NVIDIA earned $59.7bn last quarter, collected $24.1bn
NVIDIA's second quarter turned $59,688m of net income into $24,077m of operating cash. The filing names the gap: receivables, inventory, a mark-up.
5 primary sourcesTicker · 6 articles
NVIDIA (NVDA)
NVIDIA coverage separates earnings from cash collected and examines commitments that do not resemble ordinary borrowing. The quarterly analysis reconciles income with cash flow; the lease-guarantee analysis reads guarantee terms against balance-sheet capacity. Related supply-chain coverage provides context, but its figures belong to the supplier and should not be treated as NVIDIA financial results.
Last checked Aug 27, 2026 All companies
Where to start
NVIDIA earned $59.7bn last quarter, collected $24.1bn is the dedicated analysis behind this research file. The articles below distinguish this company’s own results from comparisons and supply-chain context.
How to read these figures
Reported income is not operating cash flow. A guarantee is a contingent commitment, and its headline amount is not automatically an immediate cash payment. Each group below links to the article that establishes its period, definition and source. These are dated research findings, not current market quotes.
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5 primary sources · 1 correctionInventory rose while sales fell at 66 US companies
Revenue fell and inventory rose at 66 large US filers in fiscal 2025. Whether that is a warning depends on how much of the pile is finished goods.
5 primary sourcesAMD tripled its long-term debt in one day, at 4.6-5.5%
AMD's $4.75bn note sale on 17 August takes long-term debt from $2.35bn to about $7.1bn and adds $240m of annual interest to a barely-indebted company.
4 primary sources · 1 correctionNVIDIA guaranteed $105bn of OpenAI's data-centre leases
NVIDIA is backstopping 4.25 gigawatts of Ohio data-centre leases in a 17 August filing. If OpenAI cannot pay, NVIDIA covers it, from 2028, for 20 years.
5 primary sources · 1 correctionFabrinet's record year: NVIDIA's revenue share halved
Fabrinet's revenue rose 35.7% and net income 42.3%. Its 10-K shows the largest customer's revenue shrinking in dollars while the overall business grew.
4 primary sources · 1 correctionFigures we worked out for NVDA
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| NVIDIA earned $59.7bn last quarter, collected $24.1bn | ||
| Gap between net income and operating cash flow | $35,611m | 59688 - 24077 |
| Operating cash flow per dollar of net income, Q2 | 0.40× | 24077 / 59688 |
| Operating cash flow per dollar of net income, Q1 | 0.86× | 50344 / 58321 |
| Operating cash flow, quarter on quarter | −52.2% | 24077 / 50344 - 1 |
| Free cash flow, quarter on quarter | −56.0% | 21341 / 48554 - 1 |
| Revenue, quarter on quarter | +17.9% | 96221 / 81615 - 1 |
| Cash flow bridge, net income to operating cash flow | $24,077m | 59688 + 2027 + 1127 - 602 - 7771 + 315 - 22346 - 5784 - 5497 + 1915 + 252 + 753 |
| Working capital drain in the quarter | −$30,707m | -22346 - 5784 - 5497 + 1915 + 252 + 753 |
| Receivables build per dollar of sequential revenue growth | 1.53× | 22346 / (96221 - 81615) |
| Days sales outstanding, checked against the balance sheet | 59.64 days | 63059 / 96221 * 91 |
| Accounts receivable growth since 25 January 2026 | +63.9% | 63059 / 38466 - 1 |
| Equity-securities gains as a share of first-half net income | +20.1% | 23707 / 118010 |
| GAAP diluted EPS premium over non-GAAP | +10.8% | 2.46 / 2.22 - 1 |
| Equity holdings, marketable plus non-marketable, 26 July | $93,940m | 42783 + 51157 |
| Equity holdings growth in six months | +167.4% | (42783 + 51157) / (12886 + 22251) - 1 |
| The seven new note tranches sum to the stated total | $25,000m | 3500 + 3500 + 4000 + 3500 + 4000 + 3000 + 3500 |
| Weighted average stated coupon on the new notes, percent | 4.83% | (3500*4.25 + 3500*4.35 + 4000*4.50 + 3500*4.75 + 4000*4.95 + 3000*5.55 + 3500*5.625) / 25000 |
| Annual interest at that coupon, $m | $1,209m | 25000 * 0.048345 |
| Total debt carrying value growth since 25 January | +294.0% | 33366 / 8468 - 1 |
| Supply and capacity commitments, this quarter against last | 2.34× | 279 / 119 |
| Capital returned in the quarter, buybacks plus dividends | $25,779m | 19732 + 6047 |
| October-quarter revenue guidance against the quarter reported | +12.2% | 108000 / 96221 - 1 |
| Inventory rose while sales fell at 66 US companies | ||
| NVIDIA days of inventory, fiscal 2025 | 125 days | 21403000000 / 62475000000 * 365 |
| NVIDIA guaranteed $105bn of OpenAI's data-centre leases | ||
| Guaranty against cash and marketable debt securities | 2.09× | 105000 / 50335 |
| Guaranty against the year to January 2026 revenue | +48.6% | 105000 / 215938 |
| Guaranty against stockholders' equity | +53.7% | 105000 / 195474 |
| Total capacity if the option is exercised | 8.05 GW | 4.25 + 3.8 |
27 figures from 3 articles. Totals and industry averages that belong to no single company are not listed here.
Company-specific SEC sources
- NVIDIA Corporation — Form 8-K, filed 26 August 2026Items 2.02 and 9.01 — the results announcement that carries the two exhibits below
- NVIDIA Corporation — Exhibit 99.1, second quarter fiscal 2027 resultsIncome statement, balance sheet, cash flow statement, GAAP to non-GAAP reconciliation and the third-quarter outlook
- NVIDIA Corporation — Exhibit 99.2, CFO commentarySegment and platform revenue, the 45-to-60 day DSO statement, and the commitments and guarantees tables
- NVIDIA Corporation — Form 10-Q for the quarter ended 26 July 2026Note 9 (debt, tranche by tranche), the equity-method and VIE disclosure, deferred revenue additions and customer concentration
- NVIDIA Corporation — SEC EDGAR filing historyHow this filing was found — 8-K Item 2.02 is the results item, and it was the first since 24 August
- NVIDIA Corporation — Form 8-K, filed August 17 2026Items 1.01 and 2.03 · every term of the guaranties quoted here is from this document
- SEC company concept API — NVIDIA, RevenuesRevenue of $215,938M for the year ended 25 January 2026 and $81,615M for the April 2026 quarter
- SEC company concept API — NVIDIA, StockholdersEquityStockholders' equity of $195,474M at 26 April 2026
- SEC company concept API — NVIDIA, CashAndCashEquivalentsAtCarryingValueCash and equivalents of $13,237M at 26 April 2026 · marketable debt securities take the total to $50,335M
9 documents, deduplicated. Only SEC sources explicitly identified with this company are listed here. Broader research sources remain in the linked articles.