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Advanced Micro Devices (AMD) FY2025 results: revenue $34.6 billion, up 34.3% on the year

Advanced Micro Devices Inc. (AMD) reported revenue of $34.6 billion for fiscal 2025, the year ended 27 December 2025, up 34.3% on the year before. Net income was $4.3 billion, up 164.2%, and diluted earnings per share $2.65. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2026.

Revenue
$34.6 billion
+34.3% on the year
FY2018FY2025
Operating margin
10.7%
7.4% a year earlier
FY2018FY2025
Net income
$4.3 billion
+164.2% on the year
FY2018FY2025
Diluted EPS
$2.65
+165.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 3 new.

  • Q4 revenue rose 34% year-over-year: Fourth-quarter revenue was $10.27 billion, up 34% year-over-year and 11% sequentially. GAAP diluted EPS was $0.92; non-GAAP diluted EPS was $1.53.
  • Full-year revenue reached $34.6 billion: Full-year 2025 revenue was $34.6 billion, up 34%. GAAP net income was $4.3 billion and GAAP diluted EPS was $2.65; non-GAAP diluted EPS was $4.17.
  • Data Center revenue rose 39%: Data Center revenue was $5.4 billion, driven by EPYC processors and the continued ramp of Instinct GPU shipments. Full-year Data Center revenue was $16.6 billion, up 32%.
  • Export control charges affected full-year results: Full-year 2025 included about $440 million of inventory and related charges from the U.S. export control on MI308. Fourth quarter included about a $360 million release of previously reserved inventory.
  • Q4 free cash flow was $2.08 billion: Free cash flow was $2.08 billion in the fourth quarter and $5.52 billion for the full year. Fourth-quarter capital expenditures were $222 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

AMD designs processors and related products for data centres, personal computers, gaming and embedded systems. From the first quarter of fiscal 2025 it combined the Client and Gaming segments into one, so there are three reportable segments: Data Center, Client and Gaming, and Embedded, plus an All Other category that is not a reportable segment. From time to time it also sells or licenses parts of its intellectual property portfolio.

Advanced Micro Devices Inc., the 10-K for 2025

AMD designs processors and related products for data centres, personal computers, gaming and embedded systems. From the first quarter of fiscal 2025 it combined the Client and Gaming segments into one, so there are three reportable segments: Data Center, Client and Gaming, and Embedded, plus an All Other category that is not a reportable segment. From time to time it also sells or licenses parts of its intellectual property portfolio.

Data Center

This segment holds server-class CPUs, GPUs, AI accelerators, data processing units, AI network interface cards, field programmable gate arrays and adaptive system-on-chip products. The server CPUs are the AMD EPYC series, based on the x86 architecture and built for high-performance computing, enterprise IT, supercomputing and large data centres, now in a 5th generation family. The data centre GPUs are the AMD Instinct family, covering the MI200, MI300, MI325 and MI350 series, built on the AMD CDNA architecture for AI training, inference and exascale-class scientific computing, with next-generation MI355X GPUs announced for large-scale AI deployments. Visual cloud GPUs run under the Radeon PRO V families, aimed at remote visualisation, desktop and workstation as a service and cloud gaming.

The programmable devices include the Virtex, Kintex, Artix and Spartan field programmable gate arrays and the Zynq and Versal adaptive system-on-chips, with Alveo accelerator cards for data centre workloads at the edge or in the cloud. On networking, AMD Pensando data processing units and their software stack offload infrastructure services from the host CPU for large infrastructure-as-a-service cloud providers, alongside the Pensando Pollara 400 and Vulcano cards, which give high-speed connectivity across GPU clusters, and the Solarflare portfolio of low latency networking for capital markets.

Customers in this segment are mainly hyperscale data centres, original equipment manufacturers, original design manufacturers, system integrators and independent distributors.

Client and Gaming

The client products are x86 CPUs and accelerated processing units sold under the AMD Ryzen and Ryzen AI brands for consumer, commercial and enthusiast use, reaching PCs mainly through original equipment manufacturers, distributors and selected direct customers. On the desktop, the Ryzen 9000 Series uses Zen 5 cores with X3D models carrying second generation 3D V-Cache, alongside Ryzen Threadripper 9000 Series processors for professional workstations. In notebooks, the Ryzen AI 300 Series launched in 2025 with a next generation neural processing unit supporting Microsoft Copilot+ PCs, and the Ryzen AI 400 series followed in January 2026. Ryzen PRO covers commercial client PCs with enterprise security and manageability, and the Ryzen Z1 and Z2 Series serve handheld gaming devices.

On gaming, graphics products run across data centres, desktop and notebook PCs, handheld devices, all-in-ones and professional workstations. Semi-custom products are customer-specific solutions built on the company's CPU, GPU and multi-media technologies: they power the Sony PlayStation 5, the Microsoft Xbox Series S and X consoles and the Valve Steam Machine PC. Radeon RX covers discrete desktop and notebook GPUs, and Radeon PRO covers professional graphics for workstations, with the Radeon AI PRO R9000 Series launched in 2025 for local AI inference and creative workloads.

Embedded

This segment holds embedded CPUs, accelerated processing units, field programmable gate arrays, system-on-modules and adaptive system-on-chip products. They go into aerospace and defence, automotive, industrial, vision and healthcare, communications infrastructure, test and measurement, emulation and prototyping, audio, video and broadcasting, and data centre applications, typically where low power, small form factors and continuous operation matter, and often against rigid specifications for industrial temperatures, shock and vibration.

The portfolio widened in 2025 with three new EPYC Embedded series, the 9005, 4005 and 2005, for networking, storage and edge server applications, and the Ryzen Embedded 9000 Series for automation systems and machine vision. In January 2026 the Ryzen AI Embedded P100 and X100 Series were introduced.

The acquisitions during the year

In March 2025 AMD acquired ZT Group Int'l, keeping certain intellectual property and the employees associated with its design operations, which the company says lets it deliver end-to-end AI solutions and speed up the design and deployment of AMD-powered AI infrastructure. In October 2025 it sold the ZT data centre infrastructure manufacturing business to Sanmina Corporation. Other acquisitions during the year went to software capabilities, co-packaged optics for next-generation AI systems, and high-speed inference and reasoning-based AI technologies.

From AMD's annual report on Form 10-K for the year ended 27 December 2025. The filing

Written from the 10-K filed 4 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue34,63925,78522,680+34.3%
Cost of revenue17,48713,06012,220+33.9%
Gross profit17,15212,72510,460+34.8%
Gross margin49.5%49.4%46.1%
Research and development8,0916,4565,872+25.3%
Selling, general and administrative4,1442,7352,318+51.5%
Operating income3,6941,900401+94.4%
Operating margin10.7%7.4%1.8%
Interest expense13192.0106+42.4%
Pre-tax income4,1662,022508+106.0%
Income tax-103381-346
Effective tax rate-2.5%18.8%-68.1%
Net income4,3351,641854+164.2%
Net margin12.5%6.4%3.8%
Diluted EPS$2.65$1.00$0.53+165.0%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow7,7093,0411,667+153.5%
Capital expenditure974636546+53.1%
Free cash flow6,7352,4051,121+180.0%
Free cash flow margin19.4%9.3%4.9%
Cash from investing-5,533-1,101-1,423
Cash from financing-431-2,062-1,146
Depreciation and amortisation2,8212,8543,241-1.2%
Share-based compensation1,6381,4071,384+16.4%
Buybacks1,316862985+52.7%
Diluted shares, weighted1,636m1,637m1,625m-0.1%
Shares outstanding at period end1,630m1,622m1,616m+0.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity62,99957,56855,892+9.4%
Debt3,2221,7212,468+87.2%
Operating lease liabilities625491535+27.3%
Other liabilities10,0809,4468,990+6.7%
Total liabilities and equity76,92669,22667,885+11.1%
Fixed assets2,3121,8021,589+28.3%
Goodwill25,12624,83924,262+1.2%
Intangible assets16,70518,93021,363-11.8%
Investments5,0131,3451,840+272.7%
Cash and equivalents5,5393,7873,933+46.3%
Receivables6,3156,1924,323+2.0%
Inventory7,9205,7344,351+38.1%
Other assets7,9966,5976,224+21.2%
Total assets76,92669,22667,885+11.1%

10-K for the year ended 27 December 2025, filed 4 February 2026: the filing.