Revenue growth accelerated to 37.8% in 2026Q1, with gross margins recovering to 52.8% as the product mix shifts toward higher-value data center offerings.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 37.45B | 34.64B | 25.79B | 22.68B | 23.6B | 16.43B | 9.76B | 6.73B | 6.47B | 5.25B | 4.32B | 3.99B | 5.51B | 5.3B | 5.42B | 6.57B | 6.49B | 5.4B | 5.81B | 5.86B | 5.63B | 5.85B | 5B | 3.52B | 2.7B | 3.89B | 4.64B | 2.86B | 2.54B | 2.36B | 1.95B |
| Revenue Growth % | 34.97% | 34.34% | 13.69% | -3.9% | 43.61% | 68.33% | 45.05% | 3.95% | 23.26% | 21.63% | 8.22% | -27.52% | 3.91% | -2.27% | -17.45% | 1.14% | 20.19% | -6.97% | -0.85% | 4.11% | -3.77% | 16.92% | 42.12% | 30.48% | -30.7% | -16.2% | 62.52% | 12.41% | 7.88% | 20.65% | -20.88% |
| Cost of Goods Sold | 18.62B | 17.49B | 13.06B | 12.22B | 13B | 8.51B | 5.42B | 3.86B | 4.03B | 3.47B | 3.32B | 2.91B | 3.67B | 3.32B | 4.19B | 3.63B | 3.53B | 3.13B | 3.49B | 3.67B | 2.83B | 3.46B | 3.03B | 2.33B | 2.11B | 2.59B | 2.51B | 1.45B | 1.25B | 1.58B | 1.44B |
| COGS % of Revenue | - | 50.48% | 50.65% | 53.88% | 55.07% | 51.75% | 55.47% | 57.39% | 62.21% | 65.98% | 76.78% | 72.94% | 66.6% | 62.67% | 77.22% | 55.24% | 54.4% | 57.95% | 60.06% | 62.63% | 50.35% | 59.1% | 60.63% | 66.13% | 78.07% | 66.54% | 54.15% | 50.7% | 49.22% | 66.99% | 73.77% |
| Gross Profit | 18.83B | 17.15B | 12.72B | 10.46B | 10.6B | 7.93B | 4.35B | 2.87B | 2.45B | 1.79B | 1B | 1.08B | 1.84B | 1.98B | 1.24B | 2.94B | 2.96B | 2.27B | 2.32B | 2.19B | 2.79B | 2.39B | 1.97B | 1.19B | 591.37M | 1.3B | 2.13B | 1.41B | 1.29B | 777.94M | 512.19M |
| Gross Margin % | 50.28% | 49.52% | 49.35% | 46.12% | 44.93% | 48.25% | 44.53% | 42.61% | 37.79% | 34.02% | 23.22% | 27.06% | 33.4% | 37.33% | 22.78% | 44.76% | 45.6% | 42.05% | 39.94% | 37.37% | 49.65% | 40.9% | 39.37% | 33.87% | 21.93% | 33.46% | 45.85% | 49.3% | 50.78% | 33.01% | 26.23% |
| Gross Profit Growth % | - | 34.79% | 21.65% | -1.35% | 33.72% | 82.4% | 51.57% | 17.2% | 36.93% | 78.17% | -7.13% | -41.27% | -7.03% | 60.16% | -57.99% | -0.71% | 30.33% | -2.07% | 5.98% | -21.65% | 16.82% | 21.48% | 65.16% | 101.58% | -54.58% | -38.86% | 51.17% | 9.13% | 65.94% | 51.88% | -51.28% |
| Operating Expenses | 14.47B | 13.46B | 10.82B | 10.06B | 9.34B | 4.28B | 2.98B | 2.24B | 2B | 1.66B | 1.38B | 1.56B | 1.99B | 1.88B | 2.29B | 2.57B | 2.11B | 1.61B | 4.28B | 4.5B | 2.81B | 2.16B | 1.75B | 1.43B | 1.82B | 1.36B | 1.24B | 1.69B | 1.45B | 868.59M | 765.5M |
| OpEx % of Revenue | - | 38.85% | 41.98% | 44.35% | 39.57% | 26.05% | 30.5% | 33.23% | 30.83% | 31.6% | 31.86% | 39.11% | 36.22% | 35.38% | 42.25% | 39.16% | 32.54% | 29.76% | 73.61% | 76.8% | 49.96% | 36.94% | 34.95% | 40.51% | 67.36% | 34.95% | 26.72% | 59.19% | 57.22% | 36.86% | 39.2% |
| Selling, General & Admin | 4.51B | 4.14B | 2.78B | 2.35B | 2.34B | 1.45B | 995M | 750M | 562M | 516M | 466M | 482M | 604M | 674M | 823M | 992M | 934M | 994M | 1.3B | 1.36B | 1.14B | 1.02B | 807.01M | 587.31M | 670.07M | 620.03M | 599.01M | 540.1M | 419.7M | 400.71M | 364.8M |
| SG&A % of Revenue | - | 11.96% | 10.79% | 10.37% | 9.9% | 8.81% | 10.19% | 11.14% | 8.68% | 9.82% | 10.79% | 12.08% | 10.97% | 12.72% | 15.18% | 15.1% | 14.38% | 18.4% | 22.45% | 23.22% | 20.22% | 17.38% | 16.14% | 16.69% | 24.84% | 15.93% | 12.9% | 18.9% | 16.51% | 17.01% | 18.68% |
| Research & Development | 8.76B | 8.09B | 6.46B | 5.87B | 5B | 2.85B | 1.98B | 1.55B | 1.43B | 1.2B | 1.01B | 947M | 1.07B | 1.2B | 1.35B | 1.45B | 1.41B | 1.72B | 1.85B | 1.77B | 1.19B | 1.14B | 934.57M | 852.08M | 816.11M | 650.93M | 641.8M | 635.8M | 567.4M | 467.88M | 400.7M |
| R&D % of Revenue | - | 23.36% | 25.04% | 25.89% | 21.21% | 17.31% | 20.31% | 22.98% | 22.15% | 22.77% | 23.34% | 23.73% | 19.47% | 22.66% | 24.97% | 22.12% | 21.64% | 31.85% | 31.82% | 30.23% | 21.15% | 19.56% | 18.69% | 24.21% | 30.26% | 16.73% | 13.82% | 22.25% | 22.32% | 19.86% | 20.52% |
| Other Operating Expenses | 4M | 1.22B | 1.59B | 1.83B | 2B | -12M | 0 | -60M | 0 | -52M | -98M | 132M | 318M | 0 | 114M | 127M | -226M | -1.11B | 1.12B | 1.37B | 483M | 0 | 6.46M | -13.89M | 330.57M | 89.31M | 0 | 515.5M | 467.5M | 0 | 0 |
| Operating Income | 4.37B | 3.69B | 1.9B | 401M | 1.26B | 3.65B | 1.37B | 631M | 451M | 127M | -373M | -481M | -155M | 103M | -1.06B | 368M | 848M | 664M | -1.96B | -2.31B | -17M | 231.66M | 220.81M | -233.38M | -1.23B | -58.26M | 888.74M | -282.7M | -163.7M | -90.65M | -253.31M |
| Operating Margin % | 11.65% | 10.66% | 7.37% | 1.77% | 5.36% | 22.2% | 14.02% | 9.37% | 6.97% | 2.42% | -8.64% | -12.05% | -2.82% | 1.94% | -19.48% | 5.6% | 13.06% | 12.29% | -33.66% | -39.43% | -0.3% | 3.96% | 4.41% | -6.63% | -45.43% | -1.5% | 19.14% | -9.89% | -6.44% | -3.85% | -12.97% |
| Operating Income Growth % | - | 94.42% | 373.82% | -68.28% | -65.35% | 166.47% | 116.96% | 39.91% | 255.12% | 134.05% | 22.45% | -210.32% | -250.49% | 109.75% | -386.96% | -56.6% | 27.71% | 133.96% | 15.37% | -13488.24% | -107.34% | 4.91% | 194.61% | 80.95% | -2003.38% | -106.56% | 414.37% | -72.69% | -80.58% | 64.21% | -214% |
| EBITDA | 6.63B | 6.7B | 5.08B | 3.95B | 5.53B | 4.11B | 1.72B | 889M | 621M | 271M | -240M | -314M | 48M | 339M | -796M | 685M | 1.23B | 1.79B | -732M | -1.17B | 669M | 1.45B | 1.45B | 762.28M | -469.22M | 564.61M | 1.47B | 232.8M | 303.8M | 303.81M | 79.33M |
| EBITDA Margin % | 17.69% | 19.34% | 19.69% | 17.42% | 23.41% | 25.02% | 17.65% | 13.21% | 9.59% | 5.16% | -5.56% | -7.87% | 0.87% | 6.4% | -14.68% | 10.43% | 18.96% | 33.17% | -12.6% | -20.01% | 11.89% | 24.81% | 28.89% | 21.66% | -17.4% | 14.51% | 31.61% | 8.15% | 11.95% | 12.89% | 4.06% |
| EBITDA Growth % | 14.16% | 31.93% | 28.47% | -28.48% | 34.42% | 138.6% | 93.81% | 43.16% | 129.15% | 212.92% | 23.57% | -754.17% | -85.84% | 142.59% | -216.2% | -44.35% | -31.31% | 344.81% | 37.54% | -275.19% | -53.89% | 0.41% | 89.57% | 262.46% | -183.1% | -61.53% | 530.5% | -23.37% | -0% | 282.97% | -83.71% |
| D&A (Non-Cash Add-back) | 2.26B | 3B | 3.18B | 3.55B | 4.26B | 463M | 354M | 258M | 170M | 144M | 133M | 167M | 203M | 236M | 260M | 317M | 383M | 1.13B | 1.22B | 1.14B | 686M | 1.22B | 1.22B | 995.66M | 756.17M | 622.87M | 579.07M | 515.5M | 467.5M | 394.46M | 332.64M |
| EBIT | 4.91B | 4.27B | 2.08B | 598M | 1.27B | 3.7B | 1.32B | 466M | 451M | 118M | -293M | -486M | -221M | 103M | -1.04B | 179M | 1.17B | 846M | -1.95B | -2.31B | 399M | 231.66M | 226.26M | -247.28M | -894.81M | 31.05M | 888.74M | -282.7M | -163.7M | -90.65M | -253.31M |
| Net Interest Income | -148M | -131M | 90M | 100M | -23M | -26M | -39M | -79M | -103M | -120M | -154M | -160M | -174M | -172M | -167M | -170M | -188M | -422M | -352M | -294M | -10M | -67.75M | -94.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 182M | 206M | 65M | 8M | 8M | 15M | 18M | 6M | 2M | 0 | 3M | 5M | 8M | 10M | 11M | 16M | 39M | 73M | 116M | 37.21M | 18.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 148M | 131M | 92M | 106M | 88M | 34M | 47M | 94M | 121M | 126M | 156M | 160M | 177M | 177M | 175M | 180M | 199M | 438M | 391M | 367M | 126M | 104.96M | 112.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 573M | 470M | 122M | 107M | -66M | 27M | -89M | -259M | -123M | -142M | -86M | -165M | -243M | -177M | -161M | 123M | -339M | -256M | -389M | -491M | -96M | -72.81M | -123.81M | -38.17M | -33.04M | -16.79M | 374.2M | 361.2M | -32.2M | 14.41M | 99.35M |
| Pretax Income | 4.94B | 4.17B | 2.02B | 508M | 1.2B | 3.67B | 1.28B | 372M | 328M | -15M | -459M | -646M | -398M | -74M | -1.22B | 491M | 509M | 408M | -2.34B | -2.8B | -113M | 158.84M | 96.99M | -271.55M | -1.26B | -75.04M | 1.26B | 78.5M | -195.9M | -76.25M | -153.96M |
| Pretax Margin % | 13.18% | 12.03% | 7.84% | 2.24% | 5.08% | 22.36% | 13.11% | 5.53% | 5.07% | -0.29% | -10.63% | -16.19% | -7.23% | -1.4% | -22.45% | 7.48% | 7.84% | 7.55% | -40.36% | -47.82% | -2.01% | 2.72% | 1.94% | -7.72% | -46.66% | -1.93% | 27.19% | 2.75% | -7.71% | -3.24% | -7.88% |
| Income Tax | 12M | -103M | 381M | -346M | -122M | 513M | -1.21B | 31M | -9M | 18M | 39M | 14M | 5M | 9M | -34M | -4M | 38M | 112M | 68M | 27M | 23M | -6.64M | 5.84M | 2.94M | 44.59M | -14.46M | 256.87M | 167.4M | -91.9M | -55.16M | -85.01M |
| Effective Tax Rate % | 0.24% | -2.47% | 18.84% | -68.11% | -10.18% | 13.96% | -94.53% | 8.33% | -2.74% | -120% | -8.5% | -2.17% | -1.26% | -12.16% | 2.79% | -0.81% | 7.47% | 27.45% | -2.9% | -0.96% | -20.35% | -4.18% | 6.02% | -1.08% | -3.54% | 19.27% | 20.34% | 213.25% | 46.91% | 72.34% | 55.22% |
| Net Income | 4.99B | 4.33B | 1.64B | 854M | 1.32B | 3.16B | 2.49B | 341M | 337M | -33M | -498M | -660M | -403M | -83M | -1.18B | 491M | 471M | 376M | -3.13B | -3.38B | -166M | 165.48M | 91.16M | -274.49M | -1.3B | -60.58M | 983.03M | -88.9M | -104M | -21.09M | -68.95M |
| Net Margin % | 13.33% | 12.51% | 6.36% | 3.77% | 5.59% | 19.24% | 25.5% | 5.07% | 5.2% | -0.63% | -11.53% | -16.54% | -7.32% | -1.57% | -21.82% | 7.48% | 7.25% | 6.96% | -53.87% | -57.68% | -2.95% | 2.83% | 1.82% | -7.8% | -48.31% | -1.56% | 21.17% | -3.11% | -4.09% | -0.9% | -3.53% |
| Net Income Growth % | 124.16% | 164.17% | 92.15% | -35.3% | -58.25% | 26.99% | 630.21% | 1.19% | 1121.21% | 93.37% | 24.55% | -63.77% | -385.54% | 92.98% | -340.94% | 4.25% | 25.27% | 112.02% | 7.4% | -1935.54% | -200.31% | 81.54% | 133.21% | 78.93% | -2050.86% | -106.16% | 1205.77% | 14.52% | -393.12% | 69.41% | -131.87% |
| Net Income (Continuing) | 4.93B | 4.27B | 1.64B | 854M | 1.32B | 3.16B | 2.49B | 341M | 337M | -33M | -498M | -660M | -403M | -83M | -1.18B | 495M | 471M | 296M | -2.41B | -2.83B | -136M | 165.48M | 91.16M | -274.49M | -1.3B | -60.58M | 1.01B | -88.9M | -104M | -21.09M | -68.95M |
| Discontinued Operations | 1000K | 66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4M | 0 | -3M | -684M | -551M | -30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.08B | 169M | 265M | 290M | 234.99M | 840.64M | 717.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.03 | 2.65 | 1.00 | 0.53 | 0.84 | 2.57 | 2.06 | 0.30 | 0.32 | -0.03 | -0.60 | -0.84 | -0.52 | -0.11 | -1.60 | 0.66 | 0.64 | 0.45 | -5.15 | -6.06 | -0.34 | 0.40 | 0.25 | -0.79 | -3.81 | -0.18 | 2.89 | -0.30 | -0.36 | -0.08 | -0.25 |
| EPS Growth % | 123.36% | 165% | 88.68% | -36.9% | -67.32% | 24.76% | 586.67% | -6.25% | 1166.67% | 95% | 28.57% | -61.54% | -372.73% | 93.13% | -342.42% | 3.13% | 42.22% | 108.74% | 15.02% | -1682.35% | -185% | 60% | 131.65% | 79.27% | -2016.67% | -106.23% | 1063.33% | 16.67% | -379.36% | 69.96% | -131.65% |
| EPS (Basic) | - | 2.67 | 1.01 | 0.53 | 0.85 | 2.61 | 2.10 | 0.31 | 0.34 | -0.03 | -0.60 | -0.84 | -0.52 | -0.11 | -1.60 | 0.68 | 0.66 | 0.46 | -5.15 | -6.06 | -0.34 | 0.41 | 0.25 | -0.79 | -3.81 | -0.18 | 3.18 | -0.30 | -0.36 | -0.08 | -0.25 |
| Diluted Shares Outstanding | 1.65B | 1.64B | 1.64B | 1.63B | 1.57B | 1.23B | 1.21B | 1.12B | 1.06B | 1.04B | 835M | 783M | 768M | 754M | 741M | 742M | 733M | 678M | 607M | 558M | 492M | 440.78M | 371.07M | 346.93M | 342M | 332.41M | 350M | 294.58M | 287.34M | 280.91M | 271.37M |
| Basic Shares Outstanding | 1.63B | 1.62B | 1.62B | 1.61B | 1.56B | 1.21B | 1.18B | 1.09B | 982M | 952M | 835M | 783M | 768M | 754M | 741M | 727M | 711M | 673M | 607M | 558M | 492M | 400M | 358.89M | 346.93M | 342M | 332.41M | 309.33M | 294.58M | 287.34M | 280.91M | 271.37M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical export control exposure
As reported in recent financial statements, AMD achieved a 37.8% year-over-year revenue growth in 2026Q1, signaling a robust acceleration driven primarily by the successful market penetration of the Instinct MI300 series accelerators and sustained demand within the company's high-performance Data Center segment.
The consistent double-digit revenue growth suggests that AMD is successfully capturing share from legacy incumbents in the server market. This trajectory appears durable as long as the company maintains its competitive edge in chiplet architecture and continues to scale its AI-focused product portfolio.
According to quarterly income statement data, AMD's gross margin reached 52.8% in 2026Q1, reflecting a recovery from the 39.8% trough observed in 2025Q2, which suggests that the product mix is successfully shifting toward higher-margin data center silicon despite ongoing foundry cost pressures.
The volatility in gross margins indicates a high sensitivity to product mix and potential inventory clearing cycles. Investors should monitor whether the company can sustain these levels above 50% as it scales production of more complex, high-performance AI accelerators.
Based on the provided income statement figures, operating income scaled to $1.5 billion in 2026Q1, demonstrating improved operating leverage as the company manages its R&D and SG&A expenses more efficiently relative to the rapid expansion of its top-line revenue growth.
The ability to grow operating income faster than revenue suggests that the company is beginning to realize economies of scale from its integrated product strategy. However, the high level of R&D spending remains a necessary, albeit significant, drag on near-term operating margins.
As indicated by the latest quarterly filings, AMD reported $487 million in stock-based compensation for 2026Q1, a figure that warrants careful scrutiny as it represents a meaningful non-cash expense that consistently dilutes the quality of reported net income and earnings per share.
While the company shows strong GAAP profitability, the persistent level of stock-based compensation suggests that investors should focus on adjusted earnings metrics to gauge true operational performance. This non-cash burden may continue to mask the underlying cash-generating efficiency of the business.
Analysis of the income statement suggests that AMD faces significant risks from potential margin compression, as the company's reliance on external foundries like TSMC leaves it vulnerable to cost fluctuations and competitive pricing pressures from better-capitalized rivals in the AI hardware space.
Short-term investors should remain cautious regarding the sustainability of current growth rates, particularly if export restrictions in key markets like China continue to tighten. The competitive landscape in AI software remains a critical hurdle that could limit the long-term return on recent R&D investments.
Quick answers to the most common questions about buying AMD stock.
For fiscal year 2025, Advanced Micro Devices, Inc. (AMD) reported total revenue of $34.64B. This represents a 1673.6% increase compared to $1.95B in 1996.
Advanced Micro Devices, Inc. (AMD) is profitable, generating $4.33B in net income for the fiscal year ending 2025 with a net profit margin of 12.5%.
Advanced Micro Devices, Inc. (AMD) reported an operating income of $3.69B, resulting in an operating profit margin of 10.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Advanced Micro Devices, Inc. (AMD) generated $17.15B in gross profit for the year, representing a gross profit margin of 49.5%. This demonstrates the company's core pricing power and production efficiency.