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AMD
AMD (AMD) investor relations material
AMD Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Achieved record annual revenue of $34.6 billion in 2025, up 34% year-over-year, with strong growth across all business segments, especially data center and AI products.
Fourth quarter revenue reached $10.3 billion, up 34% year-over-year, driven by record sales of EPYC, Ryzen, and Instinct processors.
Net income for the year rose 42% to $2.5 billion (non-GAAP), with GAAP net income at $4.3 billion, and free cash flow for 2025 was $5.5 billion.
Significant market share gains in server and PC processors, and rapid scaling of the data center AI business.
Strong cash position with $10.6 billion in cash, cash equivalents, and short-term investments at year-end.
Financial highlights
Q4 2025 gross margin was 54% (GAAP) and 57% (non-GAAP), benefiting from a $360 million inventory reserve release.
Q4 operating income was $1.8 billion (GAAP, up 101% YoY) and $2.9 billion (non-GAAP, up 41% YoY); diluted EPS reached $1.53 (non-GAAP), up 40% year-over-year.
Full-year GAAP operating income was $3.7 billion (up 94% YoY); non-GAAP operating income was $7.8 billion (up 27% YoY).
Free cash flow for 2025 was $5.5 billion, with a free cash flow margin of 16%.
Repurchased $1.3 billion in shares in 2025, with $9.4 billion remaining under authorization.
Outlook and guidance
Q1 2026 revenue expected at ~$9.8 billion (±$300 million), up ~32% year-over-year, including ~$100 million of Instinct MI308 sales to China.
Sequential Q1 revenue expected to decline 5% due to seasonality in client, gaming, and embedded segments, partially offset by data center growth.
Non-GAAP gross margin for Q1 2026 guided at ~55%; operating expenses at ~$3.05 billion.
Long-term targets include >35% CAGR revenue growth, expanding operating margins, and annual EPS >$20 within three to five years.
What is the sustainable gross margin post-MI308?
Update on 1 GW AI infrastructure JV by 2030
Embedded segment recovery outlook for 2026?
How is MI450 supply chain secured for H2 ramp?
How will client gross margins evolve with PC TAM down?
How will OpEx growth compare to revenue in 2026?
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Next AMD earnings date
Q1 20265 May, 2026
AMD
Next AMD earnings date
Q1 20265 May, 2026
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Frequently asked questions
Designer and Manufacturer of GPUs and CPUs
Advanced Micro Devices, Inc. (AMD), founded in 1969, is a global semiconductor company. Over the years, AMD has established itself as a significant player in the technology industry by designing and producing a wide range of microprocessors, graphics processors, and related technologies.
These products are integral to various high-demand applications, making AMD a key supplier to sectors such as consumer electronics, gaming, enterprise computing, and high-performance computing. The company is headquartered in Santa Clara, California, and its shares are listed on the NASDAQ.
The Company's Products and Operations
AMD's central processing units (CPUs) are one of the company's flagship products. Its Ryzen series of processors, known for high performance and energy efficiency, have gained substantial popularity among consumers, particularly in the personal computing and gaming markets. In the graphics processing unit (GPU) segment, AMD’s Radeon line has become particularly popular in gaming and professional visualization.
Radeon GPUs are known for their powerful performance and advanced features, such as real-time ray tracing and machine learning capabilities.. AMD's GPUs are also utilized in data centers, where they power high-performance computing (HPC) and artificial intelligence (AI) workloads. Additionally, AMD produces chipsets that enable communication between different components within a computer system, enhancing overall system performance and efficiency.
The company’s EPYC server processors are particularly noteworthy in the data center market, providing robust solutions for cloud computing, virtualization, and data analytics.
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