NVIDIA Corporation (NVDA) Cash Flow Statement
Where NVDA’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $102.72B +60.3% vs FY2025
- Capital expenditures
- $6.04B 2.8% of revenue
- Free cash flow
- $96.68B 44.8% margin
- Returned to shareholders
- $41.06B 42% of free cash flow
- Change in cash
- $2.02B cash at year-end $10.61B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NVDA operating cash flow, capex and free cash flow
NVDA cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.67BFY2017 | $102.72BFY2026 | +58.0%/yr | |
| Capital expenditures | $176.0MFY2017 | $6.04BFY2026 | +48.1%/yr | |
| Free cash flow | $1.50BFY2017 | $96.68BFY2026 | +58.9%/yr | |
| Free cash flow margin | 21.6%FY2017 | 44.8%FY2026 | +23.1 pts | |
| Operating cash flow / net income | 1.00FY2017 | 0.86FY2026 | −0.15 | |
| Stock-based compensation | $247.0MFY2017 | $6.39BFY2026 | +43.5%/yr | |
| Dividends paid | $261.0MFY2017 | $974.0MFY2026 | +15.8%/yr | |
| Share buybacks (net) | $739.0MFY2017 | $40.09BFY2026 | +55.8%/yr | |
| Capex / revenue | 2.5%FY2017 | 2.8%FY2026 | +0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NVDA cash flow by activity
NVDA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NVDA cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $120.07B | $72.88B | $29.76B | $4.37B | $9.75B | $4.33B | $2.80B | $4.14B | $3.05B | $1.67B |
| Depreciation & amortization | $2.84B | $1.86B | $1.51B | $1.54B | $1.17B | $1.10B | $381.0M | $262.0M | $199.0M | $187.0M |
| Stock-based compensation | $6.39B | $4.74B | $3.55B | $2.71B | $2.00B | $1.40B | $844.0M | $557.0M | $391.0M | $247.0M |
| Change in working capital | −$15.95B | −$9.38B | −$3.72B | −$2.21B | −$3.36B | −$703.0M | $717.0M | −$857.0M | $185.0M | −$679.0M |
| Other non-cash items | −$10.63B | −$6.01B | −$3.00B | −$773.0M | −$459.0M | −$302.0M | $23.0M | −$360.0M | −$320.0M | $251.0M |
| Cash from operating activities | $102.72B | $64.09B | $28.09B | $5.64B | $9.11B | $5.82B | $4.76B | $3.74B | $3.50B | $1.67B |
| Investing activities | ||||||||||
| Capital expenditures | −$6.04B | −$3.24B | −$1.07B | −$1.83B | −$976.0M | −$1.13B | −$489.0M | −$600.0M | −$593.0M | −$176.0M |
| Investments (net) | −$31.65B | −$20.42B | −$10.57B | $7.38B | −$8.59B | −$9.99B | $6.65B | −$3.49B | $1.28B | −$793.0M |
| Acquisitions & other investing | −$14.54B | $3.24B | $1.07B | $1.83B | −$263.0M | −$8.56B | −$14.0M | −$9.0M | $593.0M | $176.0M |
| Cash from investing activities | −$52.23B | −$20.42B | −$10.57B | $7.38B | −$9.83B | −$19.68B | $6.14B | −$4.10B | $1.28B | −$793.0M |
| Financing activities | ||||||||||
| Dividends paid | −$974.0M | −$834.0M | −$395.0M | −$398.0M | −$399.0M | −$395.0M | −$390.0M | −$371.0M | −$341.0M | −$261.0M |
| Share repurchases & issuance (net) | −$40.09B | −$33.71B | −$9.53B | −$10.04B | −$1.90B | −$942.0M | −$1.58B | −$1.58B | −$909.0M | −$739.0M |
| Net borrowing (repayment) | $0 | −$1.25B | −$1.25B | $0 | $3.98B | $4.97B | −$17.0M | −$16.0M | −$812.0M | $1.31B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$7.41B | −$6.57B | −$2.46B | −$1.18B | $191.0M | $173.0M | $1.19B | −$900.0M | −$482.0M | −$24.0M |
| Cash from financing activities | −$48.47B | −$42.36B | −$13.63B | −$11.62B | $1.86B | $3.80B | −$792.0M | −$2.87B | −$2.54B | $291.0M |
| Summary | ||||||||||
| Net change in cash | $2.02B | $1.31B | $3.89B | $1.40B | $1.14B | −$10.05B | $10.11B | −$3.22B | $2.24B | $1.17B |
| Cash at end of period | $10.61B | $8.59B | $7.28B | $3.39B | $1.99B | $847.0M | $10.90B | $782.0M | $4.00B | $1.77B |
| Free cash flow | $96.68B | $60.85B | $27.02B | $3.81B | $8.13B | $4.69B | $4.27B | $3.14B | $2.91B | $1.50B |
| Free cash flow margin | 44.8% | 46.6% | 44.4% | 14.1% | 30.2% | 28.1% | 39.1% | 26.8% | 29.9% | 21.6% |
| Capex / revenue | 2.8% | 2.5% | 1.8% | 6.8% | 3.6% | 6.8% | 4.5% | 5.1% | 6.1% | 2.5% |
| Operating cash flow / net income | 0.86 | 0.88 | 0.94 | 1.29 | 0.93 | 1.34 | 1.70 | 0.90 | 1.15 | 1.00 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $59.69B | $58.32B | $42.96B | $31.91B | $26.42B | $18.77B | $22.09B | $19.31B | $16.60B | $14.88B | $12.29B | $9.24B |
| Depreciation & amortization | $1.13B | $997.0M | $812.0M | $751.0M | $669.0M | $611.0M | $543.0M | $478.0M | $433.0M | $410.0M | $387.0M | $372.0M |
| Stock-based compensation | $2.03B | $1.93B | $1.63B | $1.65B | $1.62B | $1.47B | $1.32B | $1.25B | $1.15B | $1.01B | $994.0M | $978.0M |
| Change in working capital | −$30.71B | $3.54B | −$4.33B | −$9.26B | −$11.02B | $8.65B | −$5.86B | −$2.69B | −$1.66B | $834.0M | −$1.72B | −$1.67B |
| Other non-cash items | −$8.06B | −$14.45B | −$4.89B | −$1.31B | −$2.33B | −$2.10B | −$1.46B | −$718.0M | −$2.04B | −$1.79B | −$448.0M | −$1.60B |
| Cash from operating activities | $24.08B | $50.34B | $36.19B | $23.75B | $15.37B | $27.41B | $16.63B | $17.63B | $14.49B | $15.35B | $11.50B | $7.33B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.68B | −$1.76B | −$1.28B | −$1.64B | −$1.90B | −$1.23B | −$1.08B | −$813.0M | −$977.0M | −$369.0M | −$254.0M | −$278.0M |
| Investments (net) | −$5.79B | −$24.59B | −$16.41B | −$9.02B | −$7.13B | −$5.22B | −$7.20B | −$4.35B | −$3.18B | −$5.69B | −$6.11B | −$3.17B |
| Acquisitions & other investing | −$226.0M | −$87.0M | −$13.16B | $1.64B | $1.90B | $1.23B | $1.08B | $813.0M | $977.0M | $369.0M | $254.0M | $278.0M |
| Cash from investing activities | −$8.70B | −$26.43B | −$30.86B | −$9.02B | −$7.13B | −$5.22B | −$7.20B | −$4.35B | −$3.18B | −$5.69B | −$6.11B | −$3.17B |
| Financing activities | ||||||||||||
| Dividends paid | −$6.05B | −$243.0M | −$242.0M | −$244.0M | −$244.0M | −$244.0M | −$245.0M | −$245.0M | −$246.0M | −$98.0M | −$99.0M | −$98.0M |
| Share repurchases & issuance (net) | −$19.73B | −$21.44B | −$3.81B | −$12.46B | −$9.72B | −$14.10B | −$7.81B | −$11.00B | −$7.16B | −$7.74B | −$2.66B | −$3.81B |
| Net borrowing (repayment) | — | — | $0 | $0 | — | — | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $19.60B | $401.0M | −$2.15B | −$2.18B | −$1.87B | −$1.21B | −$1.89B | −$1.50B | −$2.92B | −$1.51B | −$871.0M | −$621.0M |
| Cash from financing activities | −$6.18B | −$21.28B | −$6.21B | −$14.88B | −$11.83B | −$15.55B | −$9.95B | −$12.74B | −$10.32B | −$9.35B | −$3.63B | −$4.53B |
| Summary | ||||||||||||
| Net change in cash | $9.21B | $2.63B | −$881.0M | −$153.0M | −$3.60B | $6.64B | −$518.0M | $536.0M | $984.0M | $307.0M | $1.76B | −$363.0M |
| Cash at end of period | $22.44B | $13.24B | $10.61B | $11.49B | $11.64B | $15.23B | $8.59B | $9.11B | $8.57B | $7.59B | $7.28B | $5.52B |
| Free cash flow | $21.40B | $48.59B | $34.90B | $22.11B | $13.47B | $26.19B | $15.55B | $16.81B | $13.51B | $14.98B | $11.24B | $7.05B |
| Free cash flow margin | 22.2% | 59.5% | 51.2% | 38.8% | 28.8% | 59.4% | 39.5% | 47.9% | 45.0% | 57.5% | 50.9% | 38.9% |
| Capex / revenue | 2.8% | 2.2% | 1.9% | 2.9% | 4.1% | 2.8% | 2.7% | 2.3% | 3.3% | 1.4% | 1.1% | 1.5% |
| Operating cash flow / net income | 0.40 | 0.86 | 0.84 | 0.74 | 0.58 | 1.46 | 0.75 | 0.91 | 0.87 | 1.03 | 0.94 | 0.79 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NVDA cash generation
In fiscal 2026 (ended January 31, 2026), NVIDIA generated $102.7 billion of cash from operations (up 60.3%) and spent $6.0 billion on capital expenditures, leaving free cash flow of $96.7 billion, 44.8% of revenue. It returned $41.1 billion to shareholders through dividends ($974.0 million) and net share buybacks ($40.1 billion). Cash and equivalents rose by $2.0 billion over the year.
Related: NVDA income statement, NVDA balance sheet, NVDA dividend history. See the NVDA stock overview for the latest quote and news.
NVDA cash flow FAQ
What is NVIDIA's free cash flow?
NVIDIA's free cash flow was $96.7 billion in fiscal 2026: $102.7 billion of operating cash flow minus $6.0 billion of capital expenditures It was $60.9 billion a year earlier..
How much cash does NVIDIA generate from operations?
NVIDIA generated $102.7 billion of cash from operating activities in fiscal 2026, 0.86 times its net income of $120.1 billion.
How much does NVIDIA spend on capital expenditures?
NVIDIA spent $6.0 billion on capital expenditures in fiscal 2026, 2.8% of revenue, compared with $3.2 billion the year before.
How much stock does NVIDIA buy back?
NVIDIA spent $40.1 billion on net share repurchases in fiscal 2026.
How much does NVIDIA pay in dividends?
NVIDIA paid $974.0 million in dividends in fiscal 2026, 1.0% of free cash flow.