NVIDIA Corp., balance sheet: debt

US$ in millions

	Jan 25, 2026	Jan 26, 2025	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021
Short-term debt	999)	—)	1,250)	1,250)	—)	999)
Long-term debt	7,469)	8,463)	8,459)	9,703)	10,946)	5,964)
Total total debt (carrying amount)	8,468)	8,463)	9,709)	10,953)	10,946)	6,963)

Based on: 10-K (reporting date: 2026-01-25), 10-K (reporting date: 2025-01-26), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31).

The carrying amount of total debt exhibited a notable increase between January 31, 2021, and January 29, 2023, followed by a decline through January 26, 2026. A detailed examination of the components reveals the dynamics driving these changes.

Overall Trend: Total debt began at US$6,963 million in 2021, increased to US$10,946 million in 2022, peaked at US$10,953 million in 2023, and then decreased to US$9,709 million in 2024. This downward trend continued, reaching US$8,463 million in 2025 and stabilizing at US$8,468 million in 2026.
Short-Term Debt: Short-term debt was reported as US$999 million in 2021, was not reported in 2022, increased to US$1,250 million in 2023 and 2024, and then decreased to US$999 million in 2026. The absence of a value in 2022 warrants further investigation.
Long-Term Debt: Long-term debt constituted the majority of the total debt. It increased significantly from US$5,964 million in 2021 to US$10,946 million in 2022. Subsequently, it decreased to US$9,703 million in 2023, continued to decline to US$8,459 million in 2024, and remained relatively stable at US$8,463 million in 2025, before decreasing slightly to US$7,469 million in 2026. The decrease in long-term debt from 2022 through 2026 appears to be the primary driver of the overall reduction in total debt.

The fluctuations in both short-term and long-term debt contribute to the overall trend. The substantial increase in long-term debt in 2022 is a key observation, followed by a consistent reduction over the subsequent years. The return to the 2021 level of short-term debt in 2026 suggests a potential cyclical pattern or strategic adjustment in debt management.

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	Jan 25, 2026
Selected Financial Data (US$ in millions)
Total total debt (fair value)	7,500)
Financial Ratio
Debt, fair value to carrying amount ratio	0.89

Based on: 10-K (reporting date: 2026-01-25).

Weighted-average effective interest rate on debt: 2.92%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.31%	1,000)	33)
1.64%	1,250)	20)
2.93%	1,500)	44)
2.09%	1,250)	26)
3.54%	1,000)	35)
3.54%	2,000)	71)
3.73%	500)	19)
Total	8,500)	249)
2.92%

Based on: 10-K (reporting date: 2026-01-25).

¹ US$ in millions

² Weighted-average interest rate = 100 × 249 ÷ 8,500 = 2.92%

NVIDIA Corp. (NASDAQ:NVDA)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt