Analysis of Inventory
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- Balance Sheet: Assets
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
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- Net Profit Margin since 2005
- Operating Profit Margin since 2005
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Inventory Disclosure
NVIDIA Corp., balance sheet: inventory
US$ in millions
| Jan 25, 2026 | Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||||
| Work in process | |||||||||||||
| Finished goods | |||||||||||||
| Inventories |
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).
Inventory levels demonstrate a significant upward trend over the observed period. Analysis of the components reveals differing patterns within raw materials, work in process, and finished goods.
- Raw Materials
- Raw materials inventory increased from US$632 million in 2021 to US$791 million in 2022, representing a 25.1% increase. A substantial rise occurred in 2023, reaching US$2,430 million, before decreasing to US$1,719 million in 2024. Further increases are observed in 2025 and 2026, reaching US$3,408 million and US$3,807 million respectively. This suggests potential fluctuations in supply chain management or anticipated production needs.
- Work in Process
- Work in process inventory exhibited growth from US$457 million in 2021 to US$692 million in 2022, a 51.4% increase. It decreased to US$466 million in 2023, but then experienced a considerable surge to US$1,505 million in 2024. This trend continued with substantial increases in 2025 (US$3,399 million) and 2026 (US$8,822 million). The rapid escalation in work in process suggests potential bottlenecks in the production cycle or a significant increase in ongoing production volume.
- Finished Goods
- Finished goods inventory increased from US$737 million in 2021 to US$1,122 million in 2022, a 52.4% increase. It rose further to US$2,263 million in 2023, followed by a slight decrease to US$2,058 million in 2024. Significant growth is then observed in 2025 (US$3,273 million) and a substantial increase in 2026 (US$8,774 million). This indicates a potential build-up of completed products, possibly in anticipation of future demand or experiencing slower sales.
- Total Inventories
- Total inventories increased steadily from US$1,826 million in 2021 to US$2,605 million in 2022, representing a 42.7% increase. A substantial increase occurred in 2023, reaching US$5,159 million, followed by a modest increase to US$5,282 million in 2024. The most dramatic growth is evident in 2025 and 2026, with total inventories reaching US$10,080 million and US$21,403 million respectively. The accelerating growth in total inventories warrants further investigation to determine the underlying causes and potential implications for working capital management and financial performance.
The combined effect of these trends is a substantial increase in overall inventory holdings, particularly in the later years of the observed period. The increases in work in process and finished goods are particularly noteworthy and may indicate shifts in production strategies or challenges in converting inventory into sales.