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.
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- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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NVIDIA Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-07-27), 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 experienced significant growth overall, particularly from mid-2021 onward, with notable peaks in the quarters ending July 2023 (US$ 6,189 million), October 2023 (US$ 9,243 million), and continuing to rise and fluctuate through to April 2025. There was a sharp increase starting in early 2023, reflecting improved profitability.
- Stock-based Compensation Expense
- Stock-based compensation steadily increased over the periods, rising from US$ 178 million in April 2019 to US$ 1,625 million by July 2025. This steady increase indicates a growing use of equity incentives in employee compensation.
- Depreciation and Amortization
- Depreciation and amortization expenses showed an upward trend, with an initial stabilization around US$ 90-100 million until early 2020, followed by substantial increases from mid-2020, peaking at US$ 669 million in July 2025. This increase aligns with growing capital expenditures and asset base expansion.
- Deferred Income Taxes
- Deferred income taxes fluctuated significantly, with periods of negative balances notable from mid-2020 onwards, including large negative values such as -US$ 1,577 million in April 2023 and -US$ 2,177 million in April 2024. Such swings suggest tax timing differences impacting the financial statements.
- (Gains) Losses on Equity Securities
- Gains and losses on equity securities varied, with some quarters showing losses, particularly the quarter ending April 2024 (-US$ 728 million), and large negative variance in October 2024 (-US$ 2,248 million). This indicates volatility in investment valuation or realizations.
- Acquisition Termination Cost
- A notable acquisition termination cost of US$ 1,353 million appeared in January 2022, representing a one-time significant expense.
- Working Capital Items
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- Accounts Receivable
- Accounts receivable balances demonstrated erratic movement with large fluctuations, including negative spikes such as -US$ 2,987 million in July 2023 and -US$ 5,369 million in October 2024, interspersed with positive values. This volatility may reflect changes in sales timing or collection patterns.
- Inventories
- Inventories showed wide fluctuation, with negative values indicating inventory reductions (e.g., -US$ 2,424 million in April 2024 and -US$ 3,622 million in July 2025) and occasional positive spikes, highlighting variable inventory management or demand fluctuations.
- Prepaid Expenses and Other Assets
- These assets varied greatly, experiencing both significant negative and positive variations over quarters, suggesting periodic adjustments or reclassifications.
- Accounts Payable
- Accounts payable generally trended upward, with notable increases especially in late periods (e.g., US$ 1,689 million in October 2024), indicating a possible extension of payment terms or increased operational spending.
- Accrued and Other Current Liabilities
- Liabilities were volatile, with large positive spikes such as US$ 7,128 million in April 2025 and also negative values. This could be due to fluctuations in accrued expenses or timing of payments.
- Other Long-term Liabilities
- These liabilities exhibited growth over time, increasing from low double digits to nearly US$ 629 million by July 2025, reflecting long-term obligations.
- Changes in Operating Assets and Liabilities
- This line showed substantial volatility, with large positive and negative swings across quarters, including extreme negative changes near the end of the observation period, indicating fluctuating working capital impacts on cash flow.
- Net Cash Provided by Operating Activities
- Operating cash flow remained generally strong and growing over time, with peaks around 2023 and 2024, reaching as high as US$ 27,414 million in April 2024, reflecting healthy cash generation from operations.
- Investing Activities
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- Proceeds from Marketable Securities
- Proceeds were inconsistent but sizable in many quarters, often in the range of several thousands of millions, reflecting active management of investment portfolios.
- Purchases of Marketable Securities
- Purchases fluctuated, with large outflows particularly noticeable from 2020 forward, such as -US$ 7,523 million in May 2024 and continuing in similar territory, highlighting significant investment activity.
- Property and Equipment Purchases
- Capital expenditures generally increased over time, from modest levels in 2019 to over US$ 1,800 million in some later quarters, supporting growth and expansion.
- Acquisitions
- Acquisition-related cash flows included a material outflow of -US$ 7,137 million in April 2020, indicative of a significant business acquisition, with smaller related values in other periods.
- Net Cash from Investing
- Investing cash flows were predominantly negative, especially from 2020 onward, reflecting substantial capital investments and acquisitions. There were some quarters with positive inflows but overall strong net cash usage.
- Financing Activities
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- Stock Plan Proceeds and Payments
- Proceeds from employee stock plans were generally modest but increased over time, while payments for repurchases of common stock escalated significantly, especially from 2021 onward, reaching levels above US$ 10 billion in some quarters, indicating aggressive share buyback programs.
- Payments Related to Employee Stock Plan Taxes and Dividends
- Payments for employee stock plan taxes steadily increased, along with consistent dividend payments of approximately US$ 100 million per quarter, demonstrating stable shareholder returns and tax obligations.
- Debt Issuance and Repayment
- Debt issuance showed a significant spike in 2020 (around US$ 4,979 million) but remained minimal in other periods. Debt repayments occurred sporadically, indicating active debt management.
- Net Cash from Financing
- Financing cash flows were variable, with large inflows tied to debt issuance and stock plan activities in some periods, but substantial outflows due to stock repurchases, leading to predominantly negative net financing cash flow in recent periods.
- Change in Cash and Cash Equivalents
- Cash levels fluctuated significantly, with considerable increases in early quarters (2019-2020), followed by deep declines reflecting heavy investing outflows and stock repurchases. Some recovery is seen in certain quarters, but overall volatility reflects the interplay of strong operating cash flows with heavy investment and financing cash uses.