NVIDIA (NVDA) Q1 FY27: $15.9B Investment Gains Lift EPS to $2.39, vs $1.87 Non-GAAP
Net income tripled, but the chip business did not. Of NVIDIA's $69,903 million in pre-tax income for the quarter ended April 26, 2026, $15,929 million — 22.8% — came from the Other income (expense), net line, and the filing attributes the year-over-year swing in that line almost entirely to unrealized marks: $13.4 billion on publicly held equity securities and $2.6 billion on non-marketable stakes. Strip the line out and pre-tax income was $53,974 million. Revenue, by contrast, is cash business, and it rose 85.2% to $81,615 million from $44,062 million a year earlier. The distinction matters because NVIDIA now carries $82.5 billion of equity investments, equal to 31.8% of total assets, so its reported earnings have become partly a function of other companies' share prices. All figures below are drawn from NVIDIA's Form 10-Q for the first quarter of fiscal year 2027, filed with the SEC, unless otherwise noted.
1. Consolidated Balance Sheet
1-1. Major Asset Lines
| Item | Jan 25, 2026 ($M) | Apr 26, 2026 ($M) | Change % |
|---|---|---|---|
| Cash and cash equivalents | 10,605 | 13,237 | +24.8% |
| Marketable debt securities | 39,065 | 37,098 | -5.0% |
| Marketable equity securities | 12,886 | 30,237 | +134.6% |
| Accounts receivable, net | 38,466 | 40,710 | +5.8% |
| Inventories | 21,403 | 25,797 | +20.5% |
| Property and equipment, net | 10,383 | 12,403 | +19.5% |
| Goodwill | 20,832 | 20,894 | +0.3% |
| Intangible assets, net | 3,306 | 3,120 | -5.6% |
| Non-marketable securities | 22,251 | 43,364 | +94.9% |
| Total assets | 206,803 | 259,474 | +25.5% |
Total assets grew $52,671 million in thirteen weeks. Investments, not factories, did most of that. Non-marketable securities — stakes in private companies — nearly doubled, and marketable equity securities more than doubled. Together with $8,864 million of public shares parked in Other assets under lock-up through December 2027, equity investments reach $82,465 million.
One caveat the headline gain does not carry: of the $39,101 million in publicly held equity securities, the filing discloses that $27.4 billion — about 70% — was subject to lock-up restrictions at quarter end. NVIDIA marked those positions to market, but it could not have sold most of them.
