NVIDIA Corp. (NASDAQ:NVDA)

Total liabilities show a general upward trajectory over the observed periods, increasing from approximately US$4.3 billion to around US$42.3 billion. Notably, there is a substantial jump in total liabilities starting from early 2020, correlating with significant increases in both short-term and long-term obligations.

Current liabilities have similarly escalated from about US$1.2 billion to a peak exceeding US$26.5 billion. This growth is accompanied by marked increases in accounts payable and accrued and other current liabilities. Accounts payable has increased substantially, especially in the latest periods, reaching over US$9 billion. Accrued and other current liabilities exhibit even more pronounced volatility and growth, with a particularly sharp rise from mid-2023 onward, peaking above US$19 billion before a slight contraction.

Short-term debt appears intermittently, first noticeable from early 2021, maintaining a level just below US$1.3 billion for several periods, with minor fluctuations.

Long-term liabilities show a significant increase from around US$3.1 billion in 2019 to over US$16 billion by late 2025. This increase is driven principally by growth in long-term operating lease liabilities and other long-term liabilities, which steadily rise across the periods. Long-term debt shows notable fluctuation, increasing sharply in 2020 from about US$2 billion to nearly US$11 billion, followed by a gradual decline to around US$7.5 billion towards the end of the timeline.

Shareholders' equity has experienced a strong positive trend, growing from approximately US$9.7 billion to nearly US$119 billion over the observation period. The most marked growth occurs post-2021, indicating substantial accumulation of retained earnings and paid-in capital.

Retained earnings exhibit the most significant increase within equity components, rising steadily from about US$12.9 billion in 2019 to an impressive US$107.9 billion by late 2025, reflecting sustained profitability and reinvestment.

Additional paid-in capital increases gradually, peaking around mid-2021 before showing a modest decline and stabilization in later periods. The number of common stock shares also increases, particularly noticeable during 2021 and onward, indicating equity issuance or stock-based compensation.

Treasury stock is only reported in the earlier periods, showing a sizeable negative balance consistent with share buybacks; no data is provided in later periods to evaluate its trend further.

Accumulated other comprehensive income (loss) fluctuates notably, with periods of negative values shifting to positive territory later in the timeline, suggesting variable gains or losses in unrealized items such as foreign currency translation or pension adjustments.

The rise in accounts payable and accrued liabilities contributes to increasing current liabilities, raising concerns about working capital management and short-term liquidity requirements. However, the simultaneous growth of retained earnings and equity suggests the company has the capacity to support these liabilities.

The substantial increase in long-term debt amid oscillations suggests active debt refinancing or capital structure optimization, with a reduction phase following a peak in late 2021. Concurrently, the increase in lease liabilities aligns with sustained or expanded operational footprint.

The aggregate of liabilities and shareholders’ equity depicts robust growth in the company’s total capital base, climbing from around US$14 billion to over US$161 billion. This expansion indicates significant scaling of operations, investment, and potentially acquisitions or other capital-intensive activities.

The company’s increasing retained earnings and shareholders’ equity imply a strong profitability trend, even as liabilities grow, reflecting a balanced approach to financing growth through both debt and equity.