Lattice Semiconductor vs NVIDIA: Revenue, Profit and Business Model
Lattice Semiconductor had $523.3M of annual revenue in FY2025 and $3.1M of net income. NVIDIA had $215.9B of annual revenue in FY2026 and $120.1B of net income.
Latest financial snapshot
Lattice Semiconductor
- Latest annual revenue
- $523.3M (FY2025)
- Net income
- $3.1M
- Net margin
- 0.6%
- Revenue growth
- +2.3% a year, FY2016–FY2025
NVIDIA
- Latest annual revenue
- $215.9B (FY2026)
- Net income
- $120.1B
- Net margin
- 55.6%
- Revenue growth
- +46.6% a year, FY2017–FY2026
Financial summary
Lattice Semiconductor
Revenue climbed from $404.1 million in 2019 to a record $737.2 million in 2023 under former CEO Jim Anderson, then fell 30.9% to $509.4 million in 2024 as industrial and automotive customers worked down inventory. FY2025 revenue edged up 2.7% to $523.3 million, with net income of only $3.1 million. Growth returned in 2026 on data center and AI demand: Q1 revenue reached $170.9 million and Q2 a record $201.1 million at a 71.7% non-GAAP gross margin. Lattice guided Q3 2026 to about $255 million at the midpoint, including two months of AMI, which management said put it on a $1 billion annual revenue run rate. Lattice Semiconductor Corporation is a major American designer of high-performance programmable logic devices, commanding a market valuation typically over $8 billion.
NVIDIA
NVIDIA's revenue rose from $27.0B in fiscal 2023 to $60.9B in FY2024, $130.5B in FY2025 and $215.9B in FY2026, which ended January 25, 2026. FY2026 GAAP net income was $120.1B, operating cash flow was $102.7B and company-defined free cash flow was $96.6B. Growth continued into fiscal 2027: Q2 (ended July 26, 2026) revenue was $96.2B, including $89.0B of Data Center revenue, with a 75.0% GAAP gross margin and $59.7B GAAP net income. The $108.0B Q3 FY2027 revenue figure, plus or minus 2%, was management guidance, not a reported result; the outlook assumed no Data Center compute revenue from China. NVIDIA returned about $26.0B to shareholders in Q2, and reported about $99.0B remaining under its repurchase authorization at quarter-end. Its May 2026 dividend increase to $0.25 per share is separate from the repurchase authorization.
Revenue and profit by year
Lattice Semiconductor
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $523.3M | $3.1M | 0.6% | +2.7% | Source |
| FY2024 | $509.4M | $61.1M | 12.0% | -30.9% | Source |
| FY2023 | $737.2M | $259.1M | 35.1% | +11.6% | Source |
| FY2022 | $660.4M | $178.9M | 27.1% | +28.1% | Source |
| FY2021 | $515.3M | $95.9M | 18.6% | +26.3% | Source |
| FY2020 | $408.1M | $47.4M | 11.6% | +1.0% | Source |
| FY2019 | $404.1M | $43.5M | 10.8% | +1.3% | Source |
| FY2018 | $398.8M | -$26.3M | -6.6% | +3.3% | Source |
| FY2017 | $386M | -$70.6M | -18.3% | -9.6% | Source |
| FY2016 | $427.1M | -$54.1M | -12.7% | — | Source |
NVIDIA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $215.9B | $120.1B | 55.6% | +65.5% | Source |
| FY2025 | $130.5B | $72.9B | 55.8% | +114.2% | Source |
| FY2024 | $60.9B | $29.8B | 48.8% | +125.9% | Source |
| FY2023 | $27B | $4.4B | 16.2% | +0.2% | Source |
| FY2022 | $26.9B | $9.8B | 36.2% | +61.4% | Source |
| FY2021 | $16.7B | $4.3B | 26.0% | +52.7% | Source |
| FY2020 | $10.9B | $2.8B | 25.6% | -6.8% | Source |
| FY2019 | $11.7B | $4.1B | 35.3% | +20.6% | Source |
| FY2018 | $9.7B | $3B | 31.4% | +40.6% | Source |
| FY2017 | $6.9B | $1.7B | 24.1% | — | Source |
Where the revenue comes from
Lattice Semiconductor
- Communications and Computing
55.9% of FY2025 revenue
Revenue from servers, client devices, AI control-plane applications, wireless and wireline infrastructure, data networking, cloud, and hyperscaler-related uses reached $292.716 million in FY2025.
- Industrial and Automotive
37.1% of FY2025 revenue
Factory automation, robotics, machine vision, automotive electronics, IoT, aerospace, defense, and related embedded uses generated $193.965 million in FY2025 revenue.
- Consumer
7.0% of FY2025 revenue
Consumer applications including displays, wearables, televisions, drones, home theater, and sound systems generated $36.581 million in FY2025 revenue.
NVIDIA
- Data CenterDominant
GPU accelerators, AI systems, networking, and software for cloud, enterprise, and supercomputing customers.
- GamingMaterial
GeForce GPUs and gaming-platform products for PC gamers, creators, and consumer AI PCs.
- Professional Visualization
Complementary
Workstation GPUs, visualization, simulation, and Omniverse-related products.
- AutomotiveGrowth
Automotive compute, software, and autonomous-driving platforms.
- Software And ServicesGrowth
Enterprise AI software, cloud services, libraries, and platform subscriptions layered on hardware.
Business model and strategy
Lattice Semiconductor
How it makes money
Lattice makes money by designing FPGAs and selling the chips, mostly through distributors, to equipment makers. It is fabless: foundry partners manufacture the silicon, while Lattice owns the architecture, the Radiant and Propel design software, and application 'solution stacks' such as sensAI and Sentry.
Growth strategy
Lattice is pursuing three main lines of growth: more FPGA content per AI server for board control and hardware root of trust, the newer mid-range Avant family that widens its market beyond small devices, and cross-selling AMI firmware and management software with Lattice silicon to hyperscalers and server makers.
Competitive advantage
Lattice's edge comes from years spent optimizing small FPGAs for low power and board space, plus a software toolchain and IP library that make those chips easier to deploy. Its control and security FPGAs are designed into server and AI-system boards that run for multiple product generations, which makes them hard to displace.
NVIDIA
How it makes money
NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC. Data Center is the core business, at $193.7B of FY2026 revenue (about 90%) and $89.0B of the $96.2B earned in Q2 FY2027.
Growth strategy
NVIDIA wants to sell the whole AI factory, not just accelerators. It ships a new architecture roughly every year: Blackwell, then Blackwell Ultra, then Vera Rubin, which reached full production in mid-2026. Each rack combines GPUs, Vera CPUs, NVLink, Spectrum-6 switches and BlueField DPUs.
Competitive advantage
NVIDIA's lead comes from three things working together. CUDA has been in use since 2006 and much of the AI software stack is tuned for it. NVIDIA sells full systems that tie compute, NVLink and networking into one rack. Its scale also gets it priority access to TSMC wafers and high-bandwidth memory.
Questions about Lattice Semiconductor vs NVIDIA
Which company has higher revenue — Lattice Semiconductor Corporation or NVIDIA Corporation?
Lattice Semiconductor Corporation had $523.3M (FY2025), while NVIDIA Corporation had $215.9B (FY2026). By latest annual revenue, NVIDIA Corporation is the larger business, with Lattice Semiconductor Corporation showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Lattice Semiconductor Corporation vs NVIDIA Corporation?
Lattice Semiconductor Corporation's market capitalisation stands at $18.2B, while NVIDIA Corporation's is $5.45T. NVIDIA Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Lattice Semiconductor Corporation.
How does revenue per employee compare for Lattice Semiconductor Corporation and NVIDIA Corporation?
Lattice Semiconductor Corporation has $291k / employee in revenue per employee, while NVIDIA Corporation has $5.14M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Lattice Semiconductor Corporation and NVIDIA Corporation make money?
Lattice Semiconductor Corporation and NVIDIA Corporation generate revenue in fundamentally different ways. Lattice Semiconductor Corporation: Lattice makes money by designing FPGAs and selling the chips, mostly through distributors, to equipment makers. NVIDIA Corporation: NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC.
Which company is valued higher relative to revenue — Lattice Semiconductor Corporation or NVIDIA Corporation?
On a price-to-sales (P/S) basis, Lattice Semiconductor Corporation trades at 34.8x P/S and NVIDIA Corporation at 25.2x P/S. Lattice Semiconductor Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to NVIDIA Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Lattice Semiconductor Corporation bigger than NVIDIA Corporation?
By last reported revenue, NVIDIA Corporation ($215.9B (FY2026)) is the larger company compared to Lattice Semiconductor Corporation ($523.3M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Lattice Semiconductor vs NVIDIA overview