AMD has reported fourth quarter revenue was a record $10,3-billion for the fourth quarter of 2025, gross margin was 54%.
Operating income was $1,8-billion, net income was $1,5-billion and diluted earnings per share was $0.92.
On a non-GAAP basis, gross margin was 57%, operating income was a record $2,9-billion, net income was a record $2,5-billion and diluted earnings per share was a record $1.53.
For the full year 2025, AMD reported record revenue of $34,6-billion, gross margin of 50%, operating income of $3,7-billion, net income of $4,3-billion, and diluted earnings per share of $2.65. On a non-GAAP basis, gross margin was 52%, operating income was a record $7,8-billion, net income was a record $6,8-billion and diluted earnings per share was a record $4.17.
“2025 was a defining year for AMD, with record revenue and earnings driven by strong execution and broad-based demand for our high-performance and AI platforms,” says Dr Lisa Su, AMD chair and CEO. “We are entering 2026 with strong momentum across our business, led by accelerating adoption of our high-performance EPYC and Ryzen CPUs and the rapid scaling of our data center AI franchise.”
Jean Hu, AMD executive vice-president, chief financial officer and treasurer, comments: “Our record fourth quarter and full-year results demonstrate AMD’s ability to deliver profitable growth at scale.
“We achieved record non-GAAP operating income and free cash flow, while increasing our strategic investments to support long-term growth across our high-performance and adaptive computing product portfolio.”
| GAAP Quarterly Financial Results | |||||
| Q4 2025 | Q4 2024 | Y/Y | Q3 2025 | Q/Q | |
| Revenue ($M) | $10,270 | $7,658 | Up 34% | $9,246 | Up 11% |
| Gross profit ($M) | $5,577 | $3,882 | Up 44% | $4,780 | Up 17% |
| Gross margin | 54% | 51% | Up 3 ppts | 52% | Up 2 ppts |
| Operating expenses ($M) | $3,825 | $3,011 | Up 27% | $3,510 | Up 9% |
| Operating income ($M) | $1,752 | $871 | Up 101% | $1,270 | Up 38% |
| Operating margin | 17% | 11% | Up 6 ppts | 14% | Up 3 ppts |
| Net income ($M) | $1,511 | $482 | Up 213% | $1,243 | Up 22% |
| Diluted earnings per share | $0.92 | $0.29 | Up 217% | $0.75 | Up 23% |
| Non-GAAP(*) Quarterly Financial Results | |||||
| Q4 2025 | Q4 2024 | Y/Y | Q3 2025 | Q/Q | |
| Revenue ($M) | $10,270 | $7,658 | Up 34% | $9,246 | Up 11% |
| Gross profit ($M) | $5,855 | $4,140 | Up 41% | $4,992 | Up 17% |
| Gross margin | 57% | 54% | Up 3 ppts | 54% | Up 3 ppts |
| Operating expenses ($M) | $3,001 | $2,114 | Up 42% | $2,754 | Up 9% |
| Operating income ($M) | $2,854 | $2,026 | Up 41% | $2,238 | Up 28% |
| Operating margin | 28% | 26% | Up 2 ppts | 24% | Up 4 ppts |
| Net income ($M) | $2,519 | $1,777 | Up 42% | $1,965 | Up 28% |
| Diluted earnings per share | $1.53 | $1.09 | Up 40% | $1.20 | Up 28% |
| Annual Financial Results | ||||||
| GAAP | Non-GAAP(*) | |||||
| 2025(1) | 2024 | Y/Y | 2025(1) | 2024 | Y/Y | |
| Revenue ($M) | $34,639 | $25,785 | Up 34% | $34,639 | $25,785 | Up 34% |
| Gross profit ($M) | $17,152 | $12,725 | Up 35% | $18,165 | $13,759 | Up 32% |
| Gross margin % | 50% | 49% | Up 1 ppt | 52% | 53% | Down 1 ppt |
| Operating expenses ($M) | $13,458 | $10,825 | Up 24% | $10,397 | $7,621 | Up 36% |
| Operating income ($M) | $3,694 | $1,900 | Up 94% | $7,768 | $6,138 | Up 27% |
| Operating margin % | 11% | 7% | Up 4 ppts | 22% | 24% | Down 2 ppts |
| Net income ($M) | $4,335 | $1,641 | Up 164% | $6,831 | $5,420 | Up 26% |
| Diluted earnings per share | $2.65 | $1.00 | Up 165% | $4.17 | $3.31 | Up 26% |
Segment summary
Data Centre segment revenue in the quarter was a record $5,4-billion, up 39% year-over-year, driven by strong demand for AMD EPYC processors and the continued ramp of AMD Instinct GPU shipments.
For the full year 2025, Data Centre segment revenue was a record $16,6-billion, up 32% year-over-year, reflecting growth across both EPYC CPUs and AMD Instinct GPUs.
Client and Gaming segment revenue in the quarter was $3,9-billion, up 37% year-over-year. Client business revenue in the quarter was a record $3,1-billion, up 34% year-over-year, driven primarily by strong demand for leadership AMD Ryzen processors and continued market share gains.
Gaming business revenue in the quarter was $843 million, up 50% year-over-year, primarily driven by higher semi-custom revenue and strong demand for AMD Radeon GPUs.
For the full year 2025, Client and Gaming segment revenue was a record $14,6-billion, up 51% year-over-year. Client business revenue was a record $10,6-billion, up 51% year-over-year, driven by continued revenue share gains and a richer product mix. Gaming business revenue was $3,9-billion, up 51% year-over-year, driven by improved semi-custom sales and strong demand for AMD Radeon GPUs.
Embedded segment revenue in the quarter was $950-million, up 3% year-over-year, as demand strengthened across several end markets.
For the full year 2025, Embedded segment revenue was $3,5-billion, down 3% year-over-year, reflecting the impact of customer inventory level adjustments earlier in the year.