Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
NVIDIA Corp., consolidated balance sheet: assets
US$ in millions
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 asset base exhibits substantial growth over the observed period, with significant shifts in composition. Current assets demonstrate considerable volatility, while long-term assets generally trend upwards, albeit with notable acceleration in later years. A detailed examination of individual asset categories reveals key drivers of these overall trends.
- Liquidity & Current Assets
- Cash and cash equivalents increased dramatically from 2021 to 2024, peaking at US$7.28 billion, before continuing to rise, reaching US$10.605 billion in 2026. Marketable securities also show a strong increase, particularly between 2024 and 2026, growing from US$18.704 billion to US$51.951 billion. Accounts receivable experienced substantial growth, increasing from US$2.429 billion in 2021 to US$38.466 billion in 2026. Inventories also increased significantly, more than doubling between 2023 and 2026, reaching US$21.403 billion. Prepaid expenses and other current assets show a more moderate increase, with a slight decrease in the final year. Consequently, total current assets increased significantly, from US$16.055 billion in 2021 to US$125.605 billion in 2026.
- Long-Term Investments
- Property and equipment, net, experienced steady growth, increasing from US$2.149 billion to US$10.383 billion over the period. Operating lease assets also increased consistently, though from a smaller base. Goodwill shows a moderate increase until 2024, then a substantial jump to US$20.832 billion in 2026. Intangible assets, net, decreased from 2021 to 2025, before increasing in 2026. Deferred income tax assets increased significantly, particularly from 2022 onwards, reaching US$13.258 billion in 2026. Non-marketable equity securities experienced a dramatic increase in later years, growing from US$299 million in 2023 to US$22.251 billion in 2026. Other assets show moderate fluctuations. Overall, long-term assets increased substantially, from US$12.736 billion in 2021 to US$81.198 billion in 2026.
- Total Asset Growth
- Total assets increased significantly throughout the period, from US$28.791 billion in 2021 to US$206.803 billion in 2026. The rate of growth accelerated considerably in the later years, driven primarily by increases in current assets, particularly accounts receivable, inventories, and marketable securities, as well as substantial growth in long-term assets like goodwill and non-marketable equity securities. The composition of the asset base shifted, with a greater proportion of assets being held in more liquid forms (cash, marketable securities, and receivables) and in long-term investments.
The observed trends suggest a period of rapid expansion and increasing investment activity. The significant increases in accounts receivable and inventories may warrant further investigation to assess the efficiency of working capital management. The substantial growth in goodwill and non-marketable equity securities also merits scrutiny to understand the underlying acquisitions and investments driving these changes.