Nvidia and AMD both sell processors used in data centers and AI systems, but their reported scale, business mix, and recent results differ sharply. A useful investment comparison separates what the companies have actually reported from management outlooks, then evaluates growth, margins, competitive risks, execution, and valuation on comparable terms. Nvidia’s cited full year is FY2026; AMD’s is FY2025, so the annual figures below are not an apples-to-apples period comparison.
What the latest reported figures show—and what they do not
Nvidia is much larger by the cited annual revenue figures, and its business is currently far more concentrated in Data Center. But the periods differ: Nvidia’s figures cover FY2026, while AMD’s cover FY2025. The comparison establishes reported scale, not which company is growing faster in the same period or which stock offers better value.
| Measure | Nvidia | AMD |
|---|---|---|
| Annual revenue | $215.938 billion in FY2026, up 65% year over year (NVIDIA, 2026). | $34.639 billion in FY2025, up 34% year over year (AMD, 2026). This is one fiscal year earlier than Nvidia’s figure. |
| Data Center revenue | $193.7 billion in FY2026, up 68% year over year (NVIDIA, 2026). | $16.635 billion in FY2025, up 32% year over year (AMD, 2026). This is one fiscal year earlier than Nvidia’s figure. |
| Other reported revenue segments | Not stated in the cited FY2026 results figures used here. | Client and Gaming: $14.550 billion; Embedded: $3.454 billion in FY2025 (AMD, 2026). |
| Gross margin | 71.1% GAAP gross margin in FY2026 (NVIDIA, 2026). | 54% GAAP gross margin and 56% non-GAAP gross margin in Q2 FY2026 (AMD, 2026). These quarterly figures are not directly comparable with Nvidia’s FY2026 annual figure. |
Revenue is a measure of scale, not profit, cash generation, or stock valuation. The annual growth rates also cover different fiscal years. For a growth-rate comparison, align the companies to the same calendar window or use their latest comparable quarters, and note any differences in fiscal calendars and reporting categories.
Compare business mix, not just company totals
Nvidia: Data Center dominates the cited annual results
Nvidia reported $193.7 billion of Data Center revenue in FY2026, 68% higher year over year, out of $215.938 billion in total revenue. That scale makes the company especially exposed to demand for accelerated computing and AI infrastructure. It also means an investor should examine the durability and funding of data-center spending, rather than treating strong recent sales as proof that the pace will continue.
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AMD: Data Center is important, but the business is more diversified across reported segments
AMD reported FY2025 revenue of $16.635 billion from Data Center, $14.550 billion from Client and Gaming, and $3.454 billion from Embedded. AMD combined Client and Gaming into one reportable segment in FY2025 and retrospectively adjusted prior periods. That change matters when comparing older segment results: use the recast figures rather than adding or matching legacy categories as if the reporting structure had stayed the same.
Look inside Data Center growth
AMD’s Q2 FY2026 results provide a more recent quarterly update than its FY2025 annual figures: revenue was $11.536 billion, up 50% year over year, while Data Center revenue was $6.718 billion, up 107% (AMD, 2026). AMD’s presentation attributed the Data Center increase to strong EPYC processor demand and continued Instinct GPU ramp. That is management’s explanation of the reported result, not an independent assessment of how much each product contributed or whether that growth rate will persist.
For either company, an investor should distinguish revenue growth from customer deployment and repeat demand. Useful questions include whether sales are concentrated among a small number of buyers, whether customers can finance and power planned deployments, and whether the company can deliver products on schedule. The cited figures do not provide a like-for-like customer-concentration comparison.
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Evaluate profitability on aligned, consistent measures
Gross margin indicates how much revenue remains after cost of revenue, before operating expenses and other items. Nvidia’s FY2026 GAAP gross margin was 71.1%; AMD’s Q2 FY2026 GAAP gross margin was 54%, with a 56% non-GAAP gross margin. These are different reporting periods, so they do not establish a clean relative ranking.
Use GAAP as the baseline when comparing reported profitability. If you also use non-GAAP results, compare non-GAAP with non-GAAP and inspect each company’s reconciliation to see which costs were excluded. Gross margin alone is not a complete measure of investment quality: compare operating income and margin, cash flow, capital requirements, and the costs of research, product development, and scaling the business over matching periods.
Separate reported results from management outlook
Nvidia’s FY2026 results release gave a Q1 FY2027 revenue outlook of $78.0 billion, plus or minus 2%. The company said this outlook assumed no Data Center compute revenue from China. This is management guidance, not a realized result or a guarantee; it should be judged against the subsequent reported quarter and the assumptions behind it.
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Nvidia CEO Jensen Huang said in the February 25, 2026 FY2026 results release: “Computing demand is growing exponentially — the agentic AI inflection point has arrived.” Treat that as management’s characterization of demand, not an independently verified forecast. In general, compare company guidance with actual results and prior guidance, and note whether changes reflect demand, supply, product timing, or export restrictions.
Assess competitive position without mistaking risk disclosures for market-share data
Competition in accelerators is not only about chip specifications. A comparison should consider hardware performance, software support and compatibility, system integration, customer adoption, and the ability to launch and supply products on time. A strong software ecosystem can make a platform easier to deploy, while compatibility gaps or switching costs can affect customer decisions.
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AMD’s FY2026 Q2 filing identifies Nvidia’s financial resources and proprietary software ecosystem as factors that may pressure AMD’s competitive position. That is AMD’s own risk disclosure; it is not an independent market-share measurement or proof that one company will win. The cited official materials do not establish an industry-wide, independently measured market-share comparison, so avoid using an unsupported percentage or declaring a winner on that basis.
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Account for execution, supply, and regulatory risks
Customer investment and infrastructure capacity
Nvidia identifies customer data-center buildout capacity, energy availability, and financing as factors that can affect demand. AMD likewise identifies uncertain infrastructure capacity and AI demand among its risks. If customers postpone construction, cannot secure power, or scale back spending, orders and deployment schedules can change even when interest in AI remains strong.
Product transitions and delivery
Nvidia identifies delays in product transitions and adoption as risks. AMD identifies third-party manufacturing and supply-chain constraints, as well as product compatibility and software-support risks. For both companies, compare what they say they can deliver with subsequent reported shipments and customer deployments; a product announcement is not the same as revenue or successful adoption.
Export controls and trade policy
Both companies identify export controls as a risk, and AMD also cites tariffs. Rules can change by country and product, affecting which configurations can be sold and where. Nvidia’s FY2026 Q3 filing reported a $4.5 billion charge in Q1 FY2026 related to H20 inventory and purchase obligations after U.S. export-license requirements affected China demand. That is a reported historical charge tied to that event; it should not be treated as a statement of Nvidia’s latest exposure or as a recurring quarterly cost.
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When evaluating a new filing, check which products and destinations are affected, whether the company reports an inventory or purchase-obligation charge, and whether management has changed its outlook. Avoid extrapolating a single charge or policy announcement without later disclosures.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Use valuation to answer whether either stock is attractively priced
Strong company growth does not by itself show that a stock is cheap or likely to deliver a better return. The cited operating results do not establish which shares are more attractively valued. A defensible comparison requires synchronized market prices and share counts, comparable financial estimates, and an explicit valuation method.
- Choose a common date. Use market prices and share counts from the same date to calculate market capitalization. If using enterprise value, state how you account for cash, debt, and other relevant claims.
- Align the financial measure. Compare the same trailing period or the same forward period for both companies. Label estimates as estimates, identify their source and date, and do not mix one company’s reported year with another’s forecast year without saying so.
- Choose and explain a valuation lens. Possible measures include price-to-earnings, enterprise value to operating income, or enterprise value to free cash flow. Each depends on different assumptions; a fast-growing company can look different under each measure.
- Test the expectations embedded in the price. Consider how much future growth, margin durability, and execution the valuation appears to require. A lower multiple is not automatically a bargain if earnings or cash flow are at risk, and a higher multiple is not automatically justified by past growth.
Without those inputs and a stated method, an operating comparison should stop short of a buy/sell verdict.
Quick Recap
A practical Nvidia-versus-AMD investment checklist
- Match fiscal periods before comparing revenue growth, segment performance, or margins.
- Keep GAAP figures separate from non-GAAP measures, and review the adjustments behind the latter.
- Check segment definitions and retrospective reporting changes before using historical comparisons.
- Separate reported results from management explanations and future guidance.
- Evaluate customer deployment capacity, energy, financing, manufacturing, product timing, software support, and export rules as concrete execution factors.
- Use dated, synchronized market data and comparable estimates before deciding what the stocks’ valuations imply.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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