GamingNarrow moat

Nvidia (NVDA) — moat facet

The business that built Nvidia still grew 41% last year, and now competes with the data center for the same memory chips.

Gaming is where Nvidia started and what paid for everything else. It brought in $16,042 million in fiscal 2026, up 41%1, which made it 7.4% of the company2. In fiscal 2015 it was $2,058 million and the largest line Nvidia had3.

Graphics segment operating margin (%)53.5%FY2238.2%FY2343.2%FY2435.5%FY2540.8%FY26NVIDIA Forms 10-K FY2024-FY2026; GeForce and workstation GPUs
The gaming segment earns 35-54 cents on the dollar, rich for consumer hardware, and it swings with the channel.

What is inside it is GeForce: RTX graphics cards for desktop PCs, the GPUs in gaming laptops, the GeForce NOW cloud-gaming service, and chips and development services for game consoles4. Nvidia dates the GPU to its own invention in 19995, and the gaming business carried the company through the years when the data center was a rounding error; its GeForce Experience software had been downloaded by more than 70 million users by fiscal 20166. The same silicon runs AI models on a desk, which is why the annual report now sells RTX cards partly on their tensor cores for on-device AI7; the Blackwell GeForce RTX 50 Series, announced in fiscal 2025, carries the data-center architecture into gaming PCs8.

Nvidia is paid when a card is sold into the channel, not when a gamer buys it. GeForce revenue reaches consumers through add-in-board partners, laptop makers and distributors9, so the reported number tracks what distributors take in as well as what players want. That matters in a downturn. In fiscal 2023 Gaming fell 27%, which Nvidia attributed to lower sell-in to partners to help reduce channel inventory as macroeconomic conditions and COVID-19 disruptions in China weighed on demand10. The fall followed a year of crypto-mining demand; in fiscal 2022 Nvidia sold $550 million of dedicated mining processors, reported in OEM and Other, precisely to steer miners away from gaming cards11.

It is profitable, though not like the data center. Nvidia puts GeForce and its workstation GPUs in the Graphics segment, which earned $9,156 million on $22,459 million of revenue in fiscal 2026, about 41 cents on the dollar, and 35.5% the year before1213. The margin moves with the channel: the segment earned $8,492 million on $15,868 million in fiscal 2022, a 53.5% margin1415, and 38.2% the following year as partners worked off the stock16. Graphics also carries costs the data-center segment does not: a consumer channel, frequent launches and inventory that can pile up.

Growth has been fast and uneven. The line went from $2,058 million in fiscal 201517 to $2,818 million, $4,060 million and $5,513 million18, then $6,246 million and $5,518 million19, then $7,759 million, $12,462 million and $9,067 million20, and $10,447 million, $11,350 million and $16,042 million21. That is about 20% a year compounded22, with two down years: fiscal 2020, down 12% on lower desktop and console sales23, and the channel correction of fiscal 2023. The best year was fiscal 2022, up 61% on higher sales of GeForce GPUs24, in a year when Nvidia was also selling dedicated mining chips to keep miners off gaming cards. Quarter by quarter, fiscal 2026 ran $3,763 million, $4,287 million and $4,265 million25 before the fourth quarter. In the third quarter of fiscal 2026 Gaming grew 30% but fell 1% sequentially as channel inventories normalised26, and the fourth quarter came to $3,727 million, about 47% more than a year earlier27. Nvidia warned in its annual report that supply constraints would be a headwind to Gaming in the first quarter of fiscal 2027 and beyond28.

From fiscal 2027 the line is no longer reported on its own; it sits in Edge Computing with workstations, robotics and cars. Edge Computing grew 29% in the first quarter29 and 27% in the second, when strong Blackwell workstation sales were partly offset by slower consumer PC sales, tempered by elevated memory and systems prices30. The memory Nvidia is buying for data-center racks is the same memory that makes a gaming PC dearer.

Against AMD, the other maker of discrete GPUs, the position is secure. AMD's gaming revenue, which includes the chips in consoles, was $3,910 million in 202531, about a quarter of Nvidia's Gaming line. The rival that matters more is the price of a PC.

What would change the verdict is Edge Computing's growth falling well below the 27% of the latest quarter while data-center revenue keeps rising32: that would mean memory costs are pricing gamers out, and the line that built the company would become the one that pays for its supply shortages.

Moat trajectory: Holding steady

Gaming grew 41% in fiscal 2026 on Blackwell, but Nvidia warned of supply constraints from the first quarter of fiscal 2027 and Edge Computing's growth slowed from 29% to 27% as memory prices tempered consumer PC sales. The franchise holds; its growth now depends on parts the data center is also buying.

The number that tests this moat
Reported
Edge Computing growth, latest quarter
+27% in Q2 FY2027 ($7.2B), from +29% in Q1

Gaming now reports inside Edge Computing, whose growth the latest quarter tied to Blackwell workstations offset by consumer PCs slowed by memory prices. Growth falling well below this while data-center revenue rises would mean memory costs are pricing gamers out.

Source: NVIDIA Q1 and Q2 FY2027 CFO commentaries ↗
References
  1. ReportedIt brought in $16,042 million in fiscal 2026, up 41%, which made it 7.4% of the company.
    NVIDIA Form 10-K, FY2026 - revenue by end market: Data Center $193,737M (compute $162,361M, networking $31,376M), Gaming $16,042M, Professional Visualization $3,191M, Automotive $2,349M, OEM and Other $619M, total $215,938M, with FY2025 ($115,186M; $11,350M; $1,878M; $1,694M; $389M) and FY2024 ($47,525M; $10,447M; $1,553M; $1,091M; $306M); segment operating income Compute & Networking $130,141M on $193,479M and Graphics $9,156M on $22,459M (FY2025 $82,875M on $116,193M and $5,085M on $14,304M); segment definitions; FY2026 growth by market; supply constraints expected to be a headwind to Gaming; the H20 charge; history (GPU 1999, CUDA 2006, AlexNet 2012, Grace 2023); gaming, workstation and DGX Spark product descriptions — FY2024-FY2026 · publ. Filed Feb 2026 · source ↗
  2. Moat Explorer calcIt brought in $16,042 million in fiscal 2026, up 41%, which made it 7.4% of the company.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  3. ReportedIn fiscal 2015 it was $2,058 million and the largest line Nvidia had.
    NVIDIA Form 10-K, FY2016 - revenue by specialized markets FY2014-FY2016 (FY2015: Gaming $2,058M, Professional Visualization $795M, Datacenter $317M, Automotive $183M, OEM & IP $1,329M, total $4,682M); Tesla for AI and big-data researchers; an end-to-end self-driving solution of DRIVE PX and DIGITS; Professional Visualization served by working closely with independent software vendors; products in more than 10 million cars; GeForce Experience downloaded by more than 70 million users; Intel's 2011 patent cross-licence paying $1.50 billion over six years, final $200 million received January 2016, recognised through Q1 FY2018 — FY2014-FY2016 · publ. Filed Mar 2016 · source ↗
  4. ReportedWhat is inside it is GeForce: RTX graphics cards for desktop PCs, the GPUs in gaming laptops, the GeForce NOW cloud-gaming service, and chips and development services for game consoles.
    NVIDIA Form 10-K, FY2026 - revenue by end market: Data Center $193,737M (compute $162,361M, networking $31,376M), Gaming $16,042M, Professional Visualization $3,191M, Automotive $2,349M, OEM and Other $619M, total $215,938M, with FY2025 ($115,186M; $11,350M; $1,878M; $1,694M; $389M) and FY2024 ($47,525M; $10,447M; $1,553M; $1,091M; $306M); segment operating income Compute & Networking $130,141M on $193,479M and Graphics $9,156M on $22,459M (FY2025 $82,875M on $116,193M and $5,085M on $14,304M); segment definitions; FY2026 growth by market; supply constraints expected to be a headwind to Gaming; the H20 charge; history (GPU 1999, CUDA 2006, AlexNet 2012, Grace 2023); gaming, workstation and DGX Spark product descriptions — FY2024-FY2026 · publ. Filed Feb 2026 · source ↗
  5. ReportedNvidia dates the GPU to its own invention in 1999, and the gaming business carried the company through the years when the data center was a rounding error; its GeForce Experience software had been downloaded by more than 70 million users by fiscal 2016.
    NVIDIA Form 10-K, FY2026 - revenue by end market: Data Center $193,737M (compute $162,361M, networking $31,376M), Gaming $16,042M, Professional Visualization $3,191M, Automotive $2,349M, OEM and Other $619M, total $215,938M, with FY2025 ($115,186M; $11,350M; $1,878M; $1,694M; $389M) and FY2024 ($47,525M; $10,447M; $1,553M; $1,091M; $306M); segment operating income Compute & Networking $130,141M on $193,479M and Graphics $9,156M on $22,459M (FY2025 $82,875M on $116,193M and $5,085M on $14,304M); segment definitions; FY2026 growth by market; supply constraints expected to be a headwind to Gaming; the H20 charge; history (GPU 1999, CUDA 2006, AlexNet 2012, Grace 2023); gaming, workstation and DGX Spark product descriptions — FY2024-FY2026 · publ. Filed Feb 2026 · source ↗
  6. ReportedNvidia dates the GPU to its own invention in 1999, and the gaming business carried the company through the years when the data center was a rounding error; its GeForce Experience software had been downloaded by more than 70 million users by fiscal 2016.
    NVIDIA Form 10-K, FY2016 - revenue by specialized markets FY2014-FY2016 (FY2015: Gaming $2,058M, Professional Visualization $795M, Datacenter $317M, Automotive $183M, OEM & IP $1,329M, total $4,682M); Tesla for AI and big-data researchers; an end-to-end self-driving solution of DRIVE PX and DIGITS; Professional Visualization served by working closely with independent software vendors; products in more than 10 million cars; GeForce Experience downloaded by more than 70 million users; Intel's 2011 patent cross-licence paying $1.50 billion over six years, final $200 million received January 2016, recognised through Q1 FY2018 — FY2014-FY2016 · publ. Filed Mar 2016 · source ↗
  7. ReportedThe same silicon runs AI models on a desk, which is why the annual report now sells RTX cards partly on their tensor cores for on-device AI; the Blackwell GeForce RTX 50 Series, announced in fiscal 2025, carries the data-center architecture into gaming PCs.
    NVIDIA Form 10-K, FY2026 - revenue by end market: Data Center $193,737M (compute $162,361M, networking $31,376M), Gaming $16,042M, Professional Visualization $3,191M, Automotive $2,349M, OEM and Other $619M, total $215,938M, with FY2025 ($115,186M; $11,350M; $1,878M; $1,694M; $389M) and FY2024 ($47,525M; $10,447M; $1,553M; $1,091M; $306M); segment operating income Compute & Networking $130,141M on $193,479M and Graphics $9,156M on $22,459M (FY2025 $82,875M on $116,193M and $5,085M on $14,304M); segment definitions; FY2026 growth by market; supply constraints expected to be a headwind to Gaming; the H20 charge; history (GPU 1999, CUDA 2006, AlexNet 2012, Grace 2023); gaming, workstation and DGX Spark product descriptions — FY2024-FY2026 · publ. Filed Feb 2026 · source ↗
  8. ReportedThe same silicon runs AI models on a desk, which is why the annual report now sells RTX cards partly on their tensor cores for on-device AI; the Blackwell GeForce RTX 50 Series, announced in fiscal 2025, carries the data-center architecture into gaming PCs.
    NVIDIA Form 10-K, FY2026 - revenue by end market: Data Center $193,737M (compute $162,361M, networking $31,376M), Gaming $16,042M, Professional Visualization $3,191M, Automotive $2,349M, OEM and Other $619M, total $215,938M, with FY2025 ($115,186M; $11,350M; $1,878M; $1,694M; $389M) and FY2024 ($47,525M; $10,447M; $1,553M; $1,091M; $306M); segment operating income Compute & Networking $130,141M on $193,479M and Graphics $9,156M on $22,459M (FY2025 $82,875M on $116,193M and $5,085M on $14,304M); segment definitions; FY2026 growth by market; supply constraints expected to be a headwind to Gaming; the H20 charge; history (GPU 1999, CUDA 2006, AlexNet 2012, Grace 2023); gaming, workstation and DGX Spark product descriptions — FY2024-FY2026 · publ. Filed Feb 2026 · source ↗
  9. ReportedGeForce revenue reaches consumers through add-in-board partners, laptop makers and distributors, so the reported number tracks what distributors take in as well as what players want.
    NVIDIA Form 10-Q, Q1 FY2027 - direct customers (AIBs, distributors, ODMs, OEMs, CSPs, AI model makers and system integrators) and indirect customers who purchase through them — Q1 FY2027 · publ. May 2026 · source ↗
  10. ReportedIn fiscal 2023 Gaming fell 27%, which Nvidia attributed to lower sell-in to partners to help reduce channel inventory as macroeconomic conditions and COVID-19 disruptions in China weighed on demand.
    NVIDIA Form 10-K, FY2023 - revenue by specialized markets FY2021-FY2023 (Data Center $6,696M / $10,613M / $15,005M; Gaming $7,759M / $12,462M / $9,067M; Professional Visualization $1,053M / $2,111M / $1,544M; Automotive $536M / $566M / $903M; OEM & Other $631M / $1,162M / $455M) and FY2023 drivers: Gaming and Professional Visualization down 27% on lower sell-in to reduce channel inventory, Automotive up 60%, OEM and Other down 61%; CMP revenue nominal in FY2023 and $550 million in FY2022, provided to address demand from gamers and direct miners to CMP — FY2021-FY2023 · publ. Filed Feb 2023 · source ↗
  11. ReportedThe fall followed a year of crypto-mining demand; in fiscal 2022 Nvidia sold $550 million of dedicated mining processors, reported in OEM and Other, precisely to steer miners away from gaming cards.
    NVIDIA Form 10-K, FY2023 - revenue by specialized markets FY2021-FY2023 (Data Center $6,696M / $10,613M / $15,005M; Gaming $7,759M / $12,462M / $9,067M; Professional Visualization $1,053M / $2,111M / $1,544M; Automotive $536M / $566M / $903M; OEM & Other $631M / $1,162M / $455M) and FY2023 drivers: Gaming and Professional Visualization down 27% on lower sell-in to reduce channel inventory, Automotive up 60%, OEM and Other down 61%; CMP revenue nominal in FY2023 and $550 million in FY2022, provided to address demand from gamers and direct miners to CMP — FY2021-FY2023 · publ. Filed Feb 2023 · source ↗
  12. ReportedNvidia puts GeForce and its workstation GPUs in the Graphics segment, which earned $9,156 million on $22,459 million of revenue in fiscal 2026, about 41 cents on the dollar, and 35.5% the year before.
    NVIDIA Form 10-K, FY2026 - revenue by end market: Data Center $193,737M (compute $162,361M, networking $31,376M), Gaming $16,042M, Professional Visualization $3,191M, Automotive $2,349M, OEM and Other $619M, total $215,938M, with FY2025 ($115,186M; $11,350M; $1,878M; $1,694M; $389M) and FY2024 ($47,525M; $10,447M; $1,553M; $1,091M; $306M); segment operating income Compute & Networking $130,141M on $193,479M and Graphics $9,156M on $22,459M (FY2025 $82,875M on $116,193M and $5,085M on $14,304M); segment definitions; FY2026 growth by market; supply constraints expected to be a headwind to Gaming; the H20 charge; history (GPU 1999, CUDA 2006, AlexNet 2012, Grace 2023); gaming, workstation and DGX Spark product descriptions — FY2024-FY2026 · publ. Filed Feb 2026 · source ↗
  13. Moat Explorer calcNvidia puts GeForce and its workstation GPUs in the Graphics segment, which earned $9,156 million on $22,459 million of revenue in fiscal 2026, about 41 cents on the dollar, and 35.5% the year before.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  14. ReportedThe margin moves with the channel: the segment earned $8,492 million on $15,868 million in fiscal 2022, a 53.5% margin, and 38.2% the following year as partners worked off the stock.
    NVIDIA Form 10-K, FY2024 - segment information FY2022-FY2024: Compute & Networking $11,046M revenue and $4,598M operating income, Graphics $15,868M and $8,492M in FY2022 — FY2022-FY2024 · publ. Filed Feb 2024 · source ↗
  15. Moat Explorer calcThe margin moves with the channel: the segment earned $8,492 million on $15,868 million in fiscal 2022, a 53.5% margin, and 38.2% the following year as partners worked off the stock.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  16. Moat Explorer calcThe margin moves with the channel: the segment earned $8,492 million on $15,868 million in fiscal 2022, a 53.5% margin, and 38.2% the following year as partners worked off the stock.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  17. ReportedThe line went from $2,058 million in fiscal 2015 to $2,818 million, $4,060 million and $5,513 million, then $6,246 million and $5,518 million, then $7,759 million, $12,462 million and $9,067 million, and $10,447 million, $11,350 million and $16,042 million.
    NVIDIA Form 10-K, FY2016 - revenue by specialized markets FY2014-FY2016 (FY2015: Gaming $2,058M, Professional Visualization $795M, Datacenter $317M, Automotive $183M, OEM & IP $1,329M, total $4,682M); Tesla for AI and big-data researchers; an end-to-end self-driving solution of DRIVE PX and DIGITS; Professional Visualization served by working closely with independent software vendors; products in more than 10 million cars; GeForce Experience downloaded by more than 70 million users; Intel's 2011 patent cross-licence paying $1.50 billion over six years, final $200 million received January 2016, recognised through Q1 FY2018 — FY2014-FY2016 · publ. Filed Mar 2016 · source ↗
  18. ReportedThe line went from $2,058 million in fiscal 2015 to $2,818 million, $4,060 million and $5,513 million, then $6,246 million and $5,518 million, then $7,759 million, $12,462 million and $9,067 million, and $10,447 million, $11,350 million and $16,042 million.
    NVIDIA Form 10-K, FY2018 - products include cryptocurrency-specific GPUs; revenue by specialized markets FY2016-FY2018 (Gaming $2,818M / $4,060M / $5,513M; Professional Visualization $750M / $835M / $934M; Datacenter $339M / $830M / $1,932M; Automotive $320M / $487M / $558M; OEM & IP $783M / $698M / $777M) — FY2016-FY2018 · publ. Filed Feb 2018 · source ↗
  19. ReportedThe line went from $2,058 million in fiscal 2015 to $2,818 million, $4,060 million and $5,513 million, then $6,246 million and $5,518 million, then $7,759 million, $12,462 million and $9,067 million, and $10,447 million, $11,350 million and $16,042 million.
    NVIDIA Form 10-K, FY2020 - revenue by specialized markets FY2018-FY2020 (Gaming $5,513M / $6,246M / $5,518M; Professional Visualization $934M / $1,130M / $1,212M; Data Center $1,932M / $2,932M / $2,983M; Automotive $558M / $641M / $700M; OEM & Other $777M / $767M / $505M); Gaming down 12% on lower desktop GPU and gaming-platform SoC sales; Data Center up 2%, vertical industry growth partially offset by lower hyperscale sales; OEM and Other down 34% primarily due to the absence of cryptocurrency-specific product sales; Professional Visualization up 7% on desktop and notebook workstations; Automotive up 9% on AI cockpit solutions and development services agreements — FY2018-FY2020 · publ. Filed Feb 2020 · source ↗
  20. ReportedThe line went from $2,058 million in fiscal 2015 to $2,818 million, $4,060 million and $5,513 million, then $6,246 million and $5,518 million, then $7,759 million, $12,462 million and $9,067 million, and $10,447 million, $11,350 million and $16,042 million.
    NVIDIA Form 10-K, FY2023 - revenue by specialized markets FY2021-FY2023 (Data Center $6,696M / $10,613M / $15,005M; Gaming $7,759M / $12,462M / $9,067M; Professional Visualization $1,053M / $2,111M / $1,544M; Automotive $536M / $566M / $903M; OEM & Other $631M / $1,162M / $455M) and FY2023 drivers: Gaming and Professional Visualization down 27% on lower sell-in to reduce channel inventory, Automotive up 60%, OEM and Other down 61%; CMP revenue nominal in FY2023 and $550 million in FY2022, provided to address demand from gamers and direct miners to CMP — FY2021-FY2023 · publ. Filed Feb 2023 · source ↗
  21. ReportedThe line went from $2,058 million in fiscal 2015 to $2,818 million, $4,060 million and $5,513 million, then $6,246 million and $5,518 million, then $7,759 million, $12,462 million and $9,067 million, and $10,447 million, $11,350 million and $16,042 million.
    NVIDIA Form 10-K, FY2026 - revenue by end market: Data Center $193,737M (compute $162,361M, networking $31,376M), Gaming $16,042M, Professional Visualization $3,191M, Automotive $2,349M, OEM and Other $619M, total $215,938M, with FY2025 ($115,186M; $11,350M; $1,878M; $1,694M; $389M) and FY2024 ($47,525M; $10,447M; $1,553M; $1,091M; $306M); segment operating income Compute & Networking $130,141M on $193,479M and Graphics $9,156M on $22,459M (FY2025 $82,875M on $116,193M and $5,085M on $14,304M); segment definitions; FY2026 growth by market; supply constraints expected to be a headwind to Gaming; the H20 charge; history (GPU 1999, CUDA 2006, AlexNet 2012, Grace 2023); gaming, workstation and DGX Spark product descriptions — FY2024-FY2026 · publ. Filed Feb 2026 · source ↗
  22. Moat Explorer calcThat is about 20% a year compounded, with two down years: fiscal 2020, down 12% on lower desktop and console sales, and the channel correction of fiscal 2023.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  23. ReportedThat is about 20% a year compounded, with two down years: fiscal 2020, down 12% on lower desktop and console sales, and the channel correction of fiscal 2023.
    NVIDIA Form 10-K, FY2020 - revenue by specialized markets FY2018-FY2020 (Gaming $5,513M / $6,246M / $5,518M; Professional Visualization $934M / $1,130M / $1,212M; Data Center $1,932M / $2,932M / $2,983M; Automotive $558M / $641M / $700M; OEM & Other $777M / $767M / $505M); Gaming down 12% on lower desktop GPU and gaming-platform SoC sales; Data Center up 2%, vertical industry growth partially offset by lower hyperscale sales; OEM and Other down 34% primarily due to the absence of cryptocurrency-specific product sales; Professional Visualization up 7% on desktop and notebook workstations; Automotive up 9% on AI cockpit solutions and development services agreements — FY2018-FY2020 · publ. Filed Feb 2020 · source ↗
  24. ReportedThe best year was fiscal 2022, up 61% on higher sales of GeForce GPUs, in a year when Nvidia was also selling dedicated mining chips to keep miners off gaming cards.
    NVIDIA Form 10-K, FY2022 - Gaming up 61% on higher sales of GeForce GPUs; Automotive up 6% on self-driving and AI cockpit solutions offset by a decline in legacy cockpit revenue; Professional Visualization up 100% on the ramp of Ampere architecture products and workstation demand for hybrid work — FY2022 · publ. Filed Mar 2022 · source ↗
  25. ReportedQuarter by quarter, fiscal 2026 ran $3,763 million, $4,287 million and $4,265 million before the fourth quarter.
    NVIDIA Form 10-Q, Q3 FY2026 - quarterly revenue by end market; quarterly revenue by end market incl. Gaming $3,763M / $4,287M / $4,265M, Professional Visualization $509M / $601M / $760M and Automotive $567M / $586M / $592M for the first three quarters of FY2026; Gaming up 30% year on year and down 1% sequentially as channel inventories normalised; Professional Visualization up 56% and 26% sequentially on DGX Spark and Blackwell; Automotive up 32% — Quarter ended 26 October 2025 · publ. Nov 2025 · source ↗
  26. ReportedIn the third quarter of fiscal 2026 Gaming grew 30% but fell 1% sequentially as channel inventories normalised, and the fourth quarter came to $3,727 million, about 47% more than a year earlier.
    NVIDIA Form 10-Q, Q3 FY2026 - quarterly revenue by end market; quarterly revenue by end market incl. Gaming $3,763M / $4,287M / $4,265M, Professional Visualization $509M / $601M / $760M and Automotive $567M / $586M / $592M for the first three quarters of FY2026; Gaming up 30% year on year and down 1% sequentially as channel inventories normalised; Professional Visualization up 56% and 26% sequentially on DGX Spark and Blackwell; Automotive up 32% — Quarter ended 26 October 2025 · publ. Nov 2025 · source ↗
  27. Moat Explorer calcIn the third quarter of fiscal 2026 Gaming grew 30% but fell 1% sequentially as channel inventories normalised, and the fourth quarter came to $3,727 million, about 47% more than a year earlier.
    Moat Explorer calculations from NVIDIA Forms 10-K FY2016-FY2026, Forms 10-Q and CFO commentaries: shares of revenue, compound growth rates FY2015-FY2026, segment margins, fourth-quarter figures (annual less nine months) and unallocated costs (FY2026 operating income $130,387M less segment total $139,297M) — FY2015-Q2 FY2027 · publ. 2026-09-18 · source ↗
  28. ReportedNvidia warned in its annual report that supply constraints would be a headwind to Gaming in the first quarter of fiscal 2027 and beyond.
    NVIDIA Form 10-K, FY2026 - revenue by end market: Data Center $193,737M (compute $162,361M, networking $31,376M), Gaming $16,042M, Professional Visualization $3,191M, Automotive $2,349M, OEM and Other $619M, total $215,938M, with FY2025 ($115,186M; $11,350M; $1,878M; $1,694M; $389M) and FY2024 ($47,525M; $10,447M; $1,553M; $1,091M; $306M); segment operating income Compute & Networking $130,141M on $193,479M and Graphics $9,156M on $22,459M (FY2025 $82,875M on $116,193M and $5,085M on $14,304M); segment definitions; FY2026 growth by market; supply constraints expected to be a headwind to Gaming; the H20 charge; history (GPU 1999, CUDA 2006, AlexNet 2012, Grace 2023); gaming, workstation and DGX Spark product descriptions — FY2024-FY2026 · publ. Filed Feb 2026 · source ↗
  29. ReportedEdge Computing grew 29% in the first quarter and 27% in the second, when strong Blackwell workstation sales were partly offset by slower consumer PC sales, tempered by elevated memory and systems prices.
    NVIDIA Q1 FY2027 CFO commentary - new reporting framework: Data Center (Hyperscale; AI Clouds, Industrial & Enterprise) and Edge Computing (PCs, game consoles, workstations, AI-RAN base stations, robotics and automotive); Data Center $75,246M, up 92%, with compute $60.4B (+77%) and networking $14.8B (+199%); Edge Computing $6,369M, up 29% — Q1 FY2027 · publ. May 2026 · source ↗
  30. ReportedEdge Computing grew 29% in the first quarter and 27% in the second, when strong Blackwell workstation sales were partly offset by slower consumer PC sales, tempered by elevated memory and systems prices.
    NVIDIA Q2 FY2027 CFO commentary (Form 8-K, exhibit 99.2) — Data Center revenue of $89,023M splits into Hyperscale $48,710M (+102% year on year, +13% sequentially), AI Clouds/Industrial & Enterprise $40,313M (+138%, +25%) and Edge Computing $7,198M (+27%, +13%); shipments of Data Center Hopper products to China during the quarter were less than 1% of Data Center revenue; purchase commitments increased from $119 billion in the prior quarter to $279 billion, primarily related to the procurement of memory; segment revenue was Compute & Networking $88,299M (+114%) and Graphics $7,922M (+46%) — Q2 FY2027 (quarter ended 26 July 2026) · publ. 2026-08-26 · source ↗
  31. ReportedAMD's gaming revenue, which includes the chips in consoles, was $3,910 million in 2025, about a quarter of Nvidia's Gaming line.
    AMD Form 10-K, FY2025 - Client and Gaming segment: Gaming revenue $3,910M in 2025 (discrete GPUs, semi-custom SoC products and development services); Data Center $16,635M — Calendar 2025 · publ. Filed Feb 2026 · source ↗
  32. ReportedWhat would change the verdict is Edge Computing's growth falling well below the 27% of the latest quarter while data-center revenue keeps rising: that would mean memory costs are pricing gamers out, and the line that built the company would become the one that pays for its supply shortages.
    NVIDIA Q2 FY2027 CFO commentary (Form 8-K, exhibit 99.2) — Data Center revenue of $89,023M splits into Hyperscale $48,710M (+102% year on year, +13% sequentially), AI Clouds/Industrial & Enterprise $40,313M (+138%, +25%) and Edge Computing $7,198M (+27%, +13%); shipments of Data Center Hopper products to China during the quarter were less than 1% of Data Center revenue; purchase commitments increased from $119 billion in the prior quarter to $279 billion, primarily related to the procurement of memory; segment revenue was Compute & Networking $88,299M (+114%) and Graphics $7,922M (+46%) — Q2 FY2027 (quarter ended 26 July 2026) · publ. 2026-08-26 · source ↗
Sources
Generated September 18, 2026