Alibaba vs AMD: Revenue, Profit and Business Model
Alibaba reported ~$142.3B of revenue in FY2026 and ~$14.4B of net income. AMD reported $34.6B of revenue in FY2025 and $4.3B of net income.
Latest financial snapshot
Financial summary
Alibaba
Revenue rose from ~$22 billion (RMB158.3 billion) in FY2017 to ~$142 billion (RMB1.024 trillion) in FY2026. Net income was ~$14.4 billion (RMB103.6 billion) in FY2026, down from ~$17.5 billion (RMB126.0 billion) in FY2025. Alibaba reports on a March 31 fiscal year and invests heavily in commerce, cloud and AI infrastructure.
AMD
AMD's decade is a turnaround with a paper trail. Revenue fell to $4.0B in 2015 and the company lost $660M; its market value ended that year near $2.3B. Zen-based Ryzen and EPYC parts, and Intel's process delays, shifted the mix toward servers and then AI accelerators. FY2025 revenue was $34.6B, up 34% from $25.8B, with net income of $4.3B, a 50% gross margin, $8.1B of research and development spending, and $4.1B of marketing, general and administrative expense. Cash, cash equivalents, and short-term investments rose to $10.6B from $5.1B a year earlier, against $3.3B of total debt principal. The result also absorbed about $440M of net inventory and related charges tied to US export controls on Instinct MI308 products.
Revenue and profit by year
Alibaba
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$142.3B | ~$14.4B | 10.1% | +2.7% | Source |
| FY2025 | ~$138.5B | ~$17.5B | 12.6% | +5.9% | Source |
| FY2024 | ~$130.8B | ~$9.9B | 7.6% | +8.3% | Source |
| FY2023 | ~$120.7B | ~$9.1B | 7.5% | +1.8% | Source |
| FY2022 | ~$118.6B | ~$6.5B | 5.5% | +18.9% | Source |
| FY2021 | ~$99.7B | ~$19.9B | 20.0% | +40.7% | Source |
| FY2020 | ~$70.8B | ~$19.5B | 27.5% | +35.3% | Source |
| FY2019 | ~$52.4B | ~$11.2B | 21.3% | +50.6% | Source |
| FY2018 | ~$34.8B | ~$8.5B | 24.5% | +58.1% | Source |
| FY2017 | ~$22B | ~$6.1B | 27.6% | — | Source |
AMD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $34.6B | $4.3B | 12.5% | +34.3% | Source |
| FY2024 | $25.8B | $1.6B | 6.4% | +13.7% | Source |
| FY2023 | $22.7B | $854M | 3.8% | -3.9% | Source |
| FY2022 | $23.6B | $1.3B | 5.6% | +43.6% | Source |
| FY2021 | $16.4B | $3.2B | 19.2% | +68.3% | Source |
| FY2020 | $9.8B | $2.5B | 25.5% | +45.0% | Source |
| FY2019 | $6.7B | $341M | 5.1% | +4.0% | Source |
| FY2018 | $6.5B | $337M | 5.2% | +23.3% | Source |
| FY2017 | $5.3B | -$33M | -0.6% | +21.6% | Source |
| FY2016 | $4.3B | -$498M | -11.5% | — | Source |
Where the revenue comes from
Alibaba
- China commerce
Not formally reported
Alibaba earns revenue through China commerce.
- international digital commerce
Not formally reported
Alibaba earns revenue through international digital commerce.
- cloud intelligence
Not formally reported
Alibaba earns revenue through cloud intelligence.
- logistics services
Not formally reported
Alibaba earns revenue through logistics services.
- local services and digital media
Not formally reported
Alibaba earns revenue through local services and digital media.
AMD
- Data Center~48%
EPYC server CPUs, Instinct AI accelerators, Pensando DPUs, AI network interface cards, FPGAs, and adaptive SoCs sold to cloud providers, enterprises, and HPC customers. Net revenue was $16.6B in FY2025, up 32%.
- Client and Gaming~42%
Ryzen desktop and notebook processors, chipsets, Radeon discrete GPUs, and semi-custom SoCs for PlayStation and Xbox consoles. Net revenue was $14.6B in FY2025, up 51%, with Client at $10.6B and Gaming at $3.9B.
- Embedded~10%
Xilinx-derived FPGAs, adaptive SoCs, system-on-modules, and embedded CPUs sold into telecommunications, aerospace, defense, automotive, and industrial markets. Net revenue was $3.5B in FY2025, down 3%.
Business model and strategy
Alibaba
How it makes money
Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. Taobao and Tmall primarily connect merchants with consumers rather than operating only as first-party retailers.
Growth strategy
Facing intense regulatory scrutiny and fierce domestic competition, Alibaba's growth strategy recently underwent a large structural overhaul. They announced a plan to split the empire into six separate, independent business groups (like Cloud, E-commerce, and Logistics), allowing each to operate faster and potentially seek their own IPOs.
Competitive advantage
Alibaba's primary moat was its large network effect within China; virtually every merchant had to be on Taobao because that's where all the consumers were, and vice versa. their proprietary logistics network (Cainiao) and deep integration with Alipay created a frictionless ecosystem for Chinese consumers.
AMD
How it makes money
Advanced Micro Devices runs a fabless semiconductor model. It designs CPUs, GPUs, AI accelerators, FPGAs, and adaptive SoCs, and contracts the wafer manufacturing to outside foundries, primarily TSMC. That structure keeps leading-edge fabrication off AMD's balance sheet and makes engineering its largest investment: research and development cost $8.1B in FY2025, about 23% of revenue.
Growth strategy
AMD's growth plan centers on data center AI, funded by $8.1B of research and development in FY2025. It has bought capability rather than waiting to build it: Xilinx in February 2022 for FPGAs and adaptive computing, a deal announced in October 2020 at about $35B in stock and worth roughly $49B at close; Pensando in May 2022 for DPUs at about $1.9B; Silo AI in August 2024 for AI software engineering at about $665M;
Competitive advantage
AMD's advantage is design and packaging execution without fab ownership. Because it buys capacity from TSMC instead of running leading-edge fabs, it can move to a newer process node as soon as the foundry has one in volume. Its chiplet approach assembles a processor from smaller dies linked by Infinity Fabric, which improves usable yield and makes high core-count parts cheaper to build than a single large die.
Questions about Alibaba vs AMD
Which company has higher revenue — Alibaba Group Holding Limited or Advanced Micro Devices, Inc.?
Alibaba Group Holding Limited reported ~$142.3B (FY2026), while Advanced Micro Devices, Inc. reported $34.6B (FY2025). By last reported revenue, Alibaba Group Holding Limited is the larger business, with Advanced Micro Devices, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Alibaba Group Holding Limited vs Advanced Micro Devices, Inc.?
Alibaba Group Holding Limited's market capitalisation stands at $266.6B, while Advanced Micro Devices, Inc.'s is $999.5B. Advanced Micro Devices, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Alibaba Group Holding Limited.
Which is more financially efficient — Alibaba Group Holding Limited or Advanced Micro Devices, Inc.?
Alibaba Group Holding Limited generates $1.08M / employee in revenue per employee, while Advanced Micro Devices, Inc. generates $1.12M / employee. Advanced Micro Devices, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Alibaba Group Holding Limited and Advanced Micro Devices, Inc. make money?
Alibaba Group Holding Limited and Advanced Micro Devices, Inc. generate revenue in fundamentally different ways. Alibaba Group Holding Limited: Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. Advanced Micro Devices, Inc.: Advanced Micro Devices runs a fabless semiconductor model.
Which company is valued higher relative to revenue — Alibaba Group Holding Limited or Advanced Micro Devices, Inc.?
On a price-to-sales (P/S) basis, Alibaba Group Holding Limited trades at 1.9x P/S and Advanced Micro Devices, Inc. at 28.9x P/S. Advanced Micro Devices, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Alibaba Group Holding Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Alibaba Group Holding Limited bigger than Advanced Micro Devices, Inc.?
By last reported revenue, Alibaba Group Holding Limited (~$142.3B (FY2026)) is the larger company compared to Advanced Micro Devices, Inc. ($34.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Alibaba vs AMD overview