## Executive takeaway NVIDIA’s cash-flow profile has shifted from “strong but cyclical semiconductor cash generation” to a **hyper–cash-generative platform phase**: FY2025 operating cash flow was **$64.089B** vs **$28.090B** in FY2024 (both USD), alongside an aggressive ramp in shareholder returns (repurchases) and a large increase in balance-sheet liquidity (cash + marketable securities). ["Net cash provided by operating activities … 64,089 … 28,090"](0001045810-25-000023|0) Looking forward, the most important cash-flow swing factors are (1) **working-capital intensity** tied to supply/capacity commitments and annual architecture transitions, and (2) **geopolitical/export-control volatility** that can cause inventory provisions/obsolescence and force product redesigns—both explicitly highlighted risks in filings. ["purchase obligations and prepaids have grown"](0001045810-25-000023|0) ["export control rules at any time"](0001045810-25-000023|0) --- ## 1) Cash flow “bridge” at a glance (FY2023–FY2025) **Units: USD billions (converted from $ in millions).** | Fiscal year (ended) | Operating cash flow (CFO) | Investing cash flow (CFI) | Financing cash flow (CFF) | What it implies | |---|---:|---:|---:|---| | FY2023 (Jan 29, 2023) | 5.641 ["5,641"](0001045810-24-000029|0) | 7.375 ["7,375"](0001045810-24-000029|0) | (11.617) ["(11,617)"](0001045810-24-000029|0) | CFO was modest; CFI was net positive (portfolio maturities > purchases), while CFF was negative (capital return / financing mix). | | FY2024 (Jan 28, 2024) | 28.090 ["28,090"](0001045810-24-000029|0) | (10.566) ["(10,566)"](0001045810-24-000029|0) | (13.633) ["(13,633)"](0001045810-24-000029|0) | Step-change in CFO as demand and profitability improved; investment portfolio build turns CFI negative. | | FY2025 (Jan 26, 2025) | 64.089 ["64,089"](0001045810-25-000023|0) | (20.421) ["(20,421)"](0001045810-25-000023|0) | (42.359) ["(42,359)"](0001045810-25-000023|0) | CFO explodes; CFF becomes the main “sink” via buybacks and RSU-tax cash costs; CFI reflects continued net investment purchases + property/equipment. | ### Interpretation **CFO is now the strategic “engine”**—large enough to simultaneously (a) fund higher capex and supply/capacity prepayments, (b) maintain a large marketable-securities buffer, and (c) return capital via repurchases/dividends. The filings explicitly attribute the FY2025 CFO increase to revenue growth, but the magnitude strongly suggests the bigger driver is the *combination* of revenue growth **and** operating leverage/working-capital dynamics. ["Cash provided by operating activities increased … due to growth in revenue"](0001045810-25-000023|0) --- ## 2) Where the cash is sitting: liquidity and balance-sheet flexibility NVIDIA’s liquidity (cash + marketable securities) increased materially from FY2024 to FY2025. **Units: USD billions (converted from $ in millions).** | Metric | FY2025 | FY2024 | Change | |---|---:|---:|---:| | Cash & cash equivalents | 8.589 ["Cash and cash equivalents … 8,589"](0001045810-25-000023|0) | 7.280 ["Cash and cash equivalents … 7,280"](0001045810-25-000023|0) | +1.309 (computed) ["8,589"](0001045810-25-000023|0) ["7,280"](0001045810-25-000023|0) | | Marketable securities | 34.621 ["Marketable securities … 34,621"](0001045810-25-000023|0) | 18.704 ["Marketable securities … 18,704"](0001045810-24-000029|0) | +15.917 (computed) ["34,621"](0001045810-25-000023|0) ["18,704"](0001045810-24-000029|0) | | Total cash + marketable securities | 43.210 ["Cash, cash equivalents, and marketable securities … 43,210"](0001045810-25-000023|0) | 25.984 ["Cash, cash equivalents and marketable securities … 25,984"](0001045810-24-000029|0) | +17.226 (computed) ["43,210"](0001045810-25-000023|0) ["25,984"](0001045810-24-000029|0) | ### Interpretation 1. **The balance sheet is being used as a shock absorber.** Management explicitly frames liquidity as sufficient to cover “future supply obligations and share purchases,” which matters because NVIDIA’s supply chain requires long lead-times and (in periods) non-cancellable commitments. ["sufficient liquidity … including our future supply obligations and share purchases"](0001045810-25-000023|0) ["long manufacturing lead times"](0001045810-25-000023|0) 2. **A large marketable-securities book supports optionality** (M&A, investments, capacity deposits) but introduces mark-to-market and liquidity risks in stressed markets (also called out). ["investment portfolio … credit, liquidity, market and interest rate risks"](0001045810-25-000023|0) --- ## 3) Operating cash flow quality: what’s durable vs. what’s volatile ### Durable components (structural) - **Scale/operating leverage feeding CFO:** The company directly links higher FY2025 operating cash flow to revenue growth, which—given NVIDIA’s high gross margin profile in the current cycle—typically translates into strong cash conversion. ["Cash provided by operating activities increased … due to growth in revenue"](0001045810-25-000023|0) - **Cash earnings financing capital return:** FY2025 cash generation was large enough to fund very significant repurchases without meaningfully depleting cash (because they also expanded marketable securities). ["Net cash provided by operating activities … 64,089"](0001045810-25-000023|0) ["repurchased … for $34.0 billion"](0001045810-25-000023|0) ### Volatile components (cycle/working capital/geopolitics) - **Working capital can swing sharply** due to: - **Inventory build and long lead-times** (NVIDIA explicitly warns about mismatches and the amplification from non-cancellable purchase orders and growing purchase obligations/prepaids). ["mismatches between supply and demand"](0001045810-25-000023|0) ["non-cancellable and non-returnable purchase orders"](0001045810-25-000023|0) - **Annual architecture cadence / transitions** increasing the risk of *simultaneous* ramps and wind-downs (and potential inventory/warranty charges). ["new product and architecture cadence … each year"](0001045810-25-000023|0) ["inventory provisions"](0001045810-25-000023|0) - **Export controls can create “cash traps”:** the filing states export rules can change at any time and could leave NVIDIA unable to sell restricted inventory and unable to develop replacements, which would likely hit CFO through inventory write-downs and disrupted collections. ["export control rules at any time"](0001045810-25-000023|0) ["unable to sell our inventory"](0001045810-25-000023|0) --- ## 4) Capital allocation: repurchases dominate, with explicit rationale NVIDIA is using cash primarily for (1) **repurchases**, (2) **dividends**, while maintaining ample liquidity and continuing investment in supply/capacity and infrastructure. **Units: USD billions (converted from $ in millions).** | Capital return item | FY2025 detail | What it signals | |---|---|---| | Share repurchases | 310M shares for $34.0B ["repurchased 310 million shares … $34.0 billion"](0001045810-25-000023|0) | Buybacks are the primary cash return lever and a key use of CFO. | | Remaining authorization | $38.7B remaining ["authorized … up to $38.7 billion"](0001045810-25-000023|0) | Continued capacity to return capital even if CFO normalizes. | | Program rationale | Offset dilution; maintain liquidity ["aims to offset dilution"](0001045810-25-000023|0) | Management is balancing buybacks with liquidity needs (important given supply commitments). | | Dividends | $0.834B ["paid cash dividends … $834 million"](0001045810-25-000023|0) | Dividend is present but secondary vs. buybacks; explicitly discretionary. | **Key nuance for “cash flow quality”:** a meaningful portion of FY2025 financing cash outflow is not just buybacks but also **tax payments related to RSUs**, called out as a driver of higher financing cash use. This matters because it ties ongoing cash outflows to equity compensation levels (and stock price). ["higher tax payments related to RSUs"](0001045810-25-000023|0) --- ## 5) Near-term cash-flow trajectory: what the interim cash flow statements show To ground “what’s happening now,” the most recent quarterly filings show continued very high operating cash flow, heavy repurchases, and sizable capex/intangible spending. **Nine months ended Oct 26, 2025 (FY2026 YTD), USD billions (converted from $ in millions):** | Item | FY2026 9M ended Oct 26, 2025 | FY2025 9M ended Oct 27, 2024 | Read-through | |---|---:|---:|---| | Net cash provided by operating activities | 66.530 ["Net cash provided by operating activities … 66,530"](0001045810-25-000230|0) | 47.460 ["47,460"](0001045810-25-000230|0) | Operating cash generation remains exceptionally high. | | Purchases related to property & equipment and intangible assets | (4.758) ["Purchases related to property and equipment … (4,758)"](0001045810-25-000230|0) | (2.159) ["(2,159)"](0001045810-25-000230|0) | Investment intensity is rising (supports growth, but reduces FCF). | | Repurchases of common stock | (36.271) ["repurchases of common stock … (36,271)"](0001045810-25-000230|0) | (25.895) ["(25,895)"](0001045810-25-000230|0) | Buyback pace remains very high. | --- ## 6) Future prospects through a cash-flow lens (what matters most) ### A) Upside setup: demand + platform expansion can keep CFO elevated The filings point to NVIDIA increasing supply/capacity purchases and expanding supplier relationships to align with “growing customer demand,” which is consistent with management preparing for continued high shipments. ["expanded our supplier relationships"](0001045810-25-000023|0) ["support our demand projections"](0001045810-25-000023|0) **Cash-flow implication:** if demand remains strong and supply ramps smoothly, CFO stays robust because (i) earnings remain high, and (ii) working-capital investments are “absorbed” by margin dollars. ### B) The biggest cash-flow risk: supply/capacity commitments + faster product cadence NVIDIA highlights long lead-times, the need for deposits/prepaids and long-term capacity agreements, and notes that purchase obligations and prepaids “have grown and are expected to continue to grow.” ["paid premiums, provided deposits"](0001045810-25-000023|0) ["purchase obligations and prepaids have grown"](0001045810-25-000023|0) That risk becomes more acute with an annual data-center architecture cadence: transitions can cause overlap (old + new architectures), qualification delays, yield issues, and inventory provisions. ["new product and architecture cadence … each year"](0001045810-25-000023|0) ["inventory provisions"](0001045810-25-000023|0) **Cash-flow implication:** even with strong demand, CFO volatility can rise due to: - inventory build/obsolescence - customer order timing shifts - prepayments and long-term commitments (cash-out today; revenue later) ### C) Geopolitical/export control risk is explicitly framed as a long-term headwind NVIDIA states its competitive position has been harmed by export controls and could be harmed further if rules change, potentially excluding it from all/part of China and other markets, and leaving it unable to sell inventory or develop replacements. ["competitive position has been harmed"](0001045810-25-000023|0) ["unable to sell our inventory"](0001045810-25-000023|0) **Cash-flow implication:** policy shifts can trigger: - sudden inventory charges - weaker collections / extended terms - forced redesign and requalification (R&D cash costs, slower cash conversion) ### D) Commitments are now “macro-sized,” reinforcing both growth intent and risk As of Oct 26, 2025, NVIDIA disclosed **manufacturing production, long-term supply and capacity, and other related commitments** of **$50.3B**, “substantially all” payable through FY2027. ["commitments were $50.3 billion"](0001045810-25-000230|0) ["paid through fiscal year 2027"](0001045810-25-000230|0) They also disclosed **multi-year cloud service agreement commitments** of **$26B** with a multi-year payment schedule. ["cloud service agreement commitments … $26 billion"](0001045810-25-000230|0) **Cash-flow implication:** NVIDIA is effectively locking in future cash outflows to secure capacity and support offerings (e.g., DGX Cloud), which can protect revenue growth but increases fixed commitments if demand softens or mix shifts. --- ## 7) Supplemental view (TTM/FY cash flow statement format from financial database) The following is **supporting** (not primary) and matches the same filing dates/period ends; it’s useful for capex/FCF detail. **Units: USD billions (converted from USD).** | Metric | FY2025 | FY2024 | FY2023 | |---|---:|---:|---:| | Operating cash flow | 64.089 ["Operating cash flow | 64,089,000,000"](eak5y8) | 28.090 ["Operating cash flow | 28,090,000,000"](eak5y8) | 5.641 ["Operating cash flow | 5,641,000,000"](eak5y8) | | Capital expenditure (cash capex) | (3.236) ["Capital expenditure | -3,236,000,000"](eak5y8) | (1.069) ["Capital expenditure | -1,069,000,000"](eak5y8) | (1.833) ["Capital expenditure | -1,833,000,000"](eak5y8) | | Free cash flow (computed in dataset) | 60.853 ["Free cash flow | 60,853,000,000"](eak5y8) | 27.021 ["Free cash flow | 27,021,000,000"](eak5y8) | 3.808 ["Free cash flow | 3,808,000,000"](eak5y8) | --- ## Bottom line: a “cash compounding” story with identifiable swing risks If NVIDIA sustains its current demand environment while executing its faster annual architecture cadence, **CFO likely remains structurally high**—and the company has already set up the balance sheet (marketable securities) and capital-return machinery (large repurchase authorization) to deploy that cash. ["Net cash provided by operating activities … 64,089"](0001045810-25-000023|0) ["additional $50 billion"](0001045810-25-000023|0) The principal risks to future cash compounding are **not** traditional leverage/liquidity constraints (they explicitly state sufficient liquidity), but rather (1) **working-capital/commitment rigidity** if demand timing shifts, and (2) **export-control shocks** that can strand inventory and force redesigns—both clearly emphasized in the filings. ["sufficient liquidity"](0001045810-25-000023|0) ["non-cancellable"](0001045810-25-000023|0) ["export controls"](0001045810-25-000023|0)

## Executive takeaway NVIDIA’s cash-flow profile has shifted from “strong but cyclical semiconductor cash generation” to a **hyper–cash-generative platform phase**: FY2025 operating cash flow was **$64.089B** vs **$28.090B** in FY2024 (both USD), alongside an aggressive ramp in shareholder returns (repurchases) and a large increase in balance-sheet liquidity (cash + marketable securities). ["Net cash provided by operating activities … 64,089 … 28,090"](0001045810-25-000023|0) Looking forward, the most important cash-flow swing factors are (1) **working-capital intensity** tied to supply/capacity commitments and annual architecture transitions, and (2) **geopolitical/export-control volatility** that can cause inventory provisions/obsolescence and force product redesigns—both explicitly highlighted risks in filings. ["purchase obligations and prepaids have grown"](0001045810-25-000023|0) ["export control rules at any time"](0001045810-25-000023|0) --- ## 1) Cash flow “bridge” at a glance (FY2023–FY2025) **Units: USD billions (converted from $ in millions).** | Fiscal year (ended) | Operating cash flow (CFO) | Investing cash flow (CFI) | Financing cash flow (CFF) | What it implies | |---|---:|---:|---:|---| | FY2023 (Jan 29, 2023) | 5.641 ["5,641"](0001045810-24-000029|0) | 7.375 ["7,375"](0001045810-24-000029|0) | (11.617) ["(11,617)"](0001045810-24-000029|0) | CFO was modest; CFI was net positive (portfolio maturities > purchases), while CFF was negative (capital return / financing mix). | | FY2024 (Jan 28, 2024) | 28.090 ["28,090"](0001045810-24-000029|0) | (10.566) ["(10,566)"](0001045810-24-000029|0) | (13.633) ["(13,633)"](0001045810-24-000029|0) | Step-change in CFO as demand and profitability improved; investment portfolio build turns CFI negative. | | FY2025 (Jan 26, 2025) | 64.089 ["64,089"](0001045810-25-000023|0) | (20.421) ["(20,421)"](0001045810-25-000023|0) | (42.359) ["(42,359)"](0001045810-25-000023|0) | CFO explodes; CFF becomes the main “sink” via buybacks and RSU-tax cash costs; CFI reflects continued net investment purchases + property/equipment. | ### Interpretation **CFO is now the strategic “engine”**—large enough to simultaneously (a) fund higher capex and supply/capacity prepayments, (b) maintain a large marketable-securities buffer, and (c) return capital via repurchases/dividends. The filings explicitly attribute the FY2025 CFO increase to revenue growth, but the magnitude strongly suggests the bigger driver is the *combination* of revenue growth **and** operating leverage/working-capital dynamics. ["Cash provided by operating activities increased … due to growth in revenue"](0001045810-25-000023|0) --- ## 2) Where the cash is sitting: liquidity and balance-sheet flexibility NVIDIA’s liquidity (cash + marketable securities) increased materially from FY2024 to FY2025. **Units: USD billions (converted from $ in millions).** | Metric | FY2025 | FY2024 | Change | |---|---:|---:|---:| | Cash & cash equivalents | 8.589 ["Cash and cash equivalents … 8,589"](0001045810-25-000023|0) | 7.280 ["Cash and cash equivalents … 7,280"](0001045810-25-000023|0) | +1.309 (computed) ["8,589"](0001045810-25-000023|0) ["7,280"](0001045810-25-000023|0) | | Marketable securities | 34.621 ["Marketable securities … 34,621"](0001045810-25-000023|0) | 18.704 ["Marketable securities … 18,704"](0001045810-24-000029|0) | +15.917 (computed) ["34,621"](0001045810-25-000023|0) ["18,704"](0001045810-24-000029|0) | | Total cash + marketable securities | 43.210 ["Cash, cash equivalents, and marketable securities … 43,210"](0001045810-25-000023|0) | 25.984 ["Cash, cash equivalents and marketable securities … 25,984"](0001045810-24-000029|0) | +17.226 (computed) ["43,210"](0001045810-25-000023|0) ["25,984"](0001045810-24-000029|0) | ### Interpretation 1. **The balance sheet is being used as a shock absorber.** Management explicitly frames liquidity as sufficient to cover “future supply obligations and share purchases,” which matters because NVIDIA’s supply chain requires long lead-times and (in periods) non-cancellable commitments. ["sufficient liquidity … including our future supply obligations and share purchases"](0001045810-25-000023|0) ["long manufacturing lead times"](0001045810-25-000023|0) 2. **A large marketable-securities book supports optionality** (M&A, investments, capacity deposits) but introduces mark-to-market and liquidity risks in stressed markets (also called out). ["investment portfolio … credit, liquidity, market and interest rate risks"](0001045810-25-000023|0) --- ## 3) Operating cash flow quality: what’s durable vs. what’s volatile ### Durable components (structural) - **Scale/operating leverage feeding CFO:** The company directly links higher FY2025 operating cash flow to revenue growth, which—given NVIDIA’s high gross margin profile in the current cycle—typically translates into strong cash conversion. ["Cash provided by operating activities increased … due to growth in revenue"](0001045810-25-000023|0) - **Cash earnings financing capital return:** FY2025 cash generation was large enough to fund very significant repurchases without meaningfully depleting cash (because they also expanded marketable securities). ["Net cash provided by operating activities … 64,089"](0001045810-25-000023|0) ["repurchased … for $34.0 billion"](0001045810-25-000023|0) ### Volatile components (cycle/working capital/geopolitics) - **Working capital can swing sharply** due to: - **Inventory build and long lead-times** (NVIDIA explicitly warns about mismatches and the amplification from non-cancellable purchase orders and growing purchase obligations/prepaids). ["mismatches between supply and demand"](0001045810-25-000023|0) ["non-cancellable and non-returnable purchase orders"](0001045810-25-000023|0) - **Annual architecture cadence / transitions** increasing the risk of *simultaneous* ramps and wind-downs (and potential inventory/warranty charges). ["new product and architecture cadence … each year"](0001045810-25-000023|0) ["inventory provisions"](0001045810-25-000023|0) - **Export controls can create “cash traps”:** the filing states export rules can change at any time and could leave NVIDIA unable to sell restricted inventory and unable to develop replacements, which would likely hit CFO through inventory write-downs and disrupted collections. ["export control rules at any time"](0001045810-25-000023|0) ["unable to sell our inventory"](0001045810-25-000023|0) --- ## 4) Capital allocation: repurchases dominate, with explicit rationale NVIDIA is using cash primarily for (1) **repurchases**, (2) **dividends**, while maintaining ample liquidity and continuing investment in supply/capacity and infrastructure. **Units: USD billions (converted from $ in millions).** | Capital return item | FY2025 detail | What it signals | |---|---|---| | Share repurchases | 310M shares for $34.0B ["repurchased 310 million shares … $34.0 billion"](0001045810-25-000023|0) | Buybacks are the primary cash return lever and a key use of CFO. | | Remaining authorization | $38.7B remaining ["authorized … up to $38.7 billion"](0001045810-25-000023|0) | Continued capacity to return capital even if CFO normalizes. | | Program rationale | Offset dilution; maintain liquidity ["aims to offset dilution"](0001045810-25-000023|0) | Management is balancing buybacks with liquidity needs (important given supply commitments). | | Dividends | $0.834B ["paid cash dividends … $834 million"](0001045810-25-000023|0) | Dividend is present but secondary vs. buybacks; explicitly discretionary. | **Key nuance for “cash flow quality”:** a meaningful portion of FY2025 financing cash outflow is not just buybacks but also **tax payments related to RSUs**, called out as a driver of higher financing cash use. This matters because it ties ongoing cash outflows to equity compensation levels (and stock price). ["higher tax payments related to RSUs"](0001045810-25-000023|0) --- ## 5) Near-term cash-flow trajectory: what the interim cash flow statements show To ground “what’s happening now,” the most recent quarterly filings show continued very high operating cash flow, heavy repurchases, and sizable capex/intangible spending. **Nine months ended Oct 26, 2025 (FY2026 YTD), USD billions (converted from $ in millions):** | Item | FY2026 9M ended Oct 26, 2025 | FY2025 9M ended Oct 27, 2024 | Read-through | |---|---:|---:|---| | Net cash provided by operating activities | 66.530 ["Net cash provided by operating activities … 66,530"](0001045810-25-000230|0) | 47.460 ["47,460"](0001045810-25-000230|0) | Operating cash generation remains exceptionally high. | | Purchases related to property & equipment and intangible assets | (4.758) ["Purchases related to property and equipment … (4,758)"](0001045810-25-000230|0) | (2.159) ["(2,159)"](0001045810-25-000230|0) | Investment intensity is rising (supports growth, but reduces FCF). | | Repurchases of common stock | (36.271) ["repurchases of common stock … (36,271)"](0001045810-25-000230|0) | (25.895) ["(25,895)"](0001045810-25-000230|0) | Buyback pace remains very high. | --- ## 6) Future prospects through a cash-flow lens (what matters most) ### A) Upside setup: demand + platform expansion can keep CFO elevated The filings point to NVIDIA increasing supply/capacity purchases and expanding supplier relationships to align with “growing customer demand,” which is consistent with management preparing for continued high shipments. ["expanded our supplier relationships"](0001045810-25-000023|0) ["support our demand projections"](0001045810-25-000023|0) **Cash-flow implication:** if demand remains strong and supply ramps smoothly, CFO stays robust because (i) earnings remain high, and (ii) working-capital investments are “absorbed” by margin dollars. ### B) The biggest cash-flow risk: supply/capacity commitments + faster product cadence NVIDIA highlights long lead-times, the need for deposits/prepaids and long-term capacity agreements, and notes that purchase obligations and prepaids “have grown and are expected to continue to grow.” ["paid premiums, provided deposits"](0001045810-25-000023|0) ["purchase obligations and prepaids have grown"](0001045810-25-000023|0) That risk becomes more acute with an annual data-center architecture cadence: transitions can cause overlap (old + new architectures), qualification delays, yield issues, and inventory provisions. ["new product and architecture cadence … each year"](0001045810-25-000023|0) ["inventory provisions"](0001045810-25-000023|0) **Cash-flow implication:** even with strong demand, CFO volatility can rise due to: - inventory build/obsolescence - customer order timing shifts - prepayments and long-term commitments (cash-out today; revenue later) ### C) Geopolitical/export control risk is explicitly framed as a long-term headwind NVIDIA states its competitive position has been harmed by export controls and could be harmed further if rules change, potentially excluding it from all/part of China and other markets, and leaving it unable to sell inventory or develop replacements. ["competitive position has been harmed"](0001045810-25-000023|0) ["unable to sell our inventory"](0001045810-25-000023|0) **Cash-flow implication:** policy shifts can trigger: - sudden inventory charges - weaker collections / extended terms - forced redesign and requalification (R&D cash costs, slower cash conversion) ### D) Commitments are now “macro-sized,” reinforcing both growth intent and risk As of Oct 26, 2025, NVIDIA disclosed **manufacturing production, long-term supply and capacity, and other related commitments** of **$50.3B**, “substantially all” payable through FY2027. ["commitments were $50.3 billion"](0001045810-25-000230|0) ["paid through fiscal year 2027"](0001045810-25-000230|0) They also disclosed **multi-year cloud service agreement commitments** of **$26B** with a multi-year payment schedule. ["cloud service agreement commitments … $26 billion"](0001045810-25-000230|0) **Cash-flow implication:** NVIDIA is effectively locking in future cash outflows to secure capacity and support offerings (e.g., DGX Cloud), which can protect revenue growth but increases fixed commitments if demand softens or mix shifts. --- ## 7) Supplemental view (TTM/FY cash flow statement format from financial database) The following is **supporting** (not primary) and matches the same filing dates/period ends; it’s useful for capex/FCF detail. **Units: USD billions (converted from USD).** | Metric | FY2025 | FY2024 | FY2023 | |---|---:|---:|---:| | Operating cash flow | 64.089 ["Operating cash flow | 64,089,000,000"](eak5y8) | 28.090 ["Operating cash flow | 28,090,000,000"](eak5y8) | 5.641 ["Operating cash flow | 5,641,000,000"](eak5y8) | | Capital expenditure (cash capex) | (3.236) ["Capital expenditure | -3,236,000,000"](eak5y8) | (1.069) ["Capital expenditure | -1,069,000,000"](eak5y8) | (1.833) ["Capital expenditure | -1,833,000,000"](eak5y8) | | Free cash flow (computed in dataset) | 60.853 ["Free cash flow | 60,853,000,000"](eak5y8) | 27.021 ["Free cash flow | 27,021,000,000"](eak5y8) | 3.808 ["Free cash flow | 3,808,000,000"](eak5y8) | --- ## Bottom line: a “cash compounding” story with identifiable swing risks If NVIDIA sustains its current demand environment while executing its faster annual architecture cadence, **CFO likely remains structurally high**—and the company has already set up the balance sheet (marketable securities) and capital-return machinery (large repurchase authorization) to deploy that cash. ["Net cash provided by operating activities … 64,089"](0001045810-25-000023|0) ["additional $50 billion"](0001045810-25-000023|0) The principal risks to future cash compounding are **not** traditional leverage/liquidity constraints (they explicitly state sufficient liquidity), but rather (1) **working-capital/commitment rigidity** if demand timing shifts, and (2) **export-control shocks** that can strand inventory and force redesigns—both clearly emphasized in the filings. ["sufficient liquidity"](0001045810-25-000023|0) ["non-cancellable"](0001045810-25-000023|0) ["export controls"](0001045810-25-000023|0)