NVIDIA FY2026 Form 10-K (filed 2026-02-25) - supply chain, purchase commitments, export controls

PRIMARY SEC filing, FY ended 2026-01-25, accession 0001045810-26-000021. The closest thing to a published accelerator LEAD TIME: NVIDIA does not quote weeks anywhere, but it discloses the forward supply commitment that determines how far ahead a buyer must order, plus the explicit statement that it places orders AHEAD of its own historical lead times. Figures, quoted from the filing. COMMITMENT SCALE: as of 2026-01-25 consolidated outstanding inventory purchase and long-term supply and capacity obligations were $95.2 BILLION, 'of which substantially all will be paid through fiscal year 2027'; consolidated inventories were $21.4 billion. Those two sentences together bound the pre-order horizon at roughly four quarters, which is the honest way to bound an NVIDIA lead time that is never published in weeks. Multi-year cloud service agreement commitments were $27 billion, payable $7bn/$6bn/$5bn/$5bn/$2bn/$2bn across FY2027-FY2032-and-after. Investment commitments $11.4 billion. THE LEAD-TIME SENTENCE, verbatim and the single most useful line in the filing for this purpose: 'In periods of growth, we may place non-cancellable inventory orders for certain product components IN ADVANCE OF OUR HISTORICAL LEAD TIMES, pay premiums, or provide deposits to secure future supply and capacity.' NVIDIA is therefore a buyer that orders further out than its own lead times, so published lead times understate what a downstream buyer faces. Supply chain named: TSMC and Samsung for wafers; SK Hynix, Micron and Samsung for memory; CoWoS for packaging; Hon Hai/Foxconn, Wistron and Fabrinet for assembly, test and packaging. INVENTORY PROVISIONS: $7.2 billion FY2026 and $3.7 billion FY2025, including a $4.5 BILLION H20 charge in Q1 FY2026 for excess inventory and purchase obligations; net effect on gross margin -2.6% FY2026. The company's own explanation of the H20 charge is the export-control mechanism operating as a supply fact: it took the charge because of licence requirements affecting H20 and 'any other circuits achieving the H20's memory bandwidth, interconnect bandwidth, or combination thereof', and as a result recorded about $60 million of H20 revenue under USG licences granted from August 2025, with USG officials expressing an expectation of receiving 15% or more of licensed-sale revenue. Model mix note relevant to system-vs-card pricing: gross margin fell to 71.1% FY2026 from 75.0% FY2025 'as our business model transitioned from offering Hopper HGX systems to Blackwell full-scale datacenter solutions' - NVIDIA's own framing that a Hopper node sale and a Blackwell rack sale are not the same product.