Nvidia vs. AMD: One AI Boom, Two Income Statements
Nvidia's fiscal 2026 and AMD's fiscal 2025 income statements, drawn to scale as Sankey charts and read side by side the day before Nvidia's next report.
Nvidia reports second-quarter results tomorrow, August 26, per its investor relations calendar. AMD already had its turn. Its August 4 release showed data center revenue more than doubling from a year earlier, and chief executive Lisa Su told investors the company would enter the second half with EPYC demand accelerating and Instinct deployments scaling. Between those two events sits a useful pause, a chance to look at what each rival's most recent full fiscal year actually looks like, built from the numbers each company filed with the SEC.
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NVIDIA Corporation (NVDA), Fiscal 2026
NVIDIA Corporation's FY2026 revenue was $216B, up 65% year over year; gross margin 71%; operating margin 60%; net income $120B (56% margin).
The chart above barely branches. Money comes in on the left and most of it simply survives the trip, with 71 cents of every revenue dollar reaching gross profit, an operating margin of 60%, and $120 billion of net income kept from $216 billion of revenue. Data center alone contributed $193.7 billion of that top line, up 68% for the year per the press release, with gaming a distant second at $16.0 billion. No other company at this scale keeps margins in that range.
Jensen Huang called Grace Blackwell with NVLink "the king of inference today" in the fourth-quarter release, and the quarters since have only steepened the slope. First-quarter revenue reached $81.6 billion, up 85% from a year earlier according to the first-quarter release, and guidance calls for roughly $91.0 billion in the quarter Nvidia reports tomorrow. China is the asterisk. That outlook excludes all anticipated data center compute revenue from the country while export rules stay unsettled, so any China sales that do clear would arrive as pure upside to a number the market already struggles to absorb.
Open the interactive NVDA chart →
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ADVANCED MICRO DEVICES INC (AMD), Fiscal 2025
ADVANCED MICRO DEVICES INC's FY2025 revenue was $34.6B, up 34% year over year; gross margin 50%; operating margin 11%; net income $4.3B (13% margin).
AMD's chart tells a different story. Half of each revenue dollar survives to gross profit, and the operating margin, at 11%, runs at roughly a sixth of Nvidia's, because AMD still sells Ryzen processors for PCs and semi-custom chips for game consoles alongside the Instinct accelerators drawing all the attention. Its data center segment brought in $16.6 billion for the year, up 32% per the earnings release, and did so while absorbing roughly $440 million in inventory charges tied to export controls on the MI308 chips AMD had designed for China.
"2025 was a defining year for AMD," Lisa Su said when the fourth-quarter numbers came out, and 2026 has treated the claim kindly so far. Second-quarter revenue reached $11.5 billion, up 50% from a year earlier, the company said, with data center revenue more than doubling to $6.7 billion, and guidance calls for about $13 billion next quarter. The order book explains the confidence. OpenAI agreed in October to deploy 6 gigawatts of Instinct GPUs and took a warrant for up to 160 million AMD shares in the bargain, and Meta signed an expanded 6-gigawatt partnership of its own in February, both announced through AMD's investor relations page.
Open the interactive AMD chart →
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Read together, the two charts describe different machines built for the same gold rush. Nvidia's income statement is what selling the scarce input of a boom looks like while the scarcity holds, with net income alone running at more than three times AMD's entire revenue base. AMD's is a diversified chipmaker mid-pivot, still hauling PC and console silicon while its data center segment grows fast enough to bend the whole picture. The gap is enormous. It is also now the subject of signed contracts rather than aspiration, and 6 gigawatts of committed OpenAI capacity is the clearest sign yet that the customers funding Nvidia's chart would like the next one drawn a little differently.
_Every chart on this page is generated live by Sankify from the company's own SEC filings. Nothing here is illustrative or mocked up._
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