Analysis of Geographic Areas
NVIDIA Corp. operates in 3 regions: United States; Taiwan; and Other countries.
Area Asset Turnover
NVIDIA Corp., asset turnover by geographic area
| Jan 25, 2026 | Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 29.19 | 16.89 | 10.39 | 3.21 | 2.15 | 1.96 |
| Taiwan | 13.15 | 13.89 | 17.34 | 9.95 | 22.54 | 24.76 |
| Other countries | 11.76 | 41.38 | 37.64 | 22.58 | 37.29 | 27.65 |
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).
Asset turnover ratios across the reported geographic areas demonstrate significant variations and evolving trends over the observed period. The United States, Taiwan, and a combined ‘Other countries’ category exhibit distinct performance patterns. Overall, asset turnover generally increased across all regions between 2021 and 2024, though subsequent years show divergence.
- United States
- The United States demonstrates a substantial and consistent increase in asset turnover. Beginning at 1.96 in 2021, the ratio escalates dramatically to 10.39 in 2024. This growth continues through 2025, reaching 16.89, and further increases to 29.19 in 2026. This indicates a markedly improved efficiency in utilizing assets to generate revenue within the United States.
- Taiwan
- Taiwan’s asset turnover ratio exhibits a more volatile pattern. Starting at a high of 24.76 in 2021, the ratio declines to 22.54 in 2022 and then to 9.95 in 2023. A recovery is observed in 2024, rising to 17.34, followed by a decrease to 13.89 in 2025 and a further decline to 13.15 in 2026. While remaining relatively high compared to the United States in earlier years, the trend suggests decreasing asset utilization efficiency in Taiwan towards the end of the period.
- Other Countries
- The ‘Other countries’ category shows a complex trend. The ratio increases from 27.65 in 2021 to a peak of 37.29 in 2022, then decreases to 22.58 in 2023. A rebound occurs in 2024, reaching 37.64, and continues to 41.38 in 2025 before experiencing a significant drop to 11.76 in 2026. This suggests fluctuating asset utilization efficiency, with a substantial decline in the most recent year.
The contrasting trends highlight differing operational dynamics across these regions. The United States shows a clear improvement in asset efficiency, while Taiwan and ‘Other countries’ demonstrate more variability. The sharp declines in Taiwan and ‘Other countries’ in 2026 warrant further investigation to understand the underlying causes, such as potential changes in sales, asset base, or operational strategies.
The significant increase in the United States asset turnover ratio, coupled with the declines in Taiwan and ‘Other countries’ in the later years, suggests a potential shift in the company’s geographic focus or operational effectiveness.
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Area Asset Turnover: United States
NVIDIA Corp.; United States; area asset turnover calculation
| Jan 25, 2026 | Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 149,617) | 61,257) | 26,966) | 8,292) | 4,349) | 3,214) |
| Long-lived assets | 5,125) | 3,626) | 2,595) | 2,587) | 2,023) | 1,643) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 29.19 | 16.89 | 10.39 | 3.21 | 2.15 | 1.96 |
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).
1 2026 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 149,617 ÷ 5,125 = 29.19
The financial performance within the United States demonstrates a significant and accelerating increase in asset utilization over the observed period. Revenue generated within this area has grown substantially, while long-lived assets have increased at a considerably slower pace, resulting in a markedly improving asset turnover ratio.
- Revenue
- Revenue originating from the United States has exhibited consistent growth throughout the period. Starting at US$3,214 million in 2021, it increased to US$4,349 million in 2022, then more than doubled to US$8,292 million in 2023. The growth rate accelerated significantly in subsequent years, reaching US$26,966 million in 2024, US$61,257 million in 2025, and culminating in US$149,617 million in 2026. This represents a substantial expansion of sales within the region.
- Long-lived assets
- Long-lived assets in the United States have also increased, but at a much more moderate rate compared to revenue. From US$1,643 million in 2021, they rose to US$2,023 million in 2022 and US$2,587 million in 2023. The increase slowed further in 2024, reaching US$2,595 million, before increasing to US$3,626 million in 2025 and US$5,125 million in 2026. The slower growth in assets relative to revenue is a key driver of the observed trend in asset turnover.
- Area asset turnover
- The area asset turnover ratio, which measures the efficiency with which assets are used to generate revenue, has increased dramatically. Beginning at 1.96 in 2021, it rose to 2.15 in 2022 and 3.21 in 2023. A substantial jump occurred in 2024, with the ratio reaching 10.39. This upward trend continued, with the ratio increasing to 16.89 in 2025 and reaching 29.19 in 2026. This indicates a significant improvement in the efficiency of asset utilization within the United States, suggesting the company is generating considerably more revenue from each dollar of long-lived assets.
The consistently increasing asset turnover ratio suggests effective management of assets and a strong ability to generate sales from the existing asset base within the United States. The accelerating growth in revenue, coupled with relatively stable asset growth, points to increasing operational efficiency and market demand for products or services offered in this region.
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Area Asset Turnover: Taiwan
NVIDIA Corp.; Taiwan; area asset turnover calculation
| Jan 25, 2026 | Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 42,345) | 20,573) | 13,405) | 6,986) | 8,544) | 4,531) |
| Long-lived assets | 3,219) | 1,481) | 773) | 702) | 379) | 183) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 13.15 | 13.89 | 17.34 | 9.95 | 22.54 | 24.76 |
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).
1 2026 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 42,345 ÷ 3,219 = 13.15
Analysis of the geographic area reveals fluctuating performance in asset utilization over the observed period. Revenue and long-lived assets both demonstrate growth, but the area asset turnover ratio exhibits a more complex pattern.
- Revenue
- Revenue in this area increased significantly from US$4,531 million in 2021 to US$42,345 million in 2026. Growth was particularly strong between 2023 and 2026. A substantial increase from US$6,986 million to US$13,405 million occurred between 2023 and 2024, followed by further acceleration to US$20,573 million in 2025.
- Long-Lived Assets
- Long-lived assets also increased over the period, rising from US$183 million in 2021 to US$3,219 million in 2026. The rate of increase in long-lived assets appears to be accelerating, particularly from 2023 onwards, mirroring the revenue growth. The largest single-year increase in long-lived assets occurred between 2025 and 2026.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of asset utilization in generating revenue, began at 24.76 in 2021. It decreased to 22.54 in 2022, then experienced a more substantial decline to 9.95 in 2023. A recovery to 17.34 was observed in 2024, but this was followed by a further decrease to 13.89 in 2025 and 13.15 in 2026. Despite significant revenue growth, the ratio has not returned to its initial levels, suggesting that asset investment has outpaced revenue generation in recent years.
The initial decline in the area asset turnover ratio in 2023, despite continued revenue growth, suggests a potential increase in the level of assets required to support each dollar of revenue. While revenue has increased substantially in the later years, the asset turnover ratio has stabilized at a lower level, indicating that the efficiency of asset utilization has not kept pace with revenue expansion. Further investigation may be warranted to understand the drivers behind this trend and assess the optimal level of asset investment in this geographic area.
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Area Asset Turnover: Other countries
NVIDIA Corp.; Other countries; area asset turnover calculation
| Jan 25, 2026 | Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 23,976) | 48,667) | 20,551) | 11,696) | 14,021) | 8,930) |
| Long-lived assets | 2,039) | 1,176) | 546) | 518) | 376) | 323) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 11.76 | 41.38 | 37.64 | 22.58 | 37.29 | 27.65 |
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).
1 2026 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 23,976 ÷ 2,039 = 11.76
The financial performance related to assets in areas categorized as "Other countries" demonstrates significant fluctuations over the observed period. Revenue exhibited a general upward trajectory, though with a notable decline in the most recent year. Long-lived assets consistently increased, but at a varying pace. Consequently, the area asset turnover ratio experienced considerable volatility.
- Revenue
- Revenue increased from US$8,930 million in 2021 to US$14,021 million in 2022, representing substantial growth. A decrease to US$11,696 million was observed in 2023, followed by a strong rebound to US$20,551 million in 2024. Revenue continued to climb dramatically to US$48,667 million in 2025, before falling back to US$23,976 million in 2026.
- Long-Lived Assets
- Long-lived assets showed a consistent increase throughout the period. Growth was moderate from 2021 to 2023, moving from US$323 million to US$518 million. The rate of increase accelerated in 2024 and 2025, reaching US$546 million and US$1,176 million respectively. The largest increase occurred between 2025 and 2026, with long-lived assets reaching US$2,039 million.
- Area Asset Turnover
- The area asset turnover ratio initially increased from 27.65 in 2021 to 37.29 in 2022, indicating improved efficiency in asset utilization. A decline to 22.58 was noted in 2023. The ratio recovered to 37.64 in 2024 and further increased to 41.38 in 2025. A substantial decrease to 11.76 was observed in 2026, suggesting a significant reduction in the efficiency of asset utilization during that year. This decrease coincides with the revenue decline and continued asset growth.
The significant increase in long-lived assets, particularly in the later years, coupled with the revenue decrease in 2026, appears to be the primary driver of the reduced asset turnover ratio in that year. The strong asset turnover in 2022, 2024, and 2025 suggests effective asset management during those periods, but the most recent year indicates a potential shift in this trend.
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Revenue
NVIDIA Corp., revenue by geographic area
US$ in millions
| Jan 25, 2026 | Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 149,617) | 61,257) | 26,966) | 8,292) | 4,349) | 3,214) |
| Taiwan | 42,345) | 20,573) | 13,405) | 6,986) | 8,544) | 4,531) |
| Other countries | 23,976) | 48,667) | 20,551) | 11,696) | 14,021) | 8,930) |
| Total | 215,938) | 130,497) | 60,922) | 26,974) | 26,914) | 16,675) |
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).
Revenue exhibits significant growth across all reported geographic areas between 2021 and 2026. The United States demonstrates the most substantial increase in revenue, while Taiwan and Other countries also show considerable expansion, though with differing growth trajectories. Total revenue mirrors the growth observed in individual regions.
- United States
- Revenue from the United States increased dramatically over the period. Starting at US$3.214 billion in 2021, it rose to US$26.966 billion in 2024, and continued to climb to US$61.257 billion in 2025, culminating in US$149.617 billion in 2026. This represents a substantial acceleration in growth, particularly from 2024 onwards.
- Taiwan
- Taiwan experienced growth in revenue from US$4.531 billion in 2021 to US$13.405 billion in 2024. While growth continued to US$20.573 billion in 2025, the rate of increase slowed compared to the period between 2021 and 2024. Revenue reached US$42.345 billion in 2026, indicating continued, but moderating, expansion.
- Other Countries
- Revenue from Other countries increased from US$8.930 billion in 2021 to US$20.551 billion in 2024. Growth accelerated in 2025 to US$48.667 billion, before decreasing to US$23.976 billion in 2026. This suggests a period of rapid expansion followed by a contraction in the final reported year.
- Total Revenue
- Total revenue increased from US$16.675 billion in 2021 to US$60.922 billion in 2024. The growth rate accelerated significantly in 2025, reaching US$130.497 billion, and continued to US$215.938 billion in 2026. The United States is the primary driver of this overall growth, with substantial contributions from Taiwan and, initially, Other countries.
The composition of total revenue shifts over the analyzed period. In 2021, the United States, Taiwan, and Other countries contributed relatively similar portions to the total. By 2026, the United States represents a significantly larger proportion of total revenue, while the contribution from Other countries diminished.
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Long-lived assets
NVIDIA Corp., long-lived assets by geographic area
US$ in millions
| Jan 25, 2026 | Jan 26, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 5,125) | 3,626) | 2,595) | 2,587) | 2,023) | 1,643) |
| Taiwan | 3,219) | 1,481) | 773) | 702) | 379) | 183) |
| Other countries | 2,039) | 1,176) | 546) | 518) | 376) | 323) |
| Total | 10,383) | 6,283) | 3,914) | 3,807) | 2,778) | 2,149) |
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 geographic distribution of long-lived assets demonstrates significant growth across all reported regions between January 31, 2021, and January 26, 2026. The United States consistently holds the largest portion of these assets, while Taiwan exhibits the most rapid rate of increase. The ‘Other countries’ category also shows substantial growth, albeit from a smaller base.
- United States
- Long-lived assets in the United States increased from US$1,643 million in 2021 to US$5,125 million in 2026. While growth was consistent year-over-year, the rate of increase slowed between 2023 and 2024, before accelerating again in 2025. This suggests potential periods of consolidation followed by renewed investment.
- Taiwan
- Taiwan experienced the most dramatic growth in long-lived assets, rising from US$183 million in 2021 to US$3,219 million in 2026. This represents a substantial compound annual growth rate. The increase was particularly pronounced between 2022 and 2023, and again between 2024 and 2025, indicating a focused and accelerating investment strategy in this region.
- Other Countries
- The aggregate of ‘Other countries’ showed a steady increase in long-lived assets, growing from US$323 million in 2021 to US$2,039 million in 2026. The growth rate appears relatively consistent throughout the period, suggesting a broader, more evenly distributed investment pattern across these regions.
- Total Long-Lived Assets
- Total long-lived assets increased significantly, from US$2,149 million in 2021 to US$10,383 million in 2026. This overall growth is driven by increases in all three geographic areas, with Taiwan contributing a disproportionately large share of the expansion in recent years. The combined growth suggests a substantial and ongoing commitment to expanding operational capacity globally.
The increasing concentration of assets in Taiwan warrants further investigation to understand the strategic rationale behind this trend. The consistent growth across all regions indicates a broad-based investment strategy, but the differing growth rates suggest varying levels of prioritization and opportunity.
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