Revenue doubled and the largest customer share fell — what only a quarterly report shows about concentration
NVIDIA quarterly report (10-Q) for the quarter ended July 26, 2026. Revenue was \$96,221 million against \$46,743 million a year earlier. One direct customer accounted for 16 percent of revenue; a year earlier two accounted for 23 and 16 percent, so concentration eased.
Filing key facts
- CompanyNVIDIA CORP (NVDA)
- FormQuarterly report (10-Q)
- ExchangeNasdaq
- Industry (SIC)Semiconductors & Related Devices
- Filing date2026-08-26
- Period2026-07-26
- Accession no.0001045810-26-000075
Key points
- NVIDIA quarterly report for the quarter ended July 26, 2026, with revenue of \$96,221 million against \$46,743 million a year earlier.
- One direct customer accounted for 16 percent of total revenue this quarter; a year earlier two accounted for 23 and 16 percent.
- Across the first half, three direct customers accounted for 16, 15 and 13 percent, a shift from one standout to several large accounts.
- Customers headquartered outside the United States accounted for 38 percent of quarterly revenue, against 30 percent a year earlier.
- Indirect customer revenue is expressly described as an estimation based on purchase orders, product specifications and internal sales data.
1What a quarterly report adds
Where an annual report gives the whole picture of a year, a quarterly report on Form 10-Q shows three months of progress. It is shorter and unaudited. Its distinct value is direction: an annual filing tells you whether something rose or fell, while a run of quarters tells you when it started to change.
2Revenue and customer concentration
| Measure | Second quarter of fiscal 2027 | Year-ago quarter |
|---|---|---|
| Total revenue | $96,221 million | $46,743 million |
| Direct customers at 10 percent or more of revenue | One, at 16 percent | Two, at 23 and 16 percent |
| Customers headquartered outside the United States | 38 percent | 30 percent for the first half |
Revenue roughly doubled while the largest direct customer share fell from 23 percent to 16. As the base grew, the weight of any one customer thinned. Across the first half, three customers sit at 16, 15 and 13 percent — a move from dependence on one standout toward several large accounts side by side.
3Why ten percent is the line
Customers accounting for 10 percent or more of revenue are disclosed. At that level one customer moving can shift the results: if they stop ordering, that share is simply gone. Requiring concentration to be disclosed period after period lets a reader see how exposed the business is.
4Direct and indirect
The report separates direct from indirect customers. Indirect customer revenue is an estimate built from purchase orders, product specifications and internal sales data, since those buyers come through system integrators and distributors. Who ultimately uses the product cannot be known without tracing the route to market, and the company marks the figure as an estimate.
This site also covers other filings by the same company, so quarterly figures can be read against individual events.
Why it matters
When revenue doubles, the largest customer share can fall. Concentration is reported as a proportion rather than an amount, so it has to be read against the movement in the base.
FAQ
Why are customers at 10 percent or more disclosed?
How does a quarterly report differ from an annual one?
Sources (primary)
This article is an independent organization based on the U.S. SEC official disclosures below. Always verify the exact, latest details with the original filing.
- SEC EDGAR (filing index)
- Primary document (original)
- Accession no.：0001045810-26-000075