{
  "cutoff": "2026-09-07",
  "annual_columns": [
    "revenue",
    "GAAP_net_income",
    "gross_margin_pct",
    "OCF",
    "NVIDIA_FCF",
    "StockAnalysis_FCF",
    "equipment_principal"
  ],
  "annual_USD_million": {
    "FY2022": [
      26914,
      9752,
      64.9,
      9108,
      8049,
      8132,
      83
    ],
    "FY2023": [
      26974,
      4368,
      56.9,
      5641,
      3750,
      3808,
      58
    ],
    "FY2024": [
      60922,
      29760,
      72.7,
      28090,
      26947,
      27021,
      74
    ],
    "FY2025": [
      130497,
      72880,
      75.0,
      64089,
      60724,
      60853,
      129
    ],
    "FY2026": [
      215938,
      120067,
      71.1,
      102718,
      96575,
      96676,
      101
    ]
  },
  "cross_checks": [
    {
      "field": "FY2022_revenue",
      "values": {
        "NVIDIA_SEC": 26914,
        "StockAnalysis": 26914
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2022_GAAP_net_income",
      "values": {
        "NVIDIA_SEC": 9752,
        "StockAnalysis": 9752
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2022_operating_cash_flow",
      "values": {
        "NVIDIA_SEC": 9108,
        "StockAnalysis": 9108
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2022_FCF_after_principal_reconciliation",
      "values": {
        "NVIDIA_SEC": 8049,
        "StockAnalysis_reconciled": 8049
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2023_revenue",
      "values": {
        "NVIDIA_SEC": 26974,
        "StockAnalysis": 26974
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2023_GAAP_net_income",
      "values": {
        "NVIDIA_SEC": 4368,
        "StockAnalysis": 4368
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2023_operating_cash_flow",
      "values": {
        "NVIDIA_SEC": 5641,
        "StockAnalysis": 5641
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2023_FCF_after_principal_reconciliation",
      "values": {
        "NVIDIA_SEC": 3750,
        "StockAnalysis_reconciled": 3750
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2024_revenue",
      "values": {
        "NVIDIA_SEC": 60922,
        "StockAnalysis": 60922
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2024_GAAP_net_income",
      "values": {
        "NVIDIA_SEC": 29760,
        "StockAnalysis": 29760
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2024_operating_cash_flow",
      "values": {
        "NVIDIA_SEC": 28090,
        "StockAnalysis": 28090
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2024_FCF_after_principal_reconciliation",
      "values": {
        "NVIDIA_SEC": 26947,
        "StockAnalysis_reconciled": 26947
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2025_revenue",
      "values": {
        "NVIDIA_SEC": 130497,
        "StockAnalysis": 130497
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2025_GAAP_net_income",
      "values": {
        "NVIDIA_SEC": 72880,
        "StockAnalysis": 72880
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2025_operating_cash_flow",
      "values": {
        "NVIDIA_SEC": 64089,
        "StockAnalysis": 64089
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2025_FCF_after_principal_reconciliation",
      "values": {
        "NVIDIA_SEC": 60724,
        "StockAnalysis_reconciled": 60724
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2026_revenue",
      "values": {
        "NVIDIA_SEC": 215938,
        "StockAnalysis": 215938
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2026_GAAP_net_income",
      "values": {
        "NVIDIA_SEC": 120067,
        "StockAnalysis": 120067
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2026_operating_cash_flow",
      "values": {
        "NVIDIA_SEC": 102718,
        "StockAnalysis": 102718
      },
      "deviation_pct": "0"
    },
    {
      "field": "FY2026_FCF_after_principal_reconciliation",
      "values": {
        "NVIDIA_SEC": 96575,
        "StockAnalysis_reconciled": 96575
      },
      "deviation_pct": "0"
    }
  ],
  "calculations": {
    "TTM_revenue_USD_million": {
      "expression": "215938 + 177837 - 90805",
      "financial_rigor": "302970",
      "independent_decimal": "302970"
    },
    "TTM_GAAP_profit_USD_million": {
      "expression": "120067 + 118010 - 45197",
      "financial_rigor": "192880",
      "independent_decimal": "192880"
    },
    "Q2_Data_Center_pct": {
      "expression": "89023 / 96221 * 100",
      "financial_rigor": "92.51930451772482",
      "independent_decimal": "92.5193045177248209850240591970567755"
    },
    "Q2_operating_margin_pct": {
      "expression": "63734 / 96221 * 100",
      "financial_rigor": "66.23710000935347",
      "independent_decimal": "66.2371000093534675382712713440932852"
    },
    "TTM_tax_after_operating_profit_USD_bn": {
      "expression": "197.579 * (1 - 0.17)",
      "financial_rigor": "163.99057",
      "independent_decimal": "163.99057"
    },
    "Q2_annualized_revenue_USD_bn": {
      "expression": "96.221 * 4",
      "financial_rigor": "384.884",
      "independent_decimal": "384.884"
    },
    "Q2_annualized_tax_after_operating_profit_USD_bn": {
      "expression": "63.734 * 4 * (1 - 0.17)",
      "financial_rigor": "211.59688",
      "independent_decimal": "211.59688"
    },
    "Q2_tax_after_operating_margin_pct": {
      "expression": "63.734 * (1 - 0.17) / 96.221 * 100",
      "financial_rigor": "54.97679300776338",
      "independent_decimal": "54.9767930077633780567651552155974268"
    },
    "bear_revenue_USD_bn": {
      "expression": "1000 * 0.30 + 50",
      "financial_rigor": "350.0",
      "independent_decimal": "350.00"
    },
    "bear_profit_USD_bn": {
      "expression": "(1000 * 0.30 + 50) * 0.25",
      "financial_rigor": "87.5",
      "independent_decimal": "87.5000"
    },
    "base_revenue_USD_bn": {
      "expression": "2000 * 0.45 + 100",
      "financial_rigor": "1000.0",
      "independent_decimal": "1000.00"
    },
    "base_profit_USD_bn": {
      "expression": "(2000 * 0.45 + 100) * 0.40",
      "financial_rigor": "400.0",
      "independent_decimal": "400.0000"
    },
    "bull_revenue_USD_bn": {
      "expression": "3000 * 0.60 + 200",
      "financial_rigor": "2000.0",
      "independent_decimal": "2000.00"
    },
    "bull_profit_USD_bn": {
      "expression": "(3000 * 0.60 + 200) * 0.45",
      "financial_rigor": "900.0",
      "independent_decimal": "900.0000"
    },
    "base_revenue_CAGR_pct": {
      "expression": "((1000 / (96.221 * 4)) ** (1 / 10) - 1) * 100",
      "financial_rigor": "10.018828009423974",
      "independent_decimal": "10.0188280094239780835758956285345550"
    },
    "base_profit_CAGR_pct": {
      "expression": "((400 / (63.734 * 4 * 0.83)) ** (1 / 10) - 1) * 100",
      "financial_rigor": "6.574934194244575",
      "independent_decimal": "6.57493419424457212641643756249911900"
    },
    "base_share_minus_10pp_profit_USD_bn": {
      "expression": "(2000 * 0.35 + 100) * 0.40",
      "financial_rigor": "320.0",
      "independent_decimal": "320.0000"
    },
    "base_margin_minus_10pp_profit_USD_bn": {
      "expression": "(2000 * 0.45 + 100) * 0.30",
      "financial_rigor": "300.0",
      "independent_decimal": "300.0000"
    },
    "base_both_minus_10pp_profit_USD_bn": {
      "expression": "(2000 * 0.35 + 100) * 0.30",
      "financial_rigor": "240.0",
      "independent_decimal": "240.0000"
    },
    "FY2022_revenue_USD_100million": {
      "expression": "26914 / 100",
      "financial_rigor": "269.14",
      "independent_decimal": "269.14"
    },
    "FY2022_net_income_USD_100million": {
      "expression": "9752 / 100",
      "financial_rigor": "97.52",
      "independent_decimal": "97.52"
    },
    "FY2022_OCF_USD_100million": {
      "expression": "9108 / 100",
      "financial_rigor": "91.08",
      "independent_decimal": "91.08"
    },
    "FY2022_FCF_USD_100million": {
      "expression": "8049 / 100",
      "financial_rigor": "80.49",
      "independent_decimal": "80.49"
    },
    "FY2023_revenue_USD_100million": {
      "expression": "26974 / 100",
      "financial_rigor": "269.74",
      "independent_decimal": "269.74"
    },
    "FY2023_net_income_USD_100million": {
      "expression": "4368 / 100",
      "financial_rigor": "43.68",
      "independent_decimal": "43.68"
    },
    "FY2023_OCF_USD_100million": {
      "expression": "5641 / 100",
      "financial_rigor": "56.41",
      "independent_decimal": "56.41"
    },
    "FY2023_FCF_USD_100million": {
      "expression": "3750 / 100",
      "financial_rigor": "37.5",
      "independent_decimal": "37.5"
    },
    "FY2024_revenue_USD_100million": {
      "expression": "60922 / 100",
      "financial_rigor": "609.22",
      "independent_decimal": "609.22"
    },
    "FY2024_net_income_USD_100million": {
      "expression": "29760 / 100",
      "financial_rigor": "297.6",
      "independent_decimal": "297.6"
    },
    "FY2024_OCF_USD_100million": {
      "expression": "28090 / 100",
      "financial_rigor": "280.9",
      "independent_decimal": "280.9"
    },
    "FY2024_FCF_USD_100million": {
      "expression": "26947 / 100",
      "financial_rigor": "269.47",
      "independent_decimal": "269.47"
    },
    "FY2025_revenue_USD_100million": {
      "expression": "130497 / 100",
      "financial_rigor": "1304.97",
      "independent_decimal": "1304.97"
    },
    "FY2025_net_income_USD_100million": {
      "expression": "72880 / 100",
      "financial_rigor": "728.8",
      "independent_decimal": "728.8"
    },
    "FY2025_OCF_USD_100million": {
      "expression": "64089 / 100",
      "financial_rigor": "640.89",
      "independent_decimal": "640.89"
    },
    "FY2025_FCF_USD_100million": {
      "expression": "60724 / 100",
      "financial_rigor": "607.24",
      "independent_decimal": "607.24"
    },
    "FY2026_revenue_USD_100million": {
      "expression": "215938 / 100",
      "financial_rigor": "2159.38",
      "independent_decimal": "2159.38"
    },
    "FY2026_net_income_USD_100million": {
      "expression": "120067 / 100",
      "financial_rigor": "1200.67",
      "independent_decimal": "1200.67"
    },
    "FY2026_OCF_USD_100million": {
      "expression": "102718 / 100",
      "financial_rigor": "1027.18",
      "independent_decimal": "1027.18"
    },
    "FY2026_FCF_USD_100million": {
      "expression": "96575 / 100",
      "financial_rigor": "965.75",
      "independent_decimal": "965.75"
    },
    "Q2_revenue_USD_100million": {
      "expression": "96221 / 100",
      "financial_rigor": "962.21",
      "independent_decimal": "962.21"
    },
    "Q2_net_income_USD_100million": {
      "expression": "59688 / 100",
      "financial_rigor": "596.88",
      "independent_decimal": "596.88"
    },
    "Q2_operating_income_USD_100million": {
      "expression": "63734 / 100",
      "financial_rigor": "637.34",
      "independent_decimal": "637.34"
    },
    "Q2_FCF_USD_100million": {
      "expression": "21341 / 100",
      "financial_rigor": "213.41",
      "independent_decimal": "213.41"
    },
    "TTM_FCF_USD_100million": {
      "expression": "126886 / 100",
      "financial_rigor": "1268.86",
      "independent_decimal": "1268.86"
    },
    "TTM_revenue_USD_100million": {
      "expression": "302970 / 100",
      "financial_rigor": "3029.7",
      "independent_decimal": "3029.7"
    },
    "TTM_net_income_USD_100million": {
      "expression": "192880 / 100",
      "financial_rigor": "1928.8",
      "independent_decimal": "1928.8"
    },
    "TTM_operating_income_USD_100million": {
      "expression": "197579 / 100",
      "financial_rigor": "1975.79",
      "independent_decimal": "1975.79"
    },
    "Data_Center_USD_100million": {
      "expression": "89023 / 100",
      "financial_rigor": "890.23",
      "independent_decimal": "890.23"
    },
    "Edge_USD_100million": {
      "expression": "7198 / 100",
      "financial_rigor": "71.98",
      "independent_decimal": "71.98"
    },
    "TTM_equity_gain_USD_100million": {
      "expression": "30552 / 100",
      "financial_rigor": "305.52",
      "independent_decimal": "305.52"
    }
  },
  "audit_boundary": "Inputs for 2036 are author assumptions, not observed facts or externally validated forecasts. Source agreement is not independent economic truth."
}