NVDA — 10-K Filing

Note 3 - Stock-Based CompensationWe recognize stock-based compensation expense from grants of restricted stock units, or RSUs, performance stock units, or PSUs, and market-based PSUs, and issuances under our employee stock purchase plan, or ESPP. Consolidated Statements of Income include stock-based compensation expense as follows: Year EndedJan 25, 2026Jan 26, 2025Jan 28, 2024 (In millions)Cost of revenue$261 $178 $141 Research and development4,676 3,423 2,532 Sales, general and administrative1,449 1,136 876 Total$6,386 $4,737 $3,549 The following is a summary of equity awards granted under our equity incentive plans:Year EndedJan 25, 2026Jan 26, 2025Jan 28, 2024(In millions, except per share data)RSUs, PSUs and Market-based PSUsAwards granted70 89 140 Estimated total grant-date fair value$9,389 $7,834 $5,316 Weighted average grant-date fair value per share$133.97 $87.99 $37.41 ESPPShares purchased13 30 30 Weighted average price per share$49.13 $17.74 $15.81 Weighted average grant-date fair value per share$20.75 $8.61 $6.99 As of January 25, 2026, aggregate unearned stock-based compensation expense was $14.8 billion, which is expected to be recognized over a weighted average period of 2.3 years for RSUs, PSUs, and market-based PSUs, and 0.9 years for ESPP.61Table of ContentsNVIDIA Corporation and SubsidiariesNotes to the Consolidated Financial Statements(Continued)The fair value of shares issued under our ESPP has been estimated with the following assumptions: Year Ended Jan 25, 2026Jan 26, 2025Jan 28, 2024(Using the Black-Scholes model)ESPPWeighted average expected life (in years)0.1-2.00.1-2.00.1-2.0Risk-free interest rate3.5%-4.3%3.6%-5.4%3.9%-5.5%Volatility26%-96%31%-75%31%-67%Dividend yield 0.03%0.03%0.06%For ESPP shares, the expected term represents the average…

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