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NVIDIA cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$21.4B in Q2 FY27 · $127.0B over twelve months

Operating cash flow$24.1B
Capital spending−$2.7B
Free cash flow+$21.4B
Cash / net income0.4×
Cash conversion cycle104 days

Analysis

In Q2 FY27, NVIDIA generated $24.1B of operating cash flow and spent $2.7B on capital projects, leaving free cash flow of $21.4B.

Over the twelve months to Jul 26, 2026, operating cash flow was $134.4B; the largest uses were other investing ($66.5B), buybacks ($55.3B), taxes on employees’ shares ($9.1B); besides operations, cash came from other financing ($21.9B), shares issued ($789M); the cash balance rose by $10.8B.

Operating cash flow was $24.1B against net income of $59.7B — 0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$22.3B, gains on investments −$7.8B, inventory −$5.8B.

Its cash conversion cycle was 104 days (receivables 49 + inventory 108 − payables 53).

Free cash flow

NVIDIA: free cash flow by quarterNVIDIA: free cash flow by quarter$16.8BQ3 FY25$15.6BQ4 FY25$26.2BQ1 FY26$13.5BQ2 FY26$22.1BQ3 FY26$34.9BQ4 FY26$48.6BQ1 FY27$21.4BQ2 FY27
Operating cash flow less capital spending.
NVIDIA: operating cash flow against capital spendingNVIDIA: operating cash flow against capital spendingOperating cash flowCapital spending$17.6B$813MQ3 FY25$16.6B$1.1BQ4 FY25$27.4B$1.2BQ1 FY26$15.4B$1.9BQ2 FY26$23.8B$1.6BQ3 FY26$36.2B$1.3BQ4 FY26$50.3B$1.8BQ1 FY27$24.1B$2.7BQ2 FY27
Latest (Q2 FY27): Operating cash flow $24.1B, Capital spending $2.7B.

Capital allocation, year by year

NVIDIA: where the cash came from (up) and went (down), by fiscal yearNVIDIA: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $9.1BFY22: Net borrowing $4.0BFY22: Shares issued $281MFY22: Capital spending −$976MFY22: Acquisitions −$263MFY22: Dividends −$399M$13.4BFY22FY23: Operating cash flow $5.6BFY23: Shares issued $355MFY23: Capital spending −$1.8BFY23: Acquisitions −$49.0MFY23: Buybacks −$10.0BFY23: Dividends −$398M$6.0BFY23FY24: Operating cash flow $28.1BFY24: Net borrowing −$1.2BFY24: Shares issued $403MFY24: Capital spending −$1.1BFY24: Acquisitions −$83.0MFY24: Buybacks −$9.5BFY24: Dividends −$395M$28.5BFY24FY25: Operating cash flow $64.1BFY25: Net borrowing −$1.2BFY25: Shares issued $490MFY25: Capital spending −$3.2BFY25: Acquisitions −$1.0BFY25: Buybacks −$33.7BFY25: Dividends −$834M$64.6BFY25FY26: Operating cash flow $102.7BFY26: Shares issued $644MFY26: Capital spending −$6.0BFY26: Acquisitions −$1.5BFY26: Buybacks −$40.1BFY26: Dividends −$974M$103.4BFY26
Over these 5 years operating cash flow totalled $209.6B; the largest uses were buybacks ($93.4B) and capital spending ($13.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$71.6B
Debt$33.4B
Net cash$38.2B
Due within a year$1.0B

NVIDIA funds itself: free cash flow was $127.0B over the last twelve months, and $71.6B of cash and investments stands against $33.4B of debt ($1.0B due within a year, 71.6× covered by cash).

Where the cash came from and went

NVIDIA: sources (+) and uses (−) of cash, Q2 FY27NVIDIA: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$24.1BOther financing$22.0BBuybacks−$19.7BCash drawn (+) / kept (−)−$9.2BDividends−$6.0BOther investing−$5.8BCapital spending−$2.7BTaxes on employees’ shares−$2.4BAcquisitions−$211M
NVIDIA: sources (+) and uses (−) of cash, TTM to Q2 FY27NVIDIA: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$134.4BOther investing−$66.5BBuybacks−$55.3BOther financing$21.9BCash drawn (+) / kept (−)−$10.8BTaxes on employees’ shares−$9.1BCapital spending−$7.4BDividends−$6.8BAcquisitions−$1.2BShares issued$789M

From profit to cash

NVIDIA: net income to operating cash flow, Q2 FY27NVIDIA: net income to operating cash flow, Q2 FY27Net income$59.7BDepreciation & amortization$1.1BStock-based pay$2.0BDeferred taxes−$602MGains on investments−$7.8BOther non-cash$316MReceivables−$22.3BInventory−$5.8BPayables$1.9BAccrued liabilities$252MPrepaid and other assets−$5.5BOperating cash flow$24.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY274910853104
Q1 FY27441055198
Q4 FY264811049109
Q3 FY264910453100
Q2 FY2649935884
Q1 FY2647563667
Q4 FY2547765073
Q3 FY2541734668

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$24.1B−$2.7B−$211M−$19.7B−$6.0B—−$9.2B$21.4B
Q1 FY27$50.3B−$1.8B−$87.0M−$19.3B−$243M$515M−$2.6B$48.6B
Q4 FY26$36.2B−$1.3B−$165M−$3.8B−$242M$1.0M$881M$34.9B
Q3 FY26$23.8B−$1.6B−$693M−$12.5B−$244M$273M$153M$22.1B
Q2 FY26$15.4B−$1.9B−$294M−$9.7B−$244M—$3.6B$13.5B
Q1 FY26$27.4B−$1.2B−$383M−$14.1B−$244M$370M−$6.6B$26.2B
Q4 FY25$16.6B−$1.1B−$542M−$7.8B−$245M$1.0M$518M$15.6B
Q3 FY25$17.6B−$813M−$148M−$11.0B−$245M$204M−$536M$16.8B

NVIDIA: income statement and cash flow

NVIDIA, Q2 FY27: revenue $96.2B (+106% year over year), operating margin 66.2%. The chart follows the revenue to costs, profit and cash.

NVIDIA: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.