Revenue growth accelerated to 50.1% year-over-year in 2026Q2, reaching $11.5B, with gross margin expanding from 46.8% in 2024Q1 to 53.8%, reflecting a favorable mix shift toward high-margin data center products.
Advanced Micro Devices, Inc. (AMD) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 41.3B | 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 % | 39.54% | 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 | 19.33B | 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 | 21.98B | 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 % | 53.2% | 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 | 15.49B | 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 | 4.92B | 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 | 9.39B | 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 | 6.49B | 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 % | 15.71% | 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 | 9.52B | 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 % | 23.04% | 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 % | 76.53% | 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) | 3.03B | 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 | 7.69B | 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 | -147M | 84M | 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 | 215M | 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 | 147M | 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 | 1.07B | 472M | 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 | 7.56B | 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 % | 18.31% | 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 | 1.09B | -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 % | 14.44% | -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 | 6.43B | 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 % | 15.58% | 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 % | 127.03% | 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) | 6.47B | 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 | 0 | 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) | 3.89 | 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 % | 122.86% | 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 | 1.66B | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
NVIDIA competitive and export controls
Metrics are mathematically derived from official filings.
Data Center Surge Drives Acceleration
AMD's revenue growth accelerated to 50.1% year-over-year in 2026Q2, reaching $11.5B, driven by data center revenue more than doubling, as reported in the latest quarterly filing.
The sequential progression from 2.2% growth in 2024Q1 to 50.1% in 2026Q2 indicates a clear inflection, with the most recent quarter showing a 11.7% sequential increase. This acceleration appears to be fueled by AI infrastructure demand, positioning AMD as a credible second source to NVIDIA. The sustainability of this trajectory hinges on continued data center momentum and the ability to convert AI interest into durable market share gains.
Gross Margin Expansion Reflects Mix Shift
Gross margin improved from 46.8% in 2024Q1 to 53.8% in 2026Q2, according to financial statements, suggesting a favorable product mix toward high-margin data center processors and accelerators.
The 700 basis point expansion over ten quarters indicates that AMD is successfully shifting its revenue mix toward higher-margin enterprise and AI products, despite the cyclicality of gaming and client segments. However, the 2025Q2 dip to 39.8% highlights vulnerability to inventory corrections and pricing pressure. Investors should monitor whether the current margin level is sustainable as competition intensifies and export controls potentially force lower-margin regional variants.
Operating Leverage Kicks In as Revenue Scales
Operating income swung from $36M in 2024Q1 to $2.0B in 2026Q2, with operating margin expanding from 0.7% to 17.3%, as per reported figures, demonstrating significant operating leverage.
The dramatic improvement in operating margin, despite R&D and SG&A growing at a slower pace than revenue, indicates that AMD's cost structure is scaling efficiently. R&D as a percentage of revenue declined from 27.3% in 2024Q1 to 21.7% in 2026Q2, while SG&A dropped from 11.0% to 12.2% (note: 2026Q2 SG&A is 12.2% of revenue, slightly higher than 2024Q1's 11.0%, but still below the 2025Q2 peak of 12.9%). This suggests that the company is achieving economies of scale, though the sustainability of this leverage depends on maintaining revenue growth.
Earnings Quality Boosted by Tax and Non-Op Items
Net income in 2026Q2 of $2.3B exceeded operating income of $2.0B, implying a tax benefit or non-operating gains, as per the income statement, which may inflate reported EPS.
The divergence between operating and net income in 2026Q2 suggests that earnings quality is partially dependent on non-operating items, such as tax credits or investment gains. Additionally, stock-based compensation of $503M in 2026Q2 represents a significant non-cash expense that reduces reported earnings but is excluded from non-GAAP metrics. Investors should adjust for these items to assess the true cash-generating ability of the business.
R&D and SG&A Scale with Revenue
R&D and SG&A expenses grew to $2.5B and $1.4B respectively in 2026Q2, according to the latest financials, but as a percentage of revenue they remain below prior-year levels, indicating disciplined cost control.
While absolute spending has increased, the ratio of combined operating expenses to revenue has declined from 38.3% in 2024Q1 to 33.9% in 2026Q2, suggesting that AMD is leveraging its revenue growth to improve profitability. The increase in R&D investment is critical for maintaining competitiveness in AI, but investors should watch for potential margin pressure if revenue growth decelerates.
AI Competition and Export Risks Loom
Despite strong growth, AMD's gross margin of 53.8% trails NVIDIA's 71.1%, and tightening US export controls on AI chips to China could limit the addressable market, as per industry reports.
The short thesis would argue that AMD's AI momentum is vulnerable to NVIDIA's entrenched ecosystem and software moat, which could cap market share gains. Additionally, the reliance on TSMC for manufacturing exposes AMD to foundry pricing power and capacity constraints. The recent 2025Q2 operating loss of -$134M demonstrates the potential for margin compression during downturns, and investors should monitor whether the current growth trajectory can withstand competitive and regulatory headwinds.