Advanced Micro Devices, Inc. Revenue & Financials

The most interesting number in AMD's financials isn't the $34.6 billion revenue headline. It's the net income jump: $4.3 billion in FY2025 versus just $1.6 billion in FY2024. Revenue grew 34%, but profits nearly tripled. That tells you the mix shift is working — as data center and AI accelerator revenue scales, the margin profile transforms because those products carry dramatically better economics than console chips or budget desktop processors. Here's the revenue trajectory in context: $6.7 billion in 2019, $9.8 billion in 2020, $16.4 billion in 2021, $23.6 billion in 2022, a dip to $22.7 billion in 2023 (post-Xilinx integration plus embedded cyclicality), $25.8 billion in 2024, then the $34.6 billion breakout in 2025. That's a company that has compounded revenue at roughly 30% annually for six years. Not many $30B+ companies sustain that pace. Gross margins have expanded toward 52-54% on a non-GAAP basis. For context, Intel's gross margins have been compressing toward the low 40s as it struggles with foundry costs. NVIDIA's are in the 70s because software and AI create extraordinary pricing power. AMD sits in between — better than a commodity chip company, not yet at platform-monopoly levels. The balance sheet is clean relative to the company's cash generation. R&D runs about $6 billion annually, which is enormous in absolute terms but necessary when you're simultaneously competing in CPUs, GPUs, AI accelerators, FPGAs, and DPUs. The market cap fluctuates between $170 billion and $250 billion depending on whether investors believe the AI story or worry about NVIDIA's dominance. That volatility itself tells you something: the market hasn't decided what AMD is yet. CPU company? AI platform? Both? The answer determines whether the stock is cheap or expensive at current levels.