Advanced Micro Devices, Inc. Revenue & Financials

Today it's worth north of $170 billion. FY2025 revenue landed at $34.6 billion. That's a 5x increase from 2019's $6.7 billion. Data Center alone — EPYC servers and Instinct AI accelerators — pulled in $16.6 billion, making it the company's largest business for the first time. Under CEO Lisa Su, the company executed a turnaround through Zen architecture, chiplet design, and TSMC manufacturing partnerships, growing revenue from $4B to $34.6B between 2014 and 2025. This fabless model is why AMD can spend $6 billion a year on R&D without also burning $15-20 billion on factory upgrades the way Intel does. Data Center: $16.6 billion in FY2025. Client: $7.6 billion. Gaming: roughly $7 billion. Embedded: approximately $3.5 billion. AMD grew from $6.7 billion in revenue in 2020 to $34.6 billion in fiscal year 2025. Data Center revenue reached $16.6 billion in FY2025, nearly half of total company revenue. The Xilinx acquisition in 2022 for $35 billion added field-programmable gate arrays to AMD's product range, and the 2024 ZT Systems acquisition brought server integration capabilities. FY2025 Data Center revenue of $16.6 billion, nearly half of AMD's $34.6 billion total, is the number that explains why the market values the company at approximately $195 billion. Revenue trajectory: $22.7 billion in 2022, $22.7 billion in 2023 (essentially flat during an AI infrastructure investment pause), then $25.8 billion in 2024 and $34.6 billion in FY2025. Net income reached $4.3 billion in FY2025 against a market cap of approximately $195 billion — a valuation that prices in substantial future growth from AI infrastructure. AMD has no capital expenditure for manufacturing facilities, so free cash flow conversion from operating income is high. The Xilinx acquisition for $35 billion in 2022 added the Adaptive and Embedded segment, which contributed revenue but also created $26 billion in goodwill on the balance sheet. AMD gets access to the world's best manufacturing without spending $20 billion a year maintaining fabs. The Silo AI acquisition ($665 million) and investments in PyTorch compatibility, vLLM inference improvement, and Hugging Face integrations are all aimed at this. Third, systems: the ZT Systems acquisition ($4.9 billion) gives AMD rack-level design expertise so it can sell complete AI clusters, not just individual chips. The entire valuation debate — whether AMD is worth $170 billion or $300 billion — reduces to a software question masquerading as a hardware company. The relationship was adversarial from the start — AMD filed antitrust complaints against Intel in 2005, alleging that Intel paid PC manufacturers to exclude AMD chips, a case that settled for $1.25 billion in 2009.