AMD vs FedEx: Revenue, Profit and Business Model
AMD reported $34.6B of revenue in FY2025 and $4.3B of net income. FedEx reported $94.7B of revenue in FY2026 and $4.4B of net income.
Latest financial snapshot
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.
FedEx
FedEx's FY2026 results showed steady growth on a lower cost base. Revenue rose to $94.7 billion and GAAP operating income to $5.46 billion (5.8% margin; 7.0% adjusted). The company said it beat its goal of $1 billion in transformation savings for the year, and capital spending fell 6% to $3.8 billion, or 4.0% of revenue, the lowest ratio in its history. Fourth-quarter revenue was $25.0 billion with adjusted EPS of $6.31. Spin-off costs of $2.46 per share and business optimization costs of $1.19 per share explain most of the gap between GAAP and adjusted earnings.
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 |
FedEx
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $94.7B | $4.4B | 4.7% | +7.7% | Source |
| FY2025 | $87.9B | $4.1B | 4.7% | +0.3% | Source |
| FY2024 | $87.7B | $4.3B | 4.9% | -2.7% | Source |
| FY2023 | $90.2B | $4B | 4.4% | -3.6% | Source |
| FY2022 | $93.5B | $3.8B | 4.1% | +11.4% | Source |
| FY2021 | $84B | $5.2B | 6.2% | +21.3% | Source |
| FY2020 | $69.2B | $1.3B | 1.9% | -0.7% | Source |
| FY2019 | $69.7B | $540M | 0.8% | +6.5% | Source |
| FY2018 | $65.5B | $4.6B | 7.0% | +8.5% | Source |
| FY2017 | $60.3B | $3B | 5.0% | — | 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%.
FedEx
- Package Delivery and Express Services
Largest stream
Domestic and international parcel delivery through the integrated Federal Express air-ground network.
- Fuel Surcharges and Yield Management
Variable stream
Pricing mechanisms tied to fuel, shipment mix, base yields, and service levels.
- Logistics, Customs, and Technology Services
Supporting stream
Brokerage, supply-chain management, e-commerce enablement, tracking, and customer technology services.
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.
FedEx
How it makes money
FedEx earns money by charging shippers to move parcels and freight through a high-fixed-cost network of aircraft, hubs, sort facilities, and delivery routes. Prices depend on weight, dimensions, distance, and speed (overnight, two-day, ground, international priority or economy), plus fuel, residential, and peak surcharges that are updated weekly or seasonally.
Growth strategy
FedEx's growth plan has three parts: lower cost to serve by merging Express and Ground routes and facilities under Network 2.0, shrink and modernize the air fleet to match demand, and push into higher-yield segments such as healthcare cold chain, B2B shipping, small and mid-sized business customers, and cross-border e-commerce.
Competitive advantage
FedEx's moat is physical scale that is very hard to copy: one of the world's largest cargo airlines, the Memphis World Hub that sorts packages overnight, and pickup and delivery coverage in more than 220 countries and territories.
Questions about AMD vs FedEx
Which company has higher revenue — Advanced Micro Devices, Inc. or FedEx Corporation?
Advanced Micro Devices, Inc. reported $34.6B (FY2025), while FedEx Corporation reported $94.7B (FY2026). By last reported revenue, FedEx Corporation 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 Advanced Micro Devices, Inc. vs FedEx Corporation?
Advanced Micro Devices, Inc.'s market capitalisation stands at $999.5B, while FedEx Corporation's is $73.0B. Advanced Micro Devices, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to FedEx Corporation.
Which is more financially efficient — Advanced Micro Devices, Inc. or FedEx Corporation?
Advanced Micro Devices, Inc. generates $1.12M / employee in revenue per employee, while FedEx Corporation generates $179k / 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 FedEx Corporation make money?
Advanced Micro Devices, Inc. and FedEx Corporation generate revenue in fundamentally different ways. Advanced Micro Devices, Inc.: Advanced Micro Devices runs a fabless semiconductor model. FedEx Corporation: FedEx earns money by charging shippers to move parcels and freight through a high-fixed-cost network of aircraft, hubs, sort facilities, and delivery routes.
Which company is valued higher relative to revenue — Advanced Micro Devices, Inc. or FedEx Corporation?
On a price-to-sales (P/S) basis, Advanced Micro Devices, Inc. trades at 28.9x P/S and FedEx Corporation at 0.8x P/S. Advanced Micro Devices, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to FedEx Corporation. 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 FedEx Corporation?
By last reported revenue, FedEx Corporation ($94.7B (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 AMD vs FedEx overview