The biggest changes in the 10-K filed 2026-02-25, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Revenue
+65.5% Big change FY to 2026-01-25 vs 2025-01-26“Revenue growth in fiscal year 2026 was driven by data center compute and networking platforms for accelerated computing and AI solutions.”
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“Gaming revenue for fiscal year 2026 was up 41% from a year ago, driven by strong Blackwell demand.”
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Net income
+64.7% Big change FY to 2026-01-25 vs 2025-01-26“The effective tax rate increased primarily due to a lower percentage of tax benefits from stock-based compensation, FDDEI, and U.S. federal research tax credit relative to the increase in income before income tax.”
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“Our effective tax rates for fiscal years 2026 and 2025 were lower than the U.S. federal statutory rate of 21.0% primarily due to tax benefits from FDDEI, stock-based compensation, income earned in jurisdictions that are subject to taxes at rates lower than the U.S. federal statutory tax rate, and the U.S. federal research tax credit.”
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Cash from operations
+60.3% Big change FY to 2026-01-25 vs 2025-01-26“Cash provided by operating activities increased in fiscal year 2026 compared to fiscal year 2025, due to higher revenue.”
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Gross margin
75.0% → 71.1% (-3.9 pts) Big change FY to 2026-01-25 vs 2025-01-26The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Operating margin
62.4% → 60.4% (-2.0 pts) Big change FY to 2026-01-25 vs 2025-01-26“Operating expenses for fiscal year 2026 were up 41% from a year ago, driven by higher compensation and benefits expenses due to employee growth and compute and infrastructure costs.”
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“Reportable segment operating income – The year over year increase in Compute & Networking segment operating income was driven by growth in revenue, partially offset by a $4.5 billion charge associated with H20 excess inventory and purchase obligations in the first quarter of fiscal year 2026.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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