Nvidia (NVDA) Operating Cash Flow History: Quarterly Data (2020–2026)
Nvidia quarterly operating cash flow from 2020 Q3 through 2026 Q1, sourced from SEC EDGAR XBRL. From $1.6B in 2020 Q3 to $36.2B in 2026 Q1.
| Quarter | Operating Cash Flow (USD) | YoY Change |
|---|
Source: SEC EDGAR XBRL (NetCashProvidedByUsedInOperatingActivities). Quarters marked * are derived (annual filing minus prior three quarters). Calendar year quarters shown.
Nvidia Operating Cash Flow: 2020–2026
Nvidia (NVDA) generated $36.2 billion in operating cash flow in fiscal Q4 FY2027 (ending January 2026). For calendar year 2025, operating cash flow totaled approximately $83.2 billion — representing an 89% conversion rate from $93.3 billion in GAAP net income (which includes SBC). For calendar year 2024, operating cash flow was $59.0 billion on $63.1 billion net income — a 93.5% conversion rate.
Nvidia Annual Operating Cash Flow by Year
| Year | Operating Cash Flow | vs. Net Income | OCF Margin |
|---|---|---|---|
| 2025 (cal.) | $83.2B | 83.9% | 44.5% |
| 2024 (cal.) | $59.0B | 93.5% | 52.1% |
| 2023 (cal.) | $18.8B | 99.7% | 42.0% |
| 2022 (cal.) | $6.4B | 107.2% | 22.4% |
| 2021 (cal.) | $8.1B | 99.2% | 33.5% |
Source: SEC EDGAR XBRL.
OCF vs. Net Income: High Conversion with a Notable Exception
Nvidia’s operating cash flow has historically tracked net income very closely, with OCF/NI ratios above 90%. The main non-cash add-back is stock-based compensation (roughly $1.3–1.7B per quarter in 2025), which is added back to net income in the cash flow statement. See Nvidia SBC history.
The 2025 divergence: Calendar 2025 OCF ($83.2B) was 83.9% of net income ($99.2B) — lower than prior years. This is partially explained by:
- Working capital build: As Nvidia ramped Blackwell GPU production in 2025, inventory levels increased substantially, consuming cash
- Accounts receivable growth: With revenue growing 65% in 2025, receivables increased proportionally
- Deferred revenue timing: Some customer prepayments shifted between periods
The 2025 Q2 quarter shows an unusually high OCF of $27.4B despite only $18.8B net income — the opposite effect in that specific quarter from favorable working capital timing.
Fabless Model = Low OCF Drag from Capex Requirements
Unlike Intel or Samsung, Nvidia doesn’t build or own semiconductor fabs. This means capital expenditure requirements are modest — primarily data centers, networking, lab equipment, and office space. The result is that Nvidia’s operating cash flow translates almost entirely to free cash flow (after minimal capex). See Nvidia Free Cash Flow History.
Compare to Meta’s operating cash flow history — Meta also has high OCF but must spend $60+ billion per year on physical data center infrastructure, consuming a much larger share of OCF for capex.
Key Takeaways
- Operating cash flow grew from $1.6B (2020 Q3) to $36.2B (2026 Q1) — 23x in 5 years
- Calendar 2024 OCF of $59.0B represented 93.5% of net income — very high conversion
- Calendar 2025 OCF conversion dropped to ~84% due to working capital build for Blackwell ramp
- Nvidia’s fabless model means OCF converts to FCF at a very high rate (minimal capex drag)
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