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Nvidia$NVDA · filed: grew revenue 65.5% in FY2026 to $215.9BSound shipTrillion Score 667Fall Risk LowNext year $269.4B–$528.1B sealedCheck ▾Close ▴
What Nvidia filed
Grew revenue 65.5% in FY2026 to $215.9 billion, operating margin 60.4% against a 2.4% median for semiconductors & related devices, equity 76.1% of assets, and dividend per share up 1 year running. Every figure links to the filing it came from on Nvidia’s card. Sound ship: one warning sign. Trillion Score 667, #2 of 107 in its field; Fall Risk Low (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-01-25 between $269.4B and $528.1B, an 80% range sealed on 24 Sept 2026 · receipt #1b3cda · graded in public by the revenue in Nvidia’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Nvidia locked **$25B** at sub-**5%** yields with **58%** ROIC, funding fabs or acquisitions without equity dilution.
$25 billion
in investment-grade corporate bonds Tuesday
25-30 basis points
above comparable Treasuries
$3 trillion
in November
$38.5 billion
in cash and marketable securities against
Nvidia priced $25 billion in investment-grade corporate bonds Tuesday, the company's first debt issuance since September 2019. The offering came in six tranches spanning three to thirty years, with pricing approximately 25-30 basis points above comparable Treasuries. Lead arrangers included Goldman Sachs, JPMorgan, and Morgan Stanley.
The timing follows eighteen consecutive quarters of data center revenue growth and a market capitalization that crossed $3 trillion in November. Nvidia ended fiscal Q3 2025 with $38.5 billion in cash and marketable securities against $8.46 billion in total debt. The new issuance increases gross debt to approximately $33.5 billion, still leaving the balance sheet underleveraged relative to peers. Apple carries $106 billion in long-term debt. Microsoft holds $97 billion. Nvidia's debt-to-equity ratio remains below 0.15.
The disconnect between operational strength and capital structure tells the story. Nvidia generated $19.3 billion in free cash flow over the trailing twelve months and maintains order backlogs extending into late 2026 for H100 and H200 accelerators. Yet the company last tapped public debt markets when its data center segment represented 31% of revenue. That segment now accounts for 87% of total sales. The bond offering does not signal distress. It signals optionality.
Two deployment paths deserve attention. First, the debt cost is negligible. The ten-year tranche likely priced near 4.6%, below Nvidia's return on invested capital of 58% over the past four quarters. Cheap debt finances land, fabs, or strategic acquisitions without diluting equity at current valuations. Second, the timing aligns with geopolitical infrastructure plays. Taiwan-based production remains concentrated. Arizona fabs under TSMC partnership are ramping. Debt-funded capacity expansions allow Nvidia to co-invest in foundry build-outs without waiting on government subsidies that arrive in tranches over eight years.
The broader capital markets context matters. Investment-grade corporate bond spreads compressed to 92 basis points over Treasuries in early March, the tightest level since January 2022. Nvidia is borrowing into a receptive market where demand for single-A and higher paper exceeds supply by approximately $340 billion year-to-date. Allocators starved for yield in a flattening curve absorbed the entire $25 billion offering within four hours of launch.
What allocators should monitor: Nvidia's April 10-K filing will detail use-of-proceeds language and covenant structures. Watch whether the company segregates proceeds into capital expenditures versus share buybacks. The March earnings call, scheduled for late May, will clarify fab co-investment timelines and whether debt finances Mellanox-style acquisitions in the networking or memory stack. Also track whether Nvidia uses any portion to prefund the $2.8 billion ARM license payment due in fiscal 2026.
The bond sale itself is the opinion. A company sitting on $38 billion in cash does not issue $25 billion in debt to refinance maturing obligations. It issues to build before competitors catch the scent.
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For the principal
If allocation includes Nvidia equity, monitor April 10-K for acquisition language—debt this size precedes consolidation moves, not buybacks alone.
For the operator
Track covenant structures in final prospectus; restrictive covenants suggest strategic M&A, permissive ones indicate fab co-investment or land acquisition plays.
For the house
Named accounts with long Nvidia exposure: maintain position, add small increment in ten-year bond tranche if client credit allocation permits below-five yield lock.
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