Compare Nvidia and AMD on aligned financial periods, business mix, profitability, growth drivers, risks and valuation—not on GPU products or revenue growth alone. The reported figures show Nvidia at a much larger scale, while AMD’s revenue is spread across a broader set of businesses. But the available results cover different periods, and operating performance by itself does not establish which stock is the better investment.
What the reported results show—and what they do not
The latest full-year figures cited here are not from the same fiscal year: NVIDIA reported FY2026 results, while AMD reported FY2025. Read the comparison as a snapshot of reported scale, not as a same-period contest.
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| Measure | NVIDIA | AMD |
|---|---|---|
| Full-year 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). |
| 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). |
| Other reported revenue segments | Not stated in the cited results for this comparison. | 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 and 56% non-GAAP gross margin in Q2 FY2026 (AMD, 2026). |
The gross-margin figures are not a like-for-like comparison: they cover different periods, and AMD’s two figures use different accounting bases. Use GAAP as the starting point when comparing companies, then compare non-GAAP measures only after checking each company’s reconciliation and what it excludes.
The figures establish that Nvidia is much larger by the cited revenue totals and that its Data Center business dominates its current reported scale. They do not establish relative market share, future growth, or an attractive stock price. AMD’s FY2025 reporting also combined Client and Gaming into one reportable segment and retrospectively adjusted prior periods, so use care when comparing its segment history across years.
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Compare growth on aligned periods and by segment
Start with year-over-year revenue growth, but check the underlying period and what is driving it. A full-year growth rate and a single-quarter growth rate answer different questions; neither should be used as a substitute for the other.
AMD’s Q2 FY2026 results provide a more recent quarterly datapoint than its FY2025 annual figures: revenue was $11.536 billion, up 50% year over year, and Data Center revenue was $6.718 billion, up 107% year over year (AMD, 2026). AMD’s presentation attributed Data Center growth to strong EPYC processor demand and the continued Instinct GPU ramp. Those are management’s explanations of reported performance, not independent forecasts.
NVIDIA’s FY2026 results reported $193.7 billion in Data Center revenue, up 68% year over year (NVIDIA, 2026). Its FY2026 Q1 FY2027 revenue outlook was $78.0 billion, plus or minus 2%, and assumed no Data Center compute revenue from China. That is management guidance, not a realized result or a guarantee. Do not compare the outlook directly with another company’s reported revenue without matching the periods and distinguishing estimates from actuals.
For a fuller comparison, review several aligned annual periods and subsequent quarters. Ask whether growth comes from increased deployments, new products, pricing, acquisitions, or changes in customer purchasing patterns; the cited figures alone do not answer all of those questions.
Understand each company’s business mix
Nvidia: a large Data Center exposure
NVIDIA’s FY2026 Data Center revenue of $193.7 billion makes its exposure to accelerated computing and AI demand central to any investment analysis. That concentration can magnify the benefit if customers continue building and buying, but it also makes customer investment plans, infrastructure constraints and demand timing especially important to monitor.
NVIDIA CEO Jensen Huang described demand as follows in the company’s February 25, 2026 FY2026 results release: “Computing demand is growing exponentially — the agentic AI inflection point has arrived.” Treat this as management’s characterization, not as an independently verified forecast.
AMD: Data Center plus Client, Gaming and Embedded
AMD’s FY2025 revenue included $16.635 billion from Data Center, $14.550 billion from Client and Gaming, and $3.454 billion from Embedded (AMD, 2026). That mix gives the investment case more than one reported revenue stream to assess. It also means that a single Data Center growth figure does not describe the company’s entire operating performance.
Examine the segments separately: compare their growth, profitability where reported, and the business conditions management identifies as important. For the Client and Gaming category, account for the FY2025 reporting change when using earlier segment data.
Assess profitability without mixing accounting bases
Gross margin is a useful first check on how much revenue remains after cost of sales, but it is not a complete measure of investment quality. Review operating income and operating margin, research and development spending, cash generation, and capital needs alongside it. The cited results do not provide aligned operating-margin figures, so they cannot support a complete profitability ranking.
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Keep GAAP and non-GAAP results distinct. GAAP is the consistent baseline; non-GAAP measures may exclude expenses such as stock-based compensation or other items, depending on the company’s definition. When using a non-GAAP figure, check the company’s reconciliation rather than assuming the adjustment makes the businesses directly comparable.
Compare the competitive position and execution
GPU performance is only one part of competition. A company’s position can also depend on software support, compatibility, system integration, product availability, customer adoption and the pace of product launches. AMD’s FY2026 Q2 filing identifies Nvidia’s financial resources and proprietary software ecosystem as competitive pressures. That is AMD’s risk disclosure, not an independent market-share measurement or proof of a particular market outcome.
Execution matters because demand has to translate into products shipped, customer deployments and financial results. Consider whether each company can deliver its product roadmap, secure manufacturing and supply, support customers’ systems, and maintain adoption as products change. The cited filings identify these as risks; they do not establish that either company will execute better in the future.
Account for customer, infrastructure and regulatory risks
Both companies’ growth depends in part on factors outside their direct control. NVIDIA identifies customer data-center buildout capacity, energy availability and customer financing as relevant constraints, as well as product-transition and adoption delays and changing export controls. These factors can affect how quickly planned demand becomes sales.
AMD identifies competition, product compatibility and software support, third-party manufacturing and supply, export controls and tariffs, and uncertainty about infrastructure capacity and AI demand among its risks. These are company-disclosed risks, not predictions that a particular disruption will occur.
One historical example illustrates how export rules can affect results: 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. This is a reported event from that filing, not a statement of NVIDIA’s current exposure.
Separate company quality from stock valuation
Revenue growth, scale and margins describe business performance; they do not tell you whether a share price offers an attractive expected return. A valuation comparison needs synchronized share prices and share counts, a clearly dated market capitalization, and comparable financial estimates. It also needs a stated method, such as comparing price-to-earnings or enterprise value to operating income or cash flow, with the same period and definitions applied to both companies.
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No current multiples or comparable forward estimates are established by the reported figures above. Without those inputs, a claim that Nvidia or AMD is cheaper—or offers the better return—would go beyond what the operating results show. Even with multiples, an investor must judge whether expected growth, margins and risks justify the price.
Quick Recap
A practical comparison checklist
- Align the periods. Match fiscal years or quarters where possible. Label any unavoidable mismatch, as with NVIDIA FY2026 and AMD FY2025 full-year results.
- Separate reported results from outlook. Record actual revenue and growth separately from management guidance, and note the period and assumptions attached to each forecast.
- Break out business mix. Compare Data Center performance with each company’s other reported businesses rather than treating all revenue as equivalent.
- Use consistent accounting measures. Begin with GAAP margins and earnings; use non-GAAP comparisons only after reviewing each company’s adjustments.
- Test the growth drivers. Track customer deployments, product transitions, supply and manufacturing, software support, and infrastructure availability.
- Review company-specific and shared risks. Include competition, customer funding and buildout, energy and supply constraints, and export rules.
- Value the shares using dated, comparable inputs. Use synchronized market data, comparable estimates and an explicit valuation method before drawing a price-based conclusion.
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