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bbd964b9836fb6f52ea584f0efe2999123cf1ededec7958440f9d506e07be8ee

e3d8c79e42e1ef137d0d0f3840554a8e560a8bfc6610a0639671dbe52a241124

72c28facfb20e9d468af52d8734e3ca9343cdc257a222ac0d6b5fdf1499d6939

Cash and cash equivalents (USD, millions)

Marketable securities (USD, millions)

Accounts receivable, net (USD, millions)

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0bbe410c6363410e5e1e9657cf2051b0be9caba13023903f9ac7e73eef0b7f49

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?

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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]** 

NVIDIA Corp (NVDA)

Financials