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.

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.

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.

Nvidia, quarter ended July 26, 2026

11%

Share of operating cash flow

Below 100%: covered by operations

Capital spending, quarter: $2.7B; +41.3% against the same quarter a year earlier
Free cash flow, quarter: $21.4B; Operating cash flow less purchases of property and equipment
Capital spending, four quarters: $7.4B; +46.7% against the four quarters before
Long-term debt, change: +$24.9B; Balance-sheet change over the quarter, a proxy for net borrowing
Spend to depreciation: 2.4×; Capital spending as a multiple of the quarter’s depreciation and amortization

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

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.

Financing the build

The five hyperscalers combined

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

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 dollars	Oct 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 flow	17,627	16,629	27,414	15,365	23,751	36,188	50,344	24,077
Long-term debt issued	0	0	0	0	0	0	0	24,896
Short-term borrowing, net	0	0	0	0	0	0	0	0
Stock issued	0	0	0	0	0	0	0	0
Capital spending	813	1,077	1,227	1,895	1,636	1,284	1,757	2,677
Finance-lease principal	0	0	0	0	0	0	0	0
Long-term debt repaid	0	0	0	0	0	0	0	0
Share repurchases	10,997	7,811	14,095	9,720	12,456	3,815	19,312	19,732
Dividends	245	245	244	244	244	242	243	6,000
Free cash flow	16,814	15,552	26,187	13,470	22,115	34,904	48,587	21,400
Net long-term debt issued	0	0	0	0	0	0	0	24,896
Returned to shareholders	11,242	8,056	14,339	9,964	12,700	4,057	19,555	25,732
Outside funding needed	(5,572)	(7,496)	(11,848)	(3,506)	(9,415)	(30,847)	(29,032)	4,332
Change in cash	536	(518)	6,645	(3,595)	(153)	(881)	2,632	9,206
Interest expense	61	61	63	62	61	73	102	227
Stock-based compensation	1,252	1,321	1,474	1,624	1,655	1,633	1,928	2,027

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

The balance sheet

The five hyperscalers combined

Nvidia, net debt by fiscal quarter; below zero is net cash

$ billion at quarter end

Jul 2026Net debt $10.9BGross debt $33.4B

Net debtNet cashGross debt

Nvidia balance sheet, millions of US dollars
Millions of dollars	Oct 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 equivalents	9,107	8,589	15,234	11,639	11,486	10,605	13,237	22,443
Short-term investments	29,380	34,621	38,457	45,152	49,122	—	—	—
Cash and investments	38,487	43,210	53,691	56,791	60,608	10,605	13,237	22,443
Long-term debt	8,462	8,463	8,464	8,466	7,468	7,469	7,470	32,366
Current debt	0	0	—	—	999	999	1,000	1,000
Commercial paper	—	0	—	—	—	—	—	—
Gross debt	8,462	8,463	8,464	8,466	8,467	8,468	8,470	33,366
Net debt	(30,025)	(34,747)	(45,227)	(48,325)	(52,141)	(2,137)	(4,767)	10,923
Property and equipment, net, as reported	5,343	6,283	7,136	9,141	9,780	10,383	12,403	14,285
Accumulated depreciation	—	4,401	—	—	—	6,587	—	—
Inventory	7,654	10,080	11,333	14,962	19,784	21,403	25,797	31,575
Inventory days	78 days	87 days	60 days	106 days	119 days	115 days	115 days	120 days
Total assets	96,013	111,601	125,254	140,740	161,148	206,803	259,474	320,272
Shareholders’ equity	65,899	79,327	83,843	100,131	118,897	157,293	195,474	228,984
Interest expense	61	61	63	62	61	73	102	227
Interest paid	—	—	—	—	—	—	—	—
Effective interest cost	2.9%	2.9%	3.0%	2.9%	2.9%	3.5%	4.8%	2.7%
Stock-based compensation	1,252	1,321	1,474	1,624	1,655	1,633	1,928	2,027
Shares outstanding, millions	24,490	24,477	24,400	24,300	24,300	24,304	24,200	24,100

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

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

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

Servers and network equipmentLandLeasehold improvementsConstruction in progress

Nvidia property and equipment by class, millions of US dollars
Millions of dollars	Jan 2022 Q4 FY2022	Jan 2023 Q4 FY2023	Jan 2024 Q4 FY2024	Jan 2025 Q4 FY2025	Jan 2026 Q4 FY2026
Servers and network equipment	2,852	4,303	5,200	7,568	12,619
Land	218	218	218	511	777
Leasehold improvements	874	1,598	1,816	2,076	2,891
Construction in progress	737	382	189	529	683
Classes combined	4,681	6,501	7,423	10,684	16,970
Property and equipment, gross, as reported	4,681	6,501	7,423	10,684	16,970
Accumulated depreciation	1,903	2,694	3,509	4,401	6,587
Share of the balance the classes explain	100.0%	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

Period	Customer	Benchmark	Share	Filing
Half-year to Jul 2026	Customer A	Accounts receivable	22.0%	10-Q
Half-year to Jul 2026	Customer B	Accounts receivable	14.0%	10-Q
Half-year to Jul 2026	Customer C	Accounts receivable	13.0%	10-Q
Half-year to Jul 2026	Customer D	Accounts receivable	11.0%	10-Q
Half-year to Jul 2026	Customer E	Accounts receivable	10.0%	10-Q
Quarter to Jul 2026	Customer 1	Revenue	16.0%	10-Q
Half-year to Jul 2026	Customer 2	Revenue	16.0%	10-Q
Half-year to Jul 2026	Customer 3	Revenue	15.0%	10-Q
Half-year to Jul 2026	Customer 4	Revenue	13.0%	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.

Debt issued

The ledger across all companies

Nvidia bonds, notes, term loans and facilities since 2026
Priced	Type	Tranches and maturities	Coupons	Amount, $ millions	Confidence	Filing
Aug 17, 2026	Other obligation not counted	—	—	105,000	Low: one amount read from the filing text	8-K
Jun 15, 2026	Registered notes	7 tranches, 2028 to 2056	4.25 to 5.63%	25,000	High: term sheet	FWP

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

Remaining performance obligationsQuarterly revenue

Nvidia contracted revenue, millions of US dollars
Millions of dollars	Oct 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
Revenue	35,082	39,331	44,062	46,743	57,006	68,127	81,615	96,221
Remaining performance obligations	1,600	1,700	1,800	1,900	2,500	2,300	2,600	3,200
Backlog over trailing revenue	0.0×	0.0×	0.0×	0.0×	0.0×	0.0×	0.0×	0.0×
Deferred revenue, current	752	837	1,074	980	1,248	1,379	1,714	4,616
Deferred revenue	1,585	1,813	2,078	2,035	2,413	2,572	3,117	6,412

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

Depreciation of property and equipmentCapital spending

Nvidia capital spending and depreciation by fiscal year, millions of US dollars
Millions of dollars	FY2019 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	—	—	—	976	1,833	1,069	3,236	6,042
Depreciation of property and equipment	233	355	486	611	844	894	1,300	2,400
Capex to depreciation	—	—	—	1.6×	2.2×	1.2×	2.5×	2.5×
Amortization of intangibles	29	25	612	563	699	614	593	488
Depreciation and amortization, as reported	262	381	1,098	1,174	1,544	1,508	1,864	2,843
Property and equipment, net, as reported	1,404	1,674	2,149	2,778	3,807	3,914	6,283	10,383
Property and equipment, gross	2,171	2,685	3,557	4,681	6,501	7,423	10,684	16,970

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

The statement

Download the source data

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollars	Oct 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
Revenue	35,082	39,331	44,062	46,743	57,006	68,127	81,615	96,221
Operating cash flow	17,627	16,629	27,414	15,365	23,751	36,188	50,344	24,077
Capital spending	813	1,077	1,227	1,895	1,636	1,284	1,757	2,677
Free cash flow	16,814	15,552	26,187	13,470	22,115	34,904	48,587	21,400
Depreciation and amortization	478	543	611	669	751	812	997	1,127
Long-term debt	8,462	8,463	8,464	8,466	7,468	7,469	7,470	32,366
First filed / release date	Nov 20, 2024	Feb 26, 2025	May 28, 2025	Aug 27, 2025	Nov 19, 2025	Feb 25, 2026	May 20, 2026	Aug 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 flow Capex versus depreciation Long-term debt. The methodology sets out every definition and its limits.

SEC filing history Full financials on thetrading.tools Compare with Broadcom