Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
NVIDIA Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (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 liabilities and shareholders’ equity exhibited notable shifts over the observed period, spanning from April 2020 to July 2025. A general trend indicates increasing reliance on shareholders’ equity, coupled with fluctuating levels of both current and long-term liabilities. Several key components demonstrate distinct patterns worthy of examination.
- Current Liabilities
- Current liabilities, as a percentage of total liabilities and shareholders’ equity, generally increased from 8.18% in April 2020 to a peak of 17.42% in July 2022. This increase was largely driven by a substantial rise in accrued and other current liabilities, which more than doubled over the period, reaching 14.44% in July 2023. Following this peak, current liabilities decreased to 16.17% in January 2025, though remained elevated compared to earlier periods. Accounts payable showed more moderate fluctuations, increasing from 3.27% to 5.57% by July 2022, then declining to 6.44% in October 2025.
- Long-Term Liabilities
- Long-term debt demonstrated a consistent downward trend, decreasing from 29.93% in April 2020 to 3.61% in October 2025. This decline was particularly pronounced after July 2023. Long-term operating lease liabilities remained relatively stable, fluctuating between 1.85% and 2.25% before decreasing to 1.24% in October 2025. Other long-term liabilities exhibited some volatility, peaking at 5.10% in July 2020 before settling around 3.53% to 4.65% in the later periods. Overall, the proportion of long-term liabilities decreased significantly over the observed timeframe.
- Shareholders’ Equity
- Shareholders’ equity consistently represented a significant portion of the capital structure, ranging from 55.26% to 76.06%. Retained earnings were the primary driver of shareholders’ equity, starting at 67.90% in April 2020 and increasing to a high of 71.07% in October 2025, indicating substantial profit retention. Additional paid-in capital decreased from 31.62% to 12.31% over the period, while treasury stock, initially negative, became less negative, indicating share repurchases. Common stock remained a negligible component of shareholders’ equity.
- Total Liabilities
- Total liabilities initially comprised 43.67% of the capital structure in April 2020, increasing to 47.27% in October 2022, before declining to 23.94% in October 2025. This decrease in total liabilities coincided with the increase in shareholders’ equity, suggesting a shift towards a more equity-financed capital structure. The relative proportion of total liabilities decreased significantly in the latter part of the period.
In summary, the observed trends suggest a strategic shift towards reducing reliance on debt financing and increasing the proportion of equity funding. The substantial increase in retained earnings indicates strong profitability and a commitment to reinvesting profits back into the business. Fluctuations in current liabilities warrant continued monitoring, particularly the significant rise in accrued and other current liabilities, which may indicate changes in operational practices or payment terms.
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