Common-Size Balance Sheet: Assets
Quarterly Data
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NVIDIA Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2026-01-25), 10-Q (reporting date: 2025-10-26), 10-Q (reporting date: 2025-07-27), 10-Q (reporting date: 2025-04-27), 10-K (reporting date: 2025-01-26), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26).
The composition of assets has undergone significant shifts over the observed period. Initially, a substantial portion of assets was held in cash and cash equivalents, representing 66.63% of the total in April 2020. This proportion decreased markedly over the subsequent quarters, reaching a low of 2.94% by January 2021.
Marketable securities exhibited an inverse relationship to cash holdings, increasing from 3.70% in April 2020 to a peak of 44.32% in October 2021 before declining to 25.12% in October 2023. Accounts receivable, inventories, and prepaid expenses demonstrated a generally increasing trend throughout the period, suggesting growing operational activity. However, these increases were not consistent, with some quarters showing plateaus or slight declines.
Long-term assets experienced a substantial increase as a percentage of total assets, particularly in the earlier part of the period. This was primarily driven by changes in goodwill and intangible assets. A notable trend is the decline in goodwill and intangible assets from 2022 onwards, while deferred income tax assets increased significantly, especially from May 2022 to October 2023.
- Cash and Cash Equivalents
- A dramatic decrease is observed from April 2020 to January 2021, followed by fluctuations between approximately 5% and 14% of total assets. A slight increase is noted towards the end of the period, reaching 12.16% in April 2025, but then declines again to 5.13% in January 2026.
- Marketable Securities
- Initially, marketable securities represented a small portion of assets. They increased significantly, peaking in October 2021, and then experienced a gradual decline, stabilizing around 30% of total assets in the later quarters. This suggests a shift in asset allocation strategy.
- Current Assets vs. Long-Term Assets
- Current assets dominated the asset base in the early period (84.22% in April 2020), but their proportion decreased over time. Conversely, long-term assets increased from 15.78% in April 2020 to a peak of 42.64% in October 2022, before decreasing to 28.20% in July 2025. This indicates a transition towards a more capital-intensive structure.
- Goodwill and Intangible Assets
- These components initially constituted a significant portion of long-term assets, particularly in 2020 and 2021. However, their relative importance diminished over the observed period, with a more pronounced decline in intangible assets. This could be due to amortization, impairment, or strategic divestitures.
- Deferred Income Tax Assets
- A consistent upward trend is evident, increasing from 2.29% in April 2020 to 10.07% in October 2025. This suggests increasing utilization of tax loss carryforwards or other deferred tax benefits.
- Other Assets
- This category shows considerable volatility, with a significant increase in October 2020 (7.54%) and again in October 2025 (14.77%). The fluctuations suggest the inclusion of items that are not consistently present or are subject to significant revaluation.
Overall, the asset composition demonstrates a shift from liquid assets (cash and marketable securities) to a greater proportion of long-term assets, including property and equipment, and deferred income tax assets. This suggests a strategic move towards investment in long-term growth and a changing tax position.