NVIDIA Corp

nvidia.com

What Do They Do?

Builds and sells data-center computing systems, networking equipment, and software to cloud providers, AI model makers, and enterprises. Also sells graphics processors and automotive computing platforms.

How Do They Make Money?

NVIDIA mainly sells hardware and systems, with customer payment generally due shortly after delivery. It also sells paid licenses for enterprise AI and virtual workstation software.

revenue

Segment	Share	How money arrives
Data Center Sold outright	90% FY2023: 56%	Sold outright
Gaming Sold outright	7.4% FY2023: 34%	Sold outright
Professional Visualization Sold outright	1.5% FY2023: 5.7%	Sold outright
Automotive Sold outright	1.1% FY2023: 3.4%	Sold outright
OEM and Other	0.3% FY2023: 1.7%

Who Are Their Customers?

Data-center buyers include cloud providers, AI model makers, enterprises, startups and public-sector entities. NVIDIA works with equipment makers, system integrators and distributors to bring products to market; these partners can also be direct customers.

Direct customers above 10% of revenue, FY2026

of revenue from two customers (22%, 14%)

FY2025: 34% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 56 cents of every revenue dollar as net income in FY2026 and turned 45 cents into free cash flow.

Operating income, FY2026

60% of revenue

▲ +60% vs FY2025 ($81.5B, 62%)

Net income, FY2026

56% of revenue

▲ +65% vs FY2025 ($72.9B, 56%)

Free cash flow, FY2026

45% of revenue

▲ +59% vs FY2025 ($60.9B, 47%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q2 FY2027, the three months to Jul 26, 2026

Revenue: ▲ +106%; vs $46.7B in Q2 FY2026
Net income: ▲ +126%; vs $26.4B in Q2 FY2026

Data Center share of revenue vs 87.9% in Q2 FY2026

Sep 3, 2026 Agreed to acquire Hugging Face The proposed deal has an approximately $11.9 billion purchase price and is expected to close in the first half of 2027, subject to approvals.
Aug 26, 2026 Gave third-quarter revenue guidance of $108.0 billion, plus or minus 2%

Growing. Revenue grew 8.0x in 4 years, from $26.9B in FY2022 to $215.9B in FY2026, about 68% a year.

Physical AI offering The older business description lists robotics among applications for NVIDIA GPUs. The latest adds a physical-AI platform with data-center infrastructure, open models, systems, embedded computing, and software for training, simulating, and deploying automation and robotics.

Revenue over time

Data Center Gaming Professional Visualization Automotive OEM and Other

$250B$125B$0

FY2022 FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with AMD, Huawei, Intel, Alibaba Group, Alphabet, Amazon, Baidu, Microsoft, Ambarella, Broadcom, Qualcomm, Renesas Electronics, Samsung, Tesla, Arista Networks, Cisco Systems, Hewlett Packard Enterprise, Lumentum Holdings, and Marvell Technology

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