Stock Analysis on Net

NVIDIA Corp. (NASDAQ:NVDA)

Cash Flow Statement 
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

NVIDIA Corp., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Apr 27, 2025 Jan 26, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Oct 25, 2020 Jul 26, 2020 Apr 26, 2020 Jan 26, 2020 Oct 27, 2019 Jul 28, 2019 Apr 28, 2019
Net income 18,775 22,091 19,309 16,599 14,881 12,285 9,243 6,189 2,043 1,414 680 656 1,618 3,003 2,464 2,373 1,912 1,457 1,336 622 917 951 898 553 394
Stock-based compensation expense 1,474 1,321 1,252 1,153 1,011 994 979 841 735 738 745 648 578 551 559 465 429 416 383 374 224 220 223 223 178
Depreciation and amortization 611 543 478 433 410 387 372 365 384 426 406 378 334 309 298 286 281 288 299 404 107 106 92 92 91
(Gains) losses on non-marketable equity securities and publicly-held equity securities, net 175 (728) (38) (195) (69) (262) 69 (59) 14 10 11 7 17 52 (19) (133) (9) 4 2 3
Deferred income taxes (2,177) (598) (603) (1,699) (1,577) (78) (530) (746) (1,135) (647) (532) (443) (542) (224) (21) (185) 24 (165) (53) (80) 16 23 22 15 (42)
Acquisition termination cost 1,353
Other (98) (137) (77) (143) (145) (108) (68) (68) (34) 20 (45) (5) 23 22 9 19 (3) (9) (1) (11) 1 4 3 (2)
Accounts receivable 933 (5,369) (3,561) (1,767) (2,366) (1,690) (1,243) (2,987) (252) 1,080 410 120 (788) (692) (366) (562) (595) 117 (462) 44 (249) (201) 105 (319) 182
Inventories (1,258) (2,424) (977) (803) (577) (503) (456) 295 566 (706) (563) (725) (560) (374) (118) (123) (159) (334) (93) 54 (151) 66 153 225 153
Prepaid expenses and other assets 560 331 (714) 714 (726) (1,185) 255 (377) (215) (210) 247 (293) (1,261) (158) (1,575) 16 2 15 (443) 42 (8) 22 19 31 5
Accounts payable 941 867 1,689 823 (22) 281 461 778 11 (193) (917) 304 255 94 195 209 70 74 226 (8) 71 103 136 78 (123)
Accrued and other current liabilities 7,128 360 604 (888) 4,202 1,072 (1,722) 1,986 689 166 (92) 633 634 511 (62) 133 (1) 128 30 113 (32) 157 (24) 50 (129)
Other long-term liabilities 350 372 265 261 323 306 (28) 131 105 150 42 (10) 70 (61) 155 51 47 89 53 11 10 18 12 (15) 13
Changes in operating assets and liabilities, net of acquisitions 8,654 (5,863) (2,694) (1,660) 834 (1,719) (2,733) (174) 904 287 (873) 29 (1,650) (680) (1,771) (276) (636) 89 (689) 256 (359) 165 401 50 101
Adjustments to reconcile net income to net cash provided by operating activities 8,639 (5,462) (1,682) (2,111) 464 (786) (1,911) 159 868 834 (288) 614 113 30 (945) 309 (38) 610 (57) 945 (8) 514 742 383 326
Net cash provided by operating activities 27,414 16,629 17,627 14,488 15,345 11,499 7,332 6,348 2,911 2,248 392 1,270 1,731 3,033 1,519 2,682 1,874 2,067 1,279 1,567 909 1,465 1,640 936 720
Proceeds from maturities of marketable securities 3,122 1,710 1,387 4,094 4,004 1,731 2,890 2,599 2,512 2,633 5,809 5,036 5,947 7,417 2,544 2,096 3,140 3,627 4,133 1,032 1,152 1,373 2,219
Proceeds from sales of marketable securities 467 177 154 15 149 50 75 702 1,029 107 211 347 358 25 243 258 1 2 211 3,126 26
Proceeds from sales of non-marketable equity securities 66 50 55 1
Purchases of marketable securities (6,546) (7,010) (4,518) (5,744) (9,303) (7,523) (5,345) (2,542) (2,801) (2,133) (2,188) (3,644) (3,932) (8,767) (6,752) (4,798) (4,470) (6,468) (4,554) (7,425) (861) (839) (622)
Purchases related to property and equipment and intangible assets (1,227) (1,077) (813) (977) (369) (254) (278) (289) (248) (509) (530) (433) (361) (273) (222) (183) (298) (283) (473) (217) (155) (145) (103) (113) (128)
Purchases of non-marketable equity securities (649) (478) (474) (344) (190) 35 (441) (456)
Acquisitions, net of cash acquired (383) (542) (148) (278) (39) (83) (13) (36) (60) (203) (1,353) (7,137) (34) (4)
Other 22 (149) 4 242 (221) 6 (18) (30) (35) (10) (17) 5 (2) (30) 3 (1) (6) (4) (4) (2)
Net cash (used in) provided by investing activities (5,216) (7,198) (4,346) (3,184) (5,693) (6,109) (3,170) (446) (841) (3) 3,148 1,618 2,612 (1,586) (4,439) (2,533) (1,272) (3,129) (2,001) (13,490) (1,055) (151) 1,256 3,545 1,495
Proceeds related to employee stock plans 370 1 204 285 156 1 246 6 144 1 204 4 149 2 126 4 96 6 88 3 63 83
Payments related to repurchases of common stock (14,095) (7,811) (10,997) (7,158) (7,740) (2,659) (3,807) (3,067) (1,213) (3,485) (3,345) (1,996)
Payments related to employee stock plan taxes (1,532) (1,862) (1,679) (1,637) (1,752) (841) (763) (672) (507) (344) (294) (305) (532) (622) (439) (366) (477) (226) (298) (196) (222) (88) (202) (50) (211)
Issuance of debt, net of issuance costs (8) 4,985 (3) (8) 4,979
Repayment of debt (1,250) (1,250) (1,000)
Dividends paid (244) (245) (245) (246) (98) (99) (97) (100) (99) (98) (100) (100) (100) (101) (100) (99) (99) (99) (99) (99) (98) (98) (97) (98) (97)
Principal payments on property and equipment and intangible assets (52) (32) (28) (29) (40) (30) (13) (11) (20) (4) (18) (14) (22) (21) (22) (21) (19) (17)
Other (1) (3) 1 (5) (2) (1) (3)
Net cash provided by (used in) financing activities (15,553) (9,949) (12,745) (10,320) (9,345) (3,629) (4,525) (5,099) (380) (1,656) (3,753) (3,762) (2,446) (745) (1,420) 4,501 (471) (342) (301) (297) 4,744 (183) (236) (148) (225)
Change in cash and cash equivalents 6,645 (518) 536 984 307 1,761 (363) 803 1,690 589 (213) (874) 1,897 702 (4,340) 4,650 131 (1,404) (1,023) (12,220) 4,598 1,131 2,660 4,333 1,990

Based on: 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-K (reporting date: 2020-01-26), 10-Q (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28).


Net Income
Net income demonstrated a generally upward trajectory with significant volatility. The values increased steadily from 394 million US$ in April 2019 to peak at 19,309 million US$ in October 2024, indicating strong profitability growth over the period. However, some fluctuations were observed, particularly notable drops around mid-2022 and early 2025.
Stock-based Compensation Expense
Stock-based compensation expense showed a continuous increase from 178 million US$ in April 2019 to 1,474 million US$ in April 2025, reflecting rising costs associated with employee compensation through stock options or awards, which could suggest expansion or retention efforts in human capital.
Depreciation and Amortization
Depreciation and amortization expenses rose steadily from about 91 million US$ in early 2019 to 611 million US$ in April 2025. This increasing trend indicates growing investment in fixed assets and intangible assets over time.
Gains/Losses on Equity Securities
This item exhibited high variability, with occasional gains and losses. The largest negative impact occurred in October 2024 (-728 million US$), suggesting exposure to market fluctuations or asset impairments.
Deferred Income Taxes
Deferred income taxes displayed a mostly negative trend after mid-2020, with significant increases in liabilities particularly from 2022 onward. The sharp negative amounts in the later periods imply notable deferred tax obligations affecting cash flow.
Operating Working Capital Items (Accounts Receivable, Inventories, Prepaid Expenses and Other Assets)
These categories revealed irregular and substantial fluctuations, sometimes negative and sometimes positive. Noteworthy are large decreases in accounts receivable and inventories in certain quarters, reflecting volatile operational cash flows and possibly changes in sales dynamics or inventory management policies.
Accounts Payable and Accrued Liabilities
Accounts payable mostly trended upward, particularly from 2022, showing increased supplier credit usage. Accrued liabilities also rose markedly from late 2021, with a significant spike in January 2025 (7,128 million US$), potentially indicating accrued expenses or liabilities buildup.
Changes in Operating Assets and Liabilities
The net changes reported a notable degree of volatility with large negative swings in several quarters, especially from 2023 onwards. This trend highlights sizeable working capital adjustments impacting cash flow.
Net Cash Provided by Operating Activities
Operating cash flow generally increased, peaking at 27,414 million US$ in April 2025. This growth aligns with rising net income and reflects strong cash generation capability, although there were periods of decline correlating with net income fluctuations.
Investing Activities
Net cash used in investing activities showed considerable variability, with large outflows around mid-2020 (up to -13,490 million US$), mainly driven by purchases of marketable securities and acquisitions. Later periods saw occasional positive net investing cash flow, suggesting partial divestitures or reduced capital expenditure.
Financing Activities
Financing cash flows exhibited significant activity, including large net inflows in April 2020 (4,744 million US$) likely from debt issuance, followed by increasing outflows, particularly from share repurchases and repayments of debt toward 2023-2025. The trends indicate strategic capital structure management emphasizing debt reduction and shareholder returns.
Stock Repurchases and Dividends
Payments related to stock repurchases escalated sharply from late 2021 onward, indicating aggressive share buyback programs. Dividends remained relatively stable and minor in comparison, suggesting repurchases as the preferred method of returning capital to shareholders.
Change in Cash and Cash Equivalents
Cash balances fluctuated significantly, with strong positive changes in early and late periods, e.g., 4,333 million US$ in mid-2019 and 6,645 million US$ in April 2025. However, negative changes occurred during phases of heavy investing or financing outflows, demonstrating the impact of operational performance and capital expenditures on liquidity.