Nvidia(NVDA) - 2026 Q2 - Quarterly Report

Part I. Financial Information Item 1. Financial Statements (Unaudited) This section presents NVIDIA's unaudited condensed consolidated financial statements, including income, balance sheets, and cash flows, with detailed notes a) Condensed Consolidated Statements of Income%20Condensed%20Consolidated%20Statements%20of%20Income) This table provides a summary of NVIDIA's condensed consolidated statements of income for the three and six months ended July 27, 2025, and July 28, 2024 | Metric | 3 Months Ended Jul 27, 2025 (Millions) | 3 Months Ended Jul 28, 2024 (Millions) | 6 Months Ended Jul 27, 2025 (Millions) | 6 Months Ended Jul 28, 2024 (Millions) | | :----- | :------------------------------------- | :------------------------------------- | :------------------------------------- | :------------------------------------- | | Revenue | $46,743 | $30,040 | $90,805 | $56,084 | | Cost of revenue | $12,890 | $7,466 | $30,284 | $13,105 | | Gross profit | $33,853 | $22,574 | $60,521 | $42,979 | | Operating income | $28,440 | $18,642 | $50,078 | $35,551 | | Net income | $26,422 | $16,599 | $45,197 | $31,480 | | Diluted EPS | $1.08 | $0.67 | $1.84 | $1.27 | b) Condensed Consolidated Statements of Comprehensive Income%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This table presents NVIDIA's condensed consolidated statements of comprehensive income for the three and six months ended July 27, 2025, and July 28, 2024 | Metric | 3 Months Ended Jul 27, 2025 (Millions) | 3 Months Ended Jul 28, 2024 (Millions) | 6 Months Ended Jul 27, 2025 (Millions) | 6 Months Ended Jul 28, 2024 (Millions) | | :----- | :------------------------------------- | :------------------------------------- | :------------------------------------- | :------------------------------------- | | Net income | $26,422 | $16,599 | $45,197 | $31,480 | | Other comprehensive income (loss), net of tax | $(16) | $165 | $142 | $29 | | Total comprehensive income | $26,406 | $16,764 | $45,339 | $31,509 | c) Condensed Consolidated Balance Sheets%20Condensed%20Consolidated%20Balance%20Sheets) This table outlines NVIDIA's condensed consolidated balance sheets as of July 27, 2025, and January 26, 2025 | Metric | Jul 27, 2025 (Millions) | Jan 26, 2025 (Millions) | | :----- | :---------------------- | :---------------------- | | Total assets | $140,740 | $111,601 | | Total current assets | $102,219 | $80,126 | | Cash and cash equivalents | $11,639 | $8,589 | | Marketable securities | $45,152 | $34,621 | | Inventories | $14,962 | $10,080 | | Total liabilities | $40,609 | $32,274 | | Total shareholders' equity | $100,131 | $79,327 | d) Condensed Consolidated Statements of Shareholders' Equity%20Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) This section details changes in NVIDIA's shareholders' equity from January 26, 2025, to July 27, 2025 | Metric | Balances as of Jan 26, 2025 (Millions) | Balances as of Jul 27, 2025 (Millions) | | :----- | :------------------------------------- | :------------------------------------- | | Total Shareholders' Equity | $79,327 | $100,131 | | Net income (6 months) | $45,197 | $45,197 | | Shares repurchased (6 months) | $(24,161) | $(24,161) | | Cash dividends paid (6 months) | $(488) | $(488) | | Stock-based compensation (6 months) | $3,102 | $3,102 | - The company repurchased 193 million shares for $24.161 billion during the first half of fiscal year 2026[24] e) Condensed Consolidated Statements of Cash Flows%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This table summarizes NVIDIA's condensed consolidated statements of cash flows for the six months ended July 27, 2025, and July 28, 2024 | Metric | 6 Months Ended Jul 27, 2025 (Millions) | 6 Months Ended Jul 28, 2024 (Millions) | | :----- | :------------------------------------- | :------------------------------------- | | Net cash provided by operating activities | $42,779 | $29,833 | | Net cash used in investing activities | $(12,343) | $(8,877) | | Net cash used in financing activities | $(27,386) | $(19,665) | | Change in cash and cash equivalents | $3,050 | $1,291 | | Cash and cash equivalents at end of period | $11,639 | $8,571 | - Cash provided by operating activities increased due to higher net income[159] - Cash used in investing activities increased due to lower maturities of marketable securities and higher purchases of property and equipment[160] - Cash used in financing activities increased primarily due to higher share repurchases[160] f) Notes to Condensed Consolidated Financial Statements%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes supporting the condensed consolidated financial statements, covering accounting policies, stock compensation, and other financial disclosures Note 1 - Summary of Significant Accounting Policies This note outlines NVIDIA's significant accounting policies and future adoption of new FASB standards - The company will adopt new FASB standards for income tax disclosures in fiscal year 2026 and for additional expense information in fiscal year 2028[34][35] Note 2 - Stock-Based Compensation This note details stock-based compensation expense by category and the remaining unearned compensation | Expense Category | 3 Months Ended Jul 27, 2025 (Millions) | 3 Months Ended Jul 28, 2024 (Millions) | 6 Months Ended Jul 27, 2025 (Millions) | 6 Months Ended Jul 28, 2024 (Millions) | | :--------------- | :------------------------------------- | :------------------------------------- | :------------------------------------- | :------------------------------------- | | Cost of revenue | $58 | $40 | $123 | $75 | | Research and development | $1,191 | $832 | $2,254 | $1,559 | | Sales, general and administrative | $375 | $282 | $722 | $530 | | Total | $1,624 | $1,154 | $3,099 | $2,164 | - As of July 27, 2025, aggregate unearned stock-based compensation expense was $14.0 billion, expected to be recognized over a weighted average period of 2.2 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP[38] Note 3 - Net Income Per Share This note provides a breakdown of net income and earnings per share for the reported periods | Metric | 3 Months Ended Jul 27, 2025 | 3 Months Ended Jul 28, 2024 | 6 Months Ended Jul 27, 2025 | 6 Months Ended Jul 28, 2024 | | :----- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income | $26,422 | $16,599 | $45,197 | $31,480 | | Basic EPS | $1.08 | $0.68 | $1.85 | $1.28 | | Diluted EPS | $1.08 | $0.67 | $1.84 | $1.27 | Note 4 - Income Taxes This note presents income tax expense and effective tax rates, discussing factors influencing changes | Metric | 3 Months Ended Jul 27, 2025 (Millions) | 3 Months Ended Jul 28, 2024 (Millions) | 6 Months Ended Jul 27, 2025 (Millions) | 6 Months Ended Jul 28, 2024 (Millions) | | :----- | :------------------------------------- | :------------------------------------- | :------------------------------------- | :------------------------------------- | | Income tax expense | $4,784 | $2,615 | $7,920 | $5,013 | | Income tax as % of income before tax | 15.3% | 13.6% | 14.9% | 13.7% | - The effective tax rate increased primarily due to a lower tax benefit from stock-based compensation, partially offset by an increase in tax benefit from foreign-derived deduction eligible income[42] - The company believes it may release the valuation allowance associated with certain state deferred tax assets in the near term, which would decrease income tax expense[45] Note 5 - Cash Equivalents and Marketable Securities This note details the fair value of cash equivalents and marketable securities, including unrealized gains | Asset Type | Jul 27, 2025 (Millions) | Jan 26, 2025 (Millions) | | :--------- | :---------------------- | :---------------------- | | Total Estimated Fair Value | $56,503 | $42,487 | | Debt securities | $53,304 | $42,106 | | Publicly-held equity securities | $3,199 | $381 | - Net unrealized gains on publicly-held equity securities held at period end were $1.9 billion for Q2 FY26, significantly up from $132 million in Q2 FY25[49] - One investment was reclassified from non-marketable to marketable securities in Q1 FY26, with a fair value of $2.8 billion as of July 27, 2025[48] Note 6 - Fair Value of Non-marketable Equity Securities This note provides a summary of changes in non-marketable equity securities and their unrealized gains | Metric | 3 Months Ended Jul 27, 2025 (Millions) | 3 Months Ended Jul 28, 2024 (Millions) | 6 Months Ended Jul 27, 2025 (Millions) | 6 Months Ended Jul 28, 2024 (Millions) | | :----- | :------------------------------------- | :------------------------------------- | :------------------------------------- | :------------------------------------- | | Balance at beginning of period | $3,240 | $1,463 | $3,387 | $1,321 | | Net additions | $299 | $294 | $948 | $421 | | Unrealized gains | $267 | $77 | $330 | $92 | | Reclassification | $(5) | $0 | $(848) | $0 | | Balance at end of period | $3,799 | $1,819 | $3,799 | $1,819 | - Non-marketable equity securities had cumulative gross unrealized gains of $661 million as of July 27, 2025[57] Note 7 - Amortizable Intangible Assets and Goodwill This note outlines the net carrying amount of intangible assets and goodwill, including changes from acquisitions | Asset Type | Jul 27, 2025 (Millions) | Jan 26, 2025 (Millions) | | :--------- | :---------------------- | :---------------------- | | Total intangible assets (Net Carrying Amount) | $755 | $807 | | Goodwill | $5,755 | $5,188 | - Goodwill increased by $567 million in the first half of fiscal year 2026 due to acquisitions, allocated to the Compute & Networking segment[59] Note 8 - Balance Sheet Components This note provides a detailed breakdown of inventory, accrued liabilities, and accounts receivable | Metric | Jul 27, 2025 (Millions) | Jan 26, 2025 (Millions) | | :----- | :---------------------- | :---------------------- | | Total Inventories | $14,962 | $10,080 | | Raw materials | $1,843 | $3,408 | | Work in process | $4,411 | $3,399 | | Finished goods | $8,708 | $3,273 | | Accrued and Other Current Liabilities | $15,193 | $11,737 | | Excess inventory purchase obligations | $3,154 | $2,095 | | Product warranty and return provisions | $2,245 | $1,373 | - Inventory provision of $886 million and $3.2 billion was recorded for Q2 and H1 FY26, respectively, in cost of revenue[61] - Three direct customers accounted for 23%, 19%, and 14% of accounts receivable as of July 27, 2025[60] Note 9 - Derivative Financial Instruments This note describes the company's derivative financial instruments, including their fair values and maturity | Contract Type | Jul 27, 2025 (Millions) | Jan 26, 2025 (Millions) | | :------------ | :---------------------- | :---------------------- | | Designated as accounting hedges | $1,577 | $1,424 | | Not designated as accounting hedges | $939 | $1,297 | - All foreign currency contracts mature within eighteen months[73] Note 10 - Debt This note details the carrying value and fair value of the company's debt obligations | Debt Type | Carrying Value at Jul 27, 2025 (Millions) | Carrying Value at Jan 26, 2025 (Millions) | | :-------- | :---------------------------------------- | :---------------------------------------- | | Net long-term carrying amount | $8,466 | $8,463 | - The estimated fair value of debt was $7.4 billion as of July 27, 2025, up from $7.2 billion as of January 26, 2025[74] - The company has a $575 million commercial paper program but had no commercial paper outstanding as of July 27, 2025[76] Note 11 - Commitments and Contingencies This note outlines future purchase commitments, warranty liabilities, and legal proceedings | Fiscal Year | Commitments (Millions) | | :---------- | :--------------------- | | 2026 (excluding H1) | $30,930 | | 2027 | $6,573 | | 2028 | $3,915 | | 2029 | $2,736 | | 2030 | $1,402 | | 2031 and thereafter | $218 | | Total | $45,774 | | Metric | Jul 27, 2025 (Millions) | Jan 26, 2025 (Millions) | | :----- | :---------------------- | :---------------------- | | Estimated product warranty liabilities | $2,144 | $1,290 | - The company has not accrued contingent liabilities for ongoing legal proceedings, including securities class action and derivative lawsuits, as liabilities are not probable or reasonably estimable[85] Note 12 - Shareholders' Equity This note details share repurchase activities, cash dividends, and available repurchase authorization | Metric | 3 Months Ended Jul 27, 2025 (Millions) | 6 Months Ended Jul 27, 2025 (Millions) | | :----- | :------------------------------------- | :------------------------------------- | | Shares repurchased | 67 | 193 | | Value of shares repurchased | $9,700 | $24,200 | | Cash dividends paid | $244 | $488 | - As of August 26, 2025, an additional $60.0 billion in share repurchase authorization was approved, bringing the total available for repurchase to $71.2 billion[88] Note 13 - Segment Information This note provides detailed revenue and operating income by business segment and end market | Segment | 3 Months Ended Jul 27, 2025 (Millions) | 3 Months Ended Jul 28, 2024 (Millions) | YoY Change (%) | 6 Months Ended Jul 27, 2025 (Millions) | 6 Months Ended Jul 28, 2024 (Millions) | YoY Change (%) | | :------ | :------------------------------------- | :------------------------------------- | :------------- | :------------------------------------- | :------------------------------------- | :------------- | | Revenue | | | | | | | | Compute & Networking | $41,331 | $26,446 | 56% | $80,920 | $49,121 | 65% | | Graphics | $5,412 | $3,594 | 51% | $9,885 | $6,963 | 42% | | Total Revenue | $46,743 | $30,040 | 56% | $90,805 | $56,084 | 62% | | Operating Income | | | | | | | | Compute & Networking | $28,363 | $18,848 | 50% | $50,417 | $35,896 | 40% | | Graphics | $2,242 | $1,369 | 64% | $3,882 | $2,609 | 49% | | Total Segment Operating Income | $30,605 | $20,217 | 51% | $54,299 | $38,505 | 41% | - Data Center revenue was $41.1 billion in Q2 FY26, up 56% YoY and 5% sequentially, driven by demand for accelerated computing and AI solutions, with Blackwell architecture growing 17% sequentially[123] - Two direct customers (Customer A and B) represented 23% and 16% of total revenue, respectively, in Q2 FY26, both attributable to the Compute & Networking segment[101][138] | End Market | 3 Months Ended Jul 27, 2025 (Millions) | 3 Months Ended Jul 28, 2024 (Millions) | 6 Months Ended Jul 27, 2025 (Millions) | 6 Months Ended Jul 28, 2024 (Millions) | | :--------- | :------------------------------------- | :------------------------------------- | :------------------------------------- | :------------------------------------- | | Data Center | $41,096 | $26,272 | $80,208 | $48,835 | | Gaming | $4,287 | $2,880 | $8,050 | $5,527 | | Professional Visualization | $601 | $454 | $1,110 | $881 | | Automotive | $586 | $346 | $1,153 | $675 | Note 14 - Leases This note summarizes operating lease obligations and future lease commitments, primarily for data centers | Fiscal Year | Operating Lease Obligations (Millions) | | :---------- | :----------------------------------- | | 2026 (excluding H1) | $174 | | 2027 | $418 | | 2028 | $397 | | 2029 | $353 | | 2030 | $277 | | 2031 and thereafter | $925 | | Total | $2,544 | - The company expects to commence leases with future obligations of $7.1 billion, primarily for data centers, between Q3 FY26 and FY30[104] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on NVIDIA's financial condition and results, highlighting strong growth in data center and AI solutions, alongside challenges from export controls and supply chain complexities Forward-Looking Statements This section cautions that forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially - Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[106] Overview This section introduces NVIDIA's core business in accelerated computing, leveraging GPU architecture for AI and data science, operating in two segments - NVIDIA's core business is accelerated computing, leveraging its GPU architecture for diverse fields like AI, data science, and autonomous vehicles[109] - The company operates with two segments: Compute & Networking and Graphics[110] Recent Developments, Future Objectives and Challenges This section discusses revenue growth drivers, the impact of new U.S. export controls on H20 products, and strategic investments in manufacturing - Revenue growth in Q2 and H1 FY26 was driven by data center compute and networking platforms for accelerated computing and AI solutions, with the Blackwell GPU revenue ramp continuing[111] - New U.S. government export controls on H20 products for China resulted in a $4.5 billion charge in Q1 FY26 for excess inventory and purchase obligations[112] - The company began shipping production units of its new Blackwell Ultra platforms, including GB300, in Q2 FY26[113] - The U.S. government rescinded the "AI Diffusion" IFR and plans a replacement rule, which may impose new restrictions on products or operations[116] - NVIDIA plans to increase U.S.-based manufacturing and invest in specialized equipment to strengthen its supply chain and meet AI infrastructure demand[118] Second Quarter of Fiscal Year 2026 Summary This section summarizes NVIDIA's financial performance for Q2 FY26, highlighting revenue growth, gross margin changes, and segment performance | Metric | Q2 FY26 (Millions) | Q1 FY26 (Millions) | Q2 FY25 (Millions) | QoQ Change (%) | YoY Change (%) | | :----- | :----------------- | :----------------- | :----------------- | :------------- | :------------- | | Revenue | $46,743 | $44,062 | $30,040 | 6% | 56% | | Gross margin | 72.4% | 60.5% | 75.1% | 11.9 pts | (2.7) pts | | Operating expenses | $5,413 | $5,030 | $3,932 | 8% | 38% | | Operating income | $28,440 | $21,638 | $18,642 | 31% | 53% | | Net income | $26,422 | $18,775 | $16,599 | 41% | 59% | | Net income per diluted share | $1.08 | $0.76 | $0.67 | 42% | 61% | - Data Center revenue was $41.1 billion, up 56% YoY and 5% sequentially, driven by demand for accelerated computing and AI solutions, with Blackwell architecture growing 17% sequentially[123] - Gaming revenue was up 49% YoY and 14% sequentially, Professional Visualization revenue was up 32% YoY and 18% sequentially, and Automotive revenue was up 69% YoY and 3% sequentially[126] - Gross margin decreased YoY due to Blackwell revenue primarily consisting of full-scale datacenter systems compared to Hopper HGX systems last year, but increased sequentially due to a $4.5 billion charge for H20 excess inventory in the prior quarter[127] Financial Information by Business Segment and Geographic Data This section refers to Note 13 for detailed segment and geographic financial information - Refer to Note 13 for detailed segment and geographic information[129] Critical Accounting Policies and Estimates This section states that there have been no material changes to critical accounting policies and estimates since the last annual report - No material changes to Critical Accounting Policies and Estimates since the last Annual Report on Form 10-K[130] Results of Operations This section analyzes the company's operational performance, focusing on revenue, gross margins, and expense trends | Metric | Q2 FY26 (%) | Q2 FY25 (%) | H1 FY26 (%) | H1 FY25 (%) | | :----- | :---------- | :---------- | :---------- | :---------- | | Revenue | 100.0% | 100.0% | 100.0% | 100.0% | | Cost of revenue | 27.6% | 24.9% | 33.4% | 23.4% | | Gross profit | 72.4% | 75.1% | 66.6% | 76.6% | | Operating expenses | 11.6% | 13.1% | 11.5% | 13.3% | | Operating income | 60.8% | 62.0% | 55.1% | 63.3% | | Net income | 56.6% | 55.2% | 49.8% | 56.1% | - Gross margins decreased YoY due to Blackwell revenue primarily consisting of full-scale datacenter systems compared to Hopper HGX systems last year, and a $4.5 billion charge for H20 excess inventory and purchase obligations in H1 FY26[145] - Provisions for inventory and excess inventory purchase obligations totaled $1.0 billion for Q2 FY26 and $6.3 billion for H1 FY26, including the $4.5 billion H20 charge[146] - Research and development expenses increased by 39% YoY in Q2 FY26 and 43% YoY in H1 FY26, driven by compute and infrastructure, compensation, and engineering development costs[148] Liquidity and Capital Resources This section discusses NVIDIA's cash position, operating and investing cash flows, and capital return programs | Metric | Jul 27, 2025 (Millions) | Jan 26, 2025 (Millions) | | :----- | :---------------------- | :---------------------- | | Cash, cash equivalents and marketable securities | $56,791 | $43,210 | - Net cash provided by operating activities increased in H1 FY26 compared to H1 FY25 due to higher revenue[159] - Cash used in investing activities increased in H1 FY26 due to lower maturities of marketable securities and higher purchases of property and equipment[160] - As of August 26, 2025, a total of $71.2 billion was available for share repurchase, following an additional $60.0 billion authorization[165] Item 3. Quantitative and Qualitative Disclosures About Market Risk This section discusses NVIDIA's exposure to market risks, specifically investment and interest rate risk, and foreign exchange rate risk Investment and Interest Rate Risk This section details risks associated with publicly-held and non-marketable equity securities, including market price volatility and valuation complexities - A hypothetical 10% decrease in publicly-held equity securities would decrease their fair value by $320 million as of July 27, 2025[175] - Valuations of non-marketable equity securities are complex due to lack of market data and macroeconomic factors[176] Foreign Exchange Rate Risk This section states that there have been no material changes to foreign exchange rate risks since the last annual report - No material changes to foreign exchange rate risks since the last Annual Report on Form 10-K[178] Item 4. Controls and Procedures This section confirms the effectiveness of disclosure controls and procedures, noting no material changes to internal controls, while acknowledging inherent limitations Disclosure Controls and Procedures This section confirms the effectiveness of disclosure controls and procedures as of July 27, 2025 - Disclosure controls and procedures were effective as of July 27, 2025, ensuring timely and accurate reporting[179] Changes in Internal Control Over Financial Reporting This section reports no material changes to internal control over financial reporting, with an ongoing ERP system upgrade - No material changes to internal control over financial reporting in Q2 FY26[180] - The company is undergoing a phased upgrade of its ERP system to update core financial systems[180] Inherent Limitations on Effectiveness of Controls This section acknowledges that control systems provide reasonable, not absolute, assurance due to inherent limitations - Control systems provide reasonable, not absolute, assurance due to inherent limitations and resource constraints[181] Part II. Other Information Item 1. Legal Proceedings This section refers to Note 11 for significant developments in legal proceedings since January 26, 2025 - Refer to Note 11 for significant developments in legal proceedings[182] Item 1A. Risk Factors This section updates risk factors, emphasizing new and ongoing risks related to investments, global regulations, export controls, and geopolitical tensions - The company faces risks related to business investments and acquisitions, including integration challenges, diversion of resources, and potential financial losses[185][187][189] - NVIDIA is subject to complex global laws and regulations, including export controls, tariffs, and antitrust inquiries, which can increase costs, impact competitive position, and disrupt supply chains[190][191][192] - Increasing regulatory restrictions on AI technologies, particularly export controls on GPUs and related products to China and other regions, have negatively impacted and may further harm NVIDIA's business, potentially leading to excess inventory, reduced demand, and competitive disadvantages[194][195][196][197][198][202][203][207][209][215][216] - The U.S. government rescinded the "AI Diffusion" IFR and plans a replacement rule, which may impose new restrictions on products or operations and/or add license requirements that could have a material impact on the business[205][206] - Geopolitical tensions and government actions, including potential restrictions on imports of products with China-developed technologies and Chinese government encouragement for domestic competitors, pose significant risks to supply chain and market access[218][219][220] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section details share repurchase activities, including a new $60.0 billion authorization, and issuance of common stock to employees for acquisitions | Period | Total Shares Purchased (Millions) | Average Price Paid per Share | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Billions) | | :----- | :-------------------------------- | :--------------------------- | :--------------------------------------------------------------------------------------- | | April 28, 2025 - May 25, 2025 | 19.2 | $120.61 | $22.0 | | May 26, 2025 - June 22, 2025 | 18.1 | $141.61 | $19.4 | | June 23, 2025 - July 27, 2025 | 29.2 | $161.65 | $14.7 | | Total (Q2 FY26) | 66.5 | | | - As of August 26, 2025, a total of $71.2 billion was available for repurchase, following an additional $60.0 billion authorization[224] - The company issued 387,158 shares and 89,338 shares of common stock to key employees for acquisitions in June 2025, under Section 4(a)(2) exemption[227][228] Item 5. Other Information This section reports on the termination of a Rule 10b5-1 Trading Arrangement by Director A. Brooke Seawell in July 2025 - Director A. Brooke Seawell terminated a Rule 10b5-1 Trading Arrangement on July 14, 2025, having sold 770,522 shares under the plan[229] Item 6. Exhibits This section lists the exhibits filed with the Form 10-Q, including equity incentive plans and certifications - The report includes certifications from the CEO and CFO (Exhibits 31.1, 31.2, 32.1, 32.2) and various XBRL documents for interactive data filing[230] Signature This section confirms the report was signed on August 27, 2025, by Colette M. Kress, Executive Vice President and Chief Financial Officer - The report was signed by Colette M. Kress, Executive Vice President and Chief Financial Officer, on August 27, 2025[237]