AMD reported a strong finish to 2025 with record fourth-quarter and full-year revenue and earnings, driven by broad-based demand for its high-performance and AI platforms, particularly EPYC CPUs and Instinct GPUs. The company is entering 2026 with significant momentum, fueled by accelerating adoption of its data center AI franchise and continued market share gains in client processors.
Record fourth quarter revenue of $10.3 billion, up 34% year-over-year.
positiveRecord full year 2025 revenue of $34.6 billion, up 34% year-over-year.
positiveNon-GAAP operating income reached a record $2.9 billion in Q4 2025, up 41% year-over-year.
positiveNon-GAAP diluted earnings per share was a record $1.53 in Q4 2025, up 40% year-over-year.
positiveData Center segment revenue was a record $5.4 billion in Q4 2025, up 39% year-over-year, driven by EPYC processors and Instinct GPUs.
positiveClient business revenue was a record $3.1 billion in Q4 2025, up 34% year-over-year, driven by Ryzen processors and market share gains.
positiveFree cash flow of $2.1 billion in Q4 2025, with a margin of 20%.
positiveFull year 2025 GAAP gross margin was 50%, down 1 ppt year-over-year, and Non-GAAP gross margin was 52%, down 1 ppt year-over-year.
attentionFull year 2025 GAAP operating margin was 11%, up 4 ppts year-over-year, but Non-GAAP operating margin was 22%, down 2 ppts year-over-year.
attentionEmbedded segment revenue was down 3% year-over-year for the full year 2025, reflecting customer inventory adjustments.
attentionFull year 2025 GAAP net income was $4.3 billion, up 164% year-over-year, but Non-GAAP net income was $6.8 billion, up 26% year-over-year, indicating a significant difference due to special items.
attentionFull year 2025 GAAP diluted EPS was $2.65, up 165% year-over-year, while Non-GAAP diluted EPS was $4.17, up 26% year-over-year.
attentionFull year 2025 GAAP operating expenses increased 24% year-over-year, while Non-GAAP operating expenses increased 36% year-over-year.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Data Center | N/A | — | — | — |
Client and Gaming | N/A | — | — | — |
Embedded | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
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.
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.
Our record fourth quarter and full-year results demonstrate AMD’s ability to deliver profitable growth at scale.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.