Monday, 9 November 2026
Silicon Analytica
Every AI story is a chip story.
Chart 24 · This quarter's big themes

NVIDIA leads the margin race at 75.0% gross margin in Q2 FY2027; Intel trails at 43.0%

Q4 2024 – Q3 2026

Gross profit ÷ revenue, % (calendar quarters)NVIDIATSMCAMDIntelBroadcom0%25%50%75%100%Q4 ’24Q1 ’25Q2 ’25Q3 ’25Q4 ’25Q1 ’26Q2 ’26Q3 ’26NVIDIA, Q4 ’24: 73.0% (Q4 FY2025) (Calculated)NVIDIA, Q1 ’25: 60.5% (Q1 FY2026) (Calculated)NVIDIA, Q2 ’25: 72.4% (Q2 FY2026) (Calculated)NVIDIA, Q3 ’25: 73.4% (Q3 FY2026) (Calculated)NVIDIA, Q4 ’25: 75.0% (Q4 FY2026) (Calculated)NVIDIA, Q1 ’26: 74.9% (Q1 FY2027) (Calculated)NVIDIA, Q2 ’26: 75.0% (Q2 FY2027) (Calculated)TSMC, Q4 ’24: 59.0% (Q4 FY2024) (Calculated)TSMC, Q1 ’25: 58.8% (Q1 FY2025) (Calculated)TSMC, Q2 ’25: 58.6% (Q2 FY2025) (Calculated)TSMC, Q3 ’25: 59.5% (Q3 FY2025) (Calculated)TSMC, Q4 ’25: 62.3% (Q4 FY2025) (Calculated)TSMC, Q1 ’26: 66.2% (Q1 FY2026) (Calculated)TSMC, Q2 ’26: 67.7% (Q2 FY2026) (Calculated)TSMC, Q3 ’26: 66.4% (Q3 FY2026) (Calculated)AMD, Q4 ’24: 50.7% (Q4 FY2024) (Calculated)AMD, Q1 ’25: 50.2% (Q1 FY2025) (Calculated)AMD, Q2 ’25: 39.8% (Q2 FY2025) (Calculated)AMD, Q3 ’25: 51.7% (Q3 FY2025) (Calculated)AMD, Q4 ’25: 54.3% (Q4 FY2025) (Calculated)AMD, Q1 ’26: 52.8% (Q1 FY2026) (Calculated)AMD, Q2 ’26: 53.8% (Q2 FY2026) (Calculated)AMD, Q3 ’26: 53.9% (Q3 FY2026) (Calculated)Intel, Q4 ’24: 39.2% (Q4 FY2024) (Calculated)Intel, Q1 ’25: 36.9% (Q1 FY2025) (Calculated)Intel, Q2 ’25: 27.5% (Q2 FY2025) (Calculated)Intel, Q3 ’25: 38.2% (Q3 FY2025) (Calculated)Intel, Q4 ’25: 36.1% (Q4 FY2025) (Calculated)Intel, Q1 ’26: 39.4% (Q1 FY2026) (Calculated)Intel, Q2 ’26: 40.4% (Q2 FY2026) (Calculated)Intel, Q3 ’26: 43.0% (Q3 FY2026) (Calculated)Broadcom, Q4 ’24: 68.0% (Q1 FY2025) (Calculated)Broadcom, Q1 ’25: 68.0% (Q2 FY2025) (Calculated)Broadcom, Q2 ’25: 67.1% (Q3 FY2025) (Calculated)Broadcom, Q3 ’25: 68.0% (Q4 FY2025) (Calculated)Broadcom, Q4 ’25: 68.1% (Q1 FY2026) (Calculated)Broadcom, Q1 ’26: 69.5% (Q2 FY2026) (Calculated)Broadcom, Q2 ’26: 69.1% (Q3 FY2026) (Calculated)75.0%69.1%66.4%53.9%43.0%Source: NVIDIA, TSMC, AMD, Intel and Broadcom quarterly filings and results releases · Silicon Analytica calculationsSilicon Analyticasiliconanalytica.com/data/charts/gross-margin-race
  • Calculated gross margin = gross profit ÷ revenue (GAAP/IFRS), unless the company states the margin itself.
  • Calculated Fiscal quarters are placed in the calendar quarter in which most of their days fall (NVIDIA’s quarters end about a month after calendar quarters).
View sources (22)
  • AMD Reports Third Quarter 2026 Financial Results · Quarterly consolidated financial results; gross_profit; read 2026-11-05 (+1 more) · Q3 FY2026 · published 3 Nov 2026
  • Intel Reports Third-Quarter 2026 Financial Results · Quarterly consolidated financial results; gross_profit; read 2026-11-05 (+1 more) · Q3 FY2026 · published 29 Oct 2026
  • TSMC Reports Third Quarter EPS of NT$29.43 · Quarterly consolidated financial results; gross_profit; read 2026-11-05 (+1 more) · Q3 FY2026 · published 15 Oct 2026
  • Broadcom Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q3 FY2025, Q3 FY2026 · published 10 Sept 2026
  • NVIDIA Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q2 FY2026, Q2 FY2027 · published 26 Aug 2026
  • AMD Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q2 FY2025, Q2 FY2026 · published 5 Aug 2026
  • Intel Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q2 FY2025, Q2 FY2026 · published 24 Jul 2026
  • TSMC quarterly management report (Form 6-K) · Summary income statement (consolidated, NT$ millions) · Q2 FY2025, Q1 FY2026, Q2 FY2026 · published 16 Jul 2026
  • Broadcom Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q2 FY2025, Q2 FY2026 · published 9 Jun 2026
  • NVIDIA Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q1 FY2026, Q1 FY2027 · published 20 May 2026
  • AMD Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q1 FY2025, Q1 FY2026 · published 6 May 2026
  • Intel Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q1 FY2025, Q1 FY2026 · published 24 Apr 2026
  • TSMC quarterly management report (Form 6-K) · Summary income statement (consolidated, NT$ millions) · Q1 FY2025, Q4 FY2025 · published 16 Apr 2026
  • Broadcom Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q1 FY2025, Q1 FY2026 · published 11 Mar 2026
  • NVIDIA Form 10-K · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q4 FY2025, Q4 FY2026 · published 25 Feb 2026
  • AMD Form 10-K · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q4 FY2024, Q4 FY2025 · published 4 Feb 2026
  • Intel Form 10-K · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q4 FY2024, Q4 FY2025 · published 23 Jan 2026
  • TSMC quarterly management report (Form 6-K) · Summary income statement (consolidated, NT$ millions) · Q4 FY2024, Q3 FY2025 · published 15 Jan 2026
  • Broadcom Form 10-K · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q4 FY2025 · published 18 Dec 2025
  • NVIDIA Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q3 FY2026 · published 19 Nov 2025
  • Intel Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q3 FY2025 · published 6 Nov 2025
  • AMD Form 10-Q · XBRL us-gaap:GrossProfit; consolidated statements (+1 more) · Q3 FY2025 · published 5 Nov 2025

NVIDIA: 75.0% in Q2 FY2027.

Broadcom: 69.1% in Q3 FY2026.

TSMC: 66.4% in Q3 FY2026.

Designers that outsource manufacturing (NVIDIA, Broadcom, AMD) carry higher gross margins than companies that own fabs (TSMC, Intel), whose depreciation sits in cost of revenue.

NVIDIA: no stored gross margin for Q3 2026.

Broadcom: no stored gross margin for Q3 2026.

Related

Companies:NVIDIATSMCAMDIntelBroadcom
Earnings:NVIDIA Q2 FY2027 earningsTSMC Q3 2026 earningsAMD Q3 2026 earningsIntel Q3 2026 earnings
Compare:NVIDIA vs AMDTSMC vs Samsung Electronics

More this quarter's big themes charts