AMD vs Burlington: Revenue, Profit and Business Model
AMD reported $34.6B of revenue in FY2025 and $4.3B of net income. Burlington reported $11.6B of revenue in FY2025 and $610.2M of net income.
Latest financial snapshot
AMD
- Latest revenue
- $34.6B (FY2025)
- Net income
- $4.3B
- Net margin
- 12.5%
- Revenue growth
- +26.0% a year, FY2016–FY2025
Burlington
- Latest revenue
- $11.6B (FY2025)
- Net income
- $610.2M
- Net margin
- 5.3%
- Revenue growth
- +8.4% a year, FY2016–FY2025
Financial summary
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.
Burlington
Burlington's total revenue roughly doubled from $5.59 billion in fiscal 2016 to $11.57 billion in fiscal 2025. The exception was fiscal 2020, when pandemic store closures cut revenue to $5.76 billion and produced a $216.5 million net loss. Profit has since grown faster than sales: net income went from $230.1 million in fiscal 2022 to $339.6 million, $503.6 million and $610.2 million over the next three years. Heavy store investment limits free cash flow, which was about $172 million in fiscal 2025 after roughly $1.06 billion of capital spending. In the second quarter of fiscal 2026 (to August 1, 2026), total sales rose 11 percent to $2.998 billion and net income was $184 million, including a $41 million after-tax benefit from tariff refunds. The company raised its full-year adjusted EPS guidance to $11.77 to $11.97.
Revenue and profit by year
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 |
Burlington
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.6B | $610.2M | 5.3% | +8.8% | Source |
| FY2024 | $10.6B | $503.6M | 4.7% | +9.3% | Source |
| FY2023 | $9.7B | $339.6M | 3.5% | +11.8% | Source |
| FY2022 | $8.7B | $230.1M | 2.6% | -6.6% | Source |
| FY2021 | $9.3B | $408.8M | 4.4% | +61.7% | Source |
| FY2020 | $5.8B | -$216.5M | -3.8% | -20.9% | Source |
| FY2019 | $7.3B | $465.1M | 6.4% | +9.3% | Source |
| FY2018 | $6.7B | $414.7M | 6.2% | +9.1% | Source |
| FY2017 | $6.1B | $384.9M | 6.3% | +9.3% | Source |
| FY2016 | $5.6B | $215.9M | 3.9% | — | Source |
Where the revenue comes from
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%.
Burlington
- In-store net sales99.85%
Net sales of $11.55B in fiscal 2025 from merchandise sold in Burlington stores. There has been no e-commerce channel since March 2020.
- Other revenue0.15%
About $17.3M in fiscal 2025 from sources such as rental income and service fees.
Business model and strategy
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.
Burlington
How it makes money
Burlington makes nearly all of its money from merchandise sold in its stores. Net sales were $11.55 billion of its $11.57 billion fiscal 2025 total revenue; the remaining $17 million of other revenue comes from sources such as rental income and service fees.
Growth strategy
Burlington grows mainly by opening stores. It added 178 gross and 149 net new stores in the 12 months to August 1, 2026, and plans about 115 net openings in fiscal 2026. New stores use a smaller prototype of about 25,000 square feet instead of the very large boxes of the Coat Factory era, which lowers rent and labor per store.
Competitive advantage
Burlington's edge is cost and flexibility. Because it does not commit to full seasonal assortments months ahead, its buyers can take excess branded inventory when it becomes available and price it below department stores. Selling only in stores, with no e-commerce since March 2020, keeps parcel shipping and online returns out of the cost base.
Questions about AMD vs Burlington
Which company has higher revenue — Advanced Micro Devices, Inc. or Burlington Stores, Inc.?
Advanced Micro Devices, Inc. reported $34.6B (FY2025), while Burlington Stores, Inc. reported $11.6B (FY2025). By last reported revenue, Advanced Micro Devices, Inc. is the larger business, with Burlington Stores, Inc. reporting a smaller revenue base.
What is the market cap of Advanced Micro Devices, Inc. vs Burlington Stores, Inc.?
Advanced Micro Devices, Inc.'s market capitalisation stands at $999.5B, while Burlington Stores, Inc.'s is $16.8B. Advanced Micro Devices, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Burlington Stores, Inc..
Which is more financially efficient — Advanced Micro Devices, Inc. or Burlington Stores, Inc.?
Advanced Micro Devices, Inc. generates $1.12M / employee in revenue per employee, while Burlington Stores, Inc. generates $139k / 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 Advanced Micro Devices, Inc. and Burlington Stores, Inc. make money?
Advanced Micro Devices, Inc. and Burlington Stores, Inc. generate revenue in fundamentally different ways. Advanced Micro Devices, Inc.: Advanced Micro Devices runs a fabless semiconductor model. Burlington Stores, Inc.: Burlington makes nearly all of its money from merchandise sold in its stores.
Which company is valued higher relative to revenue — Advanced Micro Devices, Inc. or Burlington Stores, Inc.?
On a price-to-sales (P/S) basis, Advanced Micro Devices, Inc. trades at 28.9x P/S and Burlington Stores, Inc. at 1.5x P/S. Advanced Micro Devices, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Burlington Stores, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Advanced Micro Devices, Inc. bigger than Burlington Stores, Inc.?
By last reported revenue, Advanced Micro Devices, Inc. ($34.6B (FY2025)) is the larger company compared to Burlington Stores, Inc. ($11.6B (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 AMD vs Burlington overview