AMD (AMD) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $10.3B, up 34% year-over-year, and record full-year revenue of $34.6B, up 34% year-over-year, driven by strong demand for high-performance computing and AI products across all business segments.

• Q4 GAAP net income was $1.5B (up 213% YoY), with diluted EPS of $0.92 (up 217% YoY); non-GAAP net income was $2.5B with EPS of $1.53.

• Data center, client, gaming, and embedded segments all posted significant year-over-year growth, with notable share gains in server and PC processors.

• Launched the broadest set of leadership products in company history, rapidly scaling the data center AI business and expanding customer base.

• Strong cash position with $10.6B in cash, cash equivalents, and short-term investments at quarter-end.

Financial highlights

• 2025 revenue grew 34% year-over-year to $34.6B; Q4 revenue up 34% to $10.3B.

• Q4 2025 gross margin was 54% (GAAP) and 57% (non-GAAP), both up 3 percentage points YoY; adjusted non-GAAP gross margin (excluding China MI308 and inventory charges) was ~55%.

• Q4 net income (GAAP) was $1.5B, up 213% year-over-year; non-GAAP net income was $2.5B, up 42%.

• Record diluted EPS of $4.17 for 2025, up 26% year-over-year; Q4 EPS was $1.53, up 40%.

• Free cash flow for 2025 was $5.5B, with a free cash flow margin of 16%; Q4 free cash flow was $2.1B.

Outlook and guidance

• Q1 2026 revenue expected at ~$9.8B (±$300M), up ~32% YoY but down ~5% sequentially; includes ~$100M of Instinct MI308 sales to China.

• Q1 2026 non-GAAP gross margin guided at ~55%; operating expense at ~$3.05B.

• Data center segment revenue projected to grow over 60% annually over the next 3–5 years; company targets >35% CAGR revenue growth and annual EPS >$20 in the strategic timeframe.