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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchBottom line: NVIDIA is dramatically larger and more profitable on the comparable annual figures: fiscal 2026 revenue of $215.9 billion and a 71.1% GAAP gross margin, versus AMD fiscal 2025 revenue of $34.6 billion and a 50% margin. AMD’s latest reported quarter, however, shows strong momentum, with $11.5 billion of revenue and a 54% gross margin in Q2 fiscal 2026. Their customer disclosures also differ: NVIDIA identified two direct customers at 22% and 14% of annual revenue, while AMD said no individual customer reached 10% in fiscal 2025 or 2024. These are operating comparisons, not evidence that either stock is cheap, expensive, or the better investment.
At a glance: the periods are not identical
NVIDIA’s fiscal 2026 ended January 25, 2026. AMD’s fiscal 2025 ended December 27, 2025. Those year ends are close in calendar time but are not matched reporting periods, so the annual figures should be read as the latest complete fiscal-year disclosures for each company rather than as a same-quarter contest. AMD’s Q2 fiscal 2026, ended June 27, 2026, is a more current AMD data point; the figures below do not include a subsequent NVIDIA fiscal 2027 quarter.
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| Measure | NVIDIA FY2026 | AMD FY2025 | How to read it |
|---|---|---|---|
| Total revenue | $215.9 billion | $34.6 billion | NVIDIA’s annual revenue was about 6.2 times AMD’s on these fiscal-year disclosures. |
| Year-over-year revenue growth | 65% | 34% | Each percentage compares with that company’s preceding fiscal year. |
| GAAP gross margin | 71.1% | 50% | Gross margin is revenue less cost of revenue, before operating expenses. |
| Operating income | $130.4 billion | Not stated in the cited AMD figures | The available disclosures do not provide a directly comparable operating-income pair here. |
| Data Center revenue | $193.7 billion | $16.6 billion | Segment names and presentation are company-specific; do not treat them as identical businesses. |
Annual NVIDIA figures come from its fiscal 2026 annual report. AMD’s annual figures come from its fiscal 2025 Form 10-K.
Revenue scale and growth
NVIDIA: a data-center-led $215.9 billion year
NVIDIA reported $215.9 billion of revenue in fiscal 2026, an increase of 65% from fiscal 2025. Operating income was $130.4 billion. Data Center revenue was $193.7 billion, while Gaming contributed $16.0 billion, Professional Visualization $3.2 billion, and Automotive $2.3 billion. The platform amounts add to the company total subject to rounding and NVIDIA’s segment presentation.
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Data Center therefore represented approximately 89.7% of NVIDIA’s fiscal 2026 revenue when the reported segment figure is divided by total revenue. That ratio describes NVIDIA’s current revenue mix; it is not a forecast and does not mean every dollar came from a cloud provider. NVIDIA’s direct-customer category includes original design manufacturers, original equipment manufacturers, distributors, add-in-board partners, cloud service providers, AI model makers and system integrators.
NVIDIA said Data Center revenue grew 68% year over year and linked demand to Blackwell products and a move toward complete, full-scale data-center systems. That explanation is management’s account in the filing, not an independently measured causal analysis. The company’s chief executive, Jensen Huang, described the environment in the February 25, 2026 earnings release as follows: “Computing demand is growing exponentially — the agentic AI inflection point has arrived.” The statement is a management view and should not be treated as independent market data; it appears in the FY2026 earnings release.
AMD: smaller base, broad product groups and 34% annual growth
AMD’s fiscal 2025 revenue was $34.6 billion, up 34% from fiscal 2024. Its Data Center business generated $16.6 billion, an increase of 32%, supported by demand for EPYC processors and Instinct MI350 Series GPUs. Client and Gaming revenue was $14.6 billion, up 51%. Embedded revenue was $3.5 billion, down 3%.
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Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Using the reported totals, Data Center accounted for approximately 48% of AMD’s fiscal 2025 revenue. The calculation is useful for scale, but NVIDIA’s Data Center platform and AMD’s Data Center segment are not guaranteed to include exactly the same products, customers or accounting boundaries. The comparison shows concentration of each company’s reported revenue, not equivalent market share.
AMD’s more current Q2 fiscal 2026 result
For the quarter ended June 27, 2026, AMD reported $11.5 billion of revenue, up 50% from the prior-year quarter. Data Center revenue was $6.7 billion, up 107% year over year, and company gross margin was 54%. These results come from AMD’s Q2 fiscal 2026 Form 10-Q.
This quarterly update demonstrates acceleration from AMD’s fiscal 2025 base, but it cannot be placed directly beside an NVIDIA quarter in this article. NVIDIA’s comparable subsequent fiscal 2027 quarterly results are not included, and a quarter ending June 27 is not the same reporting period as NVIDIA’s fiscal year ended January 25. A proper current-quarter contest would align both companies’ quarter-end dates, accounting definitions and filings.
Gross margins: why NVIDIA remains higher and why AMD moved up
NVIDIA’s 71.1% annual margin
NVIDIA’s fiscal 2026 GAAP gross margin was 71.1%, down from 75.0% in fiscal 2025, a decline of 3.9 percentage points. NVIDIA attributed the reduction to the product transition from Hopper HGX systems to Blackwell full-scale data-center solutions and to a $4.5 billion charge associated with excess H20 inventory and purchase obligations. Those are the company’s explanations in its filing; the figures do not establish how much of the change came from any other factor.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesA high gross margin does not mean that all of NVIDIA’s revenue turns into profit. Research and development, sales and marketing, taxes, financing items, inventory effects and other operating costs occur below gross profit. The $130.4 billion operating-income figure indicates substantial operating leverage in fiscal 2026, but gross margin and operating margin answer different questions.
AMD’s 50% fiscal-year margin and 54% latest-quarter margin
AMD reported a 50% gross margin for fiscal 2025, compared with 49% in fiscal 2024. The company said product mix helped, while approximately $440 million in net inventory and related charges connected with the U.S. government export control on MI308 products partly offset that benefit.
In Q2 fiscal 2026, AMD’s gross margin was 54%, versus 40% in the prior-year quarter. AMD attributed the year-over-year improvement in part to the absence of the prior-year MI308-related charge and to favorable product mix, including a larger contribution from Data Center revenue. The 54% figure is a quarterly reading and should not be substituted for AMD’s 50% fiscal 2025 annual margin.
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| Margin comparison | Reported value | Context supplied by the filing |
|---|---|---|
| NVIDIA FY2026 | 71.1% | Down 3.9 percentage points from 75.0%; management cited Blackwell system mix and a $4.5 billion H20-related charge. |
| AMD FY2025 | 50% | Up from 49%; approximately $440 million of MI308-related inventory and other charges partly offset mix benefits. |
| AMD Q2 FY2026 | 54% | Up from 40% in the prior-year quarter; management cited the absence of the prior-year MI308 charge and favorable mix. |
The filings therefore show a wide annual margin advantage for NVIDIA, while AMD’s latest quarter shows an improvement from its own prior-year quarter. Neither comparison alone proves that the gap will persist: product generations, system configurations, export controls, inventory charges and customer mix can move margins from one period to the next.
Customer concentration: what the filings actually disclose
NVIDIA’s direct-customer concentration
NVIDIA reported that two direct customers represented 22% and 14% of total fiscal 2026 revenue. The filing says those sales were primarily attributable to Compute & Networking. NVIDIA also said some indirect customers individually represent 10% or more of revenue, but the cited disclosure does not identify those customers.
“Direct customer” is important here. NVIDIA’s category covers several kinds of counterparties, including cloud service providers, AI model makers, system integrators, manufacturers and distributors. A direct customer can therefore sit between NVIDIA and the organization ultimately operating a data center. The percentages are shares of NVIDIA’s total revenue, not a ranking of named end users.
Because NVIDIA did not name the two direct customers in this disclosure, it would be inaccurate to label them as particular hyperscalers or AI companies. The 22% and 14% figures also do not reveal whether the same organizations appear among the unnamed indirect customers; the filing does not provide enough detail to make that calculation.
AMD’s 10% threshold disclosure
AMD stated that no customer accounted for at least 10% of consolidated net revenue in fiscal 2025 or fiscal 2024. That supports one narrow conclusion: AMD had no individually disclosed customer at or above the 10% threshold in either fiscal year. It does not identify AMD’s largest customer, prove that revenue was evenly distributed, or establish that AMD has no exposure to a small number of end markets.
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The disclosure is also not directly equivalent to NVIDIA’s. NVIDIA quantified two direct customers and discussed indirect customers, whereas AMD reported that no customer crossed a stated threshold. Different definitions and thresholds can produce different-looking concentration profiles even when the underlying commercial relationships overlap.
| Customer-concentration point | NVIDIA FY2026 | AMD FY2025 |
|---|---|---|
| Largest disclosed customer share | 22% for one direct customer | No customer at or above 10% |
| Second disclosed customer share | 14% for another direct customer | No customer at or above 10% |
| Customer identities | Not named in the cited disclosure | Not identified by the threshold statement |
| Indirect-customer discussion | Some indirect customers individually represent at least 10%; identities not provided | The cited annual disclosure does not provide an equivalent quantified indirect-customer breakdown |
AMD’s OpenAI and Meta agreements are commitments, not booked revenue
AMD’s Q2 fiscal 2026 filing describes agreements with OpenAI and Meta under which each intends to deploy up to 6 gigawatts of AMD data-center GPUs. The filing says the related warrant tranches were not vested or exercisable as of June 27, 2026.
Those arrangements are evidence of strategic customer relationships and intended deployment capacity. They are not a statement that AMD had already recognized revenue equal to the planned deployments, and they do not disclose what percentage of current revenue either organization represents. Treating the 6-gigawatt figures as present sales would overstate what the filing establishes.
What the revenue mix says about each business
NVIDIA’s exposure to full-stack data-center spending
NVIDIA’s reported mix is unusually concentrated in Data Center: $193.7 billion of $215.9 billion in fiscal 2026. Its filing describes a transition from selling individual Hopper HGX systems toward Blackwell-based, full-scale data-center solutions. A full-scale solution can change the mix of components, systems and related obligations recognized in a period, which helps explain why rapid revenue growth coexisted with a lower gross margin.
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The other NVIDIA platforms still matter for diversification. Gaming generated $16.0 billion, Professional Visualization $3.2 billion and Automotive $2.3 billion in fiscal 2026. Their combined contribution was much smaller than Data Center, so weakness or strength in those categories would not have the same numerical effect on total revenue as a change in Data Center demand.
AMD’s mix across Data Center, Client and Gaming, and Embedded
AMD’s fiscal 2025 mix was more distributed across its reported groups: $16.6 billion Data Center, $14.6 billion Client and Gaming, and $3.5 billion Embedded. Client and Gaming grew 51%, faster than AMD’s 32% Data Center growth for the full year, while Embedded declined 3%.
That distribution can make AMD’s total results respond to several product cycles rather than one dominant platform. It also means that comparing AMD’s approximately 48% Data Center share with NVIDIA’s approximately 89.7% share is a business-mix comparison, not a direct measure of competitive strength. The companies classify products and customers differently.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to interpret the comparison as a stock investor
Separate operating facts from valuation
The figures establish relative scale, reported growth and gross-margin outcomes for specified periods. They do not establish either stock’s valuation. To decide whether a share price offers attractive value, an investor would also need the current price, market capitalization, earnings and cash-flow expectations, valuation method, dilution assumptions, competitive risks and an appropriate time horizon. None of those can be inferred from revenue and gross margin alone.
- Scale question: Is the company’s absolute revenue base large enough for the growth rate to translate into meaningful dollars?
- Growth question: Is growth coming from sustainable unit demand, a product launch, a customer ramp, an acquisition, pricing or a temporary comparison?
- Margin question: Are margins moving because of product mix, manufacturing costs, inventory charges, export controls or a transition between architectures?
- Concentration question: Does the filing measure direct customers, end customers, distributors or a threshold that may hide the largest relationship?
- Valuation question: What future performance is already reflected in the share price?
Use matched periods before making a quarterly claim
- Choose the same type of period for both companies, such as each company’s latest reported quarter.
- Record each quarter-end date and fiscal label; do not silently compare AMD Q2 fiscal 2026 with NVIDIA FY2026.
- Use each company’s GAAP revenue and GAAP gross margin, and identify any non-GAAP figures separately.
- Check whether a charge, export-control rule, acquisition or product transition affects one period but not the other.
- Compare segment definitions before drawing conclusions from Data Center percentages.
Following those steps prevents a common error in semiconductor comparisons: treating a current AMD quarter as if it were a contemporaneous NVIDIA quarter when the reporting dates and available filings differ.
Key risks that the headline figures can hide
- Customer dependence: NVIDIA’s two disclosed direct customers represented 36% combined of fiscal 2026 revenue, before considering unnamed indirect-customer exposure.
- Product transitions: NVIDIA’s Blackwell transition affected fiscal 2026 gross margin, so a margin observed during the transition may not represent a steady-state system mix.
- Export controls and inventory: AMD’s fiscal 2025 margin included approximately $440 million of MI308-related inventory and other charges, while NVIDIA reported a $4.5 billion H20-related charge.
- Unrecognized commitments: AMD’s intended OpenAI and Meta deployments are not the same as recognized sales and could develop over multiple periods.
- Definition risk: “Customer concentration” is not a standardized single number across filings. Direct, indirect, named and threshold-based disclosures answer different questions.
- Period risk: Fiscal years ending in January and December are close but not identical, and a quarterly comparison requires aligned filings.
Which company has the stronger profile on each measure?
| Measure | Advantage on the cited figures | Reason |
|---|---|---|
| Absolute revenue scale | NVIDIA | $215.9 billion in FY2026 versus AMD’s $34.6 billion in FY2025. |
| Annual revenue growth | NVIDIA | 65% in FY2026 versus AMD’s 34% in FY2025, with non-matched fiscal years. |
| Annual gross margin | NVIDIA | 71.1% in FY2026 versus AMD’s 50% in FY2025. |
| Latest cited quarterly momentum | AMD’s result is the available current datapoint | AMD Q2 FY2026 revenue rose 50% and Data Center revenue 107%; no subsequent NVIDIA quarter is included here for a matched comparison. |
| Disclosed individual-customer concentration | AMD appears less concentrated under its stated threshold | AMD reported no customer at or above 10%; NVIDIA disclosed direct customers at 22% and 14%. |
| Transparency of end-customer identity | Neither can be ranked from these disclosures | NVIDIA did not name the two direct customers, and AMD’s threshold statement does not identify its largest customer. |
“Advantage” in this table means only that the cited metric is numerically stronger or less concentrated under the stated disclosure. It is not a prediction of share-price returns or a recommendation to buy or sell either stock.
Bottom line for the Nvidia-versus-AMD question
On the closest complete annual disclosures, NVIDIA is the larger and higher-margin company by a wide margin: $215.9 billion of fiscal 2026 revenue, 65% growth and a 71.1% gross margin. AMD’s fiscal 2025 revenue was $34.6 billion with 34% growth and a 50% margin, while its Q2 fiscal 2026 update showed improving momentum at $11.5 billion of quarterly revenue and a 54% margin.
The concentration picture runs in the other direction. NVIDIA’s filing identifies two direct customers representing 22% and 14% of annual revenue and also discusses unnamed indirect customers at the 10% level. AMD reported no customer at or above 10% in fiscal 2025 or 2024, but that threshold does not reveal how evenly the remainder is distributed. AMD’s announced potential GPU deployments with OpenAI and Meta are strategic commitments, not recognized revenue.
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Those facts support a disciplined operating comparison. They do not, by themselves, answer which stock offers better future returns. That decision requires current valuation, matched-period results, forward expectations and a risk assessment beyond the revenue, margin and customer disclosures summarized here.
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