Nvidia’s Form 10-K for fiscal 2025 put $23,684 million of that year’s revenue in Singapore, counted by where customers were billed. Its fiscal 2026 10-K recast the same year by where customers are headquartered, and the table has no Singapore row. By our arithmetic, the United States line rose by $16,225 million and the China line by $7,940 million.
Together the Singapore and Other lines shrank by $27,192 million on the recount, by our arithmetic. Of that, 59.7% shows up in the United States line, 29.2% in China (including Hong Kong) and 11.1% in Taiwan. Our earlier piece covered what the recount did to China’s share of revenue; this one follows the rest of the table.
A vertical news Short narrated from the published headlines and opening lines of this piece and a related FourWeekMBA piece on Nvidia’s China revenue.
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An evergreen Business Engineer explainer on concentration. It teaches the general idea only and does not discuss Nvidia, any company or any person in this story.
The key insight: By our arithmetic from Nvidia’s 10-Ks, recounting fiscal 2025 revenue by customer headquarters removed a $23,684 million Singapore billing line, and 59.7% of the net $27,192 million that left the Singapore and Other lines shows up in the United States line.
The fiscal 2025 10-K, filed on 26 February 2025, says geographic revenue “is based upon the billing location of the customer”. It lists fiscal 2025 revenue of $61,257 million for the United States, $23,684 million for Singapore, $20,573 million for Taiwan, $17,108 million for China (including Hong Kong) and $7,875 million for Other, on a total of $130,497 million.
It also says “Customers use Singapore to centralize invoicing while our products are almost always shipped elsewhere” and that “Shipments to Singapore were less than 2% of fiscal year 2025 total revenue”.
The fiscal 2026 10-K, filed on 25 February 2026, gives the same year as $77,482 million for the United States, $23,600 million for Taiwan, $25,048 million for China (including Hong Kong) and $4,367 million for Other. Its footnote says Nvidia changed to “revenue based upon the location of our customers’ headquarters” in the third quarter of fiscal 2026 and that “Prior period information has been recast to reflect this change”.
Nvidia’s fiscal 2025 revenue by region, counted by customer billing location (fiscal 2025 10-K) and by customer headquarters (fiscal 2026 10-K, recast). Shares are our arithmetic from reported figures; Other on the headquarters count includes any Singapore-headquartered customers. Source: NVIDIA Forms 10-K.
Where the Billing Hub Went
By our arithmetic, the United States went from 46.9% of fiscal 2025 revenue on the billing count to 59.4% on the headquarters count. China went from 13.1% to 19.2%, and Taiwan from 15.8% to 18.1%. Singapore had been 18.1% and Other 6.0%; on the new count Other is 3.3%.
The change is a net figure: the filings give totals per line, not which customers moved between lines. The headquarters table does not show Singapore separately, so any revenue from customers headquartered there sits in Other.
Fiscal 2024 shows the same pattern on a smaller scale. By our arithmetic, Singapore and Other shrank by $8,098 million on the recount; the United States line rose by $4,567 million (56.4%), China by $2,024 million (25.0%) and Taiwan by $1,507 million (18.6%).
The two 10-Ks also differ on how much revenue came from outside the United States. The fiscal 2025 filing says 53% of fiscal 2025 revenue came from customers outside the United States by billing location; the fiscal 2026 filing says 41% came from customers headquartered outside the United States.
Net change in Nvidia’s fiscal 2025 revenue by region, headquarters count (fiscal 2026 10-K) minus billing count (fiscal 2025 10-K). Singapore and Other fell by $27,192 million combined; the filings do not say which customers moved. Changes and shares are our arithmetic. Source: NVIDIA Forms 10-K.
Taiwan Is Now the Second Line
On the headquarters count, Taiwan was $42,345 million of fiscal 2026 revenue, 19.6% of the $215,938 million total by our arithmetic. The 10-K footnote says: “In fiscal year 2026, we estimate 76% of Data Center revenue from Taiwan-headquartered customers was attributed to end customers based in the United States and Europe”.
The 10-Q for the quarter to 26 July 2026 lists Taiwan at $26,985 million, against $8,902 million a year earlier, on total revenue of $96,221 million. By our arithmetic that is 28.0% of the quarter’s revenue, 3.0 times the year-earlier figure and 3.4 times the $7,880 million China line.
What the Filings Say About Direct Customers
The fiscal 2026 10-K describes direct customers as those who buy products directly from Nvidia, “such as AIBs, distributors, ODMs, OEMs, CSPs, AI model makers, and system integrators”. It says revenue by geographic area is based on where those customers are headquartered and that “The end customer and shipping location may be different from our customers’ headquarters location”.
The filings do not name the customers in each region. The New York Times reported on 29 October on Megaspeed and Nvidia; our report on the Times story covers that, and these filings do not mention it.
The Structural Read
As we read the two tables, the United States line absorbed the largest part of the net change, rising by $16,225 million on the recount, by our arithmetic; the filings do not say which customers moved.
By our arithmetic, China (including Hong Kong) took 29.2% of the net change, which is why its fiscal 2025 share moved from 13.1% to 19.2% between the two filings.
As we read the fiscal 2026 10-K, Taiwan is a different case: Nvidia estimates that 76% of Data Center revenue from Taiwan-headquartered customers was attributed to end customers in the United States and Europe.
NVIDIA Form 10-K for fiscal 2025, geographic revenue footnote
“Customers use Singapore to centralize invoicing while our products are almost always shipped elsewhere”
Three Implications
FOR INVESTORS By our arithmetic, the United States was 59.4% of fiscal 2025 revenue on the headquarters count, against 46.9% on the billing count, so the same year reads differently depending on which 10-K is used.
FOR EXPORT POLICY The fiscal 2025 10-K says shipments to Singapore were less than 2% of fiscal 2025 revenue, while Singapore-billed revenue was 18%, by its own figures.
FOR READERS COMPARING REGIONS On the headquarters count, Taiwan was $26,985 million in the quarter to July 2026, 3.4 times the China line, by our arithmetic from the 10-Q.
The framework lists export controls between nation-states in its governance layer and says of that layer: “No longer a passive layer; an active priced variable.”
As we read it, how a chipmaker assigns revenue to countries is one input into that layer, because export rules are written by country. The framework does not discuss Nvidia’s geographic reporting.
What Is Not Established
The line-by-line changes are our arithmetic and are net: they do not show which customers were reclassified or from which line. The 76% figure is Nvidia’s own estimate for fiscal 2026 Data Center revenue from Taiwan-headquartered customers, not a reported count, and the filings do not give a similar estimate for other regions.
Shares of revenue are our arithmetic from the reported dollar figures. Nvidia has not yet filed results for the quarter to October 2026.
This Week In The AI Supercycle
Execution Fault Lines, Concentrated Demand, and Geopolitical Firewalls
This week’s issue: the AI build is not short of demand for its parts. It is short of cheap money, and its end revenue rests on a narrow base of large, often venture-funded buyers.
By our arithmetic from Nvidia’s 10-Ks, recounting fiscal 2025 revenue by customer headquarters removed a $23,684 million Singapore billing line and added $16,225 million to the United States and $7,940 million to China (including Hong Kong). On the same count, Taiwan was 28.0% of revenue in the quarter to July 2026, and Nvidia estimates 76% of its fiscal 2026 Data Center revenue from Taiwan-headquartered customers went to end customers in the United States and Europe.
A note on sourcing. Revenue figures come from NVIDIA’s Forms 10-K for fiscal 2025 and 2026 and its Form 10-Q for the quarter to July 2026, read on SEC EDGAR on 29 October 2026. Shares of revenue and the net changes by region are our arithmetic; the filings do not show which customers moved between lines. The New York Times report is covered in our linked earlier piece; these filings do not refer to it.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
