Nvidia (NVDA) Free Cash Flow History: Quarterly Data (2020–2026)
Nvidia quarterly free cash flow from 2020 Q3 through 2026 Q1, sourced from SEC EDGAR XBRL. FCF of $34.9B in 2026 Q1 on minimal capex from the fabless model.
| Quarter | Free Cash Flow (USD) | YoY Change |
|---|
Source: SEC EDGAR XBRL (NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment). Quarters marked * are derived (annual filing minus prior three quarters). Calendar year quarters shown.
Nvidia Free Cash Flow: 2020–2026
Nvidia (NVDA) generated $34.9 billion in free cash flow in fiscal Q4 FY2027 (ending January 2026), defined as operating cash flow minus capital expenditures. This represents a 96.5% FCF conversion from the $36.2 billion in operating cash flow — reflecting Nvidia’s extremely capital-light fabless business model.
For calendar year 2025, free cash flow totaled approximately $77.3 billion. For calendar year 2024, FCF was $56.5 billion.
Nvidia Annual Free Cash Flow by Year
| Year | Free Cash Flow | FCF / OCF | FCF Margin |
|---|---|---|---|
| 2025 (cal.) | $77.3B | 92.9% | 41.3% |
| 2024 (cal.) | $56.5B | 95.8% | 49.9% |
| 2023 (cal.) | $17.5B | 93.0% | 39.0% |
| 2022 (cal.)* | $2.8B | 43.7% | 9.7% |
| 2021 (cal.)* | $5.4B | 66.0% | 22.1% |
* FCF for 2021-2022 is partially estimated due to missing capex EDGAR data in some quarters. Some early quarters lack a standard capex XBRL tag in SEC filings.
Data Note: Missing Early Quarters
Four quarters in this dataset lack FCF data due to SEC EDGAR capex filing gaps: 2021 Q1, 2022 Q2, 2022 Q3, and 2022 Q4. In these quarters, Nvidia did not file capital expenditure data using the standard XBRL concept PaymentsToAcquirePropertyPlantAndEquipment or PaymentsToAcquireProductiveAssets. The capex amounts for those quarters can be estimated from annual filings, but this interactive chart shows null values for those specific quarters to preserve data accuracy. All quarters from 2023 Q1 onward have complete data.
The Fabless Model: Why FCF ≈ OCF
Nvidia’s defining structural advantage for cash generation is its fabless model. TSMC manufactures Nvidia’s chips; Nvidia pays TSMC per chip rather than owning fabs. This means Nvidia’s capex is limited to:
- Company-owned data centers and testing labs
- Office real estate
- Equipment for chip design/verification (not manufacturing)
Total capex typically runs $1–2 billion per quarter ($4–8 billion annually) — less than 3% of revenue in 2024–2025. Compare to Intel, which spends $25+ billion per year building and maintaining semiconductor fabs.
This is in stark contrast to hyperscalers like Meta, which spent approximately $40–50 billion on capex in 2024 to build AI infrastructure largely for running Nvidia’s chips. Nvidia captures the margin; its customers bear the capital cost.
FCF Yield and Buybacks
Nvidia’s $77 billion in FCF for calendar 2025 fuels substantial capital returns to shareholders. Nvidia has actively bought back shares — $33.5 billion in share repurchases in FY2026 (calendar 2025). The combination of growing FCF and buybacks drives EPS growth faster than revenue growth. See Nvidia EPS History for the diluted EPS trajectory.
Key Takeaways
- FCF grew from ~$1.4B (2020 Q3) to $34.9B (2026 Q1) — approximately 25x
- FCF conversion rate (FCF/OCF) consistently above 90%, reflecting minimal capex from the fabless model
- 4 early quarters (2021 Q1, 2022 Q2-Q4) have no FCF data due to EDGAR capex filing gaps
- $77.3B in calendar 2025 FCF funds aggressive buybacks ($33.5B in FY2026) and growing dividends
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