Compute, memory and networkingNVDAFilings through August 26, 2026

Nvidia capital spending

In the quarter ended July 26, 2026, Nvidia spent $2.7 billion on capital equipment, 11% of its $24.1 billion of operating cash flow and up 41% from a year earlier. Free cash flow was $21.4 billion, and long-term debt rose by $24.9 billion.

Next report: November 17, 2026, after the close. Provider schedule, not yet confirmed by the company. The full calendar.

Sources, method and freshnessFilings through August 26, 2026

Nvidia’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.

Cite as The Capex Report, Nvidia capital spending, filings through August 26, 2026.

Spending against cash flow

$ billion, quarterly
Nvidia, quarterly capital spending and operating cash flow through Jul 2026
Jul 2026Capital spending $2.7BOperating cash flow $24.1BFree cash flow $21.4B
0204060$ billionJan 2022Apr 2023Oct 2023Apr 2024Oct 2024Apr 2025Oct 2025Jul 2026

Bars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.

Nvidia’s quarterly capital spending has been above the same quarter a year earlier for ten consecutive quarters, and Jul 2026 was the highest quarter in the 50-quarter record held here. Over the latest four quarters it generated $134.4 billion from operations and spent $7.4 billion, leaving $127.0 billion of free cash flow against $72.0 billion over the four before.

Nvidia, sources and uses of cash by quarter through Jul 2026
$ billion, quarterly. Sources above the axis, uses below.
Jul 2026Operating cash flow $24.1BLong-term debt issued $24.9BShort-term borrowing, net $0.0MCapital spending $2.7BFinance-lease principal $0.0MLong-term debt repaid $0.0MReturned to shareholders $25.7BChange in cash $9.2B
40200204060Apr 2024Jan 2025Oct 2025Jul 2026
Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. Hover a quarter to read it.

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
Millions of dollarsOct 2024
Q3 FY2025
Jan 2025
Q4 FY2025
Apr 2025
Q1 FY2026
Jul 2025
Q2 FY2026
Oct 2025
Q3 FY2026
Jan 2026
Q4 FY2026
Apr 2026
Q1 FY2027
Jul 2026
Q2 FY2027
Operating cash flow17,62716,62927,41415,36523,75136,18850,34424,077
Long-term debt issued000000024,896
Short-term borrowing, net00000000
Stock issued00000000
Capital spending8131,0771,2271,8951,6361,2841,7572,677
Finance-lease principal00000000
Long-term debt repaid00000000
Share repurchases10,9977,81114,0959,72012,4563,81519,31219,732
Dividends2452452442442442422436,000
Free cash flow16,81415,55226,18713,47022,11534,90448,58721,400
Net long-term debt issued000000024,896
Returned to shareholders11,2428,05614,3399,96412,7004,05719,55525,732
Outside funding needed(5,572)(7,496)(11,848)(3,506)(9,415)(30,847)(29,032)4,332
Change in cash536(518)6,645(3,595)(153)(881)2,6329,206
Interest expense616163626173102227
Stock-based compensation1,2521,3211,4741,6241,6551,6331,9282,027

Millions of dollars, outflows positive as reported in the cash flow statement.

Nvidia, net debt by fiscal quarter; below zero is net cash
$ billion at quarter end
Jul 2026Net debt $10.9BGross debt $33.4B
−60−40−2002040Oct 2022Jul 2023Apr 2024Jan 2025Oct 2025Jul 2026
Net debtNet cashGross debt
Nvidia balance sheet, millions of US dollars
Millions of dollarsOct 2024
Q3 FY2025
Jan 2025
Q4 FY2025
Apr 2025
Q1 FY2026
Jul 2025
Q2 FY2026
Oct 2025
Q3 FY2026
Jan 2026
Q4 FY2026
Apr 2026
Q1 FY2027
Jul 2026
Q2 FY2027
Cash and equivalents9,1078,58915,23411,63911,48610,60513,23722,443
Short-term investments29,38034,62138,45745,15249,122———
Cash and investments38,48743,21053,69156,79160,60810,60513,23722,443
Long-term debt8,4628,4638,4648,4667,4687,4697,47032,366
Current debt00——9999991,0001,000
Commercial paper—0——————
Gross debt8,4628,4638,4648,4668,4678,4688,47033,366
Net debt(30,025)(34,747)(45,227)(48,325)(52,141)(2,137)(4,767)10,923
Property and equipment, net, as reported5,3436,2837,1369,1419,78010,38312,40314,285
Accumulated depreciation—4,401———6,587——
Inventory7,65410,08011,33314,96219,78421,40325,79731,575
Inventory days78 days87 days60 days106 days119 days115 days115 days120 days
Total assets96,013111,601125,254140,740161,148206,803259,474320,272
Shareholders’ equity65,89979,32783,843100,131118,897157,293195,474228,984
Interest expense616163626173102227
Interest paid————————
Effective interest cost2.9%2.9%3.0%2.9%2.9%3.5%4.8%2.7%
Stock-based compensation1,2521,3211,4741,6241,6551,6331,9282,027
Shares outstanding, millions24,49024,47724,40024,30024,30024,30424,20024,100

Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.

Where the revenue is

Across the companies
Nvidia, Compute & Networking segment revenue (bars) and operating income (line), by fiscal quarter
$ billion, quarterly
Jul 2026Compute & Networking segment revenue $88.3BOperating income $62.7B
020406080100Jul 2022Jul 2023Jul 2024Jul 2025Jul 2026
Compute & Networking segment revenueOperating income

Compute & Networking segment: $88.3B of revenue in Jul 2026, $62.7B of operating income (71.0% margin). Members read: StatementBusinessSegmentsAxis=ComputeAndNetworkingSegmentMember, StatementBusinessSegmentsAxis=ComputeAndNetworkingMember.

Nvidia, Data Center market platform revenue, by fiscal quarter
$ billion, quarterly
Jul 2026Data Center market platform revenue $89.0B
020406080100Jul 2022Jul 2023Jul 2024Jul 2025Jul 2026
Data Center market platform revenue

Data Center market platform: $89.0B of revenue in Jul 2026. Revenue only. Members read: ProductOrServiceAxis=DataCenterMember.

Segments are the company’s own, as tagged in its segment note, and are not comparable across companies. Operating income is reported only for reportable segments.

What the asset base is made of

Across the hyperscalers
Nvidia, property and equipment at cost by class, by fiscal quarter
$ billion at quarter end
Jan 2026Servers and network equipment $12.6BLand $777.0MLeasehold improvements $2.9BConstruction in progress $683.0M
05101520Jan 2023Jan 2026
Servers and network equipmentLandLeasehold improvementsConstruction in progress
Nvidia property and equipment by class, millions of US dollars
Millions of dollarsJan 2022
Q4 FY2022
Jan 2023
Q4 FY2023
Jan 2024
Q4 FY2024
Jan 2025
Q4 FY2025
Jan 2026
Q4 FY2026
Servers and network equipment2,8524,3035,2007,56812,619
Land218218218511777
Leasehold improvements8741,5981,8162,0762,891
Construction in progress737382189529683
Classes combined4,6816,5017,42310,68416,970
Property and equipment, gross, as reported4,6816,5017,42310,68416,970
Accumulated depreciation1,9032,6943,5094,4016,587
Share of the balance the classes explain100.0%100.0%100.0%100.0%100.0%

Gross cost before depreciation, by the classes the company reports.Servers and network equipment are 74.4% of the classes combined at Jan 2026. Classes read: Buildings Leasehold Improvements and Furniture, Construction In Progress, Equipment Compute Hardware and Software, Land.

Largest customers

Share of revenue or receivables, as disclosed
PeriodCustomerBenchmarkShareFiling
Half-year to Jul 2026Customer AAccounts receivable22.0%10-Q
Half-year to Jul 2026Customer BAccounts receivable14.0%10-Q
Half-year to Jul 2026Customer CAccounts receivable13.0%10-Q
Half-year to Jul 2026Customer DAccounts receivable11.0%10-Q
Half-year to Jul 2026Customer EAccounts receivable10.0%10-Q
Quarter to Jul 2026Customer 1Revenue16.0%10-Q
Half-year to Jul 2026Customer 2Revenue16.0%10-Q
Half-year to Jul 2026Customer 3Revenue15.0%10-Q
Half-year to Jul 2026Customer 4Revenue13.0%10-Q

Nvidia does not name these customers, and “Customer A” in one period need not be the same customer in another. Shares are as disclosed under the concentration-of-risk note; a quarter and a year-to-date share can appear for the same period end. 34 customer labels seen in filings since 2023.

Nvidia bonds, notes, term loans and facilities since 2026
PricedTypeTranches and maturitiesCouponsAmount, $ millionsConfidenceFiling
Aug 17, 2026Other obligation not counted——105,000Low: one amount read from the filing text8-K
Jun 15, 2026Registered notes7 tranches, 2028 to 20564.25 to 5.63%25,000High: term sheetFWP

In 2026 Nvidia has priced $25.0B of notes and term loans in 2 filings, with $105.0B of facilities and obligations listed but not counted. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.

Demand behind the capex

All companies, side by side
Nvidia, remaining performance obligations (bars) and quarterly revenue (line), by fiscal quarter
$ billion, quarterly
Jul 2026Remaining performance obligations $3.2BQuarterly revenue $96.2B
020406080100Oct 2022Jul 2023Apr 2024Jan 2025Oct 2025Jul 2026
Remaining performance obligationsQuarterly revenue
Nvidia contracted revenue, millions of US dollars
Millions of dollarsOct 2024
Q3 FY2025
Jan 2025
Q4 FY2025
Apr 2025
Q1 FY2026
Jul 2025
Q2 FY2026
Oct 2025
Q3 FY2026
Jan 2026
Q4 FY2026
Apr 2026
Q1 FY2027
Jul 2026
Q2 FY2027
Revenue35,08239,33144,06246,74357,00668,12781,61596,221
Remaining performance obligations1,6001,7001,8001,9002,5002,3002,6003,200
Backlog over trailing revenue0.0×0.0×0.0×0.0×0.0×0.0×0.0×0.0×
Deferred revenue, current7528371,0749801,2481,3791,7144,616
Deferred revenue1,5851,8132,0782,0352,4132,5723,1176,412

At Jul 2026 Nvidia carried $3.2B of remaining performance obligations, 0.0× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.

Depreciation against capex

The five hyperscalers combined
Nvidia, depreciation of property and equipment (bars) and capital spending (line), by fiscal year
$ billion, annual
FY2026Depreciation of property and equipment $2.4BCapital spending $6.0B
02468FY2017FY2020FY2023FY2026
Depreciation of property and equipmentCapital spending
Nvidia capital spending and depreciation by fiscal year, millions of US dollars
Millions of dollarsFY2019
Jan 2019
FY2020
Jan 2020
FY2021
Jan 2021
FY2022
Jan 2022
FY2023
Jan 2023
FY2024
Jan 2024
FY2025
Jan 2025
FY2026
Jan 2026
Capital spending———9761,8331,0693,2366,042
Depreciation of property and equipment2333554866118448941,3002,400
Capex to depreciation———1.6×2.2×1.2×2.5×2.5×
Amortization of intangibles2925612563699614593488
Depreciation and amortization, as reported2623811,0981,1741,5441,5081,8642,843
Property and equipment, net, as reported1,4041,6742,1492,7783,8073,9146,28310,383
Property and equipment, gross2,1712,6853,5574,6816,5017,42310,68416,970

Nvidia reports depreciation of property and equipment separately only in its annual 10-K, so this section runs by fiscal year as filed.

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollarsOct 2024
Q3 FY2025
Jan 2025
Q4 FY2025
Apr 2025
Q1 FY2026
Jul 2025
Q2 FY2026
Oct 2025
Q3 FY2026
Jan 2026
Q4 FY2026
Apr 2026
Q1 FY2027
Jul 2026
Q2 FY2027
Revenue35,08239,33144,06246,74357,00668,12781,61596,221
Operating cash flow17,62716,62927,41415,36523,75136,18850,34424,077
Capital spending8131,0771,2271,8951,6361,2841,7572,677
Free cash flow16,81415,55226,18713,47022,11534,90448,58721,400
Depreciation and amortization4785436116697518129971,127
Long-term debt8,4628,4638,4648,4667,4687,4697,47032,366
First filed / release dateNov 20, 2024Feb 26, 2025May 28, 2025Aug 27, 2025Nov 19, 2025Feb 25, 2026May 20, 2026Aug 26, 2026

Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.

Questions this page answers

How much did Nvidia spend on capital expenditures last quarter?
Nvidia spent $2.7 billion on purchases of property and equipment in the quarter ended July 26, 2026, up 41% from the same quarter a year earlier. Over its latest four reported quarters it spent $7.4 billion.
Did Nvidia's capital spending exceed its operating cash flow?
No. In the quarter ended July 26, 2026 capital spending was 11% of Nvidia's $24.1 billion of operating cash flow, leaving free cash flow of $21.4 billion.
What is Nvidia's free cash flow?
$21.4 billion in the quarter ended July 26, 2026, and $127.0 billion over the latest four reported quarters, against $72.0 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.
Is Nvidia's capital spending still rising?
Yes. Nvidia's quarterly capital spending has been above the same quarter a year earlier for ten consecutive quarters, and Jul 2026 was the highest quarter in its 50-quarter record on this site. The latest four quarters' spending is 47% above the four before.
Did Nvidia borrow to fund its spending?
Nvidia's long-term debt rose by $24.9 billion over the quarter ended July 26, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
How does Nvidia's capital spending compare with its depreciation?
In the quarter ended July 26, 2026 Nvidia spent 2.4 times its depreciation and amortization of $1.1 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.
Is this Nvidia's AI spending?
No. These are Nvidia's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Terms used on this page

Capital expenditures (capex)Free cash flowCapex versus depreciationLong-term debt. The methodology sets out every definition and its limits.