NVIDIA Corp. (NASDAQ:NVDA)

Current assets exhibited substantial growth over the observed period, increasing from US$16,055 million in January 2021 to US$125,605 million in January 2026. This represents a significant compound annual growth rate. A notable deceleration in growth occurred between January 2022 and January 2023, followed by a resumption of strong growth in subsequent years. Adjusted current assets mirrored this trend, consistently remaining slightly above reported current assets throughout the period.

Overall Trend

The figures demonstrate a clear upward trajectory in both current assets and adjusted current assets. The magnitude of increase is particularly pronounced in the later years of the period, suggesting accelerating asset accumulation.

Growth Rate Analysis

From January 2021 to January 2022, current assets increased by approximately 79.6%. The growth rate slowed considerably between January 2022 and January 2023, with an increase of only approximately -19.9%. However, growth rebounded strongly, with increases of approximately 92.1% between January 2023 and January 2024, 80.7% between January 2024 and January 2025, and 56.8% between January 2025 and January 2026. Adjusted current assets followed a similar pattern.

Adjustment Impact

The difference between current assets and adjusted current assets remains consistently small across all observed periods, ranging from US$4 million to US$4 million. This suggests the adjustments made are relatively minor in comparison to the overall value of current assets. The consistent positive difference indicates that the adjustments generally result in a slight increase to the reported current asset value.

The consistent, albeit small, adjustment to current assets warrants further investigation to understand the nature of these adjustments and their potential impact on financial reporting. The significant growth in current assets, particularly in the later years, should be examined in conjunction with other financial statement items to assess the company’s overall financial health and liquidity position.

Total assets and adjusted total assets both demonstrate significant growth over the observed period. However, a consistent divergence between the two figures is also apparent, suggesting the presence of items impacting reported assets that are being removed in the adjusted figures.

Overall Growth

From January 31, 2021, to January 26, 2025, total assets increased from US$28,791 million to US$111,601 million, representing substantial expansion. This growth continued through January 25, 2026, reaching US$206,803 million. Adjusted total assets followed a similar trajectory, growing from US$27,989 million in 2021 to US$100,626 million in 2025, and then to US$193,549 million in 2026.

Divergence Between Total and Adjusted Assets

The difference between total assets and adjusted total assets was relatively small in 2021 and 2022, at approximately US$802 million and US$1,218 million respectively. However, this difference widened considerably in subsequent years. By 2023, the gap was US$3,392 million, increasing to US$6,077 million in 2024, and reaching US$13,254 million in 2025 and US$13,254 million in 2026. This indicates a growing magnitude of items being adjusted out of total assets.

Growth Rates

The growth rate of total assets was particularly strong between 2023 and 2024, increasing by 59.7%. While still substantial, the growth rate slowed between 2024 and 2025 (69.8%) and again between 2025 and 2026 (84.3%). Adjusted total assets exhibited similar, though slightly moderated, growth patterns. The consistent difference in growth rates between the two figures suggests the adjustments are becoming a more significant factor in the overall asset picture.

The increasing difference between reported and adjusted total assets warrants further investigation to understand the nature of these adjustments and their potential impact on the company’s financial position. The continued growth in both figures suggests overall financial health, but the adjustments introduce a layer of complexity requiring detailed scrutiny.

Current liabilities and their adjusted values demonstrate a consistent upward trend over the observed period. Both metrics exhibit substantial growth, though the adjusted current liabilities consistently remain below the reported current liabilities.

Overall Growth

From January 31, 2021, to January 26, 2025, current liabilities increased from US$3,925 million to US$18,047 million, representing a significant increase. This growth continues through January 25, 2026, reaching US$32,163 million. Adjusted current liabilities follow a similar pattern, rising from US$3,615 million in 2021 to US$15,920 million in 2025, and further to US$27,977 million in 2026.

Growth Rate Acceleration

The rate of increase in both current and adjusted liabilities appears to accelerate over time. The period between 2021 and 2023 shows moderate growth, while the increases between 2023 and 2025, and 2025 and 2026 are considerably larger in absolute terms. This suggests a potential shift in the company’s short-term financing or operational needs.

Adjustment Impact

The difference between current liabilities and adjusted current liabilities remains relatively stable as a percentage of the total. The adjustments consistently reduce the reported current liabilities, indicating the presence of items that are being reclassified or otherwise modified for analytical purposes. The absolute difference between the two values also increases over time, mirroring the overall growth in liabilities.

The consistent and accelerating growth in both reported and adjusted current liabilities warrants further investigation to understand the underlying drivers. The nature of the adjustments made to current liabilities should be examined to assess their impact on the company’s financial position and liquidity.

Total liabilities and adjusted total liabilities both demonstrate a consistent upward trend over the observed period. However, the magnitude of increase varies between the two metrics, indicating a potential adjustment impacting the reported liability position.

Overall Trend

From January 31, 2021, to January 26, 2025, total liabilities increased from US$11,898 million to US$32,274 million, representing a substantial growth rate. This trend continues through January 25, 2026, reaching US$49,510 million. Adjusted total liabilities follow a similar trajectory, rising from US$11,184 million in 2021 to US$42,357 million in 2026.

Growth Rate Comparison

The growth in adjusted total liabilities generally mirrors that of total liabilities, but at a slightly lower magnitude. The difference between the two values widens over time. In 2021, the difference was US$714 million, while by 2026, it had grown to US$7,153 million. This suggests that the adjustments consistently reduce the reported liability amount.

Acceleration of Growth

The rate of increase in both total and adjusted liabilities appears to accelerate in the later years of the period. The increase from 2023 to 2024 was US$3,669 million for total liabilities and US$2,465 million for adjusted total liabilities. This acceleration is more pronounced from 2024 to 2025 (US$9,524 million and US$7,639 million respectively) and continues to 2026 (US$17,236 million and US$9,999 million respectively). This indicates a potentially significant increase in obligations or financing activities.

Adjustment Impact

The consistent difference between total liabilities and adjusted total liabilities suggests a recurring adjustment is being applied. While the nature of this adjustment is not apparent from the presented information, its impact is material and growing over time. Further investigation into the components of this adjustment is warranted to understand its underlying cause and potential implications.

In summary, both liability metrics exhibit strong growth, with adjusted total liabilities consistently lower than total liabilities due to an ongoing adjustment. The rate of growth accelerates in the later periods, and the magnitude of the adjustment increases concurrently.

Shareholders’ equity and adjusted shareholders’ equity both demonstrate significant growth over the observed period. However, the adjusted figures consistently fall below the reported shareholders’ equity values, indicating the presence of adjustments reducing the equity base.

Overall Growth

Both shareholders’ equity and adjusted shareholders’ equity experienced substantial increases between January 31, 2021, and January 26, 2026. Shareholders’ equity grew from US$16,893 million to US$157,293 million, representing a nearly tenfold increase. Adjusted shareholders’ equity increased from US$16,805 million to US$151,192 million, also a nearly tenfold increase, though slightly lower in magnitude.

Adjustment Impact

The difference between shareholders’ equity and adjusted shareholders’ equity remained relatively consistent as a percentage of shareholders’ equity throughout the period. In 2021, the adjustment represented approximately 0.5% of shareholders’ equity. By 2026, this percentage had decreased slightly to approximately 3.1%. This suggests that while the absolute dollar value of the adjustment increased alongside overall equity growth, the proportional impact lessened over time.

Growth Rate Variations

The rate of growth in both equity measures was not constant. A notable deceleration in the growth of adjusted shareholders’ equity is observed between January 30, 2022, and January 29, 2023, where growth slowed considerably compared to the prior year. Growth then accelerated significantly between January 29, 2023, and January 28, 2024, before continuing at a high rate through January 26, 2026. This suggests potential fluctuations in factors influencing equity adjustments or underlying equity performance.

Adjustment Trends

The absolute difference between shareholders’ equity and adjusted shareholders’ equity increased from US$88 million in 2021 to US$6,101 million in 2026. This indicates that the cumulative impact of the adjustments is growing over time, despite the decreasing proportional impact. Further investigation into the nature of these adjustments would be necessary to understand the underlying drivers of this trend.

In summary, both equity measures demonstrate strong growth, but the consistent application of adjustments to shareholders’ equity warrants further scrutiny to determine the nature and implications of these adjustments.

Over the observed period, significant changes are evident in the reported and adjusted capitalization structure. Total reported debt increased substantially between 2021 and 2022, then plateaued and subsequently decreased through 2026. Shareholders’ equity demonstrated a more volatile pattern, with a substantial increase between 2021 and 2022, a decrease in 2023, and then a dramatic rise through 2026. Total reported capital mirrored the trends in debt and equity, exhibiting growth initially followed by fluctuations and a strong upward trend in later years.

Debt Trends

Total reported debt rose from US$6,963 million in 2021 to US$10,946 million in 2022, representing a 57.2% increase. It remained relatively stable in 2023 at US$10,953 million before declining to US$8,468 million by 2026. Adjusted total debt followed a similar trajectory, increasing from US$7,718 million in 2021 to US$11,831 million in 2022, and then decreasing to US$11,412 million in 2026. The difference between reported and adjusted debt remained relatively consistent throughout the period.

Equity Trends

Shareholders’ equity experienced a substantial increase from US$16,893 million in 2021 to US$26,612 million in 2022, a growth of 57.5%. A decrease was observed in 2023 to US$22,101 million, followed by a significant rebound and acceleration, reaching US$157,293 million by 2026. Adjusted shareholders’ equity mirrored this pattern, moving from US$16,805 million in 2021 to US$151,192 million in 2026, with similar fluctuations in intervening years. The magnitude of the increase in equity from 2023 to 2026 is particularly noteworthy.

Capital Structure Changes

Total reported capital increased from US$23,856 million in 2021 to US$37,558 million in 2022, then decreased to US$33,054 million in 2023. It subsequently rose sharply, reaching US$165,761 million in 2026. Adjusted total capital exhibited a similar pattern, increasing from US$24,523 million in 2021 to US$162,604 million in 2026. The difference between reported and adjusted total capital remained relatively small across all years, suggesting the adjustments are not materially altering the overall capital structure assessment.

The period between 2023 and 2026 is characterized by a substantial increase in shareholders’ equity and total capital, coupled with a decrease in total debt. This suggests a strengthening financial position and a shift towards greater reliance on equity financing. The adjustments to the capitalization structure appear to be relatively minor in comparison to the overall trends.

Revenue and adjusted revenue exhibit a consistent upward trajectory over the observed period. While both metrics move in parallel, a slight divergence exists, indicating adjustments are consistently applied to the initially reported revenue figures.

Overall Growth

From January 31, 2021, to January 26, 2025, revenue increased from US$16,675 million to US$130,497 million, representing substantial growth. This growth continues through January 25, 2026, with revenue reaching US$215,938 million. Adjusted revenue mirrors this pattern, growing from US$16,925 million to US$130,973 million and then to US$216,697 million over the same timeframe.

Growth Rates

The rate of revenue growth accelerates significantly between 2023 and 2024, and continues at a high rate into 2025 and 2026. The increase from 2023 to 2024 (US$26,974 million to US$60,922 million) is considerably larger than the increase from 2021 to 2022 (US$16,675 million to US$26,914 million). This suggests a period of rapid expansion beginning in 2024.

Revenue Adjustments

Adjusted revenue consistently exceeds reported revenue in each year. The difference between the two metrics remains relatively stable in dollar terms between 2021 and 2023, fluctuating between approximately US$250 million and US$70 million. However, the absolute difference widens considerably in 2024 and 2025, reaching US$765 million and US$760 million respectively. This indicates that the magnitude of adjustments is increasing alongside revenue growth.

Adjustment Impact

While the adjustments are consistently positive, further investigation would be required to determine the nature of these adjustments. Potential reasons could include revenue recognition deferrals, returns, allowances, or other accounting corrections. The increasing dollar amount of these adjustments warrants scrutiny to understand their underlying causes and potential impact on the overall financial picture.

In summary, the financial information demonstrates strong revenue growth, coupled with consistent, though increasingly substantial, adjustments to the initially reported revenue figures. The accelerating growth rate observed from 2024 onward is a key trend, and the increasing magnitude of revenue adjustments merits further investigation.

Reported net income demonstrates substantial growth over the observed period. However, a comparison with adjusted net income reveals a consistent pattern of downward adjustments to reported earnings.

Overall Trend

Net income increased significantly from US$4,332 million in 2021 to US$120,067 million in 2026. Adjusted net income also increased over the same period, rising from US$4,327 million to US$121,069 million. While both metrics show growth, the magnitude of growth in net income exceeds that of adjusted net income, particularly in later years.

Adjustment Magnitude

The difference between net income and adjusted net income was relatively small in 2021 and 2022 (US$5 million and US$361 million, respectively). However, the adjustment increased substantially in 2023, reaching US$2,090 million. This trend continued in subsequent years, with adjustments of US$1,430 million in 2024, US$3,016 million in 2025, and US$998 million in 2026. The increasing adjustment amounts suggest a growing impact from items requiring normalization.

Adjustment as a Percentage of Net Income

In 2021, the adjustment represented approximately 0.1% of net income. This percentage rose to 4.7% in 2023, 4.8% in 2024, 4.1% in 2025, and decreased to 0.8% in 2026. The increase in the percentage during 2023-2025 indicates that a larger proportion of reported earnings were being attributed to items excluded in the adjusted net income calculation. The decrease in 2026 suggests a potential stabilization or shift in the nature of these adjustments.

The consistent adjustments to net income warrant further investigation to understand the nature of these items and their potential impact on the company’s underlying profitability. The increasing magnitude of adjustments, particularly as a percentage of net income, during 2023-2025, is a notable observation.