NVIDIA Corp. (NASDAQ:NVDA)

The analysis of the quarterly financial data reveals several key trends in the company’s asset composition and changes over the periods presented.

Cash and Cash Equivalents

The cash and cash equivalents show considerable volatility, with a peak in April 2025 at US$15,234 million, indicating a significant increase in liquidity in the most recent quarter. Earlier periods, such as the quarters in 2020 and early 2021, reflected lower liquidity levels, with some quarters noting levels below US$1,000 million.

Marketable Securities

Marketable securities have exhibited a steady growth trend over the years, notably increasing after mid-2020 from about US$7,707 million to over US$38,457 million in April 2025. This suggests an expanding investment or reserve strategy, enhancing overall current asset quality.

Accounts Receivable, Net

The accounts receivable balance shows a general upward trend from US$1,242 million in April 2019 to over US$22,000 million in the latest quarter. The steady increase indicates growing sales or extended credit terms, with marked acceleration from mid-2022 onwards.

Inventories

Inventories have increased substantially, from US$1,426 million in April 2019 to over US$11,000 million by April 2025. This upward movement can reflect stockpiling or growth in product lines, which could also imply anticipation of higher sales or longer production cycles.

Prepaid Expenses and Other Current Assets

This category has seen irregular growth, with notable peaks in 2023, reaching above US$4,000 million, possibly due to increases in prepaid contracts, deferred expenses, or other operational prepayments.

Current Assets

Overall current assets have shown consistent growth, nearly quadrupling from approximately US$10,629 million in April 2019 to US$89,935 million in April 2025, reflecting an increasingly robust liquidity position and possibly an expanding scale of operations.

Property and Equipment, Net

Net property and equipment values have risen steadily from US$1,473 million to US$7,136 million, suggesting ongoing capital investments in fixed assets, which could improve long-term productive capacity.

Operating Lease Assets

Operating lease assets similarly increased steadily, almost tripling from roughly US$536 million to US$1,810 million, indicating higher commitments or asset utilization via leasing.

Goodwill

Goodwill shows a significant step increase in mid-2020 from US$628 million to over US$4,100 million and continues a gradual increase to nearly US$5,498 million by April 2025. This pattern suggests sizable acquisitions, potentially to expand market share or capabilities.

Intangible Assets, Net

Intangible assets peak in mid-2020 at US$2,854 million but exhibit a continuous decline to US$769 million by April 2025. This decrease likely reflects amortization or impairment over time.

Deferred Income Tax Assets

This item shows consistent growth, increasing from US$601 million to over US$13,318 million, which may imply greater deferred tax benefits or accumulated tax assets arising from timing differences or operating losses.

Other Assets and Long-term Assets

Other assets and overall long-term assets have both seen substantial increases. Long-term assets almost tenfold, growing from US$3,392 million to US$35,319 million, indicating investment in various long-duration assets or acquisitions enriching the company’s asset base.

Total Assets

Total assets consistently increase throughout the observed period, nearly ninefold growth from US$14,021 million to US$125,254 million. This significant asset growth highlights expansion, investments, and strengthening of the asset structure aligned with business growth.

In summary, the financial data indicates a robust growth trajectory with marked increases in liquidity, receivables, inventory, property, and long-term assets. The data also reflects strategic acquisitions as evidenced by the jump in goodwill. The company's asset base has expanded significantly, which is supportive of increased operational scale and financial strength.