Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

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Cash and cash equivalents (USD, millions)

Marketable securities (USD, millions)

Accounts receivable, net (USD, millions)

Inventories (USD, millions)

Prepaid expenses and other current assets (USD, millions)

Total current assets (USD, millions)

Property and equipment, net (USD, millions)

Operating lease assets (USD, millions)

Goodwill (USD, millions)

Intangible assets, net (USD, millions)

Deferred income tax assets (USD, millions)

Other assets (USD, millions)

Total assets (USD, millions)

Accounts payable (USD, millions)

Accrued and other current liabilities (USD, millions)

Total current liabilities (USD, millions)

Long-term debt (USD, millions)

Long-term operating lease liabilities (USD, millions)

Other long-term liabilities (USD, millions)

Total liabilities (USD, millions)

Total shareholders' equity (USD, millions)

Total liabilities and shareholders' equity (USD, millions)

691debe8db16c56ae6bdefd11d67126adcc68a90240f650cff9e1870f4d08bbd

Revenue (USD, millions)

Cost of Revenue (USD, millions)

Gross Profit (USD, millions)

Research and Development Expenses (USD, millions)

Sales, General and Administrative Expenses (USD, millions)

Total Operating Expenses (USD, millions)

Operating Income (USD, millions)

Interest Income (USD, millions)

Interest Expense (USD, millions)

Other Income (Expense), Net (USD, millions)

Income Before Income Tax (USD, millions)

Income Tax Expense (USD, millions)

Net Income (USD, millions)

f945d94f3fa90f20a3675e2083e8c333b98e5e6aac216cab3bf8a5393d4af43b

NVIDIA’s cash and cash equivalents increased sharply in Q3 2025 primarily due to an exceptionally strong net cash inflow from operating activities. The company generated **$17,629 million** from operating activities—driven by higher net income and adjustments (including stock-based compensation and changes in operating assets and liabilities)—which significantly boosted the cash balance. Although there were outflows from investing (**$4,345 million**) and financing activities (**$12,748 million**), the substantial operating cash flow was the decisive factor behind the increase.  **[0001045810-24-000316_nvda-20241027.htm:33]** **[0001045810-24-000315_q3fy25pr.htm:5]** 

Why did Cash and cash equivalents increase so sharply in Q3 2025?

The large jump in marketable securities in Q1 2025 was primarily driven by **increased investments** in marketable securities, evidenced by **$9,303 million spent on purchases**, and by **higher maturities** of such securities amounting to **$4,004 million** which partially offset these purchases. Additionally, the company generated **$15,345 million in net cash from operating activities**, providing extra liquidity that supported the higher investment levels.  **[0001045810-24-000113_q1fy25pr.htm:5]** **[0001045810-24-000124_nvda-20240428.htm:31]** **[0001045810-24-000124_nvda-20240428.htm:2]** 

What drove the large jump in Marketable securities in Q1 2025?

NVIDIA’s accounts receivable nearly doubled due to a combination of **record-breaking revenue growth** and changes in **customer payment timing**. In Q3 FY25, revenues surged to **$35.1 billion** (up **94% year-over-year** and **17% quarter-over-quarter**), primarily driven by strong demand in its Data Center segment and other platforms. This remarkable revenue performance naturally led to higher receivable balances. Additionally, the timing of customer payments—where **$1.7 billion** of payments were received before the next quarter’s invoices were due—and extended payment terms further contributed to the increased accounts receivable.  **[0001045810-24-000316_nvda-20241027.htm:3]** **[0001045810-24-000315_q3fy25pr.htm:0]** **[0001045810-24-000315_q3fy25cfocommentary.htm:0]** **[0001045810-24-000315_q3fy25cfocommentary.htm:2]** **[0001045810-24-000316_nvda-20241027.htm:33]** 

Why did Accounts receivable nearly double by Q3 2025?

The surge in **Total assets** in Q3 2025 was driven by several factors. **Cash, Cash Equivalents, and Marketable Securities** increased significantly due to higher revenue and robust cash flow from operating activities, while **Accounts Receivable** surged because of strong revenue growth and accelerated customer payments.  **[0001045810-24-000316_nvda-20241027.htm:3]** **[0001045810-24-000316_nvda-20241027.htm:33]**  Additionally, **Inventories** grew to support increased demand, and **Deferred Income Tax Assets** expanded, likely reflecting tax benefits from ongoing operations. Investments in **Property and Equipment** as well as adjustments in **Goodwill and Intangible Assets** also played key roles in boosting the asset base.  **[0001045810-24-000316_nvda-20241027.htm:3]** **[0001045810-24-000315_q3fy25cfocommentary.htm:2]** **[0001045810-24-000316_nvda-20241027.htm:13]** **[0001045810-24-000316_nvda-20241027.htm:12]** 

What factors contributed to the surge in Total assets in Q3 2025?

The spike in **Accrued and other current liabilities** in Q1 2025 was driven by several factors. **Taxes payable** saw a dramatic increase from **$296 million** to **$3,881 million**, largely due to the company not making estimated federal or state tax payments in that quarter and anticipating higher cash taxes in Q2 FY25. Additionally, **customer program accruals** climbed from **$2,081 million** to **$2,744 million**. There were also smaller increases in **excess inventory purchase obligations** (from **$1,655 million** to **$1,684 million**), **deferred revenue** (from **$764 million** to **$845 million**), and **product warranty and return provisions** (from **$415 million** to **$643 million**) which collectively contributed to the overall rise in liabilities.  **[0001045810-24-000124_nvda-20240428.htm:11]** 

What caused the spike in Accrued and other current liabilities in Q1 2025?

9b0419c2ae3a40356ca2d57237d4dbec600a483dc5aa6f324cba16d2ee209cad

FY 2024 revenue nearly doubled compared to FY 2023—rising from **$26,974 million** to **$60,922 million**—primarily due to **substantial growth in the Data Center segment**. Data Center revenue increased by **217%**, driven by strong demand for NVIDIA’s **Hopper GPU computing platform**, AI inference technologies, and new product launches like **DGX Cloud**, which significantly boosted overall revenue. Additionally, improvements in **Gaming**, as well as incremental growth in **Professional Visualization** and **Automotive** segments, and the broader market shift towards **accelerated computing and AI-driven workloads** also played a key role in this dramatic increase.  **[NVDA_3374322_1]** **[0001045810-24-000029_nvda-20240128.htm:70]** **[0001045810-24-000028_q4fy24cfocommentary.htm:0]** **[0001045810-24-000028_q4fy24cfocommentary.htm:1]** 

Why did FY 2024 Revenue nearly double compared to last fiscal year?

The dramatic increase in FY 2024 operating income was driven by **explosive revenue growth**—with total revenue rising **126%** and Data Center revenue surging **217%**—combined with **improved gross margins** (rising from **56.9%** to **72.7%**) due to a favorable product mix. Additionally, strong **operating leverage** played a key role, as operating expenses increased only **2%**, which allowed a larger portion of the heightened revenue to flow through to operating income. Robust contributions from both the **Compute & Networking** and **Graphics segments** further amplified these gains.  **[0001045810-24-000028_q4fy24cfocommentary.htm:0]** **[0001045810-24-000028_q4fy24pr.htm:0]** **[0001045810-24-000029_nvda-20240128.htm:74]** 

What drove the dramatic increase in Operating Income in FY 2024?

The surge in **Net Income** in **FY 2024** was driven by several key factors. **Revenue growth** played a central role, as total revenue increased significantly from **$26,974 million** in FY 2023 to **$60,922 million** in FY 2024, largely due to strong demand across multiple segments. Additionally, the **gross margin** improved from **56.9%** to **72.7%**, which supported higher profitability. A dramatic rise in **operating income** from **$4,224 million** to **$32,972 million** further boosted the net result. Lastly, robust performance in key segments—most notably, a **215%** increase in the Compute & Networking segment and growth in the Graphics segment—contributed significantly to these financial improvements.  **[0001045810-24-000028_q4fy24cfocommentary.htm:0]** **[0001045810-24-000028_q4fy24pr.htm:0]** **[0001045810-24-000029_nvda-20240128.htm:69]** 

What factors led to the surge in Net Income in FY 2024?

The spike in **Q1 2025 operating income** is primarily due to **substantial revenue growth**—a **262%** year-over-year increase—and dramatic contributions from the **Data Center segment**, which saw a **427%** rise in revenue. Additionally, **gross margin** improved from **64.6%** in Q1 2024 to **78.4%** in Q1 2025. Although **operating expenses** increased by **39%**, the rapid revenue expansion and improved margins more than offset these higher costs, driving operating income to **$16,909 million** compared to **$2,140 million** in the previous period.  **[0001045810-24-000113_q1fy25pr.htm:1]** **[0001045810-24-000113_q1fy25cfocommentary.htm:0]** **[0001045810-24-000124_nvda-20240428.htm:28]** **[0001045810-24-000124_nvda-20240428.htm:29]** 

Why did Q1 2025 Operating Income spike compared to the previous period?

NVIDIA’s **Q1 2025 net income** jump from **Q1 2024** was mainly driven by several factors. The company experienced **record quarterly revenue** of **$26.0 billion in Q1 2025**, reflecting a **262% increase** compared to Q1 2024, with the Data Center segment leading the growth by increasing its revenue by **427%**. Additionally, there was a significant improvement in profitability, with the **gross margin** rising from **64.6%** to **78.4%** and the **operating income** surging from **$2,140 million** to **$16,909 million**. This strong financial performance was further fueled by robust demand for NVIDIA’s AI and computing solutions, particularly for generative AI training and inference on its Hopper platform.  **[0001045810-24-000113_q1fy25pr.htm:1]** **[0001045810-24-000113_q1fy25cfocommentary.htm:0]** **[0001045810-24-000113_q1fy25pr.htm:0]** **[0001045810-24-000124_nvda-20240428.htm:25]** 

What caused Q1 2025 Net Income to jump sharply from Q1 2024?

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6e4269fcda66b616b2b485f21c372b9088cfdc5555503af40df5fd4978420b6b

United States

Taiwan

Singapore

China (including Hong Kong)

Other Asia Pacific

Europe

Other Americas

Other countries

Other

Total Revenue

da1e49ce7d4902d9bb3cc979b85f9a4543781dcfebb6ebf43b54f56b2c250dd1

Net income [USD, millions]

Stock-based compensation expense [USD, millions]

Depreciation and amortization [USD, millions]

(Gains) losses on investments in non-affiliated entities and publicly-held equity securities, net [USD, millions]

Deferred income taxes [USD, millions]

Other (adjustments to reconcile net income) [USD, millions]

Accounts receivable (Changes in operating assets and liabilities) [USD, millions]

Inventories (Changes in operating assets and liabilities) [USD, millions]

Prepaid expenses and other assets (Changes in operating assets and liabilities) [USD, millions]

Accounts payable (Changes in operating assets and liabilities) [USD, millions]

Accrued and other current liabilities (Changes in operating assets and liabilities) [USD, millions]

Other long-term liabilities (Changes in operating assets and liabilities) [USD, millions]

Net cash provided by operating activities [USD, millions]

Proceeds from maturities of marketable securities [USD, millions]

Proceeds from sales of marketable securities [USD, millions]

Proceeds from sales of investments in non-affiliated entities [USD, millions]

Purchases of marketable securities [USD, millions]

Purchases related to property and equipment and intangible assets [USD, millions]

Purchases of investments in non-affiliated entities [USD, millions]

Acquisitions, net of cash acquired [USD, millions]

Net cash used in investing activities [USD, millions]

Proceeds related to employee stock plans [USD, millions]

Payments related to repurchases of common stock [USD, millions]

Payments related to tax on restricted stock units [USD, millions]

Dividends paid [USD, millions]

Principal payments on property and equipment and intangible assets [USD, millions]

Net cash used in financing activities [USD, millions]

Change in cash, cash equivalents, and restricted cash [USD, millions]

Cash, cash equivalents, and restricted cash at beginning of period [USD, millions]

Cash, cash equivalents, and restricted cash at end of period [USD, millions]

5d8faee728f3bd911d3636cbdf1ae15c9b4d6e39af503a7df98da708a02d3990

NVIDIA Corp (NVDA)

Financials