- Price
- $228.38 → $229.28(+0.4%)
- Discount
- 26.3% → 26.0%(−0.3 pts)
- Next earnings
- 2026-11-17 → 2026-11-18
- Balance sheet
- Cash: $56.6B
Debt: $33.5B
Net cash: $23.1B
Interest cover: 357×
Debt due within 12 months: $1.0B
Ratings: Moody's Aa1 (positive outlook), S&P AA
Nvidia holds much more cash than debt. At July 26, 2026, it had $56but the balance sheet does not show its largest calls on cash.6 These are $279 billion of cash, cash equivalentssupply and capacity commitments and $51.2 billion of stakes in private companies. Cash includes marketable debt securities. It also had, but not $42.8 billion of listed equity securities. Against this, it had $33.5 billion ofDebt is senior unsecured notes at the parent, and it does not include $5.5 billion of operating lease liabilities. The notes increased in June 2026, when Nvidia issued $25.0 billion in seven tranches. Only $1.0 billion falls due within one year, and $17.5 billion falls due after five years. InInterest cover is for the first half of fiscal 2027, operating income of $117.3 billion covered interest expense of $329 million more than 300 times. The $25.0 billion commercial paper program was unused. Moody's rates the notes Aa1 with a positive outlook (affirmed its rating in August 2026), and S&P raised its rating to AA in June 2026. The balance sheet does not show the largest calls on cash. These are $279 billion of supply and capacity commitments and $51.2 billion of stakes in private companies. Nvidia also guarantees lease and power payments for an OpenAI data center campus in Ohio, capped at $105 billion and starting from fiscal 2029. The cash and cash flow give room to keep buying back shares ($39.8 billion in the first half of fiscal 2027) and to invest. But the guarantees tie part of its future risk to the credit of one customer.
As of 2026-07-26.
- Checkpoints
- Nov 1718, 2026 (estimate): Fiscal Q3 2027 results: gross margin and customer breadth. Pending. Watch: Gross margin near the 74% guidance and data center growth from many customers pass; a margin below guidance or growth that depends on financed buyers fails.
Feb 2027 (estimate): Fiscal Q4 2027 results: margin floor and Vera Rubin ramp. Pending. Watch: Gross margin that holds at or above the 71% to 72% guidance while Vera Rubin ships widely passes; a further margin cut or a slow Rubin ramp fails.
Q2 2027 (estimate): Hugging Face purchase closes after regulatory review. Pending. Watch: A close in the first half of 2027 on the agreed terms passes; a block or a long delay by regulators fails.
2027 (estimate): Justice Department decision on the Groq license deal. Pending. Watch: An inquiry that ends with no forced change to the Groq deal passes; a lawsuit or an order to undo the deal fails.