AMD vs SK Hynix: Revenue, Profit and Business Model
AMD had $34.6B of annual revenue in FY2025 and $4.3B of net income. SK Hynix had ~$69B of annual revenue in FY2025 and ~$30.5B 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. AMD experienced exponential growth, reaching a market valuation of over $250 billion as it captured significant market share in CPUs and data center accelerators.
SK Hynix
SK hynix's results track the memory cycle. Revenue fell to ~$23.3B (KRW 32.77T) in 2023 with a ~$6.46B (KRW 9.1T) net loss, then doubled to ~$47B (KRW 66.19T) in 2024 and reached ~$69B (KRW 97.15T) in 2025. The AI-driven upswing accelerated in 2026: Q1 revenue was ~$37.3B (KRW 52.58T) and Q2 hit ~$56.3B (KRW 79.32T), with a 76% operating margin. Q2 net profit of ~$66.7B (KRW 93.92T) exceeded revenue because of non-operating gains. At the end of June 2026 the company held ~$62.5B (KRW 88T) in cash against ~$13.2B (KRW 18.6T) of debt, a net cash position of ~$49.3B (KRW 69.4T). SK Hynix Inc. is a colossal South Korean semiconductor supplier and the absolute second-largest memory chipmaker in the world, sustaining a massive market valuation generally exceeding $100 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 |
SK Hynix
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$69B | ~$30.5B | 44.2% | +46.8% | Source |
| FY2024 | ~$47B | ~$14B | 29.9% | +102.0% | Source |
| FY2023 | ~$23.3B | ~-$6.5B | -27.8% | -26.6% | Source |
| FY2022 | ~$31.7B | ~$1.6B | 5.0% | +3.8% | Source |
| FY2021 | ~$30.5B | ~$6.8B | 22.3% | +34.8% | Source |
| FY2020 | ~$22.6B | — | — | +18.2% | Source |
| FY2019 | ~$19.2B | — | — | -33.3% | Source |
| FY2018 | ~$28.7B | — | — | — | 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%.
SK Hynix
- DRAM (HBM, server, mobile, PC)
Majority of revenue
DRAM is SK hynix's largest business. HBM for AI accelerators and high-capacity server DRAM drove the 2024-2026 profit surge, while mobile LPDDR and PC DDR products make up the rest.
- NAND flash and enterprise SSDs
Minority of revenue
NAND covers mobile storage and SSDs, including Solidigm's enterprise QLC drives used in AI data centers. NAND prices rose sharply in Q1 and Q2 2026 alongside DRAM.
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.
SK Hynix
How it makes money
SK hynix is an integrated device manufacturer: it designs, fabricates, packages and tests memory chips in-house and sells them to cloud providers, AI accelerator makers, server OEMs, smartphone makers and PC brands. DRAM is the larger business and includes HBM, server DDR5 and mobile LPDDR. NAND flash covers mobile storage and enterprise SSDs, including Solidigm's high-capacity QLC drives.
Growth strategy
Growth rests on three moves: ramping HBM4 production in the second half of 2026, expanding capacity at Cheongju (M15X) and the Yongin semiconductor cluster while keeping capex disciplined, and building an HBM advanced packaging and R&D site in West Lafayette, Indiana, announced in 2024 at about $3.87 billion.
Competitive advantage
SK hynix's edge is execution in HBM. It mass-produced HBM3 first in 2022-2023, led the HBM3E ramp in 2024, and began mass shipments of HBM4 in Q2 2026. Its MR-MUF packaging process helps with heat dissipation and yield in tall die stacks, and close co-development with Nvidia and TSMC keeps it designed into new AI platforms.
Questions about AMD vs SK Hynix
Which company has higher revenue — Advanced Micro Devices, Inc. or SK Hynix Inc.?
Advanced Micro Devices, Inc. had $34.6B (FY2025), while SK Hynix Inc. had ~$69B (FY2025). By latest annual revenue, SK Hynix Inc. is the larger business, with Advanced Micro Devices, Inc. showing a smaller revenue base.
What is the market cap of Advanced Micro Devices, Inc. vs SK Hynix Inc.?
Advanced Micro Devices, Inc.'s market capitalisation stands at $999.5B, while SK Hynix Inc.'s is $964.0B. Advanced Micro Devices, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to SK Hynix Inc..
How does revenue per employee compare for Advanced Micro Devices, Inc. and SK Hynix Inc.?
Advanced Micro Devices, Inc. has $1.12M / employee in revenue per employee, while SK Hynix Inc. has $1.47M / 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 SK Hynix Inc. make money?
Advanced Micro Devices, Inc. and SK Hynix Inc. generate revenue in fundamentally different ways. Advanced Micro Devices, Inc.: Advanced Micro Devices runs a fabless semiconductor model. SK Hynix Inc.: SK hynix is an integrated device manufacturer: it designs, fabricates, packages and tests memory chips in-house and sells them to cloud providers, AI accelerator makers, server OEMs, smartphone makers and PC brands.
Which company is valued higher relative to revenue — Advanced Micro Devices, Inc. or SK Hynix Inc.?
On a price-to-sales (P/S) basis, Advanced Micro Devices, Inc. trades at 28.9x P/S and SK Hynix Inc. at 14.0x P/S. Advanced Micro Devices, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to SK Hynix 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 SK Hynix Inc.?
By last reported revenue, SK Hynix Inc. (~$69B (FY2025)) 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 SK Hynix overview