Cash Flow Statement
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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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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NVIDIA Corp., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2025-01-26), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26).
- Net Income
- Net income demonstrates significant volatility with a strong upward trajectory in recent years. It increased from $2,796 million in early 2020 to $29,760 million by early 2024, nearly a tenfold increase, followed by an even sharper rise to $72,880 million in early 2025.
- Stock-based Compensation Expense
- Stock-based compensation expense showed a consistent increase over the years, rising from $844 million in 2020 to $4,737 million in 2025, reflecting a growing compensation cost component possibly linked to workforce growth or incentive schemes.
- Depreciation and Amortization
- Depreciation and amortization expenses increased steadily from $381 million in 2020 to $1,864 million in 2025, indicating ongoing capital investment and asset base expansion.
- Deferred Income Taxes
- Deferred income taxes transitioned from a small positive figure to increasing negative values, reaching a loss of $4,477 million in 2025, which may suggest rising deferred tax liabilities or reduced deferred tax assets over time.
- Equity Securities Gains or Losses
- The net gains or losses on non-marketable and publicly-held equity securities showed inconsistency, alternating between gains and losses, culminating in a significant loss of $1,030 million in 2025.
- Acquisition Termination Cost
- Acquisition termination costs appeared only in 2023 with a high value of $1,353 million, but absent in other periods.
- Working Capital Components
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Accounts receivable exhibited growing negative values in recent years, reaching negative $13,063 million in 2025, indicating an increase in receivables outflow or adjustments.
Inventories fluctuated with negative values in most years, notably deepening to negative $4,781 million in 2025.
Prepaid expenses and other assets also turned increasingly negative, particularly in 2022 and 2023, with a slight improvement by 2025.
Accounts payable showed a pattern of improvements for the later years, reaching $3,357 million in 2025 after some volatility, suggesting better payment terms or management.
Accrued and other current liabilities increased steadily, rising to $4,278 million in 2025, indicating growing operational liabilities.
Other long-term liabilities expanded from $28 million in 2020 to $1,221 million in 2025, reflecting an increased long-term obligation.
- Operating Assets and Liabilities Changes
- There is a trend toward increasing negative net changes in operating assets and liabilities from 2021 onwards, peaking at negative $9,383 million in 2025, which may reflect operational cash outflows or investments in working capital.
- Adjustments to Net Income for Operating Cash Flow
- Adjustments fluctuate significantly, with a notable drop to negative $8,791 million in 2025, reflecting substantial non-cash or timing adjustments impacting operating cash flows.
- Net Cash Provided by Operating Activities
- Net operating cash inflows grew substantially, increasing from $4,761 million in 2020 to $64,089 million in 2025, with a peak of $28,090 million in 2024, aligning with the rise in net income and reflecting strong cash generation from operations.
- Investing Activities
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Proceeds from maturities of marketable securities fluctuated, peaking at $19,425 million in 2023 before declining.
Purchases of marketable securities showed a growing negative trend, especially from 2021 through 2025, indicative of increased investment in securities.
Capital expenditures related to property, equipment, and intangible assets increased over the period, particularly marked by $3,236 million in 2025.
Acquisitions net of cash acquired were irregular but generally present, with a significant outflow of $8,524 million in 2021.
Net cash from investing activities was negative in the majority of years, with the largest outflow of negative $20,421 million in 2025, reflecting strong investment activities outpacing divestitures or maturities.
- Financing Activities
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Repurchases of common stock appeared beginning 2023, with large payments increasing to $33,706 million in 2025, signaling significant share buyback activity.
Payments related to tax on restricted stock units increased consistently over the period, reaching $6,930 million in 2025.
Debt repayment occurred in discrete amounts in 2022, 2024, and 2025, maintaining a moderate reduction in leverage.
Dividends remained relatively stable through 2024, with a notable increase in dividend payments in 2025 to $834 million.
Overall, net cash used in financing activities rose dramatically in 2023 and beyond, peaking at a negative $42,359 million in 2025, largely due to stock repurchases and tax-related payments.
- Cash Position
- Cash and cash equivalents showed significant volatility, dropping sharply from $10,896 million at the start of 2020 to $847 million in early 2021, followed by a steady increase to $8,589 million by early 2025. Changes in cash position align with the mixture of strong operating cash generation against heavy investing and financing outflows.