01—Abstract
Summary
Summary of the 10-K/A filed February 4, 2026. Cited figures are marked; the original filing is the authoritative source.
Advanced Micro Devices, Inc. (AMD) reported a strong fiscal year 2025 with significant revenue growth, driven primarily by its Data Center and Client and Gaming segments.
Total net revenue increased by 34% to $34.6 billiona, reflecting robust demand for EPYC processors, Instinct GPUs, and Ryzen processors, along with contributions from semi-custom game consoles and Radeon gaming GPUs. The company has made substantial progress in its AI strategy, launching new leadership products like the 5th Gen EPYC processors and Instinct MI350 Series GPUs. Strategic investments, including acquisitions to enhance software capabilities and photonics solutions, further bolster its AI ambitions.
AMD's financial position strengthened, with cash, cash equivalents, and short-term investments doubling to $10.6 billionb, although total debt also increased. The company returned $1.3 billion to shareholders through stock repurchases, with a substantial $9.4 billion remaining under its program.
02—Key points
Key Highlights
- Total net revenue surged 34% to $34.6 billion in fiscal year 2025, driven by strong performance in Data Center and Client and Gaming segments.
- Data Center revenue grew 32% to $16.6 billion, fueled by demand for 5th Gen EPYC processors and Instinct MI350 Series GPUs.
- Client and Gaming revenue jumped 51% to $14.6 billion, thanks to strong sales of Ryzen processors, gaming console SoCs, and Radeon GPUs.
- Gross margin improved to 50% from 49% year-over-year, despite approximately $440 million in inventory and related charges for AMD Instinct MI308 GPU products due to U.S. export controls.
- Cash, cash equivalents, and short-term investments more than doubled to $10.6 billion, indicating a strong liquidity position.
- Research and Development expenses increased by 25% to $8.1 billion, primarily for AI strategy initiatives and headcount growth.
- AMD completed the acquisition of ZT Systems for $3.2 billion and subsequently sold its ZT Manufacturing Business to Sanmina for $2.4 billion, streamlining operations.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Advanced Micro Devices Inc kept $0.13.
- Revenue$34.64B100.0%
- Cost of revenue−$17.49B50.5%
- Gross profit$17.15B49.5%
- Operating costs−$13.46B38.9%
- Operating income$3.69B10.7%
- Interest, other & tax$641.0M1.9%
- Net income$4.33B12.5%
Where FY2025 revenue went
$34.64B- Cost of revenue: $17.49B, 50% of revenue
- R&D: $8.09B, 23% of revenue
- Operating income: $3.69B, 11% of revenue
- SG&A: $4.14B, 12% of revenue
- Other operating costs: $1.22B, 3.5% of revenue
Kept 11% as operating income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2025filed February 4, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $34.64B$25.79B | +34.3% |
| Cost of Revenue | $17.49B$13.06B | +33.9% |
| Gross Profit | $17.15B$12.72B | +34.8% |
| R&D Expenses | $8.09B$6.46B | +25.3% |
| SG&A Expenses | $4.14B$2.73B | +51.5% |
| Operating Expenses | $13.46B$10.82B | +24.3% |
| Operating Income | $3.69B$1.90B | +94.4% |
| Interest Expense | $131.00M$92.00M | +42.4% |
| Net Income | $4.33B$1.64B | +164.2% |
| EPS (Basic) | $2.67$1.01 | +164.4% |
| EPS (Diluted) | $2.65$1.00 | +165.0% |
| Shares Outstanding (Basic) | 1.62B1.62B | +0.2% |
| Shares Outstanding (Diluted) | 1.64B1.64B | −0.1% |
05—Questions
Frequently Asked Questions
What were the main drivers of AMD's revenue growth in fiscal year 2025?
AMD's revenue growth in fiscal year 2025 was primarily driven by strong demand in its Data Center segment, particularly for its 5th generation EPYC processors and Instinct MI350 Series GPUs, and its Client and Gaming segment, which saw high demand for Ryzen processors, semi-custom game consoles SoCs, and Radeon gaming GPUs.
How has AMD's AI strategy progressed, and what investments were made?
AMD has made significant progress in its AI strategy, launching leadership products like the Instinct MI350 Series GPUs and new EPYC processors with AI capabilities. The company also made strategic investments through acquisitions to enhance software capabilities in AI and machine learning, and to scale its photonics and co-packaged optics solutions for next-generation AI systems.
What is the impact of the U.S. government export controls on AMD's business?
The U.S. government export controls led to approximately $440 million in net inventory and related charges for AMD Instinct MI308 Data Center GPU products. While the company received some licenses to ship these products to certain China-based customers, impacting revenue and allowing for the reversal of $360 million of charges, ongoing regulatory developments are being closely monitored.
How has AMD's financial position changed in terms of cash and debt?
AMD's financial position strengthened considerably in fiscal year 2025. Cash, cash equivalents, and short-term investments increased to $10.6 billion, more than double the $5.1 billion reported at the end of the previous year. Concurrently, the company's total debt increased to $3.3 billion from $1.8 billion, primarily due to the issuance of new notes.
06—Continue