Balance Sheet: Liabilities and Stockholders’ Equity
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
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NVIDIA Corp., consolidated balance sheet: liabilities and stockholders’ equity
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 displays significant growth in both liabilities and shareholders' equity over the examined periods. Total liabilities increased from approximately $5.1 billion in early 2020 to $32.3 billion by early 2025, demonstrating an expanding financial structure likely supporting business growth and operational scaling. Concurrently, shareholders’ equity rose notably, from about $12.2 billion to $79.3 billion, indicating substantial value creation for shareholders and accumulation of retained earnings over time.
Regarding current liabilities, a strong upward trend is observed, climbing from around $1.8 billion in 2020 to over $18 billion by 2025. The bulk of this increase stems from accounts payable, which surged from $687 million to $6.3 billion, and accrued and other current liabilities, which grew from approximately $1.1 billion to $11.7 billion. Customer program accruals also more than decupled during the timeframe, rising from $462 million to $4.9 billion. These increases reflect heightened operational activities and possibly expanded vendor and customer-related obligations.
Within current liabilities, certain new components appeared and expanded over time. Excess inventory purchase obligations, starting to be reported in 2022, increased markedly to $2.1 billion by 2025, possibly indicating higher inventory commitments. Similarly, product warranty and return provisions commenced reporting in 2023 and rose to $1.4 billion, suggesting growing after-sales liabilities. Taxes payable and accrued payroll-related expenses also show steady rises in line with overall growth in operations.
Long-term liabilities experienced notable increases, peaking around 2022 with about $13.2 billion before a slight decline and subsequent rise to $14.2 billion by 2025. Long-term debt nearly quintupled between 2020 and 2022 before stabilizing just below $8.5 billion in the latest periods. Other long-term liabilities increased consistently, more than quintupling from $775 million to $4.2 billion, evidencing increasing obligations beyond debt financing, such as deferred taxes and licenses payable. Long-term operating lease liabilities rose steadily, indicating growth in leased assets.
Deferred income tax and income tax payable also revealed upward trends, the former moving from under $30 million to $886 million, and the latter from $528 million to over $2.1 billion, reflecting increasing taxable income and associated tax liabilities.
On the equity side, retained earnings displayed considerable volatility but marked a strong uptrend overall, especially between 2023 and 2025, surging from about $10.2 billion to $68 billion. This sharp increase highlights strong profitability or comprehensive income retained within the business. Additional paid-in capital grew steadily to around $13.1 billion in 2024 before declining somewhat to $11.2 billion in 2025, possibly due to share repurchases or adjustments in capital structure. The common stock par value remained relatively stable except for a notable increase in 2025, which may relate to stock issuance or restructuring.
Treasury stock values, reported only in early years, were significantly negative, hinting at share repurchases until 2021. Accumulated other comprehensive income fluctuated but remained close to zero, indicating limited impact from items such as foreign currency translation or unrealized gains/losses on securities.
Overall, the expanding total assets base—reflected in the rising total of liabilities and shareholders' equity from $17.3 billion to $111.6 billion—combined with the patterns in liabilities and equity, suggests robust business expansion funded by a blend of debt and equity. The increasing liabilities, both current and long term, highlight greater operational and financial commitments, while the strong growth in shareholders’ equity, particularly retained earnings, reflects successful earnings retention and value accumulation. The data is consistent with an organization experiencing rapid growth, increased operational scope, and evolving financial obligations over the analyzed periods.