The Revenue LinesWide moat

Nvidia (NVDA) — moat facet

Five revenue lines, and one of them is the company: Data Center is nine dollars in ten, grew fastest for a decade, and earns about 67 cents of operating profit on the dollar.

Nvidia reports five revenue lines, and one of them is the company. In fiscal 2026 Data Center brought in $193,737 million, Gaming $16,042 million, Professional Visualization $3,191 million, Automotive $2,349 million and OEM and Other $619 million, out of $215,938 million in all1. Data Center was 89.7% of the total and the other four together about a tenth2. Eleven years earlier the order ran the other way: in fiscal 2015 Gaming was the largest line at $2,058 million and the datacenter business brought in $317 million3.

Revenue growth by line, FY2026 against FY2025Pro Visualization+69.9%Data Center+68.2%OEM and Other+59.1%Gaming+41.3%Automotive+38.7%NVIDIA Form 10-K, FY2026, revenue by end market
Every line grew in fiscal 2026, and for the first time since fiscal 2023 one of them, workstations, outgrew the data center.

Each line is sold differently. Data Center is chips, boards, whole racks, networking and software, sold to cloud providers, server makers and AI companies. Gaming is GeForce GPUs for desktops and laptops, the GeForce NOW streaming service and chips and development work for game consoles4. Professional Visualization is the workstation version of the same silicon, sold through the makers of engineering and design computers. Automotive is the computing platform and software for carmakers, and OEM and Other is what is left over.

Nvidia does not report a profit for each line. It reports two segments: Compute & Networking, which holds Data Center and Automotive, and Graphics, which holds GeForce and the workstation GPUs5. In fiscal 2026 Compute & Networking earned $130,141 million on $193,479 million of revenue, and Graphics $9,156 million on $22,459 million6. That is about 67 cents of operating profit on each Compute & Networking dollar and about 41 cents on each Graphics dollar, before the costs Nvidia keeps at the centre, which came to about $8.9 billion7. Both are fine margins. The difference is size: Graphics earned about a fifteenth of the two segments' combined profit8. It was not always so. In fiscal 2023 Graphics revenue was $11,906 million against $15,068 million for Compute & Networking9; three years later Compute & Networking was more than eight times as large10. The four smaller lines are not a failure either. Together they grew from $4,365 million in fiscal 2015 to $22,201 million in fiscal 2026, about 16% a year11, which would make a respectable chip company on its own.

The largest line has also been by far the fastest-growing. From fiscal 2015 to fiscal 2026 Data Center compounded at about 79% a year, Automotive about 26%, Gaming about 20% and Professional Visualization about 13.5%, while OEM and Other shrank by about 7% a year12. Fiscal 2026 broke the pattern for once: Professional Visualization grew 70%, Data Center 68%, Gaming 41% and Automotive 39%13. It was the first year since fiscal 2023 in which any other line outgrew the data center.

The five lines have also just stopped being reported. From the first quarter of fiscal 2027 Nvidia reports two market platforms instead: Data Center, split into Hyperscale and AI Clouds, Industrial & Enterprise, and Edge Computing, which gathers PCs, game consoles, workstations, AI-RAN base stations, robotics and automotive14. In the second quarter Data Center brought in $89,023 million and Edge Computing $7,198 million15. The pages that follow are therefore histories through fiscal 2026, and for the four smaller lines the last years in which they can be seen on their own.

Other pages carry the arguments these ones only touch. Who buys the data-center output is on Major Clients; whether the scale defends itself is on Data-Center Scale; the carmakers and robot builders are under The Future Bets. Here the questions are narrower: what is sold, how it is paid for, what it earns and how fast it grows.

The measure that would change this picture is Edge Computing's growth against Data Center's. In the second quarter it was 27% against 117%16. For as long as that gap stays wide, Nvidia is one business with four smaller ones attached, and every question about the company is a question about data-center demand.

Moat trajectory: Widening

The mix is concentrating, not broadening: Data Center went from 7% of revenue in fiscal 2016 to 89.7% in fiscal 2026 and grew faster than any other line in fiscal 2024 and fiscal 2025. The profit follows it, at about 67 cents per Compute & Networking dollar against about 41 in Graphics. The position widens as long as the one line does.

The number that tests this moat
Moat Explorer calc
Segment operating margins, FY2026
Compute & Networking 67.3% · Graphics 40.8%

Five lines, two segments: the one holding Data Center and Automotive earned about 67 cents per dollar and the one holding Gaming and workstations about 41. A narrowing of that gap would mean the data center's pricing, not its volume, was coming under pressure.

How it's calculated: Compute & Networking operating income $130,141M / revenue $193,479M = 67.3%; Graphics $9,156M / $22,459M = 40.8%.
Source: Moat Explorer calc from NVIDIA Form 10-K, FY2026 (segment information) ↗
Dig deeper
DIG DEEPER 01
Data Center
From $317 million to $193.7 billion in eleven years; a single quarter now outsells every full year Nvidia had before fiscal 2025.
DIG DEEPER 02
Gaming
The business that built Nvidia still grew 41% last year, and now competes with the data center for the same memory chips.
DIG DEEPER 03
Professional Visualization
The quietest line had the loudest year: up 70% on desktop AI machines, after falling by a quarter twice in six years.
DIG DEEPER 04
Automotive
A decade of dashboard promises became $2.35 billion of revenue, and a smaller share of Nvidia every year.
DIG DEEPER 05
OEM & Other
An Intel patent cheque, then a crypto-mining chip: the line that records what does not last, now dissolved into the new reporting.
References
  1. ReportedIn fiscal 2026 Data Center brought in $193,737 million, Gaming $16,042 million, Professional Visualization $3,191 million, Automotive $2,349 million and OEM and Other $619 million, out of $215,938 million in all.
    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 calcData Center was 89.7% of the total and the other four together about a tenth.
    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. ReportedEleven years earlier the order ran the other way: in fiscal 2015 Gaming was the largest line at $2,058 million and the datacenter business brought in $317 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 ↗
  4. ReportedGaming is GeForce GPUs for desktops and laptops, the GeForce NOW streaming service and chips and development work 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. ReportedIt reports two segments: Compute & Networking, which holds Data Center and Automotive, and Graphics, which holds GeForce and the workstation GPUs.
    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. ReportedIn fiscal 2026 Compute & Networking earned $130,141 million on $193,479 million of revenue, and Graphics $9,156 million on $22,459 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 ↗
  7. Moat Explorer calcThat is about 67 cents of operating profit on each Compute & Networking dollar and about 41 cents on each Graphics dollar, before the costs Nvidia keeps at the centre, which came to about $8.9 billion.
    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 ↗
  8. Moat Explorer calcThe difference is size: Graphics earned about a fifteenth of the two segments' combined profit.
    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 ↗
  9. ReportedIn fiscal 2023 Graphics revenue was $11,906 million against $15,068 million for Compute & Networking; three years later Compute & Networking was more than eight times as large.
    NVIDIA Form 10-K, FY2025 - revenue by end market FY2023-FY2025, segment operating income FY2023-FY2025 (Compute & Networking $5,083M on $15,068M in FY2023), networking $3,688M in FY2023; Graphics revenue $11,906M in FY2023; and FY2025 drivers: Automotive up 55% on self-driving platforms, Professional Visualization up 21% on Ada RTX workstations for generative AI design, simulation and engineering — FY2023-FY2025 · publ. Filed Feb 2025 · source ↗
  10. Moat Explorer calcIn fiscal 2023 Graphics revenue was $11,906 million against $15,068 million for Compute & Networking; three years later Compute & Networking was more than eight times as large.
    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 ↗
  11. Moat Explorer calcTogether they grew from $4,365 million in fiscal 2015 to $22,201 million in fiscal 2026, about 16% a year, which would make a respectable chip company on its own.
    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 ↗
  12. Moat Explorer calcFrom fiscal 2015 to fiscal 2026 Data Center compounded at about 79% a year, Automotive about 26%, Gaming about 20% and Professional Visualization about 13.5%, while OEM and Other shrank by about 7% a year.
    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 ↗
  13. ReportedFiscal 2026 broke the pattern for once: Professional Visualization grew 70%, Data Center 68%, Gaming 41% and Automotive 39%.
    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 ↗
  14. ReportedFrom the first quarter of fiscal 2027 Nvidia reports two market platforms instead: Data Center, split into Hyperscale and AI Clouds, Industrial & Enterprise, and Edge Computing, which gathers PCs, game consoles, workstations, AI-RAN base stations, robotics and automotive.
    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 ↗
  15. ReportedIn the second quarter Data Center brought in $89,023 million and Edge Computing $7,198 million.
    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 ↗
  16. ReportedIn the second quarter it was 27% against 117%.
    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