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Advanced Micro Devices (AMD) FY2021 results: revenue $16.4 billion, up 68.3% on the year

Advanced Micro Devices Inc. (AMD) reported revenue of $16.4 billion for fiscal 2021, the year ended 25 December 2021, up 68.3% on the year before. Net income was $3.2 billion, up 27.0%, and diluted earnings per share $2.57. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2022.

Revenue
$16.4 billion
+68.3% on the year
FY2014FY2021
Operating margin
22.2%
14.0% a year earlier
FY2014FY2021
Net income
$3.2 billion
+27.0% on the year
FY2014FY2021
Diluted EPS
$2.57
+24.8% on the year
FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue16,4349,7636,731+68.3%
Cost of revenue8,5055,4163,863+57.0%
Gross profit7,9294,3472,868+82.4%
Gross margin48.2%44.5%42.6%
Research and development2,8451,9831,547+43.5%
Selling, general and administrative1,448995750+45.5%
Operating income3,6481,369631+166.5%
Operating margin22.2%14.0%9.4%
Interest expense34.047.094.0-27.7%
Pre-tax income3,6751,280372+187.1%
Income tax513-1,21031.0
Effective tax rate14.0%-94.5%8.3%
Net income3,1622,490341+27.0%
Net margin19.2%25.5%5.1%
Diluted EPS$2.57$2.06$0.30+24.8%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow3,5211,071493+228.8%
Capital expenditure301294217+2.4%
Free cash flow3,220777276+314.4%
Free cash flow margin19.6%8.0%4.1%
Cash from investing686-952-149
Cash from financing1,8956.043.0+31,483.3%
Depreciation and amortisationn/an/a222
Share-based compensation379274197+38.3%
Buybacks1,7620.00.0
Diluted shares, weighted1,229m1,207m1,120m+1.8%
Shares outstanding at period end1,207m1,211m1,170m-0.3%

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity7,4975,8372,827+28.4%
Debt313330486-5.2%
Operating lease liabilities348201199+73.1%
Other liabilities4,2612,5942,516+64.3%
Total liabilities and equity12,4198,9626,028+38.6%
Fixed assets702641500+9.5%
Goodwill2892892890.0%
Intangible assets0.0n/an/a
Investments1,07369537.0+54.4%
Cash and equivalents2,5351,5951,466+58.9%
Receivables2,7062,0661,859+31.0%
Inventory1,9551,399982+39.7%
Other assets3,1592,277895+38.7%
Total assets12,4198,9626,028+38.6%

10-K for the year ended 25 December 2021, filed 3 February 2022: the filing.