Compare · AMD and NVDA
AMD vs. Nvidia
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Both design chips and leave manufacturing to outside foundries. Nvidia sells GPUs, networking gear, complete systems and software; AMD sells server and PC processors as well as GPUs, plus chips for game consoles and embedded uses. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Nvidia's fiscal year ends on January 25 and AMD's on December 27, so the two years overlap by eleven months. Why fiscal years differ.
Comparing AMD fiscal 2025 (ended Dec 27, 2025) with Nvidia fiscal 2026 (ended Jan 25, 2026)
AMDNvidia
Each pair of bars shows both companies on one scale. Their fiscal years end on different dates, so the periods overlap but aren't identical.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| AMD (FY2024 to FY2025) | $25.8B | $34.6B | +34.3% |
| Nvidia (FY2025 to FY2026) | $130.5B | $215.9B | +65.5% |
AMD reports net revenue: sales of processors, graphics chips, adaptive chips and related products. Nvidia reports revenue: total revenue.
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| AMD FY2025 | $34.6B | $3.7B | 10.7% | $4.3B | 12.5% |
| Nvidia FY2026 | $215.9B | $130.4B | 60.4% | $120.1B | 55.6% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| AMD FY2025 | $7.7B | $974M | $6.7B | $1.3B | – |
| Nvidia FY2026 | $102.7B | $6.0B | $96.7B | $40.1B | $974M |
Capital spending is property and equipment for AMD, and property and equipment and intangible assets for Nvidia, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. A dash means the company's filing data has no figure for that line. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
AMD
AMD reports three segments. Data Center covers EPYC server processors, Instinct GPUs used for AI, and related networking and adaptive chips. Client and Gaming covers Ryzen PC processors, Radeon graphics cards and the custom chips inside game consoles. Embedded covers chips for industrial, auto, communications and other equipment, largely from its Xilinx purchase.
AMD doesn't own fabs. Its fiscal year ends on the last Saturday of December.
Nvidia
Nvidia designs graphics processing units (GPUs), networking gear, complete systems and software; outside manufacturers build the chips. Customers include cloud providers, consumer internet companies, enterprises, PC makers and carmakers.
Its annual report describes five market platforms: Data Center, Gaming, Professional Visualization, Automotive, and OEM and Other. In its fiscal 2027 quarterly reports it groups revenue into Data Center and Edge Computing instead.
Its fiscal year ends on the last Sunday in January, so FY2026 means the twelve months to Jan 25, 2026.
Main risks each one lists
AMD
- It faces strong rivals in every market, including Intel and Nvidia, and customers that design their own chips.
- Late or uncompetitive products, or poor manufacturing yields, could cost it sales.
- It depends on outside foundries, especially TSMC, and on other suppliers for materials and assembly.
- The chip industry is cyclical, and losing a large customer, such as a console maker, would hurt.
- US export rules and tariffs can restrict sales, especially to China.
Nvidia
- It has to anticipate what customers will need years ahead and keep shipping competitive products; missing a shift could cost it share.
- Rivals, including some of its own customers designing their own chips, could take business.
- It commits to supply and capacity long before products ship, so misjudging demand can lead to shortages, excess inventory or write-downs.
- It depends on outside foundries, memory makers and assemblers, mostly in Asia, and on their capacity.
- A limited number of customers and partners account for a large share of revenue.
How they differ
- Size. Nvidia reported $215.9B of revenue for fiscal 2026, and AMD $34.6B for fiscal 2025.
- Growth. AMD's revenue grew 34.3% in its latest year and Nvidia's 65.5%.
- Margins. Nvidia kept 55.6% of revenue as net income and AMD 12.5%.
- Fiscal calendar. Nvidia's year ends in January, AMD's in December, so news in one company's latest 10-K can be up to one month newer than in the other's.
- Product range. AMD sells processors (EPYC for servers, Ryzen for PCs) as well as Instinct and Radeon GPUs. Nvidia's products are GPUs, networking gear, systems and software.
- Customers. Nvidia lists that a limited number of customers and partners account for a large share of its revenue, and that some customers design their own chips. AMD lists strong rivals in every market, including Nvidia and Intel.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- AMD Form 10-K for fiscal 2025, filed Feb 4, 2026
- Nvidia Form 10-K for fiscal 2026, filed Feb 25, 2026
AMD company file → · Nvidia company file →
Common questions
Which is bigger by revenue, Nvidia or AMD?
Nvidia reported $215.9B of revenue for fiscal 2026 and AMD $34.6B for fiscal 2025. Their fiscal years end on different dates.
Do AMD and Nvidia make their own chips?
No. Both design chips and rely on outside manufacturers to make them; AMD names TSMC as a key foundry.
How do their profit margins compare?
In the latest fiscal year Nvidia's net margin was 55.6% and AMD's was 12.5%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.