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: 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), 10-K (reporting date: 2020-01-26).
The financial data reveals significant growth in the company's asset base over the period analyzed. Total assets increased substantially from US$17.3 billion in early 2020 to US$111.6 billion by early 2025, indicating considerable expansion and accumulation of resources.
- Cash and Cash Equivalents
- There was an initial sharp decline from US$10.9 billion in 2020 to US$847 million in 2021, followed by a steady recovery and growth reaching US$8.6 billion in 2025. This pattern suggests fluctuations in liquidity management, with a conservative cash position in 2021 and subsequent strengthening.
- Marketable Securities
- The value of marketable securities rose dramatically, particularly from US$1 million in 2020 to US$34.6 billion in 2025. Despite a dip in 2023, this category shows aggressive accumulation of liquid investments.
- Accounts Receivable, Net
- Accounts receivable grew consistently, with a notable surge between 2023 and 2025 from roughly US$10 billion to more than US$23 billion. This indicates increased sales on credit and possibly expanding customer base or sales volume.
- Inventories
- Inventories increased markedly, more than tenfold from US$979 million in 2020 to over US$10 billion in 2025. The sharp rise in the last two years suggests expanded production capacity or stockpiling in anticipation of demand.
- Prepaid Expenses and Other Current Assets
- Starting at US$157 million, these assets rose to US$3.8 billion by 2025, with a particularly large increase after 2022. This growth may reflect increased prepaid commitments or other current resources.
- Current Assets
- The aggregate of current assets more than quintupled from about US$13.7 billion to US$80.1 billion over the time frame, showing a substantial strengthening of short-term resources available.
- Property and Equipment, Net
- This asset category exhibited moderate growth, rising from approximately US$1.7 billion to US$6.3 billion. The steady increase reflects ongoing investment in fixed assets to support operations.
- Operating Lease Assets
- Operating lease assets increased from US$618 million to US$1.8 billion, signaling a growing reliance on leased assets alongside owned property.
- Goodwill
- Goodwill escalated significantly, from US$618 million in 2020 to US$5.2 billion in 2025, suggesting acquisitions or intangible asset recognition over this period.
- Intangible Assets, Net
- Intangible assets peaked around 2021 at US$2.7 billion but saw a consistent decline to US$807 million by 2025. This downward trend could indicate amortization or impairment of intangible assets.
- Deferred Income Tax Assets
- Deferred tax assets rose markedly from US$548 million to nearly US$11 billion, suggesting increasing temporary differences or tax benefits expected to be realized.
- Non-Marketable Equity Securities
- These grew from US$77 million to US$3.4 billion, reflecting increased investments in private equity or related holdings.
- Prepaid Supply and Capacity Agreements
- First reported in 2022 at US$1.7 billion, these prepaid agreements increased to US$3 billion in 2023 before declining to US$1.7 billion again. This pattern may indicate strategic commitments to suppliers or capacity arrangements.
- Income Tax Receivable
- Reported only in 2025 at US$750 million, this item represents a new or realized tax asset late in the period.
- Prepaid Royalties
- Prepaid royalties peaked in 2021 at US$440 million, then experienced a slight decline, ending at US$340 million in 2025, indicating stable but slowly decreasing prepaid royalty costs.
- Advanced Consideration for Acquisition
- This appeared in 2021 and 2022 at US$1.4 billion but was absent thereafter, reflecting temporary prepayments or deposits linked to acquisition activities.
- Other Assets
- Other assets rose from US$118 million to US$6.4 billion, showing notable growth in miscellaneous long-term asset categories.
- Long-term Assets
- Long-term assets increased substantially from US$3.6 billion to US$31.5 billion, underscoring considerable investment in non-current resources supporting long-term operations.
Overall, the data demonstrates strong asset growth predominantly driven by increases in marketable securities, accounts receivable, inventories, and long-term assets. The fluctuations in cash and cash equivalents along with prepaid agreements suggest active liquidity and supply chain management. The rise in goodwill and deferred tax assets points toward acquisition activity and evolving tax positions. The company appears to be scaling up operations significantly while maintaining a diversified asset base.