      
Issuance of common stock from stock plans  1   1    
Tax withholding related to vesting of restricted stock units (in shares)   (1.0)      
Tax withholding related to vesting of restricted stock units $ (672)   (672)    
Shares repurchased (in shares) (7.5) (8.0)      
Shares repurchased $ (3,284) $ 0 (1)   (3,283)
Cash dividends declared and paid (99)       (99)
Stock-based compensation 848   848    
Ending balance, common stock outstanding (in shares) at Jul. 30, 2023   2,469.0      
Ending balances, shareholders' equity at Jul. 30, 2023 $ 27,501 $ 2 $ 12,629 $ (51) $ 14,921
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Statement of Stockholders' Equity [Abstract]        
Common stock, dividends per share, declared and paid (in dollars per share) $ 0.04 $ 0.04 $ 0.08 $ 0.08
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Cash flows from operating activities:    
Net income $ 8,232 $ 2,274
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 1,576 1,226
Depreciation and amortization 749 712
(Gains) losses on investments in non-affiliates, net (45) 24
Deferred income taxes (1,881) (985)
Acquisition termination cost 0 1,353
Other (102) 18
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (3,239) (668)
Inventories 861 (1,285)
Prepaid expenses and other assets (592) (1,554)
Accounts payable 789 559
Accrued and other current liabilities 2,675 1,267
Other long-term liabilities 236 60
Net cash provided by operating activities 9,259 3,001
Cash flows from investing activities:    
Proceeds from maturities of marketable securities 5,111 10,983
Proceeds from sales of marketable securities 0 1,731
Purchases of marketable securities (5,343) (7,576)
Purchases related to property and equipment and intangible assets (537) (794)
Acquisitions, net of cash acquired (83) (49)
Investments and other, net (435) (65)
Net cash provided by (used in) investing activities (1,287) 4,230
Cash flows from financing activities:    
Proceeds related to employee stock plans 247 205
Payments related to repurchases of common stock (3,067) (5,341)
Repayment of debt (1,250) 0
Payments related to tax on restricted stock units (1,179) (837)
Dividends paid (199) (200)
Principal payments on property and equipment and intangible assets (31) (36)
Other 0 1
Net cash used in financing activities (5,479) (6,208)
Change in cash, cash equivalents, and restricted cash 2,493 1,023
Cash, cash equivalents, and restricted cash at beginning of period 3,389 1,990
Cash, cash equivalents, and restricted cash at end of period 5,882 3,013
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheet:    
Cash and cash equivalents 5,783 3,013
Restricted cash, included in prepaid expenses and other current assets 99 0
Total cash, cash equivalents, and restricted cash 5,882 3,013
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net $ 328 $ 1,108
v3.23.2
Summary of Significant Accounting Policies
6 Months Ended
Jul. 30, 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 second 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 to a range of four to five years, and our assembly and test equipment from five to seven years. This change in accounting estimate became effective at the beginning of fiscal year 2024. Based on the carrying amounts of a majority of our server, storage, network, and assembly and test equipment, net, in use as of the end of fiscal year 2023, the effect of this change in estimate for the three months ended July 30, 2023 was a benefit of $5 million and $28 million for cost of revenue and operating expenses, respectively, which resulted in an increase in operating income of $33 million and net income of $27 million after tax, or $0.01 per both basic and diluted share. The effect of this change in estimate for the first half of fiscal year 2024 was a benefit of $7 million and $59 million for
cost of revenue and operating expenses, respectively, which resulted in an increase in operating income of $66 million and net income of $55 million after tax, or $0.02 per both basic and diluted share.
v3.23.2
Business Combination
6 Months Ended
Jul. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Business Combination Business CombinationTermination of the Arm Share Purchase AgreementIn 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.
v3.23.2
Leases
6 Months Ended
Jul. 30, 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 July 30, 2023 are as follows:
Operating Lease Obligations
 (In millions)
Fiscal Year: 
2024 (excluding first half of fiscal year 2024)
$134 
2025249 
2026227 
2027211 
2028191 
2029 and thereafter
415 
Total1,427 
Less imputed interest178 
Present value of net future minimum lease payments1,249 
Less short-term operating lease liabilities208 
Long-term operating lease liabilities$1,041 
In addition, we have operating leases, primarily for our data centers, that are expected to commence between the third quarter of fiscal year 2024 and the end of fiscal year 2025 with lease terms of 3 to 8 years for $205 million.
Operating lease expenses were $67 million and $47 million for the second quarter of fiscal years 2024 and 2023, respectively, and $126 million and $90 million for the first half of fiscal years 2024 and 2023, respectively. Short-term and variable lease expenses for the second quarter and first half of fiscal years 2024 and 2023 were not significant.
Other information related to leases was as follows:
Six Months Ended
July 30, 2023July 31, 2022
 (In millions)
Supplemental cash flows information 
Operating cash flows used for operating leases$135 $91 
Operating lease assets obtained in exchange for lease obligations$299 $98 
As of July 30, 2023, our operating leases had a weighted average remaining lease term of 6.5 years and a weighted average discount rate of 3.47%. 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%.
v3.23.2
Stock-Based Compensation
6 Months Ended
Jul. 30, 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 EndedSix Months Ended
 July 30,
2023
July 31,
2022
July 30,
2023
July 31,
2022
(In millions)
Cost of revenue$31 $38 $58 $76 
Research and development600 452 1,124 836 
Sales, general and administrative211 159 394 315 
Total$842 $649 $1,576 $1,227 
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 SharesWeighted Average Grant-Date Fair Value Per Share
(In millions, except per share data)
Balances, January 29, 202345 $158.45 
Granted13 $359.70 
Vested restricted stock(11)$127.12 
Canceled and forfeited(1)$194.70 
Balances, July 30, 202346 $219.47 
As of July 30, 2023, there was $9.69 billion of aggregate unearned stock-based compensation expense. This amount is expected to be recognized over a weighted average period of 2.7 years for RSUs, PSUs, and market-based PSUs, and 1.0 year for ESPP.
v3.23.2
Net Income Per Share
6 Months Ended
Jul. 30, 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 EndedSix Months Ended
July 30,July 31,July 30,July 31,
2023202220232022
 (In millions, except per share data)
Numerator:  
Net income$6,188 $656 $8,232 $2,274 
Denominator:
Basic weighted average shares2,473 2,495 2,472 2,500 
Dilutive impact of outstanding equity awards26 21 23 26 
Diluted weighted average shares2,499 2,516 2,495 2,526 
Net income per share:
Basic (1)$2.50 $0.26 $3.33 $0.91 
Diluted (2)$2.48 $0.26 $3.30 $0.90 
Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive10 33 14 25 
(1)    Calculated as net income divided by basic weighted average shares.
(2)    Calculated as net income divided by diluted weighted average shares.
v3.23.2
Income Taxes
6 Months Ended
Jul. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax was an expense of $793 million and $958 million for the second quarter and first half of fiscal year 2024, respectively, a benefit of $181 million for the second quarter of fiscal year 2023, and an expense of $6 million for the first half of fiscal year 2023. The income tax as a percentage of income before income tax was an expense of 11.4% and 10.4% for the second quarter and first half of fiscal year 2024, respectively, a benefit of 38.0% for the second quarter of fiscal year 2023, and an expense of 0.3% for the first half of fiscal year 2023.
The increase in the effective tax rate was primarily 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.
Our effective tax rates for the first half 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.
For the first half of fiscal year 2024, there were no material changes to our tax years that remain subject to examination by major tax jurisdictions. We are currently under examination by the Internal Revenue Service for our fiscal years 2018 and 2019. Additionally, there have been no material changes to our unrecognized tax benefits and any related interest or penalties since the fiscal year ended January 29, 2023.
While we believe that we have adequately provided for all uncertain tax positions, or tax positions where we believe it is not more-likely-than-not that the position will be sustained upon review, amounts asserted by tax authorities could be greater or less than our accrued position. Accordingly, our provisions on federal, state and foreign tax related matters to be recorded in the future may change as revised estimates are made or the underlying matters are settled or otherwise resolved with the respective tax authorities. As of July 30, 2023, we do not believe that our estimates, as otherwise provided for, on such tax positions will significantly increase or decrease within the next 12 months.
v3.23.2
Cash Equivalents and Marketable Securities
6 Months Ended
Jul. 30, 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:
 July 30, 2023
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$5,990 $$(13)$5,978 $2,149 $3,829 
Debt securities issued by the U.S. Treasury3,716 — (31)3,685 — 3,685 
Debt securities issued by U.S. government agencies2,903 — (4)2,899 647 2,252 
Money market funds2,348 — — 2,348 2,348 — 
Certificates of deposit690 — — 690 265 425 
Foreign government bonds248 — — 248 199 49 
Total$15,895 $$(48)$15,848 $5,608 $10,240 
 January 29, 2023
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$4,809 $— $(12)$4,797 $1,087 $3,710 
Debt securities issued by the U.S. Treasury4,185 (44)4,142 — 4,142 
Debt securities issued by U.S. government agencies1,836 — (2)1,834 50 1,784 
Money market funds1,777 — — 1,777 1,777 — 
Certificates of deposit365 — — 365 134 231 
Foreign government bonds140 — — 140 100 40 
Total$13,112 $$(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:
July 30, 2023
 Less than 12 Months12 Months or GreaterTotal
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Debt securities issued by the U.S. Treasury$1,595 $(16)$1,375 $(15)$2,970 $(31)
Corporate debt securities1,379 (9)802 (4)2,181 (13)
Debt securities issued by U.S. government agencies2,223 (4)— — 2,223 (4)
Total$5,197 $(29)$2,177 $(19)$7,374 $(48)
January 29, 2023
 Less than 12 Months12 Months or GreaterTotal
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Debt securities issued by the U.S. Treasury$2,444 $(21)$1,172 $(23)$3,616 $(44)
Corporate debt securities1,188 (7)696 (5)1,884 (12)
Debt securities issued by U.S. government agencies1,307 (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.
July 30, 2023January 29, 2023
Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
(In millions)
Less than one year$12,613 $12,592 $9,738 $9,708 
Due in 1 - 5 years3,282 3,256 3,374 3,347 
Total$15,895 $15,848 $13,112 $13,055 
Restricted cash was $99 million as of July 30, 2023 and primarily represented amounts due to employees.
v3.23.2
Fair Value of Financial Assets and Liabilities
6 Months Ended
Jul. 30, 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 CategoryJuly 30, 2023January 29, 2023
(In millions)
Assets
Cash equivalents and marketable securities:
Money market fundsLevel 1$2,348 $1,777 
Corporate debt securitiesLevel 2$5,978 $4,797 
Debt securities issued by the U.S. TreasuryLevel 2$3,685 $4,142 
Debt securities issued by U.S. government agenciesLevel 2$2,899 $1,834 
Certificates of depositLevel 2$690 $365 
Foreign government bondsLevel 2$248 $140 
Other assets (Investments in non-affiliated entities):
Publicly-held equity securitiesLevel 1$124 $11 
Privately-held equity securitiesLevel 3$676 $288 
Liabilities (1)
0.309% Notes Due 2023
Level 2$— $1,230 
0.584% Notes Due 2024
Level 2$1,199 $1,185 
3.20% Notes Due 2026
Level 2$959 $966 
1.55% Notes Due 2028
Level 2$1,089 $1,099 
2.85% Notes Due 2030
Level 2$1,355 $1,364 
2.00% Notes Due 2031
Level 2$1,042 $1,044 
3.50% Notes Due 2040
Level 2$848 $870 
3.50% Notes Due 2050
Level 2$1,609 $1,637 
3.70% Notes Due 2060
Level 2$406 $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.
v3.23.2
Amortizable Intangible Assets and Goodwill
6 Months Ended
Jul. 30, 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:
 July 30, 2023January 29, 2023
 Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
 (In millions)
Acquisition-related intangible assets$2,642 $(1,448)$1,194 $3,093 $(1,614)$1,479 
Patents and licensed technology453 (252)201 446 (249)197 
Total intangible assets$3,095 $(1,700)$1,395 $3,539 $(1,863)$1,676 
Amortization expense associated with intangible assets was $146 million and $327 million for the second quarter and first half of fiscal year 2024, respectively, and $182 million and $336 million for the second quarter and first half 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 July 30, 2023:
Future Amortization Expense
 (In millions)
Fiscal Year: 
2024 (excluding first half of fiscal year 2024)
$288 
2025554 
2026259 
2027149 
202836 
2029 and thereafter109 
Total$1,395 
In the first half of fiscal year 2024, goodwill increased by $58 million from an acquisition, and was assigned to our Compute & Networking segment.
v3.23.2
Balance Sheet Components
6 Months Ended
Jul. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components 
Certain balance sheet components are as follows:
July 30,January 29,
 20232023
Inventories (1):(In millions)
Raw materials$1,632 $2,430 
Work in-process1,058 466 
Finished goods1,629 2,263 
Total inventories$4,319 $5,159 
(1)    During the second quarter of fiscal years 2024 and 2023, we recorded an inventory provision of approximately $343 million and $570 million, respectively, in cost of revenue.
July 30,January 29,
 20232023
Other Assets:(In millions)
Prepaid supply and capacity agreements (1)$3,008 $2,989 
Investments in non-affiliated entities800 299 
Prepaid royalties375 387 
Prepaid cloud services170 23 
Other148 122 
Total other assets$4,501 $3,820 
(1)    As of July 30, 2023 and January 29, 2023, there were $799 million and $458 million of short-term prepaid supply and capacity agreements included in Prepaid expenses and other current assets, respectively.
July 30,January 29,
 20232023
Accrued and Other Current Liabilities:(In millions)
Taxes payable$2,803 $467 
Customer program accruals1,482 1,196 
Excess inventory purchase obligations (1)870 954 
Accrued payroll and related expenses642 530 
Deferred revenue (2)421 354 
Unsettled share repurchases217 — 
Operating leases208 176 
Product warranty and return provisions168 108 
Licenses and royalties144 149 
Other201 186 
Total accrued and other current liabilities$7,156 $4,120 
(1)    During the second quarter of fiscal years 2024 and 2023, we recorded an expense of approximately $232 million and $650 million, respectively, in cost of revenue for inventory purchase obligations in excess of our current demand projections, and cancellation and underutilization penalties.
(2)    Deferred revenue primarily includes customer advances and deferrals related to license and development arrangements, support for hardware and software, and cloud services.
July 30,January 29,
 20232023
Other Long-Term Liabilities:(In millions)
Income tax payable (1)$1,350 $1,204 
Deferred income tax373 247 
Deferred revenue (2)308 218 
Licenses payable127 181 
Other65 63 
Total other long-term liabilities$2,223 $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 half of fiscal years 2024 and 2023:
July 30,July 31,
 20232022
(In millions)
Balance at beginning of period$572 $502 
Deferred revenue additions during the period713 399 
Revenue recognized during the period(556)(341)
Balance at end of period$729 $560 
Revenue allocated to remaining performance obligations, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods, was $717 million as of July 30, 2023. We expect to recognize approximately 44% 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.
v3.23.2
Derivative Financial Instruments
6 Months Ended
Jul. 30, 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:
 July 30,
2023
January 29,
2023
(In millions)
Designated as cash flow hedges$1,138 $1,128 
Non-designated hedges$367 $366 
The unrealized gains and losses or fair value of our foreign currency forward contracts was not significant as of July 30, 2023 and January 29, 2023.
As of July 30, 2023, all designated foreign currency forward contracts mature within 18 months. The expected realized gains and losses deferred into accumulated other comprehensive income or loss related to foreign currency forward contracts within the next twelve months was not significant.
During the first half of fiscal years 2024 and 2023, the impact of derivative financial instruments designated for hedge accounting treatment on other comprehensive income or loss was not significant and all such instruments were determined to be highly effective.
v3.23.2
Debt
6 Months Ended
Jul. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Long-Term Debt
The carrying value of our outstanding notes, the calendar year of maturity, and the associated interest rates were as follows:
Carrying Value at
Expected
Remaining Term (years)
Effective
Interest Rate
July 30, 2023January 29, 2023
(In millions)
0.309% Notes Due 2023
0.41%$— $1,250 
0.584% Notes Due 2024
0.90.66%1,250 1,250 
3.20% Notes Due 2026
3.13.31%1,000 1,000 
1.55% Notes Due 2028
4.91.64%1,250 1,250 
2.85% Notes Due 2030
6.72.93%1,500 1,500 
2.00% Notes Due 2031
7.92.09%1,250 1,250 
3.50% Notes Due 2040
16.73.54%1,000 1,000 
3.50% Notes Due 2050
26.73.54%2,000 2,000 
3.70% Notes Due 2060
36.73.73%500 500 
Unamortized debt discount and issuance costs(45)(47)
Net carrying amount9,705 10,953 
Less short-term portion(1,249)(1,250)
Total long-term portion$8,456 $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 July 30, 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 July 30, 2023, we had not issued any commercial paper.
v3.23.2
Commitments and Contingencies
6 Months Ended
Jul. 30, 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 July 30, 2023, we had outstanding inventory purchase and long-term supply and capacity obligations totaling $11.15 billion. During the normal course of business, to manage manufacturing lead times and help ensure adequate supply, 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 of $4.31 billion include $3.50 billion of multi-year cloud service agreements.
Total future purchase commitments as of July 30, 2023 are as follows:
Commitments
 (In millions)
Fiscal Year: 
2024 (excluding first half of fiscal year 2024)
$8,439 
20253,960 
2026957 
2027999 
2028637 
2029 and thereafter
468 
Total$15,460 
Accrual for Product Warranty Liabilities
The estimated amount of product warranty liabilities was $115 million and $82 million as of July 30, 2023 and January 29, 2023, respectively. The estimated product returns and estimated product warranty activity consisted of the following:
Three Months Ended
Six Months Ended
July 30, 2023July 31, 2022July 30, 2023July 31, 2022
(In millions)
Balance at beginning of period
$77 $55 $82 $46 
Additions
4212255138
Utilization
(4)(9)(22)(16)
Balance at end of period
$115 $168 $115 $168 
In connection with certain agreements that we have entered in the past, 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.
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. 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. 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.
Accounting for Loss Contingencies
As of July 30, 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.
v3.23.2
Shareholders' Equity
6 Months Ended
Jul. 30, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity 
Capital Return Program 
During the second quarter and first half of fiscal year 2024, we repurchased 7.5 million shares of our common stock for $3.28 billion. During the second quarter and first half of fiscal year 2023, we repurchased 19 million and 28 million shares for $3.35 billion and $5.34 billion, respectively. Since the inception of our share repurchase program through July 30, 2023, we have repurchased an aggregate of 1.11 billion shares for a total cost of $20.40 billion. As of July 30, 2023, we were authorized, subject to certain specifications, to repurchase shares of our common stock up to $3.95 billion. On August 21, 2023, our Board of Directors approved an increase to our share repurchase program of an additional $25.00 billion, without expiration. From July 31, 2023 through August 24, 2023, we repurchased 2 million shares for $998 million pursuant to a Rule 10b5-1 trading plan. As of August 24, 2023, a total of $27.95 billion was available for repurchase. 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 second quarter and first half of fiscal year 2024, we paid $99 million and $199 million in cash dividends to our shareholders, respectively. During the second quarter and first half of fiscal year 2023, we paid $100 million and $200 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.
v3.23.2
Segment Information
6 Months Ended
Jul. 30, 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 cryptocurrency mining processors, or CMP.
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, acquisition-related and other costs, corporate infrastructure and support costs, acquisition termination cost, intellectual property related, or IP-related and legal settlement costs, contributions, 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 & NetworkingGraphicsAll OtherConsolidated
 (In millions)
Three Months Ended July 30, 2023
    
Revenue$10,402 $3,105 $— $13,507 
Operating income (loss)$6,728 $1,211 $(1,139)$6,800 
Three Months Ended July 31, 2022
    
Revenue$3,907 $2,797 $— $6,704 
Operating income (loss)$816 $657 $(974)$499 
Six Months Ended July 30, 2023
Revenue$14,862 $5,837 $— $20,699 
Operating income (loss)$8,887 $2,258 $(2,204)$8,941 
Six Months Ended July 31, 2022
Revenue$7,579 $7,413 $— $14,992 
Operating income (loss)$2,422 $3,133 $(3,188)$2,367 
Three Months EndedSix Months Ended
July 30,
2023
July 31,
2022
July 30,
2023
July 31,
2022
(In millions)
Reconciling items included in "All Other" category:
Stock-based compensation expense$(842)$(649)$(1,576)$(1,227)
Unallocated cost of revenue and operating expenses (163)(148)(317)(275)
Acquisition-related and other costs(137)(175)(311)(324)
IP-related and legal settlement costs(2)— (10)(7)
Acquisition termination cost— — — (1,353)
Contributions— (2)— (2)
Other— 10 — 
Total$(1,139)$(974)$(2,204)$(3,188)
Revenue by geographic region is allocated to individual countries based on the billing location of the customer. End customer location may be different than our customer’s billing location. The following table
summarizes information pertaining to our revenue from customers based on the invoicing address by geographic regions:
 Three Months EndedSix Months Ended
July 30,July 31,July 30,July 31,
 2023202220232022
 (In millions)
Revenue:  
United States$6,043 $1,988 $8,428 $3,921 
Taiwan2,839 1,204 4,635 3,981 
China (including Hong Kong)2,740 1,602 4,330 3,683 
Other countries1,885 1,910 3,306 3,407 
Total revenue$13,507 $6,704 $20,699 $14,992 
One data center distributor customer represented approximately 17% and 13% of total revenue for the second quarter and first half of fiscal year 2024, respectively, and was attributable to the Compute & Networking segment. There were no customers with 10% or more of total revenue for the second quarter and first half of fiscal year 2023.
A large cloud service provider, or CSP, which primarily purchases indirectly through multiple system integrators and distributors, is estimated to represent approximately 22% and 19% of total revenue for the second quarter and first half of fiscal year 2024, respectively, and was attributable to our Compute & Networking segment.
Two customers accounted for 16% and 13% of our accounts receivable balance as of July 30, 2023. Two customers accounted for 14% and 11% of our accounts receivable balance as of January 29, 2023.
The following table summarizes information pertaining to our revenue by each of the specialized markets we serve:
 Three Months EndedSix Months Ended
July 30,July 31,July 30,July 31,
 2023202220232022
 (In millions)
Revenue:  
Data Center$10,323 $3,806 $14,607 $7,556 
Gaming2,486 2,042 4,726 5,662 
Professional Visualization379 496 674 1,118 
Automotive253 220 549 358 
OEM and Other66 140 143 298 
Total revenue$13,507 $6,704 $20,699 $14,992 
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Pay vs Performance Disclosure        
Net income $ 6,188 $ 656 $ 8,232 $ 2,274
v3.23.2
Insider Trading Arrangements
3 Months Ended
Jul. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.2
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jul. 30, 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 second 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.
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 to a range of four to five years, and our assembly and test equipment from five to seven years. This change in accounting estimate became effective at the beginning of fiscal year 2024.
v3.23.2
Leases (Tables)
6 Months Ended
Jul. 30, 2023
Leases [Abstract]  
Schedule of future minimum lease payments
Future minimum lease payments under our non-cancelable operating leases as of July 30, 2023 are as follows:
Operating Lease Obligations
 (In millions)
Fiscal Year: 
2024 (excluding first half of fiscal year 2024)
$134 
2025249 
2026227 
2027211 
2028191 
2029 and thereafter
415 
Total1,427 
Less imputed interest178 
Present value of net future minimum lease payments1,249 
Less short-term operating lease liabilities208 
Long-term operating lease liabilities$1,041 
Schedule of other information related to leases
Other information related to leases was as follows:
Six Months Ended
July 30, 2023July 31, 2022
 (In millions)
Supplemental cash flows information 
Operating cash flows used for operating leases$135 $91 
Operating lease assets obtained in exchange for lease obligations$299 $98 
v3.23.2
Stock-Based Compensation (Tables)
6 Months Ended
Jul. 30, 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 EndedSix Months Ended
 July 30,
2023
July 31,
2022
July 30,
2023
July 31,
2022
(In millions)
Cost of revenue$31 $38 $58 $76 
Research and development600 452 1,124 836 
Sales, general and administrative211 159 394 315 
Total$842 $649 $1,576 $1,227 
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 SharesWeighted Average Grant-Date Fair Value Per Share
(In millions, except per share data)
Balances, January 29, 202345 $158.45 
Granted13 $359.70 
Vested restricted stock(11)$127.12 
Canceled and forfeited(1)$194.70 
Balances, July 30, 202346 $219.47 
v3.23.2
Net Income Per Share (Tables)
6 Months Ended
Jul. 30, 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 EndedSix Months Ended
July 30,July 31,July 30,July 31,
2023202220232022
 (In millions, except per share data)
Numerator:  
Net income$6,188 $656 $8,232 $2,274 
Denominator:
Basic weighted average shares2,473 2,495 2,472 2,500 
Dilutive impact of outstanding equity awards26 21 23 26 
Diluted weighted average shares2,499 2,516 2,495 2,526 
Net income per share:
Basic (1)$2.50 $0.26 $3.33 $0.91 
Diluted (2)$2.48 $0.26 $3.30 $0.90 
Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive10 33 14 25 
(1)    Calculated as net income divided by basic weighted average shares.
(2)    Calculated as net income divided by diluted weighted average shares.
v3.23.2
Cash Equivalents and Marketable Securities (Tables)
6 Months Ended
Jul. 30, 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:
 July 30, 2023
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$5,990 $$(13)$5,978 $2,149 $3,829 
Debt securities issued by the U.S. Treasury3,716 — (31)3,685 — 3,685 
Debt securities issued by U.S. government agencies2,903 — (4)2,899 647 2,252 
Money market funds2,348 — — 2,348 2,348 — 
Certificates of deposit690 — — 690 265 425 
Foreign government bonds248 — — 248 199 49 
Total$15,895 $$(48)$15,848 $5,608 $10,240 
 January 29, 2023
Amortized
Cost
Unrealized
Gain
Unrealized
Loss
Estimated
Fair Value
Reported as
 Cash EquivalentsMarketable Securities
 (In millions)
Corporate debt securities$4,809 $— $(12)$4,797 $1,087 $3,710 
Debt securities issued by the U.S. Treasury4,185 (44)4,142 — 4,142 
Debt securities issued by U.S. government agencies1,836 — (2)1,834 50 1,784 
Money market funds1,777 — — 1,777 1,777 — 
Certificates of deposit365 — — 365 134 231 
Foreign government bonds140 — — 140 100 40 
Total$13,112 $$(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.
July 30, 2023January 29, 2023
Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
(In millions)
Less than one year$12,613 $12,592 $9,738 $9,708 
Due in 1 - 5 years3,282 3,256 3,374 3,347 
Total$15,895 $15,848 $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:
July 30, 2023
 Less than 12 Months12 Months or GreaterTotal
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Debt securities issued by the U.S. Treasury$1,595 $(16)$1,375 $(15)$2,970 $(31)
Corporate debt securities1,379 (9)802 (4)2,181 (13)
Debt securities issued by U.S. government agencies2,223 (4)— — 2,223 (4)
Total$5,197 $(29)$2,177 $(19)$7,374 $(48)
January 29, 2023
 Less than 12 Months12 Months or GreaterTotal
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Debt securities issued by the U.S. Treasury$2,444 $(21)$1,172 $(23)$3,616 $(44)
Corporate debt securities1,188 (7)696 (5)1,884 (12)
Debt securities issued by U.S. government agencies1,307 (2)— — 1,307 (2)
Total$4,939 $(30)$1,868 $(28)$6,807 $(58)
v3.23.2
Fair Value of Financial Assets and Liabilities (Tables)
6 Months Ended
Jul. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of fair value measurements, recurring and nonrecurring
Fair Value at
Pricing CategoryJuly 30, 2023January 29, 2023
(In millions)
Assets
Cash equivalents and marketable securities:
Money market fundsLevel 1$2,348 $1,777 
Corporate debt securitiesLevel 2$5,978 $4,797 
Debt securities issued by the U.S. TreasuryLevel 2$3,685 $4,142 
Debt securities issued by U.S. government agenciesLevel 2$2,899 $1,834 
Certificates of depositLevel 2$690 $365 
Foreign government bondsLevel 2$248 $140 
Other assets (Investments in non-affiliated entities):
Publicly-held equity securitiesLevel 1$124 $11 
Privately-held equity securitiesLevel 3$676 $288 
Liabilities (1)
0.309% Notes Due 2023
Level 2$— $1,230 
0.584% Notes Due 2024
Level 2$1,199 $1,185 
3.20% Notes Due 2026
Level 2$959 $966 
1.55% Notes Due 2028
Level 2$1,089 $1,099 
2.85% Notes Due 2030
Level 2$1,355 $1,364 
2.00% Notes Due 2031
Level 2$1,042 $1,044 
3.50% Notes Due 2040
Level 2$848 $870 
3.50% Notes Due 2050
Level 2$1,609 $1,637 
3.70% Notes Due 2060
Level 2$406 $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.
v3.23.2
Amortizable Intangible Assets and Goodwill (Tables)
6 Months Ended
Jul. 30, 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:
 July 30, 2023January 29, 2023
 Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
 (In millions)
Acquisition-related intangible assets$2,642 $(1,448)$1,194 $3,093 $(1,614)$1,479 
Patents and licensed technology453 (252)201 446 (249)197 
Total intangible assets$3,095 $(1,700)$1,395 $3,539 $(1,863)$1,676 
Amortization expense associated with intangible assets was $146 million and $327 million for the second quarter and first half of fiscal year 2024, respectively, and $182 million and $336 million for the second quarter and first half 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 July 30, 2023:
Future Amortization Expense
 (In millions)
Fiscal Year: 
2024 (excluding first half of fiscal year 2024)
$288 
2025554 
2026259 
2027149 
202836 
2029 and thereafter109 
Total$1,395 
v3.23.2
Balance Sheet Components (Tables)
6 Months Ended
Jul. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of inventory
Certain balance sheet components are as follows:
July 30,January 29,
 20232023
Inventories (1):(In millions)
Raw materials$1,632 $2,430 
Work in-process1,058 466 
Finished goods1,629 2,263 
Total inventories$4,319 $5,159 
(1)    During the second quarter of fiscal years 2024 and 2023, we recorded an inventory provision of approximately $343 million and $570 million, respectively, in cost of revenue.
Schedule of other assets
July 30,January 29,
 20232023
Other Assets:(In millions)
Prepaid supply and capacity agreements (1)$3,008 $2,989 
Investments in non-affiliated entities800 299 
Prepaid royalties375 387 
Prepaid cloud services170 23 
Other148 122 
Total other assets$4,501 $3,820 
(1)    As of July 30, 2023 and January 29, 2023, there were $799 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
July 30,January 29,
 20232023
Accrued and Other Current Liabilities:(In millions)
Taxes payable$2,803 $467 
Customer program accruals1,482 1,196 
Excess inventory purchase obligations (1)870 954 
Accrued payroll and related expenses642 530 
Deferred revenue (2)421 354 
Unsettled share repurchases217 — 
Operating leases208 176 
Product warranty and return provisions168 108 
Licenses and royalties144 149 
Other201 186 
Total accrued and other current liabilities$7,156 $4,120 
(1)    During the second quarter of fiscal years 2024 and 2023, we recorded an expense of approximately $232 million and $650 million, respectively, in cost of revenue for inventory purchase obligations in excess of our current demand projections, and cancellation and underutilization penalties.
(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
July 30,January 29,
 20232023
Other Long-Term Liabilities:(In millions)
Income tax payable (1)$1,350 $1,204 
Deferred income tax373 247 
Deferred revenue (2)308 218 
Licenses payable127 181 
Other65 63 
Total other long-term liabilities$2,223 $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 half of fiscal years 2024 and 2023:
July 30,July 31,
 20232022
(In millions)
Balance at beginning of period$572 $502 
Deferred revenue additions during the period713 399 
Revenue recognized during the period(556)(341)
Balance at end of period$729 $560 
v3.23.2
Derivative Financial Instruments (Tables)
6 Months Ended
Jul. 30, 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:
 July 30,
2023
January 29,
2023
(In millions)
Designated as cash flow hedges$1,138 $1,128 
Non-designated hedges$367 $366 
v3.23.2
Debt (Tables)
6 Months Ended
Jul. 30, 2023
Debt Disclosure [Abstract]  
Schedule of long-term debt
The carrying value of our outstanding notes, the calendar year of maturity, and the associated interest rates were as follows:
Carrying Value at
Expected
Remaining Term (years)
Effective
Interest Rate
July 30, 2023January 29, 2023
(In millions)
0.309% Notes Due 2023
0.41%$— $1,250 
0.584% Notes Due 2024
0.90.66%1,250 1,250 
3.20% Notes Due 2026
3.13.31%1,000 1,000 
1.55% Notes Due 2028
4.91.64%1,250 1,250 
2.85% Notes Due 2030
6.72.93%1,500 1,500 
2.00% Notes Due 2031
7.92.09%1,250 1,250 
3.50% Notes Due 2040
16.73.54%1,000 1,000 
3.50% Notes Due 2050
26.73.54%2,000 2,000 
3.70% Notes Due 2060
36.73.73%500 500 
Unamortized debt discount and issuance costs(45)(47)
Net carrying amount9,705 10,953 
Less short-term portion(1,249)(1,250)
Total long-term portion$8,456 $9,703 
v3.23.2
Commitments and Contingencies (Tables)
6 Months Ended
Jul. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future unconditional purchase commitments
Total future purchase commitments as of July 30, 2023 are as follows:
Commitments
 (In millions)
Fiscal Year: 
2024 (excluding first half of fiscal year 2024)
$8,439 
20253,960 
2026957 
2027999 
2028637 
2029 and thereafter
468 
Total$15,460 
Schedule of product warranty activity The estimated product returns and estimated product warranty activity consisted of the following:
Three Months Ended
Six Months Ended
July 30, 2023July 31, 2022July 30, 2023July 31, 2022
(In millions)
Balance at beginning of period
$77 $55 $82 $46 
Additions
4212255138
Utilization
(4)(9)(22)(16)
Balance at end of period
$115 $168 $115 $168 
v3.23.2
Segment Information (Tables)
6 Months Ended
Jul. 30, 2023
Segment Reporting [Abstract]  
Schedule of reportable segments The table below presents details of our reportable segments and the “All Other” category.
 Compute & NetworkingGraphicsAll OtherConsolidated
 (In millions)
Three Months Ended July 30, 2023
    
Revenue$10,402 $3,105 $— $13,507 
Operating income (loss)$6,728 $1,211 $(1,139)$6,800 
Three Months Ended July 31, 2022
    
Revenue$3,907 $2,797 $— $6,704 
Operating income (loss)$816 $657 $(974)$499 
Six Months Ended July 30, 2023
Revenue$14,862 $5,837 $— $20,699 
Operating income (loss)$8,887 $2,258 $(2,204)$8,941 
Six Months Ended July 31, 2022
Revenue$7,579 $7,413 $— $14,992 
Operating income (loss)$2,422 $3,133 $(3,188)$2,367 
Three Months EndedSix Months Ended
July 30,
2023
July 31,
2022
July 30,
2023
July 31,
2022
(In millions)
Reconciling items included in "All Other" category:
Stock-based compensation expense$(842)$(649)$(1,576)$(1,227)
Unallocated cost of revenue and operating expenses (163)(148)(317)(275)
Acquisition-related and other costs(137)(175)(311)(324)
IP-related and legal settlement costs(2)— (10)(7)
Acquisition termination cost— — — (1,353)
Contributions— (2)— (2)
Other— 10 — 
Total$(1,139)$(974)$(2,204)$(3,188)
Schedule of revenue by geographic regions The following table
summarizes information pertaining to our revenue from customers based on the invoicing address by geographic regions:
 Three Months EndedSix Months Ended
July 30,July 31,July 30,July 31,
 2023202220232022
 (In millions)
Revenue:  
United States$6,043 $1,988 $8,428 $3,921 
Taiwan2,839 1,204 4,635 3,981 
China (including Hong Kong)2,740 1,602 4,330 3,683 
Other countries1,885 1,910 3,306 3,407 
Total revenue$13,507 $6,704 $20,699 $14,992 
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 EndedSix Months Ended
July 30,July 31,July 30,July 31,
 2023202220232022
 (In millions)
Revenue:  
Data Center$10,323 $3,806 $14,607 $7,556 
Gaming2,486 2,042 4,726 5,662 
Professional Visualization379 496 674 1,118 
Automotive253 220 549 358 
OEM and Other66 140 143 298 
Total revenue$13,507 $6,704 $20,699 $14,992 
v3.23.2
Summary of Significant Accounting Policies (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Feb. 28, 2023
Jan. 31, 2023
Property, Plant and Equipment [Line Items]            
Cost of revenue $ (4,045) $ (3,789) $ (6,589) $ (6,646)    
Benefit in operating expenses (2,662) (2,416) (5,169) (5,979)    
benefit in operating income 6,800 499 8,941 2,367    
Increase in net income $ 6,188 $ 656 $ 8,232 $ 2,274    
Increase in basic earnings per share (in dollars per share) $ 2.50 $ 0.26 $ 3.33 $ 0.91    
Increase in diluted earnings per share (in dollars per share) $ 2.48 $ 0.26 $ 3.30 $ 0.90    
Service Life            
Property, Plant and Equipment [Line Items]            
Cost of revenue $ 5   $ 7      
Benefit in operating expenses 28   59      
benefit in operating income 33   66      
Increase in net income $ 27   $ 55      
Increase in basic earnings per share (in dollars per share) $ 0.01   $ 0.02      
Increase in diluted earnings per share (in dollars per share) $ 0.01   $ 0.02      
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
v3.23.2
Business Combination (Details)
$ in Millions
12 Months Ended
Jan. 29, 2023
USD ($)
Arm Limited  
Business Acquisition [Line Items]  
Acquisition termination cost $ 1,350
v3.23.2
Leases - Schedule of Future Minimum Payments (Details) - USD ($)
$ in Millions
Jul. 30, 2023
Jan. 29, 2023
Leases [Abstract]    
2024 (excluding first half of fiscal year 2024) $ 134  
2025 249  
2026 227  
2027 211  
2028 191  
2029 and thereafter 415  
Total 1,427  
Less imputed interest 178  
Present value of net future minimum lease payments 1,249  
Less short-term operating lease liabilities 208 $ 176
Long-term operating lease liabilities $ 1,041 $ 902
v3.23.2
Leases - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Jan. 29, 2023
Lessee, Lease, Description [Line Items]          
Operating lease, not yet commenced, amount $ 205   $ 205    
Operating lease expense $ 67 $ 47 $ 126 $ 90  
Weighted average remaining lease term - operating leases 6 years 6 months   6 years 6 months   6 years 9 months 18 days
Weighted average discount rate - operating leases (percent) 3.47%   3.47%   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 8 years   8 years    
v3.23.2
Leases - Schedule of Other Lease Information (Details) - USD ($)
$ in Millions
6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Supplemental disclosure of cash flow information:    
Operating cash flows used for operating leases $ 135 $ 91
Operating lease assets obtained in exchange for lease obligations $ 299 $ 98
v3.23.2
Stock-Based Compensation - Allocation of Expense (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Share-based Compensation        
Stock-based compensation expense $ 842 $ 649 $ 1,576 $ 1,227
Cost of revenue        
Share-based Compensation        
Stock-based compensation expense 31 38 58 76
Research and development        
Share-based Compensation        
Stock-based compensation expense 600 452 1,124 836
Sales, general and administrative        
Share-based Compensation        
Stock-based compensation expense $ 211 $ 159 $ 394 $ 315
v3.23.2
Stock-Based Compensation - Summary of Equity Award Transactions (Details) - RSUs, PSUs, and Market-based PSUs
shares in Millions
6 Months Ended
Jul. 30, 2023
$ / shares
shares
Number of Shares  
RSUs, PSUs and Market-based PSUs, outstanding, beginning balance (in shares) | shares 45
RSUs, PSUs and Market-based PSUs, granted (in shares) | shares 13
RSUs, PSUs and Market-based PSUs, Vested restricted stock (in shares) | shares (11)
RSUs, PSUs and Market-based PSUs, canceled and forfeited (in shares) | shares (1)
RSUs, PSUs and Market-based PSUs, outstanding, ending balance (in shares) | shares 46
Weighted Average Grant-Date Fair Value Per Share  
RSUs, PSUs and Market-based PSUs, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares $ 158.45
RSUs, PSUs and Market-based PSUs, weighted average grant date fair value, granted (in dollars per share) | $ / shares 359.70
RSUs, PSUs and Market-based PSUs, weighted average grant date fair value, Vested restricted stock (in dollars per share) | $ / shares 127.12
RSUs, PSUs and Market-based PSUs, weighted average grant date fair value, canceled and forfeited (in dollars per share) | $ / shares 194.70
RSUs, PSUs and Market-based PSUs, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares $ 219.47
v3.23.2
Stock-Based Compensation - Narrative (Details)
$ in Millions
6 Months Ended
Jul. 30, 2023
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unearned stock-based compensation expense $ 9,690
RSUs, PSUs, and Market-based PSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Estimated weighted average amortization period 2 years 8 months 12 days
Employee Stock Purchase Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Estimated weighted average amortization period 1 year
v3.23.2
Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Numerator:        
Net income $ 6,188 $ 656 $ 8,232 $ 2,274
Denominator:        
Basic weighted average shares (in shares) 2,473 2,495 2,472 2,500
Dilutive impact of outstanding equity awards (in shares) 26 21 23 26
Diluted weighted average shares (in shares) 2,499 2,516 2,495 2,526
Net income per share:        
Basic (in dollars per share) $ 2.50 $ 0.26 $ 3.33 $ 0.91
Diluted (in dollars per share) $ 2.48 $ 0.26 $ 3.30 $ 0.90
Equity awards excluded from diluted net income per share because their effect would have been anti-dilutive (in shares) 10 33 14 25
v3.23.2
Income Taxes (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ 793 $ (181) $ 958 $ 6
Tax expense as a percentage of income before income tax (percent) 11.40% 38.00% 10.40% 0.30%
v3.23.2
Cash Equivalents and Marketable Securities - Summary of Securities (Details) - USD ($)
$ in Millions
Jul. 30, 2023
Jan. 29, 2023
Summary of cash equivalents and marketable securities:    
Amortized Cost $ 15,895 $ 13,112
Unrealized Gain 1 1
Unrealized Loss (48) (58)
Estimated Fair Value 15,848 13,055
Cash Equivalents 5,608 3,148
Marketable Securities 10,240 9,907
Corporate debt securities    
Summary of cash equivalents and marketable securities:    
Amortized Cost 5,990 4,809
Unrealized Gain 1 0
Unrealized Loss (13) (12)
Estimated Fair Value 5,978 4,797
Cash Equivalents 2,149 1,087
Marketable Securities 3,829 3,710
Debt securities issued by the U.S. Treasury    
Summary of cash equivalents and marketable securities:    
Amortized Cost 3,716 4,185
Unrealized Gain 0 1
Unrealized Loss (31) (44)
Estimated Fair Value 3,685 4,142
Cash Equivalents 0 0
Marketable Securities 3,685 4,142
Debt securities issued by U.S. government agencies    
Summary of cash equivalents and marketable securities:    
Amortized Cost 2,903 1,836
Unrealized Gain 0 0
Unrealized Loss (4) (2)
Estimated Fair Value 2,899 1,834
Cash Equivalents 647 50
Marketable Securities 2,252 1,784
Money market funds    
Summary of cash equivalents and marketable securities:    
Amortized Cost 2,348 1,777
Unrealized Gain 0 0
Unrealized Loss 0 0
Estimated Fair Value 2,348 1,777
Cash Equivalents 2,348 1,777
Marketable Securities 0 0
Certificates of deposit    
Summary of cash equivalents and marketable securities:    
Amortized Cost 690 365
Unrealized Gain 0 0
Unrealized Loss 0 0
Estimated Fair Value 690 365
Cash Equivalents 265 134
Marketable Securities 425 231
Foreign government bonds    
Summary of cash equivalents and marketable securities:    
Amortized Cost 248 140
Unrealized Gain 0 0
Unrealized Loss 0 0
Estimated Fair Value 248 140
Cash Equivalents 199 100
Marketable Securities $ 49 $ 40
v3.23.2
Cash Equivalents and Marketable Securities - Unrealized Losses Aggregated by Investment Category (Details) - USD ($)
$ in Millions
Jul. 30, 2023
Jan. 29, 2023
Estimated Fair Value    
Less than 12 Months $ 5,197 $ 4,939
12 Months or Greater 2,177 1,868
Total 7,374 6,807
Gross Unrealized Loss    
Less than 12 Months (29) (30)
12 Months or Greater (19) (28)
Total (48) (58)
Debt securities issued by the U.S. Treasury    
Estimated Fair Value    
Less than 12 Months 1,595 2,444
12 Months or Greater 1,375 1,172
Total 2,970 3,616
Gross Unrealized Loss    
Less than 12 Months (16) (21)
12 Months or Greater (15) (23)
Total (31) (44)
Corporate debt securities    
Estimated Fair Value    
Less than 12 Months 1,379 1,188
12 Months or Greater 802 696
Total 2,181 1,884
Gross Unrealized Loss    
Less than 12 Months (9) (7)
12 Months or Greater (4) (5)
Total (13) (12)
Debt securities issued by U.S. government agencies    
Estimated Fair Value    
Less than 12 Months 2,223 1,307
12 Months or Greater 0 0
Total 2,223 1,307
Gross Unrealized Loss    
Less than 12 Months (4) (2)
12 Months or Greater 0 0
Total $ (4) $ (2)
v3.23.2
Cash Equivalents and Marketable Securities - Amortized Cost and Estimated Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Jul. 30, 2023
Jan. 29, 2023
Amortized Cost    
Less than one year $ 12,613 $ 9,738
Due in 1 - 5 years 3,282 3,374
Amortized Cost 15,895 13,112
Estimated Fair Value    
Less than one year 12,592 9,708
Due in 1 - 5 years 3,256 3,347
Estimated Fair Value $ 15,848 $ 13,055
v3.23.2
Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($)
$ in Millions
Jul. 30, 2023
Jul. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Restricted cash $ 99 $ 0
v3.23.2
Fair Value of Financial Assets and Liabilities (Details) - USD ($)
$ in Millions
Jul. 30, 2023
Jan. 29, 2023
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities $ 15,848 $ 13,055
Other assets (Investments in non-affiliated entities):    
Investments in non-affiliated entities 800 299
Money market funds    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 2,348 1,777
Corporate debt securities    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 5,978 4,797
Debt securities issued by the U.S. Treasury    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 3,685 4,142
Debt securities issued by U.S. government agencies    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 2,899 1,834
Certificates of deposit    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 690 365
Foreign government bonds    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 248 140
Level 1 | Money market funds    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 2,348 1,777
Level 1 | Publicly-held equity securities    
Other assets (Investments in non-affiliated entities):    
Investments in non-affiliated entities 124 11
Level 2 | 0.309% Notes Due 2023    
Liabilities    
Notes 0 1,230
Level 2 | 0.584% Notes Due 2024    
Liabilities    
Notes 1,199 1,185
Level 2 | 3.20% Notes Due 2026    
Liabilities    
Notes 959 966
Level 2 | 1.55% Notes Due 2028    
Liabilities    
Notes 1,089 1,099
Level 2 | 2.85% Notes Due 2030    
Liabilities    
Notes 1,355 1,364
Level 2 | 2.00% Notes Due 2031    
Liabilities    
Notes 1,042 1,044
Level 2 | 3.50% Notes Due 2040    
Liabilities    
Notes 848 870
Level 2 | 3.50% Notes Due 2050    
Liabilities    
Notes 1,609 1,637
Level 2 | 3.70% Notes Due 2060    
Liabilities    
Notes 406 410
Level 2 | Corporate debt securities    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 5,978 4,797
Level 2 | Debt securities issued by the U.S. Treasury    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 3,685 4,142
Level 2 | Debt securities issued by U.S. government agencies    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 2,899 1,834
Level 2 | Certificates of deposit    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 690 365
Level 2 | Foreign government bonds    
Cash equivalents and marketable securities:    
Cash equivalents and marketable securities 248 140
Level 3 | Privately-held equity securities    
Other assets (Investments in non-affiliated entities):    
Investments in non-affiliated entities $ 676 $ 288
v3.23.2
Amortizable Intangible Assets and Goodwill (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Jan. 29, 2023
Amortizable intangible assets components          
Gross Carrying Amount $ 3,095   $ 3,095   $ 3,539
Accumulated Amortization (1,700)   (1,700)   (1,863)
Net Carrying Amount 1,395   1,395   1,676
Amortization expense 146 $ 182 327 $ 336  
Increase in carrying amount of goodwill     58    
Future amortization expense associated with intangible assets          
2024 (excluding first half of fiscal year 2024) 288   288    
2025 554   554    
2026 259   259    
2027 149   149    
2028 36   36    
2029 and thereafter 109   109    
Net Carrying Amount 1,395   1,395   1,676
Acquisition-related intangible assets          
Amortizable intangible assets components          
Gross Carrying Amount 2,642   2,642   3,093
Accumulated Amortization (1,448)   (1,448)   (1,614)
Net Carrying Amount 1,194   1,194   1,479
Future amortization expense associated with intangible assets          
Net Carrying Amount 1,194   1,194   1,479
Patents and licensed technology          
Amortizable intangible assets components          
Gross Carrying Amount 453   453   446
Accumulated Amortization (252)   (252)   (249)
Net Carrying Amount 201   201   197
Future amortization expense associated with intangible assets          
Net Carrying Amount $ 201   $ 201   $ 197
v3.23.2
Balance Sheet Components - Inventory (Details) - USD ($)
$ in Millions
3 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jan. 29, 2023
Inventories (1):      
Raw materials $ 1,632   $ 2,430
Work in-process 1,058   466
Finished goods 1,629   2,263
Total inventories 4,319   $ 5,159
Inventory reserve expense $ 343 $ 570  
v3.23.2
Balance Sheet Components - Other Assets (Details) - USD ($)
$ in Millions
Jul. 30, 2023
Jan. 29, 2023
Other Assets:    
Prepaid supply and capacity agreements $ 3,008 $ 2,989
Investments in non-affiliated entities 800 299
Prepaid royalties 375 387
Prepaid cloud services 170 23
Other 148 122
Total other assets 4,501 3,820
Short-term prepaid supply and capacity agreements 1,389 791
Supply and Capacity Agreements    
Other Assets:    
Short-term prepaid supply and capacity agreements $ 799 $ 458
v3.23.2
Balance Sheet Components - Accrued and Other Current Liabilities (Details) - USD ($)
$ in Millions
3 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jan. 29, 2023
Accrued and Other Current Liabilities:      
Taxes payable $ 2,803   $ 467
Customer program accruals 1,482   1,196
Excess inventory purchase obligations 870   954
Accrued payroll and related expenses 642   530
Deferred revenue 421   354
Unsettled share repurchases 217   0
Operating leases 208   176
Product warranty and return provisions 168   108
Licenses and royalties 144   149
Other 201   186
Total accrued and other current liabilities 7,156   $ 4,120
Expense for inventory purchase obligations $ 232 $ 650  
v3.23.2
Balance Sheet Components - Other Long-Term Liabilities (Details) - USD ($)
$ in Millions
Jul. 30, 2023
Jan. 29, 2023
Other Long-Term Liabilities:    
Income taxes payable $ 1,350 $ 1,204
Deferred income tax 373 247
Deferred revenue 308 218
Licenses payable 127 181
Other 65 63
Total other long-term liabilities $ 2,223 $ 1,913
v3.23.2
Balance Sheet Components - Change in Deferred Revenue (Details) - USD ($)
$ in Millions
6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Change in Deferred Revenue    
Balance at beginning of period $ 572 $ 502
Deferred revenue additions during the period 713 399
Revenue recognized during the period (556) (341)
Balance at end of period $ 729 $ 560
v3.23.2
Balance Sheet Components - Revenue Remaining Performance Obligation (Details)
$ in Millions
Jul. 30, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 717
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation (as a percent) 44.00%
Expected performance period 12 months
v3.23.2
Derivative Financial Instruments - Notional Values (Details) - USD ($)
$ in Millions
Jul. 30, 2023
Jan. 29, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Designated as cash flow hedges $ 1,138 $ 1,128
Non-designated hedges $ 367 $ 366
v3.23.2
Derivative Financial Instruments - Narrative (Details)
6 Months Ended
Jul. 30, 2023
Foreign currency forward contracts  
Derivative [Line Items]  
Maximum maturity period 18 months
v3.23.2
Debt - Schedule of Instruments (Details) - USD ($)
$ in Millions
6 Months Ended
Jul. 30, 2023
Jan. 29, 2023
Debt Instrument [Line Items]    
Unamortized debt discount and issuance costs $ (45) $ (47)
Net carrying amount 9,705 10,953
Less short-term portion (1,249) (1,250)
Total long-term portion $ 8,456 9,703
0.309% Notes Due 2023 | Notes Payable    
Debt Instrument [Line Items]    
Interest rate (as percent) 0.309%  
Expected Remaining Term (years) 0 years  
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) 10 months 24 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) 3 years 1 month 6 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 10 months 24 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 8 months 12 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) 2.00%  
Expected Remaining Term (years) 7 years 10 months 24 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 8 months 12 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 8 months 12 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 8 months 12 days  
Effective Interest Rate (as percent) 3.73%  
Gross carrying amount $ 500 $ 500
v3.23.2
Debt - Narrative (Details)
Jul. 30, 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
v3.23.2
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
Jul. 30, 2023
Apr. 30, 2023
Jan. 29, 2023
Jul. 31, 2022
May 01, 2022
Jan. 30, 2022
Other Commitments [Line Items]            
Inventory purchase and long-term supply agreements $ 11,150          
Other non-inventory 4,310          
Warranty accrual 115 $ 77 $ 82 $ 168 $ 55 $ 46
Multi-Year Cloud Service Agreements            
Other Commitments [Line Items]            
Other non-inventory $ 3,500          
v3.23.2
Commitments and Contingencies - Summary of Future Commitments Due by Year (Details)
$ in Millions
Jul. 30, 2023
USD ($)
Fiscal Year:  
2024 (excluding first half of fiscal year 2024) $ 8,439
2025 3,960
2026 957
2027 999
2028 637
2029 and thereafter 468
Total $ 15,460
v3.23.2
Commitments and Contingencies - Schedule of Product Warranty Liabilities (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]        
Beginning Balance $ 77 $ 55 $ 82 $ 46
Additions 42 122 55 138
Utilization (4) (9) (22) (16)
Ending Balance $ 115 $ 168 $ 115 $ 168
v3.23.2
Shareholders' Equity (Details) - USD ($)
shares in Millions, $ in Millions
1 Months Ended 3 Months Ended 6 Months Ended
Aug. 24, 2023
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Aug. 21, 2023
Number of share repurchased (in shares)   7.5 19.0 7.5 28.0  
Shares repurchased   $ 3,284 $ 3,345 $ 3,284 $ 5,341  
Aggregated number of shares repurchased under stock repurchase program (in shares)   1,110.0   1,110.0    
Aggregated cost of shares repurchased   $ 20,400   $ 20,400    
Authorized amounts under share repurchase program   3,950   3,950    
Dividends paid   $ 99 $ 100 $ 199 $ 200  
Subsequent Event            
Number of share repurchased (in shares) 2.0          
Shares repurchased $ 998,000          
Additional authorization to repurchase shares           $ 25,000
Remaining authorized repurchase amount $ 27,950          
v3.23.2
Segment Information - Schedule of Segments (Details)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
USD ($)
Jul. 31, 2022
USD ($)
Jul. 30, 2023
USD ($)
segment
Jul. 31, 2022
USD ($)
Segment Reporting [Abstract]        
Number of reportable segments | segment     2  
Segment Reporting Information [Line Items]        
Revenue $ 13,507 $ 6,704 $ 20,699 $ 14,992
Operating income (loss) 6,800 499 8,941 2,367
Operating Segments | Compute & Networking        
Segment Reporting Information [Line Items]        
Revenue 10,402 3,907 14,862 7,579
Operating income (loss) 6,728 816 8,887 2,422
Operating Segments | Graphics        
Segment Reporting Information [Line Items]        
Revenue 3,105 2,797 5,837 7,413
Operating income (loss) 1,211 657 2,258 3,133
All Other        
Segment Reporting Information [Line Items]        
Revenue 0 0 0 0
Operating income (loss) $ (1,139) $ (974) $ (2,204) $ (3,188)
v3.23.2
Segment Information - Reconciling Items (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Segment Reporting Information [Line Items]        
Stock-based compensation expense $ (842) $ (649) $ (1,576) $ (1,227)
Operating income 6,800 499 8,941 2,367
All Other        
Segment Reporting Information [Line Items]        
Stock-based compensation expense (842) (649) (1,576) (1,227)
Unallocated cost of revenue and operating expenses (163) (148) (317) (275)
Acquisition-related and other costs (137) (175) (311) (324)
IP-related and legal settlement costs (2) 0 (10) (7)
Acquisition termination cost 0 0 0 (1,353)
Contributions 0 (2) 0 (2)
Other 5 0 10 0
Operating income $ (1,139) $ (974) $ (2,204) $ (3,188)
v3.23.2
Segment Information - Revenue (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Revenues        
Revenue $ 13,507 $ 6,704 $ 20,699 $ 14,992
United States        
Revenues        
Revenue 6,043 1,988 8,428 3,921
Taiwan        
Revenues        
Revenue 2,839 1,204 4,635 3,981
China (including Hong Kong)        
Revenues        
Revenue 2,740 1,602 4,330 3,683
Other countries        
Revenues        
Revenue $ 1,885 $ 1,910 $ 3,306 $ 3,407
v3.23.2
Segment Information - Concentration Risk (Details) - Customer Concentration Risk
3 Months Ended 6 Months Ended 12 Months Ended
Jul. 30, 2023
Jul. 30, 2023
Jan. 29, 2023
Revenue | Data center distributor      
Revenue, Major Customer [Line Items]      
Concentration risk (as percent) 17.00% 13.00%  
Revenue | Cloud service provider      
Revenue, Major Customer [Line Items]      
Concentration risk (as percent) 22.00% 19.00%  
Accounts Receivable | Customer One      
Revenue, Major Customer [Line Items]      
Concentration risk (as percent)   16.00% 14.00%
Accounts Receivable | Customers Two      
Revenue, Major Customer [Line Items]      
Concentration risk (as percent)   13.00% 11.00%
v3.23.2
Segment Information - Schedule of Revenue by Market (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Revenue from External Customer [Line Items]        
Revenue $ 13,507 $ 6,704 $ 20,699 $ 14,992
Data Center        
Revenue from External Customer [Line Items]        
Revenue 10,323 3,806 14,607 7,556
Gaming        
Revenue from External Customer [Line Items]        
Revenue 2,486 2,042 4,726 5,662
Professional Visualization        
Revenue from External Customer [Line Items]        
Revenue 379 496 674 1,118
Automotive        
Revenue from External Customer [Line Items]        
Revenue 253 220 549 358
OEM and Other        
Revenue from External Customer [Line Items]        
Revenue $ 66 $ 140 $ 143 $ 298