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Short answer: NVIDIA is far larger and more profitable on the reported annual figures, while AMD is growing from a much smaller base and recently posted a higher quarterly gross margin than its FY2025 annual margin. NVIDIA reported $215.9 billion of fiscal 2026 revenue and a 71.1% GAAP gross margin; AMD reported $34.6 billion of fiscal 2025 revenue and a 50% margin. NVIDIA also disclosed two direct customers at 22% and 14% of annual revenue. AMD said no individual customer reached 10% of consolidated revenue in fiscal 2025 or 2024. These are operating disclosures, not a verdict on which stock is cheaper or will deliver better returns.
What the reported numbers actually compare
The latest annual periods in the cited filings are not aligned fiscal years. NVIDIA’s fiscal 2026 ended January 25, 2026, while AMD’s fiscal 2025 ended December 27, 2025. AMD also reported a more recent quarter, Q2 fiscal 2026, ended June 27, 2026. NVIDIA’s subsequent fiscal 2027 quarterly results are not included here, so a current-quarter comparison would not be matched.
NVIDIA’s fiscal 2026 figures come from its annual report filed with the SEC on May 12, 2026 (NVIDIA FY2026 Form 10-K). AMD’s annual figures come from its fiscal 2025 Form 10-K, and its newer quarter from its Q2 fiscal 2026 Form 10-Q (AMD FY2025 filing; AMD Q2 FY2026 filing).
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →| Measure | NVIDIA FY2026 (year ended Jan. 25, 2026) | AMD FY2025 (year ended Dec. 27, 2025) | AMD Q2 FY2026 (quarter ended June 27, 2026) |
|---|---|---|---|
| Total revenue | $215.9 billion | $34.6 billion | $11.5 billion |
| Year-over-year revenue growth | 65% | 34% | 50% |
| GAAP gross margin | 71.1% | 50% | 54% |
| Operating income | $130.4 billion | Not stated in the cited figures | Not stated in the cited figures |
On these different annual periods, NVIDIA generated about 6.2 times AMD’s revenue ($215.9 billion divided by $34.6 billion) and a gross margin 21.1 percentage points higher. Those ratios describe the reported periods only; they are not forecasts and should not be read as valuation multiples.
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Revenue scale and where it comes from
NVIDIA: an overwhelmingly data-center-led business
NVIDIA’s fiscal 2026 revenue rose 65% year over year to $215.9 billion. Data Center contributed $193.7 billion, up 68%, which is approximately 90% of company revenue when calculated from the reported figures. Gaming generated $16.0 billion, Professional Visualization $3.2 billion, and Automotive $2.3 billion. The platform amounts sum to the reported total subject to rounding.
The annual filing attributes the expansion primarily to the Compute & Networking business and strong demand for Blackwell systems, including the transition toward full-scale data-center solutions. NVIDIA CEO 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.” This is management’s characterization, not an independently verified market forecast (NVIDIA FY2026 earnings release).
AMD: a more diversified mix, with Data Center accelerating
AMD’s fiscal 2025 revenue was $34.6 billion, up 34%. Data Center revenue reached $16.6 billion, up 32%, supported by EPYC processors and Instinct MI350 Series GPUs. Data Center therefore represented roughly 48% of AMD’s annual revenue based on the two reported numbers. Client and Gaming revenue was $14.6 billion, up 51%, while Embedded revenue was $3.5 billion, down 3%.
AMD’s Q2 fiscal 2026 quarter shows a faster recent trajectory than the annual comparison: revenue was $11.5 billion, up 50% year over year, and Data Center revenue was $6.7 billion, up 107%. Data Center represented approximately 58% of that quarter’s revenue. Because the quarter ended June 27, 2026 and NVIDIA’s annual period ended January 25, 2026, these growth rates should not be presented as a matched-quarter contest.
| Business area | NVIDIA FY2026 | AMD FY2025 | AMD Q2 FY2026 |
|---|---|---|---|
| Data Center revenue | $193.7 billion; up 68% year over year | $16.6 billion; up 32% | $6.7 billion; up 107% |
| Gaming or Client and Gaming | Gaming: $16.0 billion | Client and Gaming: $14.6 billion; up 51% | Not stated in the cited summary |
| Professional Visualization | $3.2 billion | Included in AMD’s reported segment presentation, not separately stated here | Not stated |
| Automotive | $2.3 billion | Included in AMD’s reported segment presentation, not separately stated here | Not stated |
| Embedded | Not separately stated in the cited NVIDIA figures | $3.5 billion; down 3% | Not stated in the cited summary |
Growth: scale versus rate
NVIDIA combines a much larger revenue base with a 65% annual growth rate. Maintaining that rate on $215.9 billion adds substantially more dollars than a similar percentage applied to AMD’s $34.6 billion. The trade-off is that NVIDIA’s comparisons are increasingly dependent on very large data-center deployments and product-cycle execution.
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AMD’s 34% fiscal 2025 growth was lower in percentage terms, but its Q2 fiscal 2026 growth accelerated to 50% overall and 107% in Data Center. That acceleration coincided with a different product and charge environment from the prior-year quarter. It indicates momentum in the reported quarter, not a guaranteed annualized rate.
Both companies describe demand for AI accelerators and associated systems, but their segment labels and fiscal calendars differ. A serious comparison should therefore show the period end, segment definition and whether the figure is annual or quarterly alongside every growth rate.
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Gross margins and what moved them
NVIDIA’s 71.1% FY2026 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’s filing attributes the reduction to the shift from Hopper HGX systems to Blackwell full-scale data-center solutions and a $4.5 billion charge related to H20 excess inventory and purchase obligations. That explanation is management’s filing attribution, not an independent estimate of how much each factor caused the change. The fiscal 2026 filing and its margin discussion are available in the company’s SEC report (NVIDIA fiscal 2026 Form 10-K filing).
Even after the decline, NVIDIA’s reported annual gross margin exceeded AMD’s fiscal 2025 margin by 21.1 percentage points. Gross margin is not operating margin: it measures revenue left after cost of revenue and before operating expenses. NVIDIA separately reported fiscal 2026 operating income of $130.4 billion.
AMD’s 50% FY2025 margin
AMD’s fiscal 2025 gross margin was 50%, up from 49% in fiscal 2024. AMD said product mix helped, partly offset by approximately $440 million in net inventory and related charges connected with U.S. government export controls on MI308 products. The charge means the annual margin includes a specific cost event that may not recur in the same form, although future export controls or inventory effects remain business risks.
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AMD’s 54% Q2 FY2026 margin
AMD reported a 54% gross margin for Q2 fiscal 2026, compared with 40% in the prior-year quarter. The company linked the 14-point improvement in part to the absence of the prior-year MI308-related charge and to favorable product mix, including a higher proportion of Data Center revenue. This is a quarter-over-year comparison, not an annual margin that can be placed directly beside NVIDIA’s FY2026 figure.
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| Margin reading | Reported value | Period and stated context |
|---|---|---|
| NVIDIA GAAP gross margin | 71.1% | FY2026; down from 75.0%, with the company citing Blackwell system mix and a $4.5 billion H20-related charge |
| AMD gross margin | 50% | FY2025; up from 49%, with approximately $440 million of MI308-related inventory and related charges |
| AMD gross margin | 54% | Q2 FY2026; versus 40% in the prior-year quarter, helped by charge absence and Data Center mix |
Customer concentration: the disclosures are not symmetrical
What NVIDIA disclosed
NVIDIA said fiscal 2026 revenue was concentrated among a limited number of direct and indirect customers. Its direct-customer category includes AIBs, distributors, original design manufacturers, original equipment manufacturers, cloud service providers, AI model makers and system integrators.
Two direct customers represented 22% and 14% of total fiscal 2026 revenue, respectively, with sales primarily attributable to Compute & Networking. NVIDIA also stated that some indirect customers individually represent 10% or more of revenue, but the cited disclosure does not identify those customers. The 22% and 14% figures therefore should not be relabeled as the share of revenue from two named hyperscalers or AI companies.
What AMD disclosed
AMD’s fiscal 2025 Form 10-K states that no customer accounted for at least 10% of consolidated net revenue in fiscal 2025 or fiscal 2024. This supports the narrow conclusion that AMD had no individually disclosed customer at or above the 10% threshold in those years.
The statement does not reveal AMD’s largest customer, prove that revenue was evenly distributed, or establish that customer risk is low. A customer representing 9.9% would still be material, and several customers below 10% could collectively represent a large share.
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Why the percentages cannot be treated as an apples-to-apples score
| Question | NVIDIA FY2026 | AMD FY2025 |
|---|---|---|
| Any customer at or above 10%? | Yes: direct customers at 22% and 14%; indirect customers at or above 10% were also mentioned but not identified | No individual customer at or above 10%, according to AMD’s disclosure |
| Are customer names provided? | The cited disclosure does not name the direct customers behind the percentages | No largest-customer identity or percentage was stated in the cited threshold disclosure |
| What customer categories are discussed? | Direct and indirect channels, including cloud providers, AI model makers, distributors, ODMs, OEMs and integrators | Consolidated net revenue threshold; not directly equivalent to NVIDIA’s direct-versus-indirect discussion |
| What can be concluded? | Material disclosed dependence on a small number of direct customers, plus additional indirect concentration risk | No individually disclosed customer reached 10%; the distribution below that threshold is not established |
NVIDIA’s disclosure can look more concentrated partly because it reports named percentage thresholds for direct customers and discusses indirect exposure separately. AMD’s threshold statement is less granular. Different disclosure formats do not demonstrate that one company has no channel or end-customer concentration; they show what each filing measured and chose to report.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.AMD’s OpenAI and Meta GPU agreements: commitments are not current 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 also says associated warrant tranches were not vested or exercisable as of June 27, 2026 (AMD Q2 FY2026 Form 10-Q).
These arrangements are evidence of strategic customer relationships and intended, potentially multi-year deployments. They are not recognized revenue, do not establish that either customer represented a particular percentage of AMD’s current sales, and should not be added to fiscal 2025 revenue or Q2 revenue as backlog without a disclosed accounting measure.
What the comparison means for an investor
If you are assessing operating scale
NVIDIA has the clear reported scale advantage: $215.9 billion of FY2026 revenue versus AMD’s $34.6 billion of FY2025 revenue, with NVIDIA’s Data Center business alone at $193.7 billion. AMD’s Data Center revenue of $16.6 billion annually and $6.7 billion in Q2 FY2026 shows meaningful growth but remains much smaller in absolute dollars.
If you are assessing profitability
NVIDIA’s 71.1% annual GAAP gross margin is materially above AMD’s 50% FY2025 margin. AMD’s 54% Q2 FY2026 margin narrows the gap to 17.1 percentage points for that specific quarter, but the periods and product mix differ. NVIDIA’s margin fell during a transition to Blackwell systems and after the H20-related charge; AMD’s annual margin included MI308-related charges, while its latest quarter benefited from their absence. Normalized, forward-looking margins cannot be derived from these disclosures alone.
If you are assessing concentration risk
NVIDIA provides stronger evidence of direct-customer concentration, with customers at 22% and 14% of annual revenue, and warns that some indirect customers also reach the 10% level. AMD provides evidence only that no individual customer crossed 10% in fiscal 2025 or 2024. The disclosures justify different risk questions: NVIDIA investors should monitor large-account and channel dependence; AMD investors need more detail than the threshold statement supplies before concluding that exposure is broadly diversified.
If you are deciding whether one stock is attractive
Revenue, growth and gross margin do not establish whether either stock is cheap or expensive. A stock decision also requires the current share price, valuation measure, earnings expectations, capital needs, competitive position, supply constraints, export-control exposure and the investor’s time horizon and risk tolerance. None of those can be inferred from the reported comparison alone.
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A disciplined way to update this comparison
- Align the periods. Record each fiscal quarter’s end date and compare NVIDIA and AMD quarters ending close together rather than combining an annual NVIDIA figure with a quarterly AMD figure.
- Use the same accounting basis. Keep GAAP gross margin separate from adjusted or non-GAAP measures, and identify one-time inventory, purchase-obligation or export-control charges.
- Separate company-wide and segment data. Compare total revenue with total revenue, then Data Center with Data Center. Do not treat NVIDIA’s platform presentation and AMD’s segment presentation as identical classifications.
- Read customer definitions. Note whether a percentage refers to direct customers, indirect customers, end customers, consolidated revenue or a reporting threshold. Preserve “not identified” when a filing does not name the customer.
- Check commitments against recognition. Keep announced deployment intentions, warrants and strategic agreements separate from revenue recognized under accounting rules.
- Add valuation only after the operating comparison. To answer “which stock is better,” add a dated share price, a specified valuation method and explicit assumptions about growth, margins and risk.
Key takeaways
- NVIDIA’s FY2026 revenue was $215.9 billion, up 65%, with a 71.1% GAAP gross margin and $130.4 billion of operating income.
- AMD’s FY2025 revenue was $34.6 billion, up 34%, with a 50% gross margin; Q2 FY2026 revenue was $11.5 billion, up 50%, with a 54% margin.
- NVIDIA’s $193.7 billion Data Center business was approximately 90% of FY2026 revenue; AMD’s Data Center was $16.6 billion, approximately 48% of FY2025 revenue, and $6.7 billion in Q2 FY2026.
- NVIDIA disclosed two direct customers at 22% and 14% of FY2026 revenue and additional unnamed indirect customers at or above 10%.
- AMD said no individual customer reached 10% of consolidated revenue in fiscal 2025 or 2024; that does not prove evenly distributed sales.
- The figures describe different periods and disclosure frameworks. They are useful for understanding scale, growth, margins and concentration, but they do not by themselves predict stock returns or identify the better investment.
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