Company file · AMD
AMD
Data Center was nearly half of AMD's revenue in 2025
The segment that sells EPYC server processors and Instinct AI accelerators brought in $16.6B, 48% of $34.6B in total revenue. Net income rose 164.2% to $4.3B.
Key facts
AMD (Nasdaq: AMD) reported net revenue of $34.6B for fiscal 2025, the year ended Dec 27, 2025, up 34.3% from fiscal 2024. Net income was $4.3B, up 164.2%. In its latest 10-Q, for the quarter ended Jun 27, 2026, net revenue was $11.5B, up 50.1% from the same quarter a year earlier, and net income was $2.3B. The largest piece by segment was Data Center, at 48% of fiscal 2025 net revenue. Sources: 10-K for fiscal 2025 (filed Feb 4, 2026) and 10-Q for the quarter ended Jun 27, 2026 (filed Aug 5, 2026).
Source: 10-K FY2025, filed Feb 4, 2026
Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Data Center$16.6B48%+32.2%
- Client and Gaming$14.6B42%+50.8%
- Embedded$3.5B10%−2.9%
Source: 10-K FY2025, XBRL breakdown
Data Center was 48% of 2025 revenue, Client and Gaming 42% and Embedded 10%. Within Client and Gaming, PC processors brought in $10.6B and gaming $3.9B.
Source: 10-K FY2025
By customer location (billing), FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
What changed last quarter
The bull case and the bear case
The bull case
- Revenue grew 34.3% in 2025 to $34.6B, and net income rose 164.2% to $4.3B. 10-K, FY2025
- Data Center revenue was $6.7B in the quarter ended Jun 27, 2026, up 107.3% on a year earlier. 10-Q, quarter ended Jun 27, 2026
- PC processor revenue grew 50.8% in 2025 to $10.6B. 10-K, FY2025
- Operating cash flow rose 153.5% in 2025 to $7.7B. 10-K, FY2025
The bear case
- Embedded revenue slipped 2.9% in 2025, after a steeper fall the year before. 10-K, FY2025
- Gaming revenue was $779M in the quarter ended Jun 27, 2026, down 30.6% on a year earlier. 10-Q, quarter ended Jun 27, 2026
- Customers billed in China accounted for 22% of 2025 revenue, and the 10-K lists US export controls on advanced chips among its risks. 10-K, Item 1A
- The 10-K says it relies on TSMC and a few other suppliers to make its chips. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Advanced Micro Devices designs processors, graphics chips and adaptive chips for data centers, PCs, game consoles and embedded systems, and has them made by outside foundries such as TSMC.
AMD reports three segments. Data Center covers EPYC server processors, Instinct GPUs used for AI, and related networking and adaptive chips. Client and Gaming covers Ryzen PC processors, Radeon graphics cards and the custom chips inside game consoles. Embedded covers chips for industrial, auto, communications and other equipment, largely from its Xilinx purchase.
AMD doesn't own fabs. Its fiscal year ends on the last Saturday of December.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in AMD's latest 10-K. Read the original for the full list.
- CompetitionIt faces strong rivals in every market, including Intel and Nvidia, and customers that design their own chips.
- Product timingLate or uncompetitive products, or poor manufacturing yields, could cost it sales.
- SuppliersIt depends on outside foundries, especially TSMC, and on other suppliers for materials and assembly.
- Demand and customersThe chip industry is cyclical, and losing a large customer, such as a console maker, would hurt.
- Export controls and tradeUS export rules and tariffs can restrict sales, especially to China.
- SecuritySecurity flaws in its products and cyberattacks on its systems could be costly.
- Tax, IP and lawsuitsTax changes, intellectual-property disputes and litigation could raise costs.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net revenue | $22.7B | $25.8B | $34.6B |
| Net income | $854M | $1.6B | $4.3B |
| Operating cash flow | $1.7B | $3.0B | $7.7B |
| Cash & equivalents (year end) | $3.9B | $3.8B | $5.5B |
| Total debt (year end) | $2.5B | $1.7B | $3.2B |
| Diluted shares | 1.62B | 1.64B | 1.64B |
- Net revenue: Sales of processors, graphics chips, adaptive chips and related products.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Current and long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Revenue by location is based on where customers are billed, which can differ from where products end up.
- AMD tags gaming revenue for 2025 under a gaming segment member in its 10-K; it is the gaming part of the Client and Gaming segment.
Recent filings
Latest filings
- Oct 194:16 PM ET
Form 4
AMD EVP & GM DSG Forrest Eugene Norrod reports selling 17,262 shares under a 10b5-1 plan
The filing reports 17,262 shares in an open-market or private sale (code S) at weighted-average prices from $535.15 to $543.03, about $9.3 million in total; and 7,262 shares in an exercise or conversion of a derivative security (code M).
- Sep 284:16 PM ET
8-K
AMD files an 8-K on unregistered share sales
AMD filed a Form 8-K on Sep 28, 2026 at 4:16 PM ET under Item 3.02 (Unregistered Sales of Equity Securities).
Common questions about AMD
How does AMD make money?
AMD's net revenue was $34.6B in fiscal 2025. Data Center was 48% of 2025 revenue, Client and Gaming 42% and Embedded 10%. Within Client and Gaming, PC processors brought in $10.6B and gaming $3.9B. Source: 10-K for fiscal 2025, filed Feb 4, 2026.
What was AMD's revenue in fiscal 2025?
$34.6B of net revenue for the fiscal year ended Dec 27, 2025, up 34.3% from $25.8B in fiscal 2024. Fiscal 2023 was $22.7B. Source: 10-K for fiscal 2025, filed Feb 4, 2026.
Is AMD profitable?
AMD reported net income of $4.3B for fiscal 2025, up 164.2% from $1.6B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 27, 2026, net income was $2.3B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 4, 2026.
What did AMD report in its latest quarterly filing?
Net revenue was $11.5B in the quarter ended Jun 27, 2026, up 50.1% from $7.7B a year earlier. Net income was $2.3B, up 163.4% from $872M. Source: 10-Q for the quarter ended Jun 27, 2026, filed Aug 5, 2026.
How much cash and debt does AMD have?
AMD had $5.1B in cash and cash equivalents and $3.2B of total debt on Jun 27, 2026. Total debt here is current and long-term debt, at carrying value. Source: 10-Q filed Aug 5, 2026.
What are the main risks AMD lists?
AMD's 10-K for fiscal 2025, filed Feb 4, 2026, lists its risk factors in Item 1A. We group them into 7 areas: Competition; product timing; suppliers; demand and customers; export controls and trade; security; tax, IP and lawsuits. The first: It faces strong rivals in every market, including Intel and Nvidia, and customers that design their own chips. Source: 10-K, Item 1A Risk Factors.
Where do these AMD numbers come from?
From AMD's own SEC filings: the 10-K for fiscal 2025 (filed Feb 4, 2026) and the 10-Q for the quarter ended Jun 27, 2026 (filed Aug 5, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in AMD
- The editor holds no position in AMD (AMD). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell AMD from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold AMD, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| AMDAMD | FY2025 | $34.6B | +34.3% | $4.3B |
| NvidiaNVDA | FY2026 | $215.9B | +65.5% | $120.1B |
| IntelINTC | FY2025 | $52.9B | −0.5% | −$267M |
| MicronMU | FY2026 | $133.2B | +256.3% | $85.0B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.