AMD vs Lattice Semiconductor: Revenue, Profit and Business Model
AMD had $34.6B of annual revenue in FY2025 and $4.3B of net income. Lattice Semiconductor had $523.3M of annual revenue in FY2025 and $3.1M of net income.
Latest financial snapshot
AMD
- Latest annual revenue
- $34.6B (FY2025)
- Net income
- $4.3B
- Net margin
- 12.5%
- Revenue growth
- +26.0% a year, FY2016–FY2025
Lattice Semiconductor
- Latest annual revenue
- $523.3M (FY2025)
- Net income
- $3.1M
- Net margin
- 0.6%
- Revenue growth
- +2.3% 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. AMD experienced exponential growth, reaching a market valuation of over $250 billion as it captured significant market share in CPUs and data center accelerators.
Lattice Semiconductor
Revenue climbed from $404.1 million in 2019 to a record $737.2 million in 2023 under former CEO Jim Anderson, then fell 30.9% to $509.4 million in 2024 as industrial and automotive customers worked down inventory. FY2025 revenue edged up 2.7% to $523.3 million, with net income of only $3.1 million. Growth returned in 2026 on data center and AI demand: Q1 revenue reached $170.9 million and Q2 a record $201.1 million at a 71.7% non-GAAP gross margin. Lattice guided Q3 2026 to about $255 million at the midpoint, including two months of AMI, which management said put it on a $1 billion annual revenue run rate. Lattice Semiconductor Corporation is a major American designer of high-performance programmable logic devices, commanding a market valuation typically over $8 billion.
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 |
Lattice Semiconductor
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $523.3M | $3.1M | 0.6% | +2.7% | Source |
| FY2024 | $509.4M | $61.1M | 12.0% | -30.9% | Source |
| FY2023 | $737.2M | $259.1M | 35.1% | +11.6% | Source |
| FY2022 | $660.4M | $178.9M | 27.1% | +28.1% | Source |
| FY2021 | $515.3M | $95.9M | 18.6% | +26.3% | Source |
| FY2020 | $408.1M | $47.4M | 11.6% | +1.0% | Source |
| FY2019 | $404.1M | $43.5M | 10.8% | +1.3% | Source |
| FY2018 | $398.8M | -$26.3M | -6.6% | +3.3% | Source |
| FY2017 | $386M | -$70.6M | -18.3% | -9.6% | Source |
| FY2016 | $427.1M | -$54.1M | -12.7% | — | 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%.
Lattice Semiconductor
- Communications and Computing
55.9% of FY2025 revenue
Revenue from servers, client devices, AI control-plane applications, wireless and wireline infrastructure, data networking, cloud, and hyperscaler-related uses reached $292.716 million in FY2025.
- Industrial and Automotive
37.1% of FY2025 revenue
Factory automation, robotics, machine vision, automotive electronics, IoT, aerospace, defense, and related embedded uses generated $193.965 million in FY2025 revenue.
- Consumer
7.0% of FY2025 revenue
Consumer applications including displays, wearables, televisions, drones, home theater, and sound systems generated $36.581 million in FY2025 revenue.
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.
Lattice Semiconductor
How it makes money
Lattice makes money by designing FPGAs and selling the chips, mostly through distributors, to equipment makers. It is fabless: foundry partners manufacture the silicon, while Lattice owns the architecture, the Radiant and Propel design software, and application 'solution stacks' such as sensAI and Sentry.
Growth strategy
Lattice is pursuing three main lines of growth: more FPGA content per AI server for board control and hardware root of trust, the newer mid-range Avant family that widens its market beyond small devices, and cross-selling AMI firmware and management software with Lattice silicon to hyperscalers and server makers.
Competitive advantage
Lattice's edge comes from years spent optimizing small FPGAs for low power and board space, plus a software toolchain and IP library that make those chips easier to deploy. Its control and security FPGAs are designed into server and AI-system boards that run for multiple product generations, which makes them hard to displace.
Questions about AMD vs Lattice Semiconductor
Which company has higher revenue — Advanced Micro Devices, Inc. or Lattice Semiconductor Corporation?
Advanced Micro Devices, Inc. had $34.6B (FY2025), while Lattice Semiconductor Corporation had $523.3M (FY2025). By latest annual revenue, Advanced Micro Devices, Inc. is the larger business, with Lattice Semiconductor Corporation showing a smaller revenue base.
What is the market cap of Advanced Micro Devices, Inc. vs Lattice Semiconductor Corporation?
Advanced Micro Devices, Inc.'s market capitalisation stands at $999.5B, while Lattice Semiconductor Corporation's is $18.2B. Advanced Micro Devices, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Lattice Semiconductor Corporation.
How does revenue per employee compare for Advanced Micro Devices, Inc. and Lattice Semiconductor Corporation?
Advanced Micro Devices, Inc. has $1.12M / employee in revenue per employee, while Lattice Semiconductor Corporation has $291k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Advanced Micro Devices, Inc. and Lattice Semiconductor Corporation make money?
Advanced Micro Devices, Inc. and Lattice Semiconductor Corporation generate revenue in fundamentally different ways. Advanced Micro Devices, Inc.: Advanced Micro Devices runs a fabless semiconductor model. Lattice Semiconductor Corporation: Lattice makes money by designing FPGAs and selling the chips, mostly through distributors, to equipment makers.
Which company is valued higher relative to revenue — Advanced Micro Devices, Inc. or Lattice Semiconductor Corporation?
On a price-to-sales (P/S) basis, Advanced Micro Devices, Inc. trades at 28.9x P/S and Lattice Semiconductor Corporation at 34.8x P/S. Lattice Semiconductor Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Advanced Micro Devices, 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 Lattice Semiconductor Corporation?
By last reported revenue, Advanced Micro Devices, Inc. ($34.6B (FY2025)) is the larger company compared to Lattice Semiconductor Corporation ($523.3M (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 Lattice Semiconductor overview